Accounting vs. Finance: What's the Difference?
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- เผยแพร่เมื่อ 23 ส.ค. 2017
- A question we seem to get a lot is: what is the difference between hiring an accountant and hiring a financial planner? In this video, Eddy answers this question and explains who does what with your money.
Finance ppl tell you what to do with your money and Accountant people tell you what you did with your money...got it thanks
There is much more to it
Say u run your business and u recruit 1 accountant and 1 financial planner/analyst/advisor
If u have a good accountant ~ he will make your company look so good that investors wanna invest in your company with proper reduced tax and liabilities in control~ then u have a good financial planner/analyst who will take all that money and take on a risky project to make more money~ then all that money is recorded again by an accountant then even more investors and it will keep going on thereafter
If u have a bad accountant no one will invest and u will have basically no proper profit for your financial planner to make money on
and if u have a bad financial planner even if your accountant attracts investors your financial planner will lose all that money by taking a risky project that fails to produce more profit
much obliged
what i understood from the end
Finance is for investment
Accountant is for reports of expenses and what you spent
LOL
And then economists will tell you what will happen with your money.
Saved time.
Accounting- what to do the next day, week, or at best month. financial- what you need to the next month and at best year
Great explanation. Thanks Eddy!
Finance=what to do with money
Accounting=how was money
Money was good and it always will be!
Now I guess I am a qualified accountant😊
@@Lazymath007_ 🤣
The only fact that I knew: "I love money" haha
This is a very good way to explain the differences
very simply and easy to understand.
best explanation!
Thanks it is direct and clear.
Best books i found to learn accounting : the accounting game, finance : How finance works (HBR)
Thanks for sharing. I will be specializing in Accounting . I just wanted to hear a few opinions before making a decison
Yeah! Go for accounting! 👍👏🎉
CPA Career Paths 😇Finishing my fourth year with an Accounting Degree come December 2020
Making A Million That’s amazing!!! Congrats!!! 🎉🎊👏👏
ّアリエル thank you
@@koomedia9231 omg good for you! how did it go?
I thought there are different kinds of accounts. Financial management is apart of ACCA programme
Finance people are generous and accountant people are cheaps.... I'm an accountant and when I open the menu my eyes start scanning thier price than what they do serve on thier menu.
Hahaha. Love your comment on the menu moment. 🤣😂
That's fire! 😂
🤭 amen
i calculate which ketchup and tissue give the most bang for the buck. im in finance 😂
MSc. Accounting Vs Finance: Which Should You Study?
I do business and finance and I have to also prepare the the final statement (depend on who I work for )it’s not as clear as he says. Accounting is more introverted, while Finance is more extrovert.
So what is a business analyst for then?
thats not really what i was looking for but still a very helpful piece of knowledge and a good video
Good content
Does one need a accounting or finance degree to get into accounting and finance?
Sculpin.....finance no. My buddy has an HR degree w psych minor. He's been in finance for almost a decade.
Brian C I wish I can man. I can't though I'm a failure in life
Sculpin...us army. Do 3 years n your education is set. I went in w a ged. Did 5 years, now in last semester of grad school.
Brian C it might be too late for me I'm already 25.
Cut off age is 31 I think
I want to get into a profession that focuses more in investments and business so that one day if i'll establish a business those skills will help me in the future. Should i go in accounting or in finance?
finance
Accounting = past and Finance = future that simple
Where can you get a job with these professions?
With accounting career, you can do either public accounting or private accounting.
I should choice and i don't know which one is better and Both are almost similar
Go for what you like. Do what you like and like what you do. 😉
What if I want to do both ? What is the difference of courses?
Im double majoring in both accounting and finance
I would say finance is a continuation of accounting
Since accounting uses the past figures to bring it to the present then finance people use those numbers to find out and ptedict where the company is gonna be at say in 2-5 years and what action they should take
Good accountants will attract investors to the company that will invest and from there fonance people use those investments to make more
sangwon kim Great answer! 👍👏
sangwon kim do you know how long I've been searching for this answer? 2years. No one clearly words their answers and it's always wishywashy. Thank you
look at your degree course work and see if there's some room for electives. most degrees have about 15 to 18 credit hours free, take finance classes as electives. this may allow you to double major, most majors require 24 hrs for it to print on your degree.
Me: Marketing Student and I don't know this LOL!
Does finance and financial management same??
Same question 🤔
yes
If you think that every dollar from every business change
will be recorded in the books UP TO DATE AND IN THE LEGAL DEADLINE and thus save your business from bankruptcy
hire a good ACCOUNTANT!
I'll help. Your company's FINANCE. There's your answer. Jk. 😂
Finance = Big picture = Executive strategist.
Accounting = Number crunching = Logistics manager.
Addendum: A finance person can be/work as an accountant, but the opposite is rarely true.
Your last point needs to be flipped.
Accounting majors can get into financial analyst, finance officer, financial advisor positions, but finance majors usually dont get into a staff accounting, audit, tax roles Look it up on indeed.
This whole video ignored FP&A. Hiring a financial analyst for your business isn’t going to help set up a 401k or necessarily set up an investment portfolio for your company, they are going to help you plan your finances strategically in tandem with the business strategy.
Accountants can do what finance people can do but finance people can’t do what accountants do.
Soooo....
Finance is just management accounting? Am I right?
And also Im studying accounting right now. My major subjects includes accounting and finance. So can someone please help me understand college. Are those two different majors. Am I having a double major then?
Also my mentor who is an accounting graduate also works in finance. So whats the point of majoring in finance only then if an accounting major can also give you that?
Im so confused 🤷♂️
I think finance is more similar to Economics. Although I could be wrong 🤔🤔🤔
Finance and management accounting are mostly identical.
Finance is a part of economics.
Account and finance which is better
Adulthood sucks for make money which I choose in these 2
Im double majoring in both accounting and finance
And both are good~ both are valuable to a company and in high demand
If u do any of it u will have a job everywhere and anytime cuz both are needed to practically to every small firm to a large company
If you're good with calculations and projections - finance is your thing
If you're good with following rules and being really careful about everything - accounting
@@saggimaaggi wow thank you for this advice, do you have any sources or examples please?
@@omarh8731 In accounting, you'll have to study about the GAAPS (Generally Accepted Accounting Principles) and make your statements in respect to them. You'll need to stick to these principles, making sure that you don't violate any. The formats and statements are made according to certain standards and expectations too.
In finance, you'll just focus on these statements that the accounting people made (mind that you don't have to focus on the statements for all the standards and principles, but you should still know them). You'd focus on how to use these assets and liabilities stated in the balance sheet for a better use. Like would you want to sell off your assets, or need to take loans, probably issue some share capital. You'd need a lot of calculations to get to such result. You'll have to look at various things, and will require a lot of practical mathematical equations and problems.