What is the Difference Between an Accountant and an Accounting Advisor

 

DIFFERENCE BETWEEN ACCOUNTANTS AND ACCOUNTING ADVISORS

How do you define the role of an Accountant?

As an accountant , you will perform important functions like auditing (or objective evaluation and examination of an organization’s financial records), analyzing financial transactions or statements of accounts, bookkeeping (maintaining financial records) or tax preparation.

How do you define the role of a financial advisor?

As a financial advisor you will be responsible to help and guide your clients to choose what to do with your client’s capital.

S.NO	Accountants	Accounting Advisors or Financial Advisors
1)	As an accountant you are responsible for better insights on the current business finances	As an advisor you are responsible to give future insights on what is in the business’ best interest
2)	As an accountant you have a better understanding of different laws and techniques to maintain records	As an advisor you bring in a perspective gathered by experience and try to implement it for the organization’s future
3)	You as an accountant can help the customer to understand better about their economic situation. You can do so as you have better knowledge and can see the best choices.	As an advisor you are the one to start a stage conversation on new topics and figure out new innovative ways for the organization’s future
4)	As an accountant you can give advice to your customer but it is better to go with an advisor as they have more data and more experience available.	As an advisor you have to explore situations from different points of views to figure out the whole situation and make informed decisions regarding the company's future.
5)	As an accountant you have to make sure the accuracy of your records is high and the errors are at a minimum.	As an advisor you should make reserve plans depending on different types of risks that can arise. You must also be capable of understanding and prioritizing the risks that could take place.
6)	As an accountant you have to make tax returns and make sure that the taxes are paid before the deadline.	As an advisor you should address the difficult issues in the beginning and advocate for a chosen approach.
7)	As an accountant you should execute a complete account analysis of the customer.	As an advisor you have to make sure there are no conflicts of interest arising in any context. These conflicts can lead to huge issues in future
8)	As an accountant you have to make sure your practices are as per the ethical standards as well as within law	As an advisor you can give advice to your customer in order for them to get out of debt, investing as well as budgeting for different purposes like retirement, college fees, estate planning etc.
9)	As an accountant you are obligated to be honest. Incase of any fraud charges you can be apprehended by the law.	As an advisor you can make a tailor-made plan for the customer and plan their future better.
10)	As an accountant you are completely accountable to your organization or your customer. They can take a look at the reports you create at any time.	As an advisor you are accountable to your customer. You have to show them your plans and include them in the decision-making process.
11)	As an accountant you should keep up your work regularly.	As an advisor you have to adapt to the ever changing market needs. You have to stay on your toes.
12)	You as an accountant have to just make sure the customer gets an error free report of their current finances.	As an advisor it is your duty to understand your customer’s needs and their goal. You have to then make a plan best fitted to reach that goal.