Over the past four to five years cloud accounting has been universally adopted by all the major and minor accounting firms. There are so many practical reasons for keeping business in the cloud as I have discussed in previous articles. In the beginning, when accounting software began its transition into the cloud, most thought it would be a limo ride to ease and affordability. However, some of the simple basics turned out to be hurdles that needed to be overcome. Cloud implementation presented several fundamental challenges that weren’t being met, such as journal entries and reconciliations. These basics have long since been cleared up, and are no longer a consideration. But it just goes to show you that even the simple things can take more attention that initially realized.
What do you think of as the oldest occupation on earth? Does your mind immediately go to Rudyard Kipling’s coined reference as the oldest profession in the world – prostitution? Maybe so, but who accounted for the trade? If there was an exchange of goods, then there had to be an accounting in one form or another, albeit very basic. Accounting has simply been a practical matter of keeping track of exchanges for as long as there were things to trade.
Evidence of accountancy has been traced back to the times of ancient Mesopotamia. Before the era of modern luxuries like the ones provided by Dayton plumbing contractors account tracking was a much less detailed process. Accounts showing expenditures and goods received and traded that are estimated to be over 7,000 years old have been unearthed. Auditing records have been found in the ancient ruins of Egypt, Assyria, Sumeria and Babylon. People relied on primitive methods to account for crops and herds.