A business must use three separate types of accounting to track its income and expenses most efficiently. The term finance refers to the way a business makes its financing and business decisions to ensure the ongoing survival and growth of the company.Ī finance department can’t operate without input from accounting, and accounting professionals require the assistance of financial experts to create accounting information readily understood by a general audience. Accounting, for example, refers to how a business acquires its money and how much it distributes outward to cover expenses. Although accounting and finance are both vital to the healthy functioning of a business, they have different meanings and accomplish different goals.
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