Difference Between Accounting and Finance
Basis |
Accounting |
Finance |
---|---|---|
Objectives |
Financial transaction recording, summarization and reporting are its main objectives. | The management of finances, investments, and financial resources is its main objective. |
Time-Frame |
Its primary focus is on the past. | It frequently addresses choices with the future in mind. |
Professionals |
Accountants and auditors are the terms used to refer to accounting professionals. | Financial analysts, investment bankers, portfolio managers and financial planners are some of the titles held by professionals in the finance industry. |
Scope |
It includes management accounting, which offers internal data for internal decision-making within the company and financial accounting, which concentrates on external reporting to stakeholders. | It covers public finance, corporate finance, investment finance, and personal finance, each of which focuses on a different aspect of money management. |