Description :

Accounting has three broad categories financial accounting management accounting and cost accounting whereas financial management is a process with financial planning and budgeting financial reporting accounts record keeping and financial controls. The key difference between accounting vs financial management is that accounting is the process of recording maintaining as well as reporting the financial affairs of the company which shows the clear financial position of the company whereas the financial management is the management of the finances and investment of different individuals organizations and other entities. Financial accounting and management accounting are parts of the same accounting system both forms of accounting process the same underlying data to report financial information to its users. Quality financial management offers many benefits to you as a business owner financial management includes bookkeeping projections financial statements and financing which forms the foundation for reaching your goals through sound business decisions financial management is one of your main avenues to success as a business owner