It is mandatory for all organisations or establishments be it is a proprietorship or a company needs to follow their statutory and legal compliances on time. In general scenario, compliance means binding to a law, following a specific rules, policies, and standards. Regulating authorities describes the goals, the corporations or public agencies are takes care to comply with relevant laws and regulations.
It is important for any establishment to maintain its accounting and compliance requirements perfectly. Finance and Accounts departments are very important in any organisation. It is named to be first step to control your business and a step to raise a capital.