A brief history of accounting

Expend Team

18 December 2020

Ever since the ancient Mesopotamians began keeping track of the goods that they were trading, accounting has been an essential – if not terribly exciting – part of life. But just how has this practice changed over the years?

During the time of the Roman Empire, both emperors and military leaders were thought to have kept detailed records of all their expenditure and revenues, allowing them to plan their activities with the precision that they became famous for. Fast-forward to medieval times, and the emergence of the monetary economy meant that bookkeeping became more important than ever before.

From the 13th century onwards, ‘double entry’ – or ‘debit and credit’ – recording became popular, a system that went on the form the backbone of modern accounting. Then, three hundred years later, joint-stock companies began emerging, and suddenly there was a whole new market for financial information.

In the 19th century, the first modern accountants emerged, first as a sideline for solicitors, then as businessmen in their own right. Today, there are more people than ever entering the profession, with almost 150,000 chartered accountants in the UK today. From managing the incomes and expenditures of large businesses to helping freelancers keep track of their finances, accountants form an integral part of the modern business landscape.

Now, accountancy is taking another leap forwards, in the form of apps and digital services that allow individuals to skip the middleman and take charge of their own finances. Expend is a good example of this – an integrated app and payment card that equips its users to track all of their transactions in real-time. By working in tandem with popular accounting software such as Xero, it takes the hassle out of monthly calculations and solves a particularly annoying aspect of business accounting.

Want to be part of history in the making? Download Expend today and discover how it can free up your time by automating your expenses and help you keep on top of company spending.

Expend Team

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