Company Name
The Company is named in honour of Italian mathematician, Franciscan friar and Leonardo da Vincia collaborator - Fra Luca Bartolomeo de Pacioli. He is considered the father of modern Accounting and Bookkeeping.
While he did not invent the accounting systems, his description of the mathematical approach to bookkeeping led to the widespread teaching and adoption across the world, and is a foundation of modern business governance, decision making and management.
“Friar Luca Pacioli changed the world of accounting, which in turn revolutionized how business managers were able to keep track of internal operations, and thereby attain greater efficiency and profitability. The fundamentals of double-entry accounting have been largely unchanged for over 500 years. These fundamentals were essential to the progress of business, including the development of the capital market system and modern economies, that facilitated the ever-rising standards of living for peoples around the world. Accounting practitioners in public accounting, industry, and not-for-profit organizations, as well as investors, lending institutions, business firms, and all other users for financial information are indebted to Luca Pacioli for his monumental role in the development of accounting.”
Luca Pacioli: The Father of Accounting by Murphy Smith, Jan 2013.
Luca Pacioli published the first description of double entry bookkeeping in his 1494 book on mathematics Summa de arithmetica, geometria, proportioni et proportionalita (Summary of arithmetic, geometry, proportions and proportionality). This system forms the basis of, and still includes most of, what we consider the accounting cycle today.
For further reading Wikipedia (https://en.wikipedia.org/wiki/Luca_Pacioli).
The first printed illustration of a rhombicuboctahedron,
by Leonardo da Vinci, published in Pacioli's Divina proportione (1509).
