Final answer:
Financial managers are responsible for planning, while accounting managers are responsible for monitoring and reporting in a business organization.
Step-by-step explanation:
Business Management Roles
In a business organization, financial managers and accounting managers have different responsibilities. Financial managers are responsible for planning, while accounting managers are responsible for monitoring and reporting.
Financial Managers:
Financial managers are responsible for making financial decisions that will help the organization achieve its financial goals. They analyze financial data, prepare budgets, and develop strategies for managing the organization's resources. For example, a financial manager might assess the financial feasibility of a new product launch or evaluate investment opportunities to maximize the company's return on investment.
Accounting Managers:
Accounting managers, on the other hand, are responsible for monitoring and reporting financial transactions and records. They ensure that all financial transactions are recorded accurately, prepare financial statements, and communicate financial information to internal and external stakeholders. For example, an accounting manager might oversee the preparation of financial statements, including the income statement and balance sheet, and provide financial analysis to support decision-making.