You are the finance director of Covacci (Ltd) a company that specialises in the manufacturing of 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:

Identify the different roles that financial accounting and financial management perform within an organisation and how they are not a duplication of duties. In your response to your subordinate, provide a minimum of seven different roles of these departments.