6 fascinating accounting facts you (probably) never knew

In fact, the first recorded name in history^[1] wasn’t that of a king or warrior—it was an accountant. An ancient Sumerian named Kushim tracked livestock and grain using clay tablets and a sharp stick.

Remarkably, some of the oldest written text ever discovered—dating back over 5,000 years—isn’t a poem or a myth. It’s an accounting record that reads:

“A total of 29,086 measures of barley were received over the course of 37 months. Signed, Kushim.”

The very first use of writing was for bookkeeping! 

Since then, accounting has played a surprising role in shaping human history. From bringing down notorious criminals (yes, Al Capone was caught by accountants) to building the financial systems that power our modern economy, accounting has done far more than balance the books.

Curious to learn more? Keep reading for six fascinating facts about accounting that you probably never knew!

1. Accounting has been around for thousands of years

Did you know that accounting existed even before the earliest known writing? In ancient Mesopotamia, a form of accounting was devised, and people used clay tokens to keep track of the goods they received and traded. 

Mesopotamians also used accounting to track the growth of herds and corps. The records of ancient Mesopotamia show that accounting existed 7,000 years ago^[2], making it one of the world’s oldest professions. 

Seven thousand years later, accountants are still highly sought after by businesses of all sizes. According to the U.S. Bureau of Labor Statistics, the demand for accountants will increase by 7%^[3] from 2020 to 2030. 

2. It helps the FBI investigate fraud

In 1965, out of the 3600 Special Agents of the FBI investigative staff, 700 were accountants. ^[4]Although the Bureau has not shared the current number of its accountants, it regularly posts hiring advertisements for forensic accounts. In the context of criminal investigation, the FBI describes them^[5] as, 

“Forensic accountants use their accounting skills, auditing, and investigative techniques to research and follow the systems through which money may be funneled or laundered by terrorists, spies, and criminals involved in financial wrongdoing.”

FBI Special Agent Accountants are usually tasked with investigating fraud against the government. They examine books and records and dig through transactions to detect healthcare fraud and public corruption. 

3. It has brought us the Oscars since 1935

It all began in 1935 when Bette Davis failed to secure a nomination for her role in the drama film Of Human Bondage^[6]. The resulting media uproar led to a write-in campaign that saw Davis get her nomination. 

However, when the actress failed to win the Oscar, the media launched accusations of fraudulent tabulation at the Academy of Motion Picture Arts and Sciences. 

The same year, the Academy turned towards the accounting firm PwC to counter accusations of voter irregularities. Since then, PwC accountants have hand-counted and verified every vote for the Oscars each year at a secure location. According to the company, the process takes 1700 hours^[7] to complete. 

4. Its modern origins can be traced back to an Italian Mathematician

In 1494, the Italian Mathematician Luca Pacioli published the book ‘Summa de Arithmetica, Geometria, Proportioni et Proportionalità’ on Mathematics^[8]. The book contained a chapter on double-entry accounting, which was the first comprehensive analysis of the system. 

The idea for the chapter came to the mathematician after observing the bookkeeping methods used by Venitian merchants. 

Following the book’s publication, the double-entry accounting system slowly became the standard for accounting worldwide. In his publications, Pacioli also discussed other accounting principles^[9], like year-end closing dates and trial balances. These principles are still used worldwide and are the reason why Luca Pacioli is called the Father of Accounting. 

5. It brought down Al Capone

Did you know that an IRS agent brought down the American gangster Al Capone? 

Accounting was the only thing Frank Wilson had going on for him since childhood. When the authorities gave him the green signal to hunt down Al Capone, he and his team spent months investigating. During that time, Wilson and his team reviewed over two million documents^[10] and invented Forensic Accounting. 

Ultimately, Wilson found the loose thread that led to Al Capone’s indictment on 23 counts of tax evasion. While Wilson went on to work in the Secret Service, his work became a fascinating story about the power of accounting. 

6. It has Latin roots

Vulgar Latin originated from Classical Latin and was used as a conversational language by the lower and middle classes of the Roman Empire. After the fall of the Empire, Romance Languages, including French and Italian, were born from Vulgar Latin. 

Although Latin has no native speakers^[11] today, it lives on in its daughter languages and the English words with Latin roots. 

Accounting is one of the English language words that can be traced back to Vulgar Latin^[12]. The search for its origins led us to the Old French word ‘acont’, based on another Old French word, ‘conter.’ The root of these Old French words is the Latin term ‘computāre,’ which translates as ‘to count’ or ‘go through facts.’ 

Apart from the name of the field, its various principles can also be traced to the Roman Empire^[13]. One example is Roman authorities asking citizens to present their accounts in symmetrical formats to ensure an accurate account of credits and debits. 

The bottom line

From ancient Sumerian tablets to modern financial systems, accounting has shaped the course of history in surprising ways.

As a business owner, you know that staying on top of your accounting is crucial for making smarter decisions and driving growth. And while you may not be rewriting history, managing your business with clarity and precision can set the stage for lasting success.

At CoCountant, we help you do just that. Our GAAP-compliant accounting services ensure accurate financial reporting and full compliance with industry standards. With direct access to your accountant, you’ll get real-time insights, clear answers, and proactive support—so you can focus on running and growing your business.