The history of accounting software from the abacus to QuickBooks

Most small and medium business owners use some type of accounting software to manage their finances. This is to ensure that their expenses, income and stock levels are effectively monitored and recorded. But in the grand scheme of things, financial software is a relatively new tool in the history of accounting.

Continue reading to discover a brief history of accounting from its humble beginnings thousands of years ago to QuickBooks latest software products.

Origins of modern accounting

The end of the Crusades saw a rise in trade between Europe and the Middle East. This led to businesses growing to such an extent that they could no longer be managed by a single owner. Naturally, when a business is run by more than one person, a system for documenting transactions is needed to ensure that all agents are making good spending decisions. And this is exactly what happened in Europe.

Italy is widely considered the birthplace of the double entry system as it was first used in Genoa in the 13th century. After gaining popularity, it was fine tuned in Venice. The system received wide publicity when Lucia Pacioli, published his book ‘The Summa’. It included a section on “Method of Venice”, which included the use of three books for recording transactions: a memorandum book, a journal and a ledger. After publishing his book, he garnered a reputation as “the father of accounting”.

While accounting has evolved over the years, the fundamentals have remained the same. In fact, the words ‘debit’ and ‘credit’ originate from the original Italian words ‘debita’ and ‘credo’ respectively.

Into the digital age with QuickBooks accounting software packages

Recent decades have seen a great advancement in technology, and businesses have come to rely on inventions like the personal computer to help them run their businesses. Intuit was founded in 1983 and played a significant role in modernizing accounting for the digital age. Their range of software products is vast, with QuickBooks being the most commonly used worldwide.

Now offering 3 accounting software packages (SimpleStart, Pro and Premier), QuickBooks is an ideal solution for small, medium and growing businesses in almost any industry. Our software is accounting made easy and reduces the amount of time it takes to manage your finances.

Contact us today on 0861 726 657 to discover how QuickBooks accounting software can take your business into the future.