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LISA NELSON When Luca met Leonardo
Something slightly different this month; it’s a history lesson, but one all accountants will find interesting! You will of course have heard of Leonardo da Vinci, the artist, scientist, engineer and inventor, famous for his portrait of the Mona Lisa. But what you might not know is that he was good friends with an Italian friar and mathematician called Luca Pacioli, who in 1494 published a book called ‘Summary of Arithmetic, Geometry, Proportion and Proportionality’. Hopefully, you’re still reading because this is the first reveal: in this book he included a section on double-entry bookkeeping, which is why he is known the ‘father of accounting’. Although he never claimed to have invented double entry, the fact that he wrote it down led to its popularity. The importance of double entry cannot be understated. It provided businesses with a systematic way to track financial activities, essential for the growth in trade and is the foundation for accurate financial statements and much of what we accountants do today. Luca wrote several other books including one illustrated by Leonardo, entitled ‘On the Divine Proportion’. And here is the second reveal: in this book he pioneered a mathematical framework blending perspective and proportion into art, both of which became distinctive features of artwork from the Renaissance period. So, the next time someone asks you about the connection between Leonardo Da Vinci, double-entry bookkeeping, the growth of international trade and art in the Renaissance period you will know the answer! Lisa Nelson is Director of Learning at Kaplan
AI to ‘empower’ next gen Finance and accounting is set to be transformed by AI, according to nearly a third (32%) of UK business leaders. In the survey, by cloud-based accounting software bluQube, finance and accountancy was one of the business areas most likely to be impacted by AI, coming second only to sales and marketing (34%). Respondents said AI will take away many of the repetitive and admin tasks associated with their role (42%), and allow professionals to be more strategic (35%). However, some of those who took part in the research weren’t as optimistic, with 29% saying that it would force them to retrain or re-skill in other areas. Concern was also echoed by 9% of business leaders, who believe the technology will replace finance staff. And 6% stated it will either
de-skill the role or have no impact at all. Simon Kearsley, CEO of bluQube, commented: “As AI continues to adapt and becomes a larger part of the accounting profession over the coming years, it is important
Win a Lumie Bodyclock It’s PQ magazine annual quiz time, and thanks to our generous sponsors (AAT, ACCA, CIPFA, CIMA and ICAEW) we have some great prizes up for grabs again this month. Last year we gave away Tefal air
fryers and grill; this year it is a topof-the-range Lumie Bodyclock Luxe 750DAB wake-up light. The Lumie is ‘a life-changing way to wake up’, rousing you from sleep gently with a gradually brightening light, helping you to feel energised,
We need your nominations Nominations are now open for the PQ magazine awards 2024, with the awards night taking place in April next year. But before we roll out the red carpet for you we need to see your entries! Check out all the details on page 16 of this issue, or go straight to our website and download the application form.
to remember that the changing nature of work doesn’t equate to the elimination of the human workforce.” To access bluQube’s ‘Age of AI’ report visit https://tinyurl.com/ y97ay5hv refreshed and ready to take on the day. At bedtime, the sleep-optimised lighting allows for a restful evening, with the fading sunset promoting a natural sleep response. If you want one of the three prizes on offer you need to find the quiz and answer the 50 questions (it is supposed to be fun!). See page20.
Then we need up to 500 words on why your nominee
should win. Remember, we actively encourage you to enter yourself, so now is not the time to go shy on us! Deadline for entries is Friday 8 March 2024, and please don’t wait until the last minute to enter! Download the nomination form at www. pqmagazine. Just click on the ‘PQ Awards’ button at the top of the home page.
move builds on the momentum generated by the ICAEW and CIPFA joint declaration in September, outlining an accelerated pathway for CIPFA and ICAEW accountants to achieve dual designation and qualify for dual membership from January 2024. It said: “We are taking it a step further.” Students can now expect joint events “bringing together the best of both worlds, fostering collaboration, learning and networking opportunities”.
Energy cost payment help If you are an ICAEW student struggling with high energy costs then caba’s means-tested £450 energy cost payment could be available to you. It can be used to pay for gas, electricity and water bills. caba said its energy cost payment is available for anyone on low income who is in need of financial support. In 2022 caba awarded more than £44,000 in energy cost payments worldwide to help chartered accountants cope with the increasing cost of living.
In brief Football crazy? PQ magazine has got together with University of Liverpool’s Kieran Maguire to host an evening next March talking about everything football. There is a twist – we will be actually talking football finance, rather than the machinations of VAR! You can sign up to ‘No accounting 4 the love of football’ and spend an evening with Maguire and friends at the Crypt on the Green, in London. Maguire hosts the popular Price 4
of Football podcast, which won the inaugural Podcast of the Year award at this year’s PQ magazine awards night. For more go to page 31. New collaboration unveiled The Chartered Accountant Student Society of London (CASSL) and the South East CIPFA Student Network are joining forces to create a dynamic platform for trainees from both bodies. CASSL explained that the
PQ Magazine January 2024
