Accounting and bookkeeping are vital to every organization as accountants and bookkeepers are primarily responsible for keeping track of where money goes within an organization. They give the shareholders or promoters a sense of how the business is doing, and thus helps in raising money. Book keepers keep detailed records of things like income and payments, taxes, expenses and other financial data. Accounting is the process of storing, sorting and recording financial transactions. Accountants handle more advanced tasks like budget analysis, tax preparation and investment development. All businesses are required by law to submit their accounts to the Income Tax (IT) Department.