Wigan Borough Business Awards

SATURDAY 28TH SEPTEMBER 2024, DW STADIUM, WIGAN

Spotlight on Fairhurst

How Accountancy has developed over time

Research has shown that the use of accounting techniques were present back in ancient civilisations. Tablets were used to record inventory such as gold, silver, and grain. Although this is nowhere near the sophisticated methods used today it is interesting how the profession has progressed through the years.

As early as 3,300 BC the governments of Egypt and Mesopotamia were listing basic accounting information such as assets, payments, and expenses. The Romans used rudimentary management accounting techniques and kept valuations of buildings and expenditure.

‘The father of accounting’ Luca Pacioli, studied the financial practices of Venetian merchants in the 15th century and wrote about the workings of a monetary economy, formal ledgers and book-keeping. This became the standard text for accounting practice – providing the bedrock of modern accountancy.

Fast forward through the Industrial Revolution in the 1800s to the late 20th century, computer technology was developed to aid the profession and now underpins everything an accountant does.

Accountancy has become far more flexible – especially with the advent of cloud-based technology, smart phones, and tablets. Business owners now expect to interact with their accountant through email, text, accounting software and apps, rather than just traditional face-to-face or telephone calls.

At Fairhurst a lot has changed over the 80 years we have been established! Throughout this time, we have adapted to the ever-changing business environment and grown to become one of the leading independent chartered accountancy practices in the North-West. We offer a full range of financial services including accounting, audit, tax planning, corporate finance, and payroll services. We have changed from number-crunchers to strategic financial advisors, and this can be greatly beneficial to business owners.

Give us a call on 01942 241103, email us at info@fairhurstaccountants.com or visit our website www.fairhurstaccountants.com to find out how we can help you account for your potential.