Difference between Finance and Accountants
Financial management and account management worked together for the best interest of a business. It is important to know the difference between an accountant and finance managers. The strategy of financial management is to give the business long term goals and specific objectives needed to reach these goals. The goals of are accountant management to maintain an accurate record of the business finance. Financial and Accountant manager enclose different roles in business. Financial Management is defined as a, “The financial manager or consultant places primary emphasis on decision making. It uses the financial statements prepared by accountants to make decisions about the firm’s financial condition and to advise others about possible losses and profits” (Dr.Castro, n.d.). The financial Manager had more responsibilities of the company assets especially for the bonds and shareholders. They have to be very analytical to make the right decision about their bonds and stock of the company. It involves a daily basis of mathematics to improve those numbers for the wealth of the stock and bond holders. The important role of a financial manager in any type of business is essential. Financial accounts concentrate on, “the business as a whole rather than analyzing the component parts of the business. For example, sales are aggregated to provide a figure for total sales rather than publish a detailed analysis of sales by product, market etc” (Riley, n.d.). Financial managers focus on making the bonds and stock holders wealthy. Their responsibilities are very important. The bonds and stock holders depend on the financial accountants. The bonds and stock holders trust the financial decision. Also, financial managers have to analysis if any project for the company can be accepted or reject.
Furthermore, financial manager had to work together with the accountants to know the financial status of the company. The format of...
References: Dilipchandra12 (2011). Financial Accounting | Role of Accounting | Objectives of Accounting | Limitations of Accounting. (2011). HubPages. Retrieved October 31, 2011, from http://dilipchandra12.hubpages.com/hub/Role-of-Accounting
Dr.Castro (n.d.). I have been asked by potential finance students some questions about finance such as what finance is and the difference between finance and accounting. FINANCE, AN EXCITING CAREER. Retrieved November 2, 2011, from http://www.letu.edu/people/.../Finance_files/What%20Finance%20is.doc
Riley, J. (n.d.). Study Notes: Business finance & Accounting Comparison of Financial and Management Accounting. Tutor2u. Retrieved November 1, 2011, from http://tutor2u.net/business/accounts/financial_management_accounting_comparison.htm
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