Between an accountant and an Economist: Who should manage company finances?

[King Belieal]

Management of company finances is vital to the sustainability of any company. Economics and Accountancy are two closely related disciplines in management sciences. And they tend to concern with financial management and decisions.

Which among these two professionals is more vested by scope of profession to be a better Manager of financial resources of a company or business organization?

 

[Suba]

Accounting and management are part of the department of the economics faculty, in practice both can be applied to work in the field of managing finances, but someone who is not based in accounting will find it difficult to become an accountant or internal auditor because they do not have skills regarding accounting and auditing systems.

 

[Fidelia]

Managing money is the scope of the accountant. He records and keeps money. Explains the cash flow and states the financial position of the organization.

Economics can make sound financial decisions because he knows how to weigh and balance cost and effects with alternatives.

My take? Let an accountant manage the financial system of the organization. Let the economist be the general manager of the organization.

 

[Suba]

An accountant typically focuses on managing day-to-day financial transactions and records, whereas an economist may concentrate on broader economic trends and analysis. Having both roles can be advantageous for effective company finance management. An accountant ensures financial accuracy, whereas an economist can provide strategic insights and help businesses navigate economic influences.

Day-to-day financial transactions and records are carried out by accounting staff, not by an accountant. An accountant in a company often acts as an internal auditor, who also analyzes financial statements, budgets, taxation and financial planning to assess the feasibility of investment, control debt, assets and equity.