Bookkeeping History

I am not sure whether the Beginners would be interested the history of Bookkeeping! However, it should be appreciated that bookkeeping system is helping the accountants recording the financial transactions and managing the business for centuries.

The beauty of this method is that its underlying skills are fundamentally unchanged since its inception. The globally used system of bookkeeping was developed in 1494 when Luca Pacioli who was an associate of Leonardo de Vinci wrote the first book on bookkeeping. Pacioli is known as the father of bookkeeping.

However, before Pacioli was around Benedetto Corugli wrote a book on double entry which explained the process of double entry, a fundamental element of a successful bookkeeping process.

Double entry bookkeeping records transactions into two areas, and has more inbuilt control than single entry bookkeeping, and hence more likely to be accurate.

Things have come a long way since the earliest history of bookkeeping and computers and information technologies have made bookkeeping more systematic as well as automatic. There was a time when financial transactions were recorded manually in the ledger accounts.

The process of recording the financial transactions manually of course required tremendous amount of effort and care. However, technology has made it much simpler and quicker for the accountants.

In my next update, I will throw some light on Different bookkeeping options available to learn how technology has made bookkeeping simple.

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