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Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Clipping is a handy way to collect and organize the most important slides from a presentation. Difference Between Effective Management & Effective Leadership by Shawna De La Rosa Managing and leading are different endeavors, but go hand-in-hand. He uses the analogyA of a "rocket in space." A small mistake can leave you very far off track in the long run. Every time Duke University's highly successful college basketball team completes a play, its legendary coach Mike Krzyzewski yells out "next play," regardless of how well things went. Employees wore shirts with the company's "LNKD" ticker symbol on one side, and "Next Play" on the other.
When talking about the differences between accounting and financial accounting, one can refer to the former as management accounting. To put it simply, accounting will be a subset of financial accounting where the latter more or less deals with outside factors.
One important aspect of financial accounting is that it is subject for scrutiny from the outside world.
The key is to concentrate extremely hard on getting the right processes and infrastructure in place early on. In order to ensure efficiency, an organization must adhere to proper internal and external accounting mechanisms which will enable them to make strong business decisions. For a company, accounting as a whole is the process of recording, summarizing, analyzing and interpreting financial information.
Management accounting or business accounting deals with the internal aspects of the organization, where company sets it own rules and guidelines on how to project, model and evaluate their internal activities with the primary focus on the allocation of assets and liabilities.

For small businesses, accounting could simply refer to as bookkeeping where they record their daily expenses and revenues in a chronological manner.
When reports are prepared and analyzed, it is essential that they meet certain accounting requirements as stipulated by GAAP.
FINANCIAL ACCOUNTING COST ACCOUNTINGOBJECTIVE It provides information about It provides information of financial performance ascertainments of costs to andfinancial position of control costs and for decision the business. You have to understand where they're coming from and their individual strengths, weaknesses, fears, and motivations. Bookkeepers and accountants are usually responsible for recording day-to-day transaction and preparing various financial statements such as the balance sheet, income statement and cash flow. This information then becomes essential for the outside world such as stakeholders, potential investors and government (for tax-purposes). A small company will also prepare financial reports as well but in effect, will not be using financial accounting to compare and measure success. Moreover, an opinion will be provided by auditors which will enable potential investors to make their own decisions. It makes use of both historical costs and predetermined costs.USERS OF INFORMATION External users like Used by Internal management shareholders, creditors, at different levels. After that, it is the work of finance managers or large consultancy firm to look into those financial statements and make important decisions based on the information provided. Therefore, financial accounting does not only cater to external audience but also helps internal management gauge the overall financial health of the company. This is left for larger companies, which need to compare past or historical data in order to make efficient future decisions. Management accounting simply deals with specific management guidelines as the information is traded internally.

A manager, on the other hand, administers and maintains, according to the Wall Street Journal article "What is the Difference Between Management and Leadership?" The article cites Warren Bennis' 1989 book "On Becoming a Leader." Managers focus on systems and structure, have a short-range view and ask how and when.
A manager accepts the status quo, is the classic good soldier and is expected to do things right.
Managers follow set plans and watch the bottom line with measurements that serve as checks and balances. Effective managers help others figure out how to get to a destination quickly, profitably and happily, said Ann Lantham, president of Easthampton, business consulting company Uncommon Clarity.?? Managers focus on developing process and creating efficiency, said Edith Onderick-Harvey, president of executive consultant company Factor In Talent. Managers often look to optimize what is happening in their corner of the organization and focus on stability. A leader can only lead because people see the value in following them, said Rich Henson, a publisher at Progressive Business Publications, who creates training programs and materials on leadership and management development. The Wall Street Journal report states there once was a place in the industrial-era factory for managers who simply followed orders and focused on efficiency.
While a leader does not have to be in a management position, the best leaders often progress to the management level. De La Rosa earned a bachelor's degree in English and business from Washington State University.

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difference between business management and business administration yahoo answers

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