Luca Pacioli: The 'Father of Accounting'

A Franciscan monk granted special dispensations by the papacy, Pacioli lived a peripatetic life. He was friends with luminaries including Leonardo da Vinci and even portrayed in a painting by another Renaissance great. In more recent times Pacioli has been immortalised in film and his likeness carved in stone on the side of the Chartered Accountants' Hall, a testament to his enduring impact on the profession.

Luca Pacioli, often referred to as the ‘Father of Accounting,' was an Italian mathematician, Franciscan friar and seminal figure in the history of modern accounting.

Pacioli was born in Sansepolcro, Tuscany, around 1447. During his childhood, his father died and he was taken into the care of a wealthy merchant and local politician. He had an ‘abaco’ schooling in practical mathematics, as well as acquiring knowledge of Latin. Evidence indicates that Pacioli also received part of his early education from the mathematician and artist Piero della Francesca, who also lived in Sansepolcro.

In 1464 Pacioli moved to Venice where he was employed by a wealthy merchant, Antonio Rompiasi. He met tradesmen from the Middle East and Africa, learning about the different methods of commerce, and also undertook voyages on behalf of his employer. He continued his studies in mathematics and, during this period, also wrote his first book on arithmetic and algebra that he dedicated to Rompiasi’s sons. He spent time in Rome in the early 1470s with the Renaissance architect, artist, mathematician and humanist Leon Battista Alberti, before returning to Sansepolcro to train as a Franciscan friar.

Pacioli began a theology degree at the University of Perugia in 1475. His studies included mathematics and he became the first ever chair in mathematics several years later.

Pacioli travelled widely in the following years, teaching and studying in a number of cities including Florence, Rome, Padua, Milan, Bologna and Venice. Many were key centres of learning, with Pacioli part of the vibrant intellectual life of Renaissance Italy. He taught both ‘abaco’ and mathematics at university level, something that was highly unusual.

Pacioli published at least 10 works during his lifetime, the most well known being Summa de Arithmetica, Geometria, Proportioni et Proportionalità in 1494. A comprehensive treatise on mathematical knowledge, it included the first printed description of the double-entry bookkeeping system, widely used by Venetian merchants. Written in Italian rather than Latin, it reflected Pacioli’s commitment to practical learning and his humanist and Franciscan values.

Summa de Arithmetica served as a comprehensive guide to accountancy, and by writing in the vernacular and incorporating worked examples, Pacioli made his work accessible to a wider audience. Beyond its technical contributions, it also laid the foundation for ethical principles in accounting and business with its emphasis on values such as transparency, honesty and accuracy.

In 1509 Pacioli published the treatise De Divina Proportione, another of his most notable works. Whilst working in Milan, Pacioli tutored Leonardo da Vinci in mathematics and the two went on to become friends and collaborators. Illustrated by da Vinci, De Divina Proportione examined the mathematical and aesthetic properties of the golden ratio, highlighting the relationship between science and art during the Renaissance. The same year, Pacioli published a Latin version of the ancient Greek mathematician Euclid’s Elements, which contained new figures and commentary.

Pacioli’s final university teaching appointment was in Rome during 1514 and 1515. He died in 1517 at the age of 70, most likely with family in his hometown of Sansepolcro.

By the time of his death, Pacioli was one of the leading mathematicians and teachers of his era. He was acquainted with many prominent Renaissance figures and had served as adviser to dukes, generals, kings, and popes. A portrait of Pacioli from 1495, currently in the Musei Capodimonte in Napoli, is a testament to his contribution to mathematics and remains an important symbol of the intellectual spirit of the time.

The publication of Summa de Arithmetica had a huge impact on the development of accounting as it facilitated the spread of double-entry bookkeeping across Italy, Europe and the world. Its section on accounting formed the basis for manuals on bookkeeping for at least the next century.

The spread of double entry bookkeeping was slow at first. The ICAEW collection of rare books holds many of the books that illustrate this development, such as 'Nieuwe instructie' by Jan Ympyn Christoffels (1543) which closely follows Pacioli's text with some amendments and examples. The first extant work in English on accounting, 'The maner and fourme how to kepe a perfecte reconying' by James Peele (1553), follows on from Ympyn, but is incredibly innovative and very strong on examples and the credit/debit layout.

Double-entry bookkeeping, the foundation of modern accounting, is still taught today following the principles set down by Pacioli with its fundamentals largely unchanged for over 500 years. The system he detailed included most of the accounting cycle as we know it today. In addition, Pacioli also touched upon a wide range of related topics from accounting ethics to cost accounting.

Pacioli has therefore earned wide recognition as the ‘Father of Accounting.’ His contribution to the profession was highlighted in 1994 when accountants from around the world gathered in his birthplace Sansepolcro to celebrate the 500th anniversary of Summa de Arithmetica's publication.

Pacioli’s influence has also been far-reaching in areas such as art, design and architecture. His images of Roman capital letters in De Divina Proportione used a unique 1:9 thickness-to-height ratio which improved their legibility, making them particularly suitable for inscriptions and monuments. This proportional approach influenced later letter design, its lasting aesthetic appeal evident in the Metropolitan Museum of Art’s use of Pacioli’s capital ‘M’ as its logo from 1971 to 2016.

Through his teaching of mathematical perspective to figures such as Leonardo da Vinci and Albrecht Dürer, Pacioli helped advance new levels of depth and realism in artistic practice. De Divina Proportione also played a key role in disseminating theories of proportion, particularly the ‘golden ratio’ and its application to art and architecture. Leonardo da Vinci, who illustrated the treatise, is widely thought to have applied these principles in influential paintings including The Last Supper and Mona Lisa.

The golden ratio has appeared frequently in the arts since the Renaissance. A notable modern example is Salvador Dalí, whose interest in proportion and in the writings of Luca Pacioli is well documented. The proportions of Dalí’s 1951 painting Christ of St. John of the Cross were influenced by the golden ratio, with particular attention placed on the triangle formed by Christ’s arms and the cross. Similarly, the overall dimensions of The Sacrament of the Last Supper (1955) by Dalí conform to the golden ratio, and the painting prominently features a dodecahedron, a closely related geometric form.

The golden ratio has also influenced architectural thinking in recent times, the Swiss−French architect Le Corbusier using it in the 1940s to design a proportional system called the ‘Modulor’ in an attempt to create a universal standard of architectural proportion. His approach reflected the intellectual tradition of proportional concepts to which De Divina Proportione made a significant contribution.

These examples highlight the breadth of Pacioli’s influence and the enduring, multifaceted nature of his legacy.

Further reading

Sangster, Alan, ‘The Life and Works of Luca Pacioli (1446/7–1517), Humanist Educator,’ ABACUS, 2021, Vol. 57 Issue 1, p.126-152.

Sangster, Alan, 'Luca Pacioli and his art,' De Computis: Revista Española de Historia de la Contabilidad, 2020, Vol. 17 No.2.

Sangster, Alan and Scataglinibelghitar, Giovanna, ‘Luca Pacioli: The Father of Accounting Education’, Accounting Education, 2010, Vol. 19 Issue 4, p.423-438.

Smith, Murphy, ‘Examining intersecting lives: Luca Pacioli, father of accounting, and his friend, Leonardo da Vinci,’ Accounting History, 2022, Vol. 27 Issue 3, p343-369.

Smith, Murphy, Luca Pacioli: The Father of Accounting, 2018, SSRN.

The Library has over 100 books and articles on Pacioli, as well as a number of his works, highlighting the importance of his legacy.

The collection includes two first edition copies of Summa de arithmetica, as well as a first edition of Divina proportione. Summa de arithmetica's treatise on double-entry bookkeeping has been translated into numerous languages, reflecting Pacioli's extensive global influence. Amongst the Library’s holdings are translations in Chinese, Czech, Dutch, English, French, German, Japanese, Portuguese, Russian and Spanish.

Summa de Arithmetica's chapter on tariffs shows that Pacioli copied a work by Chiarini from 1481. The library holds a copy of the first edition of this title which is the oldest book in the ICAEW collection.

Pacioli's life and works are covered in detail in books including Taylor’s No royal road - Luca Pacioli and his times and Brown's Pacioli on Accounting. Others in the collection, such as Parker’s Accounting history from the renaissance to the present- a remembrance of Luca Pacioli, explore his contribution to accountancy and remarkable legacy.

• View a full list of works by Pacioli in the Library collection
• View a full list of books and articles in the Library collection on Pacioli and his legacy

To find out how you can borrow books from the Library please see our guide to borrowing books.

You can obtain copies of articles or extracts of books and reports through our document supply service.

Useful links

The Earliest Books on Bookkeeping 1494 to 1683
Short guide to key works in the ICAEW Library's rare books collection including those by Pacioli. Written by Librarian Hugh W. Thomson in 1963.

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