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QUESTION: What Are Differences Between Accounting And Marketing ? Please Explain Better [Solved]

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Abdulsalam A.A
Kwara state polytechnic,ilorin
Masscommunication
Graduate, Nigeria.
Marketing and accounting are both key functions in the running of a business. ... Whereas marketing looks outside of the company to the customers and the organization's relationships with them,
accounting centers on the internal fiscal affairs of the business.


Marketing involves selling and promoting a business or product. Accounting involves keeping financial records and maintaining financial accounts for a company. While the specifics of accounting and marketing differ, they feed off one another to create a successful business.

1 UpVote

Rufai Oladimeji
, Nigeria.
Marketing and accounting
are both key functions in
the running of a business.
However, they are distinct
areas of operations, each
with a different focus. Whereas marketing
looks outside of the company to the
customers and the organization’s relationships
with them, accounting centers on the internal
fiscal affairs of the business.

Accounting Basics

Accounting is all about numbers. It is the
process by which a company balances its
books, and calibrates its outgoing and
incoming income against each other.
Accounting records the nature and value of
each transaction performed by the company.
This includes the purchase of a service,
product or material, the sale of a service or
product, and expenditures of any other kind,
including staff wages, taxes paid by the
organization, overheads for company
premises or interest on financial loans.

Aspects of Accounting

Accounting comprises several elements,
including identifying, recording and
communicating financial information about
the company. Accountants must determine
the nature of each financial transaction, to
place it in the relevant category of debit or
credit. They record all of these transactions,
typically using computerized accountancy
programs, and then fashion the figures into
reports that they disseminate to relevant
parties, such as staff and management. For a
publicly listed company, accounting records
are made available to shareholders and other
stakeholders in the success of the business,
such as financial institutions from which the
company has borrowed money. Accountants
may also suggest ways to improve the fiscal
situation of a company after analyzing all of
the company figures.

Marketing Basics

Marketing concerns public relations between
a company and its customers. It is concerned
with the company getting the right product
into the right places to satisfy a need
identified in its customer base. It is also
about ensuring that customers are aware of
the availability of a company’s product,
through means such as advertising and other
product promotions.

Aspects of Marketing

A successful marketing strategy contains
several inter-twined elements. The company
must produce a product or service that has
suitable quality, design, branding and
packaging. The product or service needs to be
available to customers, which involves
management of distribution, inventory and
retail. The company must correctly set the
price, and promote the product or service
through relevant media and advertising
channels to stimulate customer awareness.
The company’s staff, be they sales
representatives, retail operatives or customer
liaison personnel must be knowledgeable of
the product or service, and offer excellent
customer service. In addition, the company
must use suitable processes, such as
operations management, to ensure they
effectively coordinate all these aspects of
marketing.

Source: smallbusiness.chron.com/differences-between-accounting-marketing-30521.html

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