Accounting is also termed as accountancy; it deals with processing of financial information, measuring and recording of certain financial transaction, it also includes analyzing of certain economic entities. It is the most important function of any business. Accounting can also further divided into other branches like management accounting as well as cost accounting. It is responsible for all the kinds of monetary transactions that help in taking most of the major management decisions. For any successful business the accounting team should be highly efficient. The number of members in the accounting team depends entirely on the size of the business.