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While accounting and finance may go together, there are key differences: 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.

Accounting vs. Finance: The Basics

The distinction among money and bookkeeping is that bookkeeping centers around the everyday progression of cash all through an organization or foundation, though finance is a more extensive term for the administration of resources and liabilities and the preparation of future development.

If you have any desire to practice significant level command over an organization’s system, money could be for you. To investigate an organization’s books, you’re presumably more into bookkeeping. It’s not unexpected said that bookkeeping thinks back to an organization’s past monetary exchanges, while finance anticipates plan future obtaining of resources.

Accounting is more about accurate reporting of what has already happened and compliance with laws and standards. Finance is about looking forward and growing a pot of money or mitigating losses. If you like thinking in terms of a longer time horizon, you may be happier in finance than in accounting.

Should you want to study accounting you can expect to take classes in accounting practices and accounting ethics, business law, tax law and accounting theory. If you study finance, you’ll likely spend some time on macroeconomics and international finance in your classes, as well as on financial engineering and corporate finance.

Accounting vs. Finance: Career Options

The difference between finance and accounting may just be a matter of idle curiosity for some of us, but if you’re choosing a college major or a career, it’s an important distinction. Particularly if you’re planning to take on student loans, you probably want to be sure that you’re choosing the right path.

Choose accounting and if you work for a big company you’ll likely report to the company’s Chief Financial Officer. You could have a job title like Controller, Tax Manager, Fund Accountant, Valuation Analyst or Financial Reporting Accountant. Alternatively, you could become a Tax Accountant, a Bookkeeper, Treasurer or Auditor, for yourself, a business, a non-profit or the government.

As an accounting professional you’ll be tracking and reporting flows of money and ensuring compliance with best practices. You’ll rely on Generally Accepted Accounting Principles (GAAP) and you’ll likely come to be familiar with the tax code, too. Section 446 of the Internal Revenue Code will be your friend. That’s the section of the tax code that covers “General rules for methods of accounting.”

If you choose finance you have a different range of options. You could become a financial analyst, investment banker, financial examiner, personal financial advisor or money manager. You could work in consulting or corporate finance. Banking and insurance underwriting are also open to finance majors. And of course entrepreneurship is another route that’s open to finance types.

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 your money. Finding a qualified financial advisor doesn’t have to be hard. Smart Asset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • One basic aspect of finance you can do yourself is make a budget.