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Francesco DatiniA noble merchant, trader, financier.
Date of Birth: 01.01.1335
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Content:
- Francesco Datini: A Pioneer in Accounting and Philanthropy
- Business Ventures
- Marriage and Belief
- Philanthropic Legacy
- The Palazzo Datini
- The Datini Archives
- Accounting Innovations
Francesco Datini: A Pioneer in Accounting and Philanthropy
Early Life and FamilyBorn into a humble tavern-owning family in 1335, Francesco Datini was orphaned at a young age during the Black Plague of 1348. His surviving brothers, Francesco and Stefano, were raised by relatives.
Business Ventures
As a young man, Datini apprenticed in small shops in Florence, gaining experience in the spice, jewelry, and wool trade. In 1357, he established his own company in Avignon, France, where the Papal Curia was located. The company specialized in the export of Tuscan wool, furs, and textiles. Datini's business expanded rapidly, with branches in Italy (including Pisa and Genoa) and Europe (Valencia, Ibiza, and others). Agents diligently submitted annual accounting reports to the headquarters.
Marriage and Belief
In July 1376, Datini married Margherita Bandini, the daughter of a Florentine merchant. Their marriage was a happy one, as evidenced by the numerous letters they exchanged. Datini was a devout Catholic and engaged in extensive charitable work throughout his life. He supported the renovation of Franciscan churches, monasteries, and an orphanage.
Philanthropic Legacy
Before his death, Datini bequeathed a portion of his wealth to the city of Prato, his hometown. He also established a charitable organization known as the "Ceppi," which continues to provide meals for the poor, financial aid for students, and support for orphanages and the Church of Saint Francis, where Datini was buried.
The Palazzo Datini
Located in the center of Prato, the Palazzo Datini was acquired by Datini's guardian in 1354. As Datini's wealth grew, he expanded and embellished the house, employing the services of renowned artists Nicola and Arigo Geniri.
The Datini Archives
An invaluable treasure trove of historical and accounting documents, the Datini Archives were discovered in the 19th century during renovations. They contain over 150,000 letters, bills, insurance papers, and other business records.
Accounting Innovations
Francesco Datini's company introduced several groundbreaking accounting innovations, including:
- Double-Entry Bookkeeping:Datini's records provide the earliest known documentary evidence of using double-entry bookkeeping.
- Annual Balance Sheet:In the early 1390s, his company created the first known annual accounting balance sheet, a precursor to modern balance sheets.
