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Differences Between Managerial And Financial Accounting In Marketing, Marketing And Business

Decent Essays
Managerial accounting is defined as the process of identifying, measuring, analyzing, understanding and communicating information for companies set goals. This type of accounting is also referred to as cost accounting. There are many differences between managerial and financial accounting. Managerial accounting is mostly aimed at aiding managers within the organization to make decisions, while financial accounting is aimed at providing information to people that are not in the organization.
My major is business marketing. Business marketing is a marketing practice of companies or individuals which allows these companies to advertise and sell products or services to other companies or organizations that may or may not resell them, they may also use marketing in their products or services to support their own works. Although many individuals and business owners would think that the marketing and accounting departments work completely independently from one another, they are actually closely related. Accounting departments and marketing departments are very different and distinct, but they must work together to monitor sales trends and to manage the effectiveness of the company’s marketing campaigns. When the two departments work in sync with one another, sales trends can be tracked, marketing campaigns can be budgeted effectively, resources are allocated more efficiently. All together the departments working together helps the business runs more efficiently and smoothly.
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