Courses
Institutions
Share
Have you ever wondered whether there is a difference between accounting and accountancy? Although the words sound similar, there is a marked difference between them. Moreover, according to the Institute of Chartered Accountants of India (ICAI), although both fields are essential in the business world, they serve different purposes.
This article will, thus, take you through the distinction between the two to help you make an informed decision about your career.
Accounting is basically the process of recording, classifying and summarizing financial transactions. For instance, the preparation of financial statements like income statements and balance sheets reflecting the financial position of a business entity is part of accounting.
Accounting is, thus, essential for the day-to-day financial operations of a business. The stakeholders, investors, and regulatory bodies require accurate financial data, which is provided by this professional.Check out: How to become an Accountant?
Accountancy is a broad-based term that covers both practical and theoretical aspects of accounting. While accounting forms the basis of accountancy, it also incorporates strategic decision-making, financial management, and the application of accounting principles in relation to long-term planning.
Accountancy professionals tend to be more advisory in nature at their workplaces, assisting organizations to run their finances strategically and ethically.
The following are common differences between accounting and accountancy are as follows:
In finance, recognizing the difference between accounting and accountancy is important for anyone who wants to build a successful career in this field.
Do you love working with numbers, managing transactions and ensuring compliance? Accounting could be your area of interest, then! However, if you aspire to provide business insights or give strategic advice alongside managing long-term plans for a company, then accountancy would work for you better.
In India, there has been a growing demand for both professionals within these fields due to its booming economy, which requires competent accounting professionals, including accountancy ones, according to the ICAI.
Do you wish to advance in finance and accounting? Online Manipal gives you an opportunity to learn how to succeed in both fields by offering an online BBA in Finance & Accounting. This program from Manipal University Jaipur (MUJ) has been designed with comprehensive modules that cover areas like financial management taxation, making it possible for you to perform well either as an accountant or a financial analyst once the market players employ you.
Online Manipal can thus help you achieve your career goals, whether in accounting or accountancy.
As we have established in this article clearly now, accounting is the act of recording and reporting financial data, while accountancy involves management alongside strategic decision-making. This renders accountancy a broader area.
Understanding the differences between the two will enable learners to decide which finance-related profession to pursue.
If you are looking for a career in accounting or finance, consider taking Online Manipal’s online BBA program in Finance & Accounting and illuminate your career prospects. Take the first step today!
Information related to companies and external organizations is based on secondary research or the opinion of individual authors and must not be interpreted as the official information shared by the concerned organization.
Additionally, information like fee, eligibility, scholarships, finance options etc. on offerings and programs listed on Online Manipal may change as per the discretion of respective universities so please refer to the respective program page for latest information. Any information provided in blogs is not binding and cannot be taken as final.
Explore our online programs to become future-ready
Master of Business Administration Bachelor of Business AdministrationBachelor of Computer ApplicationsBachelor of CommerceMaster of Computer ApplicationsMaster of CommerceMaster of Arts in Journalism & Mass CommunicationMA in EconomicsMSc Data ScienceMSc Business AnalyticsPGCP Business AnalyticsPGCP Logistics and Supply ChainPGCP in Entrepreneurship and InnovationBachelor of ArtsMA in EnglishMA in SociologyMA in Political Science
Manipal University JaipurManipal Academy of Higher EducationManipal Institute of TechnologySikkim Manipal University
I authorize Online Manipal and its associates to contact me with updates & notifications via email, SMS, WhatsApp, and voice call. This consent will override any registration for DNC / NDNC.
Enter the code sent to your phone number to proceed with the application form
Edit
Resend OTP
COURSE SELECTED Edit
Bachelor of Business Administration (BBA) Manipal University Jaipur
Please leave this field empty. Submit
Enroll yourself to attend the upcoming webinar
Explore related degree courses & certification