Before electronic banking, how did wealthy businessmen keep track of their earnings?

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Before electronic banking, how did wealthy businessmen keep track of their earnings?

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Anonymous 0 Comments

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Anonymous 0 Comments

Paper and ink. They also had secretaries / accountants to help deal with the paper and ink. Even if you go back far enough, the banks themselves were using paper records, in some countries they still do.

Anonymous 0 Comments

Just like today, they would employ a bunch of accountants and work with bankers to generate reports about revenues, profit, costs, ect., the main difference was that more people were needed without the help of computers and the information would be on paper/phone/fax/telegram rather than over a computer network

Anonymous 0 Comments

They had an army of accountants writing things in ledgers. Double-entry bookkeeping was invented to accurately keep track of the money flowing in and out of various accounts, and it was common for large businesses to have entire _floors_ of accountants whose job it was to keep track of those entries.

Anonymous 0 Comments

There’s a whole field of professions called accountants. These were people who’s sole purpose was to keep track of financial transactions. Then every month or quarter (totally up to the business) all the accountants would put together reports and say “this division spent and made this much money in these ways” then the CFO or VP of finance would aggregate all these reports to determine how well a company is performing financially. *That person* would then write another report covering basically the same information but company wide. This report would go out to the rest of the company.

Anonymous 0 Comments

What you think accountants are for?

Anonymous 0 Comments

Ebenezer Scrooge ran an accounting firm thats why he was so aware of how much everything cost. all day everyday he spent his times recording the gastly expenses of other people.

Anonymous 0 Comments

Before computers, everyone (wealthy businessmen and everyone else who owned a business) used paper and pencils to keep track of their finances.

They used large paper books called ledgers.

FYI electronic banking is not the same as financial statements.

Anonymous 0 Comments

Fun fact prior to the wide spread adoption of calculators and digital computers the math for things like loans and insurance had to all be done by hand. This was a job primarily done by women, and the term for this career was Computers. That’s where the term originated.

Prior to digital Computers banks, businesses, business men, etc relied on Accountants just like they do today but everything was done on ledgers with pen and paper.

Anonymous 0 Comments

Paper ledgers and armies of clerks. All transactions were recorded by hand in books, then the books were periodically brought together and reconciled with the other books.