To gauge the income and expenditure of the business
To ensure a smooth and transparent business, every individual, firm, or corporation is required to know about the income and expenditure incurred or generated. This helps them to plan and strategize their financial resources and exploit them accordingly. 
Timely access to operational information
Up to date records provide access to operational information to the management. Although the business owner(s) or managers are not directly associated with all transactions, accounting and bookkeeping help them to keep an eye on all the transactions from time to time.
 
Regular reconciliation rationalize decisions
Accounting comes with the reconciliation of data periodically. Monthly or quarterly reconciliation helps management to analyze the beneficial or detrimental aspects of the business. Hence, futuristic decisions can be rationalized with the analysis of loss and profit.
Ready to furnish data for timely compliances
Accounting makes it easy to extract data and submit it on time for regular return filing, compliance, or scrutiny for the businesses.
Attract investors with accurate financial
Investing in any business would be followed only after a complete analysis of the business and its financial condition. While approaching investors, you need to make sure that your books of accounts are up-to-date and accurate. Inconsistency may refrain investors to jump into the business.
Documents Requirements
PAN Card
Copy of PAN Card of the business entity
Incorporation Documents
Certificate of Incorporation, MoA – AoA/ LLP Agreement / Partnership Deed
Registration Certificates
Certificate of Government registration, such as GST
Bank Statement
Bank Statement of current account in name of business
Bank Statement of Partners
Bank statement of saving account of partners is also required
Invoices and Bills
Sales invoices and expense bills for concerned accounting period
Details of Assets
Invoices of sale or purchase of assets or pending loans
Preliminary expense
Expenses made for company or LLP registration by promoters
Details of Cash transactions
All the transactions incurred in cash needs to be booked