Accounts are maintained by every organization for every year not only for the legal compliances but also to know the results of its operations made during the year. The stakeholders of financial statements include proprietors, banks, creditors, suppliers, investors, etc. Maintenance of books of accounts manually is a traditional method while maintaining the books of accounts electronically is a modern method. In the traditional method, properly trained accountants with sound knowledge of principles of book keeping alone are able to record original entry in the books of accounts. However, the modern method of accounting facilitates the organizations to keep the books electronically with the help of accounting software.