Finance managers typically complete more big-picture tasks and make high-level decisions that can impact the overall performance and financial status of the company, which is why they usually earn more than accountants.
A finance manager is a business professional who handles essential financial structures within an organization. They review a company’s long-term financial goals and build comprehensive strategies to help organizations achieve these milestones. Finance managers oversee a company’s investment decisions and activities. They run, analyze and interpret various data sets to determine effective strategies for improving the overall financial health of a business.
An accounting manager oversees the day-to-day activities of an accounting department, including tracking and auditing financial information, analyzing financial records and transactions and managing the accounting team members. They make sure the entire accounting department remains productive and efficient by assigning tasks, hiring and letting go of employees and reviewing team members’ performances. Accounting managers are also in charge of implementing policies and procedures that ensure the department remains efficient and submits accurate work.
Accounting and finance managers have different levels of seniority in a business. Accounting managers often oversee the entire accounting department. They may hire employees, offer them guidance and provide feedback on their job performances. Accounting managers typically work hands-on with the accounting team to ensure the daily activities of the department operate smoothly. They typically have little to no interaction with executives.
Finance managers often work in high-level roles, creating financial plans for the entire company to follow. Unlike accounting managers, they rarely work within a single department and usually collaborate with several department heads. Finance managers typically advise executives on important financial decisions to make to keep the company financially stable. They may also supervise the budgets of each department to ensure they’re staying within spending limits.