Accounting and Finance

Course Description

Accounting and finance management are two interrelated fields in business.

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. It involves:

1. Bookkeeping: maintaining financial records of a business's transactions.
2. Financial reporting: presenting financial information to stakeholders.
3. Tax compliance: ensuring compliance with tax laws and regulations.

Finance management, on the other hand, involves using the information provided by accounting to make informed financial decisions. It involves:

1. Budgeting: setting financial goals and creating a plan to achieve them.
2. Forecasting: estimating future revenue and expenses.
3. Financial analysis: examining financial data to make informed decisions.
4. Risk management: identifying and mitigating potential financial risks.

Together, accounting and finance management provide a comprehensive understanding of a business's financial health and performance, enabling effective decision-making and planning for the future.