This is the Difference between Accounting Staff and Finance Staff

In a company there is a position that takes care of finances, namely: accounting staff and finance staff. However, what is the difference accounting staff and finance staff?

Although, these two positions both fill or manage financial matters, it turns out that both have different duties and responsibilities. Thus, these two positions must be filled by different people.

What's the difference accounting staff and finance staff in the company? Below DailySocial has provided a summary of the similarities and differences accounting staff and finance staff. Come on, see the explanation!

Difference accounting staff and finance staff

Finance

Finance staff is a position that fills money and investment management for individuals, companies, and governments. So, finance or Finance will deal with money, credit, assets, banking to be able to get funds in order to manage the company.

Finance staff will be responsible for ensuring there is sufficient funding or capital for the company's needs and allocating funds as optimally as possible.

Accounting

accounting staff is a profession whose job is to record, maintain, and report the company's financial records. Quoted from Corporate Finance Institute, accounting staff will be responsible for ensuring that all financial transactions are correctly entered into the general ledger and financial statements. However, in general Finance and Accounting is a profession that takes care of the company's financial needs.

Turtles finance staff and accounting staff

Finance staff

Turtles finance staff is managing the company's financial administration such as the execution of tax payments, salaries, to bills. Finance staff will also take care of you laterfinancial report, it's just the stafffinance will do financial statement analysis to predict the company's finances in the next period.

In more detail, the following are the duties and responsibilities: finance staff in a company:

Collect and distribute funds

The finance staff will have the task of collecting and distributing funds for operational activities as mentioned above namely paying bills, salaries and taxes. 

However, finance also needs to manage the company's daily expenses such as purchasing raw materials and services cost production. Financial distribution is not only in managing company finances, but finance staff must also manage finances by making investments that can be profitable.

Manage profits 

The profits earned by the company will be managed by the finance staff, so the finance staff must know whether the profits generated can be shared with shareholders or distributed for business investment purposes.

Making financial plans for leaders

One's last task finance staff is planning or convincing CEO or director to invest, manage profits, to make a capital budget. Thus, the financial staff must have skill quite good communication especially with company directors.

accounting staff

As is well known, if the accounting staff will create and manage the company's financial statements, the following are the duties and responsibilities: accounting staff:

Assessing the contribution of funding sources

The accounting staff will assess how much the contribution of funds can be related to company profits, later on accounting staff will also decide and allocate funds so that the company's finances can remain stable.

Make sure the bill is paid on time

Although, it is the finance staff who pays the company's bills, but making sure all bills are paid before the stipulated time period is a duty accounting staff. This is intended so that the company does not lose money to pay the fine.

Arrange financial-related contracts

A company will certainly make loans or cooperation with clients, creditors, or consumers. Therefore, the task of the accounting staff is to arrange and confirm whether the contract is appropriate or not.

So, that is the difference accounting staff and staff financial administration in its duties and responsibilities. Although, their duties are different but they will side by side and complement each other in terms of finances.

Function finance staff and accounting staff

Apart from work, finance staff and accounting staff also have different functions that is:

 Finance staff

• Funding a business
• Increase capital (debt and equity)
• Optimizing the company's average cost of capital
• Looking for the best risk-adjusted profit
• Create a company's financial strategy
• Create budgets and financial forecasts
• Carry out a merger or acquisition

accounting staff

• Bookkeeping
• Tracking income and expenses
• Conduct audits
• Manage financial reports

Skills that must be possessed by finance staff and accounting staff

Skill owned by finance staff and accounting staff also different. For those of you who want to befinance staff and accounting staff try to hone the following skills:

 Finance staff

1. Analysis
2. Have a high curiosity
3. Detail
4. Have good problem solving
5. Have skills in developing a business.

accounting staff

1. Have basic accounting
2. Oriented to detail
3. Mastering mathematics.
4. Control for mobile devices to report the accountancy.
5. Can do data entry.

Equality finance staff and accounting staff

In addition to having similarities in managing company finances, these two professions must also be carried out by people who have skill detail because it will relate to the financial statements.

Well, that is the difference accounting staff and finance staff what you must know. To choose this profession, don't forget to hone your analysis and math skills!