Finance Is There Any Difference Between Financial Administration And Financial Accounting?

[Good-Guy]

The field of finance is truly vast and when it comes to finance there are many opportunities available for people who are interested in this kind of field. One of the greatest aspect of finance is that you may pursue a course in financial administration where you will learn how to manage assets and how to analyze financial structure of the companies in order to effectively maintain the revenue and assets of the company. On the other hand, financial accounting consists of a total accounting system of the company and cash flow statements. It helps to analyze the transactions that took place when it comes to business. So, do you think that there is any difference between the two? What is the main difference between the two?

 

[btaliat]

Just as the names imply, finicial accounting deals more of how to balance the expenditures and income. And some information about maybe trading and loss account, how to go about all these. While financial administration is wider in scope than financial accounting, it encompasses says of managing both assets and liability.

 

[kayode10]

Both of them are quite different you only get confused with the word finance both of them have. administration department ensure that the day-to-day running of the business is smooth and does not face any difficulty. Financial accounting on the other hand simply means tracking the cash flow in and out of the business.

 

[btaliat]

Both of them are quite different you only get confused with the word finance both of them have. administration department ensure that the day-to-day running of the business is smooth and does not face any difficulty. Financial accounting on the other hand simply means tracking the cash flow in and out of the business.

This is an apt difference between the two. Administration always had something to do with the way things are run and managed. It will cover everything that has to do with finance and how it is run in an organization but financial accounting only had to do with the calculations on how money are handled in an organization.

 

[Chibson]

Financial administration and financial accounting is quite very much different. Financial administration deals with sales, contract, or any other financial deals in which a business have. Financial accounting deals with recording of expenditures of the deals or sales in which the business have. Financial administration is wider and have a lot of duties to do than financial accounting.

 

[Suba]

Of course, there are many differences between Financial Administration and Financial Accounting both in terms of meaning, function and purpose. Financial Administration includes the management and control of all activities closely related to the use of funds, from planning, accountability, regulation and financial control. So the main purpose of financial administration is to process and manage finances so that they can run according to company rules. While the role of financial accounting is to present spatial reports in accordance with accounting principles applicable in a country. Starting from recording transactions, preparing journals, trial balances, and financial statements (although currently there are many accounting applications) that will be useful for internal and external purposes.

 

[King bell]

Yes, a financial administrator's work handled the day-to-day tasks involved in running a business or organization, while financial accounting deals with the processes, rules and regulations for companies that operate on different levels of government. However, it is important to note that these two fields have many overlapping responsibilities and do entail many similar issues. Financial administrators often take on traditional duties of financial accounting as well as those involved with process and data management. Additionally, their duties often include general business administration and HR management.

Financial accountants are primarily responsible for the pre-closing process (i.e. preparing financial statements), managing the post-closing process (i.e. audit and closing), and ensuring that the closing process is conducted correctly. They are also responsible for the pre-closing of all accounts, the following of company policies, preparing agendas and minutes of meetings, attending to minor tasks assigned by upper management, providing reports on various activities, and handling inquiries from external parties.

Financial administrators work with a variety of employers covering many different industries. In fact, since financial accountants are directly involved in all phases of a business' operations--from beginning to end--they can be found in almost any industry.

 

[Yusra3]

Financial administration includes budget planning, cashflow management, and making tactical business choices which make the most of funds. Financial accounting aims at correctly recording and presenting financial transactions through recording, preparation of financial statements and audits. From the broad view point of administration to fine accuracy of record keeping, accounting is the precise and meticulous mirror reflection of administration. Both of them are critical for complete control of finances but administration is the one that sets the strategies whereas accounting provides the data to support and inform them.