Financial and management accounting are two very crucial aspects of accounting. Though, both the jobs require the skills and qualities of a professional business accountant, they are diverse in function and method. Both of them require a person to be qualified in the account degrees such as CA, CMA, or CFA or CMIA or any other equivalent but are again different in terms of specialization and content. There is only a slight technical variation between the two. To compare financial and management accounting in short, is a difficult and delicate task.

Financial accounting springs from all activities that are financial in nature, in a private or governmental enterprise. This involves billing, book keeping, maintenance of check receipts and payments, corporate dues, presentation of timely reports of the company's growth and drawing various statistical conclusions of the graphs and figures. It is the job of the financial accountant to provide solutions to the management in terms of relocation, outsource assets or in further investment if there is a decrease in revenue of sales and profit.

Management accounting job is intrinsically related to HR management. It involves all tasks and assessment functions related to the efficiency of labor and workforce. A managerial accountant has to keep track of the payroll of employees, their salary, scheduling of their workload and alike. He has to provide answers to the senior management in case there is a lag in production or if the workers have gone to strike in protest.