Interesting Facts About The Accounting Industry That Will Surprise You

Accounting is an essential part of running a successful business and it’s not necessarily an industry associated with fun and excitement. When you think of an accountant you probably get a picture of a serious, suit-wearing, not-so-interesting guy in your head. However, the accounting industry is filled with smart, interesting people, who are passionate about what they do, and that is making your money work for you. Looking from another point of view, the job itself isn’t anywhere near boring. 

Here are some super-fun facts about accounting that will positively surprise you.

FBI Accountants

It is clear that accountants have various job opportunities, according to their skillset and most of them specialize in specific areas. However, the most interesting fact is that the FBI employs over 2,000 accountants as special agents who use their mad math skills to solve thought crimes. Even more interesting fact is that it was FBI accountants who brought down the most famous American mobster and crime boss- Al Capone.  After reviewing approximately two million documents, the accountant, Frank J. Wilson, yielded needed information to break Al Capone’s case. Wilson earned his reputation during the prohibition period as a thorough investigator of tax returns and income.

Luca Pacioli and Leonardo Da Vinci

Luca Pacioli was an Italian accountant and mathematician and is highly regarded as the father of accounting and bookkeeping. Pacioli affected the practice of accounting by describing the double-entry method and published his first book on this subject in 1494. Apart from this, he also published several works on mathematics. Maybe the most interesting aspect of his work is a collaboration with Leonardo Da Vinci. He used to teach him mathematics. Pacioli also wrote a book of chess strategy, and it is speculated that Da Vinci may have worked with him, considering his illustration in other Pacolis books.

You Can Work For Almost Any Employer

With an accounting degree, you can choose between many job types. Some teach higher education courses, while others may work in risk management, health care, insurance services, or even go into forensics. When you are good with numbers and calculus, your career options are almost endless. If you are a business owner perhaps, you will need an accountant to professionally deal with budgeting, asset management, and the cost of doing business. There are also many new-age mobile platforms to help your accountant reach their full potential and get their job done in less time, more precisely, and effectively. As technology is constantly evolving, the art of accounting is following.

First Recorded Name in History

In the famous bestseller, Sapiens- A Brief History of Humankind, Doctor Yuval Noah Harari reported that the first-ever recorded name in history belonged to an accountant. As humans began to settle down into larger kingdoms, they needed some kind of system for recording various mathematical data. The first written text in history, more than 3000 b.c. , is believed was written by an accountant who was making a record of certain supplies. A clay tablet was used to record transactions of barley and was signed with the word “Kushim”. It wasn’t clear at first whether Kushim was a person, a job title, or an institution, but later insights suggested that it was indeed a guy, whose job was to count things for others.

Famous People Who Started as Accountants

There are so many behind the scene stories about famous musicians, actors, and other celebrities, that we know so little of. Many of the people you may watch on the tv have started as accountants. For example, the Rolling Stone star Mick Jagger used to study accounting before starting a band. Before starting Standard Oil and becoming one of the richest men alive at that time, John D. Rockefeller was an accountant for a while. Similar to Jagger, Janet Jackson also studied to be an accountant. Robert Plant of Led Zeppelin and comedian Eddie Izzard can join the ex-accountant crew too. 

Accountants are Happy

A survey was done indicating that seven of ten accountants would happily choose the same job if they had a chance to pick their profession all over again. They enjoy solving problems and working with numbers in general. The accounting industry has a quite bright future ahead. The growth of accounting jobs is faster than the average for all jobs, as it is forecasted to grow 11 percent between 2014 and 2024, according to the BLS (Bureau of Labor Statistics). Accounting jobs can be paid surprisingly well, with the highest-paying accounting jobs are located in the District of Columbia. 

After reading these facts, there is no doubt that your picture of what accounting and bookkeeping look like will surely change. Hopefully, it will help you understand the meaning of accounting deeper and decide for yourself if a career in accounting sounds like a good idea for you too.