History of the Accounting Profession

The history of accounting as a recognised profession goes back thousands of years. 

According to records and documents from the Mesopotamian region, accounting systems were used to keep track of the exchange of products between temples as far back as 5,000 B.C.

The discovery of accounting practices in ancient Egypt and Babylonia further adds to the body of data, but the most extensive research can be found in documents from the Roman empire. The information recorded in countless archives from this time reveals precise calculations relating to state revenues, private citizens’ spending, the distribution of goods, and more.

A key development in the history of accounting comes from Renaissance Italy. In the late 15th century, a visionary thinker and mathematician named Luca Pacioli introduced the double-entry bookkeeping method. This advancement revolutionised how merchants kept track of incomings and outgoings. 

We refer to Luca Pacioli as ‘the father of Accounting’ thanks to his exploits. We celebrate International Accounting Day on November 10th to commemorate the release of his publication that shared his novel mode of bookkeeping with the world. 

As time progressed into the industrial revolution, and companies transformed into large corporations managing vast amounts of wealth, it became evermore necessary to hire teams of professional accountants to manage these enormous sums effectively and oversee a company’s finance.

Now, accountancy is a well-respected profession serving millions worldwide, helping businesses and individuals manage their finances to comply with laws, pay taxes, forecast profits/losses, maintain books, perform audits, and educate people about their finances. 

The profession is known for its impartiality and trustworthiness, which may explain why the Academy of Motion Pictures Arts and Sciences hires accountants to handle the Oscars ballots.

National Accounting Day is held on May 19th of each year and is celebrated in May and October year with the live educational and networking event (this website). Many websites use the term National Accounting Day and International Accounting Day interchangeably where, in fact, they are two different celebrations. National Accounting Day is May 19th each year and International Accounting Day is November 10.

National Accounting Day website