Typical Facts About Finance And Accounting

 What is Finance?

Finance refers to how a person or organization acquires and uses capital - that is, how a party manages their money. This often includes activities such as investing, borrowing, investing and forecasting.

What is accounting?

Accounting, on the other hand, refers to the process of reporting and reporting financial information about a person, business or organization. Rather than making strategic financial decisions, accounting deals with the accurate understanding of an organization's financial position on a moment-to-moment basis - the practice of creating information on which financial services often rely.

Difference between Accounting and Finance based on Salaries

The amount of salary and income in accounting is wide. Both areas have strong growth prospects between now and 2024, according to forecasts from the US Bureau of Labor Statistics (BLS). Let's look at some examples of salary and growth prospects.

According to the US Bureau of Labor Statistics, financial analysts earned an average salary of $78,620 in 2014, or $37.80 per hour. It is expected that the number of financial research jobs will grow by 12% between 2014 and 2024, a much higher growth rate.

CPAs and CPAs earn an average annual salary of $65,940, or $31.70 per hour. It is expected that the number of jobs will grow by 11% between 2014 and 2024, which is also a growth rate above average.

Let's look at an example from the bottom end. According to the United States Bureau of Labor Statistics, bookkeepers, accountants and auditors earned an annual salary of $36,430 in 2014, or $17.51 one hour. It is expected that the number of jobs will decrease by 8% between 2014 and 2024. As you can see, there are both high-paying, high-growth positions in accounts and small- paid, poor-growth.

Salaries and benefits are usually higher, but there are others. Money lenders are one example. The average salary for a financial advisor is $52,430 per year, $25.21 per hour. However, employment is expected to increase by 9% between 2014 and 2024, still higher than average. The US Bureau of Labor Statistics classifies financial advisors in the "business and finance" category, but most financial advisors do not have a finance degree. (This may be one of the reasons why the salary is so low).

Importance of Financial literacy

According to consulting firm Robert Helf, soft skills are as important to financial professionals as technical knowledge. In a 2018 blog post on his blog, interpersonal skills, communication skills, and problem-solving skills were listed as important skills for a financial career, along with financial reporting, analytical skills, and business skills.

Accounting skills are essential

Like careers in finance, accounting applicants need a combination of technical skills, general business knowledge and soft skills to be successful. According to a 2016 Robert Helf survey, more than half of CFOs value hard and soft skills when filling jobs.

Strong skills that accountants need include technical skills and software systems, including Excel, experience with ERP, SQL, Microsoft Visual Basic and business intelligence software, Robert Helf said. Soft skills include communication, leadership and customer service.

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