Many people across the globe aren’t aware that bookkeeping is practised for a century, leaving its traces way back to Mesopotamian Civilization. However, technology has always impacted the journey of this transition. It has had a huge impact on how bookkeepers operated then and now. Technology has given us speed, and software, and has opened up many digital platforms for us. This journey was a thing to be looked upon. Let us see how this transition has impacted bookkeeping professionals through the years.
1. Early Accounting
The first ever records of accounting were discovered over 7000 years ago. Not going deep into it, just to say they used tools like an abacus to record and measure the result of goods and labour in exchange for their currencies. With this abacus system, they also audited, verified inventory, and recorded public revenues, state treasury, taxes, slaves and freemen.
2. The Modern-Day Accounting
The modern-day bookkeeping system gave us the terminology of maintaining a “Balance-Sheet“. This was introduced by the Italian mathematician Frater Luca Pacioli in the late 15th century. He revamped the bookkeeping and laid the groundwork for today’s accounting system. Pacioli also illustrated the idea of a double-entry format for bookkeeping in one of his books. He explained in detail the benefits of creating a balance sheet. This made bookkeeping easier and more efficient for the companies to show an in-depth look at the company’s financial state.
3. Today’s Digital Era of Bookkeeping
Rewind a few years back, when we just had invented computers. From inventing computers to accounting software. We have learned that bookkeepers have gone from paper ledgers calculated by hand to automated digital systems(software) and seen a vast difference in record-keeping capabilities and an increase in productivity of a bookkeeper is a most important evolution for us.
The evolution is not yet stopped it is continuously evolving into new things. These days, digital bookkeeping has taken massive bifurcations to us. Let’s know-how.
a. Electronic Business Also Known as E-Business
There is software that is a link between the client and the bookkeeper. Both the entity can access, update and delete the information from their end to this software through the integration of the software. The benefit is that your information will be distributed from a highly encrypted source.
b. Cloud Computing
A lever higher. Here the need to install software to run is eliminated. The world wants faster access from across the globe which made a need to evolve cloud computing in the market.
c. Outsourced Bookkeeping Services
Nowadays, anyone in a business apart from accounting would think of handing over their accounting to someone whom they can trust. For such reasons, the bookkeeping outsourcing company will take care of your bookkeeping needs and handle all your taxes and deadlines for you.
Outsourced Accounting & Bookkeeping 