In today’s tech-driven world, few professions can be traced back hundreds — let alone thousands — of years. One exception? The field of accounting.
Every business, large or small, relies on accounting to create budgets, file taxes, inform investors, secure business loans, and so much more. But have you ever wondered where accounting comes from? Have you ever questioned how it was developed or when it became an essential part of society?
In our latest eBook, The History of Accounting, we’ll uncover how accounting’s fascinating “good ol’ days” made the industry what it is today, and how new developments in technology will continue to drive the field forward for many years to come. Intrigued? Here’s a little taste of accounting’s colorful history:
The History of Accounting
As it turns out, accounting has a delightfully storied past that dates back thousands of years to the Paleolithic Period. That’s right — even prehistoric man knew the importance of keeping diligent financial records! From Mesopotamian artifacts and records of trade to accounting documents found in the ancient ruins of Babylon, the history of accounting is full of unlikely surprises.
Who Invented Accounting?
In 1494, Italian mathematician Luca Pacioli wrote a paper that ultimately solidified his status as the Father of Accounting. His paper, Summa de Arithmetica, Geometria, Proportioni et Proportionalita (Review of Arithmetic, Geometry, Proportions and Proportionality), was originally published in Venice and included 27 pages on bookkeeping in a section called Particularis de Computis et Scripturis which translates to “Details of Calculation and Recording.” While Pacioli did not invent double-entry bookkeeping, his widely-circulated paper is generally considered an important work that laid the foundation for modern-day accounting.
The Future of Accounting
Like many industries, accounting’s future will be highly influenced by advances in technology, specifically in the artificial intelligence and machine learning areas. But while the industry’s future will undoubtedly be dominated by innovation, the truth is that these automated services will still need to be managed by industry experts. Automation can only go so far, which is why full-service firms, like Acuity, are valuable assets both now and in the future.
Ready to learn even more? Download The History of Accounting eBook, and you’ll discover:
- Accounting’s Ancient Origins
- The Development of Modern-Day Accounting
- Important Accounting Organizations
- Different Types of Accounting
- Accounting Terms to Know
- The Scandalous Side of Accounting