Accounting and finance
Accounting focuses the flow of money and out of a company or family, while finance is a more broad term that describes how one manages asset and liabilities. Whether you are considering different college majors or thinking about who to hire to help you manage your own finances, it is important to understand exactly what the two fields are and what specialists in each do. To find someone to help with your own money, consider using Smart Asset’s free financial advisor matching service
Accounting vs. Finance
- Focuses on the day-to-day flow of money in and out of company or institution.
- looks back to a company’s past financial transactions
- Detailed look at a company’s books you’re probably more interested in accounting.
- More about accurate reporting of what has already happened and compliance with laws
- can expect to take classes in accounting practices and accounting ethics, business law, tax law and account.
- A broader term for the management of assets and liabilities and the planning of future growth.
- looks forward to plan future acquisition of assets in a company.
- Finance is To exercise high-level control over a company’s strategy.
- Looking forward and growing a pot of money or mitigating losses
- In terms of a longer time horizon you may be happier in finance than in accounting.
Tips for Accounting and Finances
If neither finance nor accounting is up your alley, you might consider finding a financial advisor to help you with all your money issues. Finding a financial advisor doesn’t have to be hard. Smart Asset’s free tool connects you with financial advisors in your area in five minutes. If you’re ready to be matched with local advisors, get started now. One basic aspect of finance you can do yourself is making a budget. Use Smart Asset’s budget calculator to get a start on yours.