The IBM 407 Accounting Machine, introduced in 1949, was one of a long line of IBM tabulating machines dating back to the days of Herman Hollerith. It had a card reader and printer; a summary punch could be attached. Processing was directed by a control panel.

The tabulating machine was an electromechanical machine designed to assist in summarizing information stored on punched cards. Invented by Herman Hollerith, the machine was developed to help process data for the 1890 U.S. Census. Later models were widely used for business applications such as accounting and inventory control. It spawned a class of machines, known as unit record equipment, and the data processing industry.