#AccountingDay - We’ve come a long way!

Today is #AccountingDay! The roots of accounting date back to Mesopotamian times and the double entry system was introduced in Venice in the 1450’s. After the entrance of computers, the internet is arguably the biggest recent game changer to this industry. We want to celebrate accounting from its early history on papyrus and clay to its current state… the “cloud”!

For the majority of the history of accounting, records were kept in paper ledgers and books. Then there were abacuses followed by things called “adding machines”, which are like cash registers (but for math) and, of course, the calculator. The computer pushed these processes lightyears into the future. Now records could be entered and the calculation was automatic. With software developments like Microsoft Excel, an accountant's work became even more accurate. Reports are now easier to create, update, and export.

But we needed even more than just digital bookkeeping– we needed collaborative systems. With the internet, came the opportunity to expand. With cloud-based computing, we don’t even need paper receipts. Emails, pdfs, and photos can now serve as inputs to our books. Multiple people can even work in the same software in different places. Your accountant doesn’t need to be onsite, they can review your books from anywhere with an internet connection. We have clients all over the US, which simply would not be possible without the internet. Cloud storage allows records to be accessible for easy reference. Payment processing, point of sale systems, Reports can be securely emailed and messaged to stakeholders at the click of a button. Data is instantly updated for up-to-date calculations and reporting.

Where is accounting going in the future? We are already using artificial intelligence to help categorize revenue and expenses. Looking forward, perhaps financial forecasting and processes like supply chain ordering can be even more predictive. Maybe we will be looking at blockchain currencies as a part of accounting practices. Technology is expanding at an exponential rate and we are excited to be at the forefront.

Also, the internet gives us accounting memes.