The birth of bookkeeping

May 29, 2020 4:50 pm

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Bookkeeping is an essential part of any business accounting. It may be undertaken on a daily or weekly basis depending on how big your company is and whether you use the services of an Accountants Chippenham way such as  https://chippendaleandclark.com/ for your business accounting needs.

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Bookkeeping has its roots in the past with their being many different ways in which people have looked for ways in which to account for items. Ancient Egyptians would use tokens and stones as a way in which traders could keep a track of their items.

Today we use what is known as the double entry system and this was first developed by Luca Pacioli who was an Italian mathematician and a Franscian friar back in the 15th Century. His work showed how a double entry system benefited accounting and provided a system of checks and balances in the data. In essence this was where having a balance sheet with separate columns for credits and debits was first seen.

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Since this first description of the system the accounting profession has furthered the idea and it is this same concept that is used in accounting software such as Xero and Quickbooks and forms the basis of much of the techniques that are used in accounting today.