Friday, May 20, 2022

Accounting vs. Finance – Which Major Is Better?

What is up ladder climbers antoine wade founder and ceo of black heights and in today's video we are going to be discussing the difference between accounting and finance now before we get to the video do me a stone cold favor and stump that like button .

As it helps our channel grow on this channel we discuss careers college degrees real estate investing personal finance soft skills and all of the things to help you become a ladder climber and live a successful life if all that sounds good to you .

Then please do me a favor and support us by tapping the subscribe button hit that notification bell to be alerted when i drop that content that your mama or your daddy never taught you now let's get to the video so what's the difference between accounting and finance it's pretty simple accounting is about .

Dealing with money in the past and finance is about dealing with money in the future so let's dive a bit deeper in accounting for a second accountants do things like prepare tax returns for individuals and businesses tax returns are done after money has been spent so again it's what happened in .

The past accountants analyze individuals and businesses financial health by carefully reviewing the financial documents to uncover cheating and illegal activities the basic job of an accountant is to make sure the recording and the flow of money is accurate through financial statements if you guys stick to a budget .

And track your expenses then you are basically doing what an accountant does on a smaller scale so what questions do businesses and people ask accountants well they asked things like where did the money go what did we pay in fees to a certain company how much profit did we make what were a .

Monthly cost for travel this month accountants have to be good at learning and interpreting rules because there are rules on how money is recorded and these rules are known as either tax codes or general accepted accounting principles .

Also known as gaap all in all accountants act as policemen and detectives over people in businesses personal spending they spend the majority of their time analyzing what went on in the past now let's shift our focus to finance finance .

Is about money in the future finance professionals focus less on what happened in the past and more on managing the money of today or the future they act as the money managers people basically give you their money to get advice and to grow their money .

Financial managers and advisors overseeing individuals or organizations asset in their liabilities helping the client or the organization ultimately reach their goals so what question do people in businesses ask finance people well they ask questions like how can we raise money .

Where can we borrow money mom dad or the bank what should we do with our money should we put it in stocks or cryptocurrency which option of these three options give us the best return financial professionals deal a lot with risk in the odds of .

Certain outcomes happening like if i were to put a hundred dollars in the apple stock today will my money grow they are entering the automobile market i hear so that is the basic difference between accounting and finance knowing the difference between the two should help you determine .

Which major is best for you do you want to follow rules and police things or do you want to use other people's money to grow it your choice i recommend both majors as they are valuable and essential for all businesses the average job growth from 2021 to 2030 is above seven percent in their .

Entry-level salaries start at around 55 000 all the way up to millions but please do your own research as i am not responsible for your career choices that is on you now that uncle ant has taught you something that your mama and your daddy didn't you should .

Definitely invite me to your next barbecue also don't forget to check out my other videos leave me a comment and give me your thoughts i will be happy to hear from you and until next time peace

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