Accountancy Through the Ages

Accountancy Through the Ages

If you’re interested in a career in accountancy, you might be interested in how the profession originally came into being, and how it has evolved to become what it is today. The practice of accounting has been around since ancient times in some form or another, and there is plenty of evidence of this in archaeological discoveries, as well as written records.

Accounting Before 1500 CE

There is evidence of the practice of basic accounting that dates as far back as medieval times, but it wasn’t until Egyptian times that it appeared to become a formally practiced activity in its own right. We know this because clay tablets from this time have been discovered that show workings out which appear to be records of transactions, and tax calculations. This is also fascinating proof that the concept of taxation existed at this time.

The next development we see comes from 1854 and proves that there was strong growth in the practice of accounting. A book titled ‘Summa de Artihmetica, Geometria, Proportioni et Proportionalita’, or ‘Summary of arithmetic, geometry, proportions and proportionality’ written by Luca Pacioli is the first publication on record which solidifies accepted accounting practices. Luca Pacioli is now known as the father of accounting.

Accounting Between 1500 and 1900 CE

The seventeenth century saw the birth and rise of international trade, which complexified business and business finances exponentially. It was suddenly becoming very difficult for businesses to keep track of their own cash flow, and investment started to take place as businesses began to need additional capital to expand, which also increased demand for experts in accountancy.

In 1854 the first ever professional accounting institution was born, known as the Institute of Chartered Accountants of Scotland; marking the day that accounting became an official profession. From here, the field grew and grew to become the well-respected career path that it is today.

Modern Day Accounting

Nowadays, accounting is a highly sought-after career option which has many perks thanks to the endless international demand for accountants. The path to becoming a chartered accountant is hard; starting with working towards strong school level qualifications, followed by achieving a university degree in accounting. Next, you are required to spend two years working in the field in a junior position, learning the ropes, after which you are allowed to take the four challenging exams which you must pass to become a chartered accountant. Learn more about CPA exam parts beforehand so that you know what to expect, as they require plenty of preparation.

Starting out as some simple scrawls on an ancient tablet, the accounting profession has come on leaps and bounds to become one of the most highly respected careers in the world. It requires problem solving, analytical, and investigative skills as well as mathematical ability, and it encompasses a number of different specialities such as corporate accounting, financial fraud, and internal auditing. It’s certainly a career you should consider if you still have chance, as well as some in the most attractive industries chosen by Ibusinessblog.co.uk.

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