What is accounting and finance management?

• Accounting management may refer to the practice of overseeing the day-to-day

activities of the accounting department. Such activities include analyzing financial
transactions and records, tracking financial information, auditing, formulating and
implementing policies, and procedures for accounting. There major categories of
accounting include:
• Financial accounting: Deals with preparing financial statements to report information
to external users, like government agencies, creditors, banks, and investors. The
financial statements such as income statements and the balance sheet show a
company's financial position within a specific period.
• Management accounting: It involves providing financial information to internal users,
such as employees and management. Management accounting focuses on future
activities that affect its day-to-day operations and objectives.
Roles and responsibilities of accounting and finance
managers
An accounting manager is a professional who is responsible for overseeing accounting
functions and ensuring timely and accurate reporting. They are to hire and manage
members of the accounting team. Other key responsibilities of an accounting manager
include:
• Delegate tasks to the accounting team, depending on each member's skills, expertise,
and interest
• Hire, train, and advise of members of the accounting team
• Evaluate the company's financial data and create reports for stakeholders such as
lenders, vendors, and the executive team
• Make sure that all financial records are accurate and complete
• Lead collaborations with other departments to develop strategies and budgets to
maintain the company's financial stability
• Keep up with the latest updates in the accounting and financial industry.
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