Accounts & Finance:

                           Accounting and Finance both are the part of our daily professional and social life. The Core concepts of both revolve around the management of assets. Both are belongs to two separate disciplines which have a common objective and the core objective is to manage the business and individual assets in a professional, reasonable and economical ways. That’s the reason we can say that accounting and finance both are lumped together.

Here are the key features of the both disciplines which helps us to understand the core objective and thoughts of accounting and finance. In this passage we will elaborate the concept of Finance at the top and explain the features and role of finance in our daily life and separate it from the accounting.

Finance word normally used in both format like a noun and verb. In the format of a noun, finance is the management of large amount of money or assets of a government or a big commercial venture (corporate company). In the format of  a verb finance is to provide the funds to a person or a business enterprise.

Finance actually is the planning, budgeting, controlling and distribution of the financial assets, on the other side Accounting is the art of recording, bookkeeping, reporting and presenting of the daily financial transactions data. Here we saw a common thing that both the sciences dealing the same core concept and that is business assets.

Accounting department concerned with the tracking, recording, reporting and presenting the financial transactions data for a complete business or for a underhanded time period between the stakeholders. Accounting  departments have accounting clerks or bookkeepers, executive accountants, accounts officer, managers and directors. They all performing the responsibilities to record, correlate the financial transaction data in chronological orders.

Collection ,recording  and reconciliation of the sales revenue and expenses, Accounts receivable and payable are the key parts of the accounting . The large organizations have the different accounting personals with the different assigned jobs or roles .

Another common thing in both accounting and finance is that both department teams reporting to the same leadership which is known as CFO “Chief Financial Officer”.

Other side Finance is the planning, budgeting, controlling and distribution are the roles and different departments. These roles were assigned to different personals in the SME’s "Small & Medium Enterprises" and in large business enterprises these are the different  department of finance.

That’s all helps the business top leadership to make the financial  decisions on the available  or foretasted/budgeted accounting transitions data and achieve the economical and best results for the business to boost up the business performance and profit.