As we have said here before, the history of modern-day accounting is attributed to a 15th-century Italian monk, Luca Pacioli, who introduced the double-entry bookkeeping system with his written works.
But accountancy in some incarnations can be traced back even further, with the first forms thought to date as far back as 5000 BC.
In 1929 in Iraq, a German archaeologist named Julius Jordan unearthed a vast library of clay tablets that were 5,000 years old, and one, written in Sumerian cuneiform, reads: “A total of 29,086 measures of barley were received over the course of 37 months. Signed, Kushim.”
Five thousand years on and Accountancy Day celebrates all things accountancy-related and took place this month, as it does every year, on the anniversary of the publication of Pacioli’s work, Summa de arithmetica.
It was first celebrated on 10 November 1972 and was designed to inspire those starting their careers to explore accounting as a profession and showcase how important accountancy is to the UK and world economies.
It is an opportunity to network with others and acknowledge the great work accountants do to make businesses thrive, support the economy, and explain the complexities of finance.
Accountancy has evolved over the centuries, it is now at another key area in the road, with the growth of cloud-based apps and a new breed of accountants taking the industry forward.
That technology is helping firms to grow, especially with the introduction of HM Revenue & Customs (HMRC) Making Tax Digital for Business (MTDfB).
It is believed this will make it one of the most digitally advanced tax services in the world and the long-term role of accounting professionals is critical to that.
This digital technology is a game-changer for accountants and the next generation will have to be more tech-savvy than ever before.
Outsourcing can offer a solution for what will be demands on time and resources for training recruits to the highest levels.
Training an accountant is no easy matter and takes time. The AAT qualification is typically the minimum level expected of an accountant, but to ultimately become a chartered accountant, you’ll have to progress to the ACCA, ACA or CIMA qualifications.
This presents challenges and opportunities for accountancy firms, which can be handled in partnership with a firm like GI.
We can fulfil your needs, while you can keep right on top of changes to tax laws, the relentless march of technology and staying ahead of the competition.
GI Outsourcing offers a range of resources that can deliver better productivity and improve the bottom line.
Our experts offer strategic solutions, whether filling in on general compliance, back-office accountancy tasks, or our GI Cloud Consultancy service, which offers advice on business process automation, software integration, and data migration and implementation.
So while the Young Turks of the next generation are training as the accountancy stars of the future, we will be allowing you the time to make sure they get the best guidance, while our expert teams make sure your business continues to run smoothly.
Contact our UK-based team of account managers today to find out how we can help your firm.