Accounting is the process of systematic recording, reporting, and analysis of financial transactions of a business. It is the key to almost any business. A person who is in charge of accounting is known as an accountant. It may be handled by a bookkeeper at small firms or with a large number of employees at larger companies. An accountant must follow a set of rules and regulations termed as Generally Accepted Accounting Principles. Innovations are a new ideas, devices, or processes. Innovations are the application of better solutions that meet new requirements, inarticulate needs, or existing market needs. It is proficient through more effective products, processes, services, technologies, or new ideas that are readily available to markets, governments, and society. Innovations are something original and novel, as a significant, new that breaks into the market or society.