You are the finance director of Covacci (Ltd), a company manufacturing Covid vaccines. You have over ten years' experience in this role. One day, one of your subordinates approaches you, asking why the company has both a financial accounting department and also a financial management department. Your subordinate thinks that this is duplication of duties and a waste of resources, as she thinks that these two departments can simply be merged into one.

Task: Compare and contrast the different roles that the financial accounting and the financial management departments play within your company by systematically differentiating them in terms of at least five of these:

1. Definition or application

You are the finance director of Covacci (Ltd), a company manufacturing Covid vaccines. You have over ten years' experience in this role. One day, one of your subordinates approaches you, asking why the company has both a financial accounting department and also a financial management department. Your subordinate thinks that this is duplication of duties and a waste of resources, as she thinks that these two departments can simply be merged into one. Task: Compare and contrast the different roles that the financial accounting and the financial management departments play within your company by systematically differentiating them in terms of at least five of these: 1. Definition or application 2. Approach or perspective 3. Responsibilities 4. Skill set 5. Subject proficiency 6. Outcomes produced 7. Objectives 8. Interdependencies