Every country follows their own way of accounting principles but only in the last century a generally accepted accounting principle model was introduced and many countries are synchronizing themselves to this with tweaks. The role of bookkeeping & accounting has morphed over the years and their prominence has grown taking center stage of the firm. Financial reporting, data & trend analysis serves as an anchor for critical thinking and decision making to the management. With the advent of computers and mainframes the accounting industry also had a facelift to accommodate the changes of times. Many accounting desktop or online software namely, Quickbooks, Xero etc. came into existence to help maintain accounting and bookkeeping records digitally.