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Luca Pacioli, known as the "Father of Accounting," in 1494 in his book titled "Summa de Arithmetica" 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. This served as the world's only accounting textbook until well into the 16th century. Accounting practitioners in public accounting, industry, and not-for-profit organizations, as well as investors, lending institutions, business firms, and all other users of financial information are indebted to Luca Pacioli for his monumental role in the development of accounting.

It may seem premature, but you need to be thinking of your exit from the moment you accept capital, because at that moment, you've made an explicit agreement with an investor that he or she will eventually be able to gain liquidity. - Neil Blumenthal