The Egyptians were excellent bookkeepers. From bone labels to ancient tablets, their records were accurate, with descriptions for inventory owners, suppliers, and amounts of goods. This is believed to be the origin of accounting. Ancient societies like Mesopotamia also kept records of business transactions on clay tablets, while government and banking accounts in ancient Rome grew out of the records kept by the heads of families.
In accounting history, this era is marked by the proliferation and spread of double-entry bookkeeping by Luca Pacioli, says Accounting Edu. This was in 14th century Italy. Along with a number of commerce-related ideas, the period also came to be known as the time when modern accounting began.
This marked the emergence of the formal accounting profession in 1854 in Scotland. That’s why the longest societies of public accountants are found in Scotland where the U.S. accounting society was set up in 1887.
With state requirements for financial statement audits came the need for the assistance of an accounting professional. Demand for better and improved financial accounting paved the way for the Financial Accounting Standards Boards or FASB to be developed in 1973.
Accounting standards continued to improve, set by agencies like the Securities and Exchange Commission. After the 2008 recession, the Dodd-Frank Act was passed, entailing 16 major areas of reform.
The future and beyond
These days, the future of accounting in Nashua NH, as with the rest of the world, will involve not just better and more efficient financial systems. It will also involve the development of accounting standards that will prove consistent throughout the global economy. As businesses grow, better accounting services and systems can make a huge difference in the ability of a company to participate and take on key roles in the world market. So if you want your business to stay competitive, look to hiring professional accounting in Nashua NH today.