How Finance and Accounting Work Together: A Comprehensive Guide for Better Business Decisions

Introduction In business, finance and accounting go hand in glove. While each performs a different function, both are interdependent departments that work together to make organizations run smoothly and profitably. Understanding how finance and accounting work together is important to the businessperson who needs to make an informed decision in business, authorize the rendering of services, or plot the course for future growth. Imagine mastering the concepts that drive investment strategies and economic policies In this article, we are going to break down both the roles of finance and accounting, how they work together, and actionable tips on how you can use both disciplines to further your organization's financial health. Understanding the Basics: What Are Finance and Accounting? Before understanding how these two fields work together, let's make it clear what each one entails. What Is Accounting? Accounting is the process of recording, classification, and summarization of...