In the modern age of technology, it is formidable to preserve channel of the fund flow of cash as it is becoming more and more digital. The majority of the money you may possess is now in the form of digital numbers, so what is the solution for this emerging domain?
Simply put the answer is finance, This refers to any person or organisation that supervises a person’s or company’s money, such as by investing, borrowing, lending, and much more money related operations.
While accounting is more of a report and communication of financial information, they do not make decisions; they only record the financial situation of the party at certain points of period.
More About Finance and Accounting:
Finance can be summarised into three major groups: Corporate, Personal, and public.
- Corporate: Corporate finance is a subcategory of finance that deals with funding capital structure, accounting, and investment in a corporate setting. The main goal is to maximise the profit for the shareholder by implementing many strategies.\\
- Personal: As the name suggests, personal finance contracts with an individual’s money regulations and how to invest and spend money to strengthen living standards.
- Public: Public finance is concerned with taxing, spending, budgeting and debt issuance.The federal and state government together assistance prevent market failure by overseeing resource and managing it.
Accounting: though there are innumerable types of accounting serving a wide range of functions we can summarize main branches as six groups
Tax, financial, management, forensic, national, international.
- Tax Accounting: Its the most widespread kind of accounting it enables individual corporations, etc, to have an easier time with the internal revenue code making it easier to develop tax strategies.
- financial Accounting: is just a record of business transactions basically helping in business tracking their funds.
- Management Accounting: is almost the same as the last one the only difference is that it’s for internal use only.
- Forensic Accounting: Deals with investigation and litigation of financial wrongdoing
- International: as the name suggests its mainly to deal with companies who want to conduct in multiple countries.
- National: it deals with national accounting for companies that work under one country
though both of the systems and knowledge are relatively significant to navigate the modern world and are offered to learn together in many cases, it is essential to apprehend the difference.
Paths you can choose if you have a degree in finance
As emerging technology and modernization financial technology getting, its momentum, you can be a fintech expert or analyst.
Now a days sustainability, cruelty free and such concepts are quite famous although there is career as well in this field where impact investing analyst can be your job profile where you choose those companies to invest where the client and company has the same perspective.
Financial analyst is one of the most well-known career options.
Coursera. (2023c). What Can You Do with a Finance Degree? 7 Career Paths for 2023. Coursera. https://www.coursera.org/articles/what-can-you-do-with-a-finance-degree-careers-for-the-21st-century
FreshBooks. (2023, March 27). Accounting and Finance: Why Is It Important to Your Business? https://www.freshbooks.com/hub/accounting/why-is-accounting-and-finance-important
Kurt, D. (2023). Types of Finance and Financial Services. Investopedia. https://www.investopedia.com/ask/answers/what-is-finance/ Finance vs. Accounting: What’s the Difference? | HBS Online. (2019, June 27). Business Insights Blog. https://online.hbs.edu/blog/post/finance-vs-accounting
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