What is the Difference Between Financial Planner and Accountant?

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As the financial world becomes more complicated day by day, it becomes difficult to handle on its own. Thus, there exists a team of experts who help you with going ahead financially and breaking free from money worries. They are accountants and financial planners.

Both these professions have more than average market outlooks, but there are differences between the two in terms of job profile and salary. To know more about accountant vs financial planner, read on further.

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An accountant generally deals with the day-to-day cash flow in an institution or business. They usually record, analyse, summarise and prepare reports of all sorts of financial transactions.

At a certain time, public accountants who work for third-party firms review financial statements or the work of other accountants as well. This is done only when it is legally required by any publicly traded company.

They are usually detail-oriented and help your business in structuring your business, preparing and presenting tax strategies, preparing financial statements, etc.

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If both  accountant vs financial planner are considered, the latter is responsible for offering a holistic perspective on the financial future of a business. They help an individual or businesses in identifying their personal goals and maximise the opportunities for growth. They possess specialised knowledge in investments like cash, property, and a wide range of other alternatives as well.

A financial planner offers guidance for different wealth protection strategies that includes retirement, real estate planning, superannuation, etc. They are the best person to deal with if you are looking for opportunities for making a sound investment.

If you need an income tax return to be prepared or have any tax-related queries, then it’s better to seek out help from an accountant. This is because they have advanced knowledge and training in tax-related services.

However, if you need help with more comprehensive services like real estate planning, business management, and investment management, then it’s better to hire a financial planner. They can help you with relevant suggestions and solutions that can help improve your financial life.

In terms of offering financial advice, both accountant and financial planner have similarities. However, an accountant primarily concentrates on the client’s tax needs, whereas a financial planner is an expert in resolving matters that are much more complicated.