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Accounting is the process of storing, sorting and recording financial transactions. Account maintenance is necessary for all businesses to ensure accurate operational/financial information. It is also a legal requirement which helps in ensuring that all relevant taxes are paid and tax filings are made on time.
All companies incorporated in India are required to mandatorily maintain their accounts under the Companies Act, 2013. The Act mandates that all companies maintain their accounts for the previous eight years, along with all the receipts, bills and vouchers. It also specifies that the accounts be maintained on a regular basis following the double-entry system. The company can maintain the accounts manually or electronically.
Following persons in a company will be responsible for maintaining book of accounts:
Why Account Maintenance?