Luca Pacioli is regarded as the Father of Accounting. He published the first book on double-entry accounting in 1494. While Friar Luca is regarded as the “Father of Accounting,” he did not invent the system. Instead, he simply described a method used by merchants in Venice during the Italian Renaissance period. His system included most of the accounting cycle as we know it today. The first accounting book actually was one of five sections in Pacioli’s mathematics book, titled Summa de Arithmetica, Geometria, Proportioni et Proportionalita (Everything About Arithmetic, Geometry and Proportions).