History of Accounting: A Brief Overview

Have you ever gotten back from the store, looked at your bill, and thought about getting an accountant to take care of your finances? Have you ever wondered where accountants stem from and why they do what they do? Have you ever thought about becoming an accountant yourself? Accounting has a vast history that began thousands of years ago and has evolved and continued to benefit those who have involved themselves in accounting. This article will look at a brief overview of the history of accounting.

History of Accounting: A Brief Overview

Before you go out and look for an accounting firm in Chicago, we should look back on the rich and deep history of accounting. Accounting is able to be traced back to many ancient civilizations in the form of keeping count of sales and how much money each vendor or salesperson would make on a daily basis. One example is Mesopotamia with the development and implementation of a money and counting system that went hand in hand with the development of writing. As history progressed, so did accounting. As the Roman Empire came into power, the Roman government was able to create and use financial information to keep track of taxes and money coming into the government. The Roman records also listed the different areas of land that was given out to veterans of the Roman Army as well as the various religious offerings and accounts on what the gladiators were able to bring in as far as revenue. Records were also kept for the payroll of the Roman Army and transactions on the supplies necessary to sustain an army.

Accounting would soon have someone who would be known as the Father of Accounting and Bookkeeping, Luca Pacioli of Italy. Luca Pacioli was accredited with publishing the first bookkeeping of a double-entry. Luca …

The Top 5 Industries that Require Accountants

The Top 5 Industries that Require AccountantsAccounting is an incredibly complex, detail-oriented, and maths-heavy task that not a lot of people can do or are willing to do.  Each business benefits greatly from having an accountant, as they keep the cash flow in check, ensure that taxes are paid properly, and provide insights on how money should be spent to get the most out of it. But there are some industries which need accountants more than others, be it because transaction volumes are extremely high, or because of the complexity of their finances or a combination of both. Here are the top 5 industries that need accountants without question.

Retail

Retail is an obvious one, especially in highly commercial areas like London. Because of the sheer volume of transactions going on every day—whether it’s flowing inwards from sales revenues or outwards through expenses like procuring stocks—accountants are kept extremely busy at all times in retail. And as if that’s not enough, accountants in retail also have to keep track of and compute the payroll.

Government

While you might argue that finances in the government are not as hectic as in retail, they require extremely high attention to detail and the margin for error is low to zero because one small mistake could be scandalous. In addition, the relatively lower volume is compensated for by the extremely high value of transactions. As well, government agencies may have multiple programmes, and accountants have to ensure that the agency doesn’t overspend, or that it receives the appropriate funding for its projects.

Hospitality

Hotels and restaurants, like retail, have hundreds or thousands of customers going in and out of their premises every day and accounting needs to be performed daily to record and monitor expenses. This is especially true for restaurants, as they need to purchase ingredients for their meals …

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