Bookkeeping and accounting is keeping track of financial and other business transactions with business owners and management. Every income or expense and every asset or obligation is recorded in the books of accounts. The accounts are finalised at the end of every financial year ending on 31st March. Then comes the compliance part after end of financial year for recording business transactions with regulatory authority. The companies and LLPs are required to file the financial statement with MCA for every financial year with assistance of company secretaries. Where accounting is mandatory for the most of businesses, annual compliance is compulsory only for the companies and LLPs.