Accounting and Finance, What’s the Difference?
Honestly, the terms, ‘accounting ‘and ‘finance’ have been used so, it’s often easy to forget that the two are completely separate disciplines.
As the saying goes, “Your finance major will not be able to separate their debits from their credits in a general ledger – while your accounting major will not be able to manage my stock portfolio.”
All joking aside, there is still plenty of intersection between the two disciplines. I suspect that’s why the two get mixed up so often. For the removal of doubt I’ve dug up the best definitions I could find.
Measurement, processing, and communication of financial information about economic entities (Wikipedia)
The investment, lending, and management of money and assets. (Dictionary.com)
That said, I believe the simplest way to think about the distinction between accounting and finance disciplines is as follows:
Financiers manage the money, accountants count the money.
Where to go from here?
Navigating tax law can be confusing if you do not know where to start. In these circumstances, it is encouraged that you seek the help of the appropriate expert.
At Accodex we have a team of partners that specialize in the area of tax, covering a range of industries. Whatever your accounting needs, we have a Partner that will help your business get back on track.
“Whatever your accounting needs, we have a Partner that will help your business…”
Keep in mind that this is general information and should ever only serve as a guide. As such it should not be taken as specific advice.
Always remember that legislation around tax is always changing. Chances are that the laws may have been updated since the publishing of the article.
This is why it is always best to consult with your local professional. Better yet, why not contact an expert from Accodex Partners.
Written By: Chris Hooper
Chief Executive Officer