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International Accounting Day: History, When Is It & How To Celebrate
Accountants

International Accounting Day: History, When Is It & How To Celebrate

Each year, on November 10th, the world shares a little love for the number crunchers and those who’ve achieved mastery of the spreadsheet. 

This year, don’t let International Accounting Day, or International Accountants Day, pass you by. Take the time to learn the history of the profession that makes the world go round. 

From banks and governments to businesses of every shape and size, accountants take care of the balance sheets and tax forms, and everything in between, often saving clients from the dreaded ledger. 

Celebrate International Accounting Day by showing a little love to your account if you are an individual who employs an accountant, or showing a little love to yourself if you are an accountant. Get involved with any trending hashtags on social media, share a little appreciation post, and look at what others are doing to gain some inspiration. Beyond showing love for accountants, it’s a time to show appreciation for accounting in general, as a profession, as well as the processes and technology involved in managing finances and compliance around the world.

Read on to learn more about the journey of accounting.

The History of Accounting

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.

The accounting services global market value was $544.06 billion in 2020, and the industry is only growing. Experts predict that the value will reach $735.94 billion in 2025.

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Key Dates on the Accounting Timeline

  • 1494 - Luca Pacioli shares his double-entry booking system with the world.
  • 1851 - The invention of an ‘adding machine’. The development of the arithmometer by Charles Xavier Thomas de Colmar marks the beginning of the shift to automated computation.
  • 1930s: First high-profile use of forensic accounting to catch a criminal. IRS accountant Frank Wilson uncovered the financial irregularities that led to the arrest of mafia boss Al Capone.
  • 1955: General Electric made the first purchase of a computer to perform accounting functions such as payroll processing.
  • 1854 - The First professional accountancy organisation representing and governing the accounting profession was founded in Glasgow by the Institution of Accountants.
  • 2001 - The Enron scandal proved to be a watershed moment for accountancy in the business world. The auditing failure directly led to a wave of regulation that changed the field of accounting for the better.

How to Celebrate Modern Accounting

International Accounting Day is all about raising awareness for the great work accountants do to help the world of finance spin round.

In the spirit of raising awareness, we thought we’d shed some light on the modern technology helping both accountants and everyday small and medium-sized business owners keep track of the books.

To celebrate modern accounting this International Accounting Day, it's time to highlight the tools making accounting more accessible by removing the stigma that you have to love math and numbers to take control of your finances.

Read more: Why small businesses should have an accountant on their team.

How QuickBooks Can Help

QuickBooks accounting software helps small businesses and accountants take control of finances by combining the latest automation technologies with a simple, intuitive interface. QuickBooks Online for small businesses and QuickBooks Online Accountant for accountants allows users to gain a holistic financial view in one place, allowing users to track incomings and outgoings, manage cash flow, and pay bills on time, all from the app. Stay prepared well in advance for tax season so you don't miss deadlines while also benefiting from the maximum tax deductions available. 

Preparedness is a theme with QuickBooks. Dive into sophisticated reporting and forecasting to see business outlooks and prepare for the future to adapt as needed.

QuickBooks further supports and celebrates accountants by hosting free webinars for accountants, providing the skills and knowledge for accountants to grow their accounting skills and build an accounting practice.

With a range of pricing plans to suit your business needs, QuickBooks is there to make accounting a breeze for your business. 

Try the 30-day free trial to see how QuickBooks can serve your business.

Happy International Accountants Day!

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