Relationship to accounting
Relationship to accounting The firm's finance and accounting activates are typically within the control of financial vice-president (CFO), as shown in the lower portion of figure 1.1. These functions are closely related and generally overlap; indeed, managerial finance and accounting are not often easily distinguishable. In small firms the controller often carries out the finance function, and in large firms many accountants are intimately involved in various finance activities. However, there are two basic differences between finance and accounting; one relates to the emphasis on cash flows and the other to decision making.