When you hear the word “accounting,” your mind probably jumps to spreadsheets, tax forms, and pocket protectors. While it’s true that accounting is the backbone of every successful business, its history and practice are far more fascinating and varied than most people realize. The story of accounting is a human story, filled with innovation, scandal, and even a few saints.
This isn’t your average textbook chapter. We’re going to explore the unexpected, the peculiar, and the downright astonishing side of the accounting world. You’ll discover how this ancient profession has shaped civilizations, caught notorious criminals, influenced pop culture, and continues to evolve in surprising ways. By the end, you’ll see accounting not just as a necessary business function, but as a dynamic field with a rich and colorful past.
Get ready to look beyond the balance sheets and discover a side of accounting you never knew existed.
1. Accounting is an Ancient Profession
Long before the first currencies were minted, ancient civilizations were already practicing sophisticated accounting. The earliest known records, dating back over 7,000 years to ancient Mesopotamia, are clay tablets detailing transactions of goods like grain and livestock. These early accountants were essentially the record-keepers of civilization, ensuring that trades were fair and resources were managed effectively.
These weren’t just simple tallies. Archaeologists have found complex ledgers that tracked assets, liabilities, and even audits. The empires of Egypt, Greece, and Rome all relied heavily on accountants to manage their vast treasuries, oversee tax collection, and fund massive public works projects like the pyramids and the Colosseum. Without these early pioneers of the debit and credit, the growth of these powerful societies would have been impossible. Accounting wasn’t just a byproduct of civilization; it was a fundamental pillar that allowed it to flourish.
2. A Monk is the “Father of Accounting”
The double-entry bookkeeping system—the cornerstone of modern accounting—was not invented by a banker or a merchant, but by a 15th-century Italian friar named Luca Pacioli. In 1494, Pacioli published “Summa de Arithmetica, Geometria, Proportioni et Proportionalita,” a comprehensive textbook on mathematics. Tucked within this massive work was a 27-page treatise describing the bookkeeping method used by Venetian merchants.
This system, which documents every transaction with a corresponding debit and credit, provided a clear and complete picture of a business’s financial health. Pacioli didn’t invent the method, but he was the first to document and popularize it, earning him the title “Father of Accounting and Bookkeeping.” His work was so influential that it was translated and spread across Europe, standardizing financial reporting for centuries to come. Interestingly, Pacioli was also a close friend and collaborator of Leonardo da Vinci, and it’s believed he taught the famous artist mathematics.
3. Accountants Took Down Al Capone
Al Capone, the infamous Chicago gangster, was one of the most powerful and feared criminals of the 20th century. He was responsible for countless crimes, from bootlegging to murder, but law enforcement struggled to pin anything on him. In the end, it wasn’t a hail of bullets that brought him down, but a team of meticulous accountants.
Frank J. Wilson, an accountant for the U.S. Treasury Department’s Intelligence Unit, led a small team that spent years poring over financial records. They traced a complex web of illegal income that Capone had failed to report. While Capone’s violent crimes were difficult to prove in court, his failure to pay taxes was undeniable. In 1931, he was convicted of tax evasion and sentenced to 11 years in federal prison. This case cemented the power of forensic accounting and proved that sometimes, the pen (or the ledger) is mightier than the sword.
4. The Word “Accounting” Has Somber Roots
The term “accounting” can be traced back to the Old French word “aconter,” which meant “to count” or “to reckon.” However, its Latin root, “computare,” also gives us the word “compute.” Over time, the word evolved in English, and by the 14th century, it was being used to describe the act of giving a financial reckoning.
Interestingly, the related word “accountability” also highlights the serious responsibility associated with the profession. In medieval England, if an accountant’s records were found to be fraudulent, the consequences could be severe, including imprisonment or worse. This historical context adds a layer of gravity to the profession, reminding us that at its core, accounting is about trust and responsibility.
5. Bubble Gum Was Invented by an Accountant
Here’s a fact to chew on: the bubble gum we know and love was invented by an accountant. In 1928, Walter Diemer was working as an accountant for the Fleer Chewing Gum Company in Philadelphia. In his spare time, he experimented with new gum recipes. The company’s founder had tried to create a bubble-able gum years earlier but had failed.
Diemer’s experiments resulted in a formula that was less sticky and more stretchable than previous attempts. The only food coloring he had on hand was pink, which is why most bubble gum today is that iconic color. His invention, which he called “Dubble Bubble,” was an instant sensation. Diemer never received royalties for his creation, but he took great pride in teaching generations of children—and even a few adults—how to blow the perfect bubble.
6. The FBI Employs Over 2,000 Forensic Accountants
The Federal Bureau of Investigation (FBI) is known for its special agents and crime scene investigators, but it’s also one of the largest employers of accountants in the world. The FBI’s Forensic Accountant Unit is made up of over 2,000 highly skilled “Accountant Special Agents” who play a critical role in solving complex financial crimes.
These agents investigate everything from corporate fraud and money laundering to public corruption and terrorist financing. They follow the money trail, unraveling complex schemes designed to hide illegal activities. Their work requires an incredible eye for detail, deep knowledge of accounting principles, and the tenacity to sift through mountains of data. Just like the team that took down Al Capone, these modern-day financial detectives are essential to bringing white-collar criminals to justice.
7. Accountants Have Their Own Patron Saint
Many professions have a patron saint, and accounting is no exception. Saint Matthew the Apostle, one of Jesus’s twelve disciples, is considered the patron saint of accountants, bookkeepers, and tax collectors. Before he became an apostle, Matthew was a tax collector in Capernaum, a profession that was generally despised at the time.
His story is one of transformation, leaving behind a life focused on worldly wealth to follow a spiritual path. For accountants, he represents integrity, honesty, and the ethical responsibility that comes with managing finances. Many accountants see their work not just as a job, but as a calling to uphold fairness and order in the financial world, making St. Matthew a fitting symbol for the profession.
8. The Oscars Are Decided by Accountants
Every year, the Academy Awards bring glitz, glamour, and intense speculation about who will take home a coveted Oscar. But behind the scenes, the entire process is managed with the precision and secrecy of an accounting firm—because it is. Since 1935, the Academy has entrusted the accounting firm PricewaterhouseCoopers (PwC) with managing the balloting process.
A small team of PwC accountants is responsible for tabulating the votes from thousands of Academy members. They work in complete secrecy, and only two partners know the results before the envelopes are opened live on stage. While there was a famous mix-up in 2017 (the “Moonlight” and “La La Land” incident), the system has an otherwise flawless track record. It’s a testament to the trust placed in accountants to handle one of Hollywood’s most important nights with confidentiality and accuracy.
9. Many Celebrities Started in Accounting
The path to fame isn’t always paved with acting classes and recording studios. For some well-known figures, it started with ledgers and balance sheets.
- Mick Jagger: The legendary frontman of The Rolling Stones studied accounting and finance at the London School of Economics before dropping out to pursue music.
- John Grisham: The best-selling author of legal thrillers like “The Firm” worked as a tax lawyer and accountant before his writing career took off.
- Bob Newhart: The iconic comedian and actor started his career as an accountant for a gyroscope company. He famously said his motto was “That’s close enough,” which he realized wasn’t a great fit for the profession.
- Kenny G: The Grammy-winning saxophonist graduated from the University of Washington with a degree in accounting and worked in the field before his music became a global phenomenon.
These examples show that the analytical skills and discipline required in accounting can be a springboard to success in many other fields.
10. The Big Four Aren’t Just Four
The term “Big Four” refers to the four largest professional services networks in the world: Deloitte, Ernst & Young (EY), KPMG, and PricewaterhouseCoopers (PwC). These firms dominate the global accounting industry, auditing the vast majority of public companies. However, they are not single entities.
Each of the Big Four is a network of independently owned and managed member firms. For example, Deloitte LLP in the United States is a separate legal entity from Deloitte Touche Tohmatsu in Japan. This structure allows them to operate globally while complying with local regulations. So, while we refer to them as the “Big Four,” they are actually vast collections of hundreds of firms operating under a single brand.
11. Accounting Helped Win World War II
During World War II, accountants played a quiet but crucial role in the Allied victory. In the United States, thousands of accountants worked for the government to manage the immense costs of the war effort. They oversaw war bond programs, managed military procurement, and developed systems to track the production of everything from bullets to bombers.
On the other side of the Atlantic, British intelligence used accountants to analyze the financial records of German companies to identify production weak spots and strategic bombing targets. Forensic accountants also helped crack German codes by identifying patterns in financial messages. It was a different kind of battlefield, one fought with numbers and ledgers, but their contribution was vital to the war’s outcome.
12. AI is the New Frontier of Accounting
Just as Luca Pacioli’s treatise revolutionized accounting in the 15th century, artificial intelligence (AI) is transforming the profession today. AI-powered software is now capable of automating many of the routine tasks that once consumed an accountant’s time, such as data entry, reconciliation, and generating financial reports.
This doesn’t mean accountants are becoming obsolete. Instead, their roles are evolving. With machines handling the repetitive work, accountants can focus on higher-level tasks like strategic planning, financial analysis, and advising clients. They are becoming interpreters of data, using their expertise to provide insights that drive business decisions. AI is not a replacement for accountants but a powerful tool that allows them to provide more value than ever before.
A Profession of Possibilities
From ancient scribes to AI innovators, the story of accounting is one of continuous evolution and surprising influence. It’s a profession that has brought down gangsters, crowned Oscar winners, and even invented bubble gum. Far from being a dry and dusty field, accounting is a dynamic discipline that has shaped our world in countless ways.
The next time you file your taxes or look at a company’s financial report, remember the rich history behind the numbers. These lesser-known facts show that accounting is more than just crunching numbers; it’s about upholding order, ensuring fairness, and providing the insights that help businesses and societies thrive.
