Literature sad Review

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Accounting is the process of recording financial transactions pertaining to a business. The
accounting process includes summarizing, analyzing, and reporting these transactions to oversight
agencies, regulators, and tax collection entities.-Jason Fernando, July 2022
Based on research conducted by Brown 2019, over 7,000 years ago, in Ancient Mesopotamia.
This cradle of civilization was where the seeds of modern society were planted in developing the
concept of a city and a written language. The agrarians of this society, as businesspeople, needed to
keep track of their growth and output of crops and herds. They used a system of accounting to
determine whether there was a crop shortage or surplus at the end of a period of harvest each season.
Now we come to 1494, the seminal year of accounting’s history. Luca Pacioli, an Italian monk,
published Summa de Arithmetica, Geometria, Proportioni et Proportionalita, a book that introduced
the double-entry system for bookkeeping and laid the groundwork for the future of accounting.
Pacioli’s practice of bookkeeping was transformed into a widespread, modern accounting practice in
the Industrial Revolution of the 18th Century. In the 21st Century, accounting has taken off with big
firms and advanced accounting software, as accountants no longer need to go at double entry
bookkeeping by hand. The evolution of adding machines and computers over the course of the past
150 years has changed the very nature and efficiency of an accountant’s daily tasks.

- Rob Brown, October 2019

According to Kenton's 2021 findings, Accounting software is a computer program that assists
bookkeepers and accountants in recording and reporting a firm's financial transactions. Accounting
software makes accounting calculations easier to perform, understand, and analyze. There are
accounting software packages for all companies, from Intuit's Quickbooks for small to midsize
businesses to offerings from Microsoft, SAP, and Oracle for large enterprises. Some of the
distinguishing features are functionalities in expense reporting, LIFO and FIFO inventory reporting,
point-of-sale integration, batch management, document management, and multi-currency transaction
recording.- Will Kenton, 2021.

Accounting software was first implemented by the National Housing Trust in 1999 with them
first using the peachtree software to carry out simple accounting procedures. Overtime new
softwares were introduced into the business as technology advanced and expanded within the
company.

https://www.nht.gov.jm/historical-brief-1976-2007
Technology was designed to make things easier and the same with accounting procedures