Luca Pacioli's Treatise on Finance

Luca Pacioli's "Treatise on Finance" is one of the earliest comprehensive texts on accounting and financial management, published in 1494. It introduces double-entry bookkeeping, a system where each financial transaction affects two accounts, ensuring accuracy and clarity in financial records. Pacioli emphasizes the importance of systematic record-keeping for businesses to track revenues, expenses, assets, and liabilities effectively. His work laid the foundation for modern accounting practices, promoting transparency, consistency, and accountability in financial reporting, which are essential for making informed business decisions.