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Although finance and accounting are both involved with the financial aspect of a business or organization, the managers and employees in these departments deal with finances in completely different ways. Accounting deals mainly with preparing and examining financial records and ensuring their accuracy, making sure taxes are paid on time and properly, and assessing financial operations to help ensure that organizations run efficiently. On the other hand, finance deals primarily with making important financial decisions for an organization and helping “develop strategies and plans for the long-term financial goals of an organization” (Financial Managers 2012). It is also important to note that financial managers use the financial information prepared by the accounting department in order to make the best decision possible for their organization. Nevertheless, both accountants and financial managers together must operate effectively and efficiently to ensure the continued short-term and long-term financial viability of any health care organization. In this short essay I will explain the relationship between finance and accounting and how they both help ensure the financial viability of a health care organization. First, despite the fact that finance and accounting both oversee the financial aspect of a health care organization, the way in which they handle finances are very different from one another. “Accounting is concerned with financial record keeping, the production of periodic reports, statements and analyses, and the dissemination of information to managers and, to some extent, investors and the world outside the business. It is also much involved with the quality, relevance, and timeliness of its information output. Alternatively, the role of the financial manager is not to provide financial information but to make decisions involving finance” (Jana Kajanová 2006). In addition, they “direct investment activities, and develop strategies and plans for the...
Sir,
Finance is the life blood of business while accounting is the language of business. the connection in between finance and accounting is that, accounting help us to utilize finance in right way and a good investment in finance provide us good accounting result.
Thanks for the Invitation Sir
Hello Team,
Accounting and finance, finance and accounting – what’s the difference? Many non-accounting professionals out there misperceive accounting and finance as the same thing. In reality they have a close relationship, but are definitely NOT one in the same.
Accounting is traditionally defined as the bookkeeping for a business. Accounting is the collection and organization of a business’s financial data. Most accounting department file cabinets and computers are filled with files – receivables, payables, collections, contracts and invoices, etc. Most businesses have long paper trails and gigabytes of computer records all storing how money is made and spent, how assets are obtained and used.
Sounds like that’s all about finances right? Close, but not quite. Actually, a business’ finances are just as important, but very different from the accounting. When considering a business’ finances, you will review all of the accounting data to make monetary decisions affecting the business. The accounting data may help you with financial planning, reviewing the performance of the business, and ensuring that the business is meeting the legal obligations, such as tax reporting.
Both accounting and finances are critically important to the success of any business, but they are not the same thing. Accounting is knowledge and finances are what you do with that knowledge.
Regards,
Saiyid
I leave the answer to experts specialists in this field
Accounting is a part of Finance.
all of your answers more thanks , in my opinion accounting is language of the business and connect outside costomers and inside managers and it could be easy to understand if the company is going well or going bad
in finance is most unpreditable calculation and in my education about finance i left other expreinced persons who were answered this question all of you more thanks have nice time
yes i think the right answer is
accounting is a part of finance
agree with answers >>>>>>><<<<>>>>>>>>>>>>>>
Accounting primary function is to develop and provide data measuring the performance of the firm, assessing its financial position, and paying taxes. The accountant is responsible for preparing financial statements such as the income statement, balance sheets, and cash flows. It is normally passive work, in the sense that, the work has a very independent nature to it such as preparing forms and financial statements.
Finance 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. In some cases, finance is more a type of leadership position. A financial manager has to deal not only with finance, but also with economics, accounting, statistics, math, and management.
