Page "House of Medici" Paragraph 3

The Medici Bank was one of the most prosperous and most respected institutions in Europe.

There are some estimates that the Medici family were the wealthiest family in Europe for a period of time.

From this base, they acquired political power initially in Florence and later in wider Italy and Europe.

A notable contribution to the profession of accounting was the improvement of the general ledger system through the development of the double-entry bookkeeping system for tracking credits and debits.

This system was first used by accountants working for the Medici family in Florence.