Industry Views

Five facts about the accounting profession

October 23, 2017

Whilst some may conjure up images of pinstripe suits and excel spreadsheets when they picture accounting, it’s actually a much more colourful and diverse industry than that. So as one of the oldest occupations, and one which remains at the core of the finance ecosystem today, here are five interesting facts about the profession.

It has a (very) long history   

Whilst ancient civilizations were keeping financial records for thousands of years, mathematician and mentor to Leonardo Da Vinci, Luca Pacioli, is considered to be the ‘grandfather of accounting’. In 1494 Pacioli wrote the first book on double-entry bookkeeping in which he warned readers not to go to bed at night until the ‘debits equaled the credits.’ His description of Venetian merchants using journals and ledgers in renaissance Italy remain the basis of accounting standards today.

Keepers of the peace  

We may know Al Capone or ‘Scarface’ as hollywood-esque mobster who rose to fame during the 1920s prohibition era for his role in leading the notorious ‘Chicago Outfit’. A cunning crime boss, he wasn’t an easy criminal to catch and it was actually a team of forensic accountants within the FBI which lead to his arrest. By reviewing thousands of financial documents and ledgers in minute detail, the police finally had cause to convict him - tax evasion.   

A rock star career

Some famous celebrities trained as accountants before taking to the stage, including comedian Eddie Izzard and Mick Jagger from the Rolling Stones.   

Long term prospects are good   

Membership of the accountancy associations continues to rise, with the seven bodies seeing an annual growth rate of 2.4%. Salary expectations for accountants are now in the top ten most lucrative across sectors and career satisfaction has never been higher. Cheers to that!  

Being an accountant no longer means a job of never ending data entry  

Due to the significant development of document capture automation, more accountants than ever are choosing to automate manual data entry in order to drive productivity, cut costs and make for a more enjoyable job. And considering the ROI which can be gained from using the right automated solution, we’re not surprised it’s a growing trend. Here’s what one of our customers had to say about working with us:   

“Before AutoEntry, we had over a 100 people spending hours each week to manually upload data for our bookkeeping clients, which was an impractical use of resource in the long term. Since implementing the solution, we’ve driven productivity by almost 90% when processing bookkeeping data entry - an incredible time saving which we can reinvest into the business.” Toby Woodhead, solution architect at Armstrong Watson

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Have a fact to add? Contact us to let us know - or to discuss how your firm can achieve more by automating manual data entry.