Finance and accounting functions are the backbone of any successful business, so it’s essential to have a clear understanding of what they involve. In short, finance and accounting functions oversee the acquisition, expenditure, and management of financial resources for an organization. They are responsible for producing reports on financial performance, budgeting, and analyzing trends that might impact the company’s bottom line in order to make informed decisions. The finance team also manages the collection of payments from customers while the accounting team handles tasks such as reconciling accounts, preparing tax returns, and maintaining financial records. Together, these two areas provide critical information needed to plan and make decisions.