What Is the Relationship Between Accounting and Financial Management

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What Is the Relationship Between Accounting and
Financial Management?
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Finance and Accounting- Introduction
Finance deals with money management, while
accounting assesses financial deals and
activities. To define both of them precisely,
Finance is the process of money management that
deals with the flow of money through an
organisation. On the other hand, accounting is
the process of recording, reporting, and
evaluating the financial deals and transactions
of a business. It helps prepare statements or
declarations that concern assets and liabilities
and the outcome of business operations.
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What is the Relationship Between Finance and
Accounting?

• Finance is the branch of accounting and hence
  they are interrelated to each other. Accounting
  analyses the historical transaction of
  organizations and prepares financial statements
  on the basis of this information and data. It
  states what assets and liabilities are held by a
  company by presenting a balance sheet.
• Here are a few ways how finance is related to
  accounting
• Accounting prepares financial statements and
  keeps the record of financial transactions,
  liabilities, and assets of an organization, and
  finance makes investment decisions by evaluating
  these records and data.
• Financial management includes the planning and
  control of all financial activities, while
  management accounting deals with the internal
  management of finance.
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• The financial manager evaluates the accounts
  statement, prepares additional data and makes a
  planned decision.
• A good financial management is the outcome ofa
  good accounting
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