The first question that you might have is, what do professionals in accounting and finances do? Well, the answer is pretty simple. They control and manage all the money aspects of a business. It is the backbone of every business and the modern world as well.
Accounting and finances are typically under the same umbrella, however there are certain differences between them. The main difference is that professionals in the field of finance are usually involved in planning and directing the financial transactions of the business while those in the field of accounting are involved in recording, analyzing and reporting on the transactions.
In other words, accounting is the management of financial information, whereas finance is the management of financial transactions or the money. Thus, these two disciplines go hand in hand.
Accounting and finance therefore plays a huge role in a business financial health, as it comprises the activities of keeping financial records, avoiding legal problems, making a budget, analyzing the company’s performance, external and internal communication and developing strategies to improve the business.