You are the finance director of COVACCCI (LTD) a company that specialises in the manufacturing of the Covid-19 vaccines. You have over ten years experience in this role. One of your subordinates has approached you seeking clarification on why the business has a financial accounting department and a financial management department. The subordinate thinks that this is a duplication of duties and a waste of company resources as these two departments can be merged into one.

QUESTION:

Provide an assessment for your subordinate on the difference between a financial accounting department and a financial management department. In your response to your subordinate, provide a minimum of seven different roles of these departments.