The firm's finance (treasurer) and accounting (controller) activities are closely related. Accounting is concerned with the recording, reporting and measuring of business transactions. Using a widely accepted double-entry book-keeping system, accounting provides data about the firm's past, present and future activities. Finance uses these data as an important input to the decision making process. Thus, an outcome of accounting is an important input in financial decision making.
Indeed, it is difficult to distinguish between financial management and accounting. Due to the use of same type of terminologies in both subjects, it is difficult to differentiate accounting from finance. In small firms the controller ( chief accountant) often carries out the finance functions and in large firms too accountants are involved in various finance activities.
Indeed, it is difficult to distinguish between financial management and accounting. Due to the use of same type of terminologies in both subjects, it is difficult to differentiate accounting from finance. In small firms the controller ( chief accountant) often carries out the finance functions and in large firms too accountants are involved in various finance activities.
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