Financial and accounting are two related but distinct disciplines that are required for the successful operation of a business or organisation.

Accounting is the process of recording, categorising, and summarising financial transactions in order to provide business owners, managers, investors, and other stakeholders with accurate and timely financial information. Accounting's primary goal is to assist stakeholders in making informed decisions by providing them with reliable financial data, such as balance sheets, income statements, and cash flow statements.

Financial management, on the other hand, is concerned with managing an organization's financial resources in order to achieve its goals and objectives. It entails making strategic financial decisions such as investing in new projects or ventures, managing cash flow, and ensuring the organization's long-term financial stability.

Accounting is an important part of financial management, but financial management also includes financial planning, budgeting, forecasting, risk management, and investment management. Financial management also entails analysing financial data in order to identify trends, evaluate performance, and make informed decisions about the organization's future direction.

Accounting is the process of recording, categorising, and summarising financial transactions in order to provide accurate and timely financial information, whereas financial management is the process of using this financial information to make informed decisions about the allocation of financial resources in order to achieve the organization's goals and objectives.

Accounting is primarily concerned with the recording and analysis of financial transactions that take place within a company. It entails tracking all financial transactions, such as purchases, sales, salaries, and taxes, to ensure that they are properly recorded and accounted for. Accounting also entails the preparation of financial statements that summarise an organization's financial health and are used by management, investors, and other stakeholders to make informed decisions.

Financial management, on the other hand, is concerned with the overall financial health of an organisation. It entails devising strategies to manage an organization's financial resources in order to achieve its goals, such as maximising profits or minimising risks. Financial management also entails forecasting future financial performance and risk management to ensure an organization's long-term financial stability.

Some of the most important responsibilities of financial management are as follows:

1. Financial planning is the process of developing strategies to manage an organization's financial resources in order to achieve its goals, such as maximising profits or minimising risks.

2. Budgeting is the process of creating and managing budgets in order to effectively allocate financial resources.

3. Forecasting is the process of predicting future financial outcomes by analysing past financial performance and market trends.

4. Investment management is the process of deciding how to invest an organization's financial resources in order to maximise returns.

5. Risk management is the process of developing strategies to reduce financial risks such as credit risks, interest rate risks, and market risks.