What does an accountant do for a business?

An accountant keeps financial records, manages payroll, files taxes, and helps with budgeting and forecasting.

How is a financial planner different from an accountant?

A financial planner helps you reach future goals, builds investment portfolios, and plans for retirement, while an accountant manages current finances.

What skills do accountants need most?

Accountants need to be organized, detail-oriented, and good with numbers and record-keeping.

When should I hire a financial planner?

You should hire a financial planner if you want to build wealth, invest, or plan for retirement and long-term goals.

How can Mubarak Al Ketbi (MAK) Auditing help me?

Our team offers expert accounting, auditing, and tax services tailored to your business or personal needs.

Difference Between Accountant & Financial Planner

Difference Between an Accountant and a Financial Planner

Today, you can find a professional for any kind of financial help you need. If you want someone to manage your money, you have many options. There are accountants, wealth managers, financial consultants, and financial planners. Sometimes, too many choices can make things tricky.

Among all these, people often choose between an accountant and a financial planner. If you want someone to help with your business or personal money, you must know what each does. Both these jobs are important, but they are very different even though both work with numbers.

This article will show you the key differences between an accountant and a financial planner. Let’s jump right in!

What Does an Accountant Do?

An accountant keeps records, summarizes data, and creates financial reports. Accountants audit the financial statements for your business. They handle inventory accounting and financial forecasting with care. Their job does not include selling products, but they promote their own services.

An accountant helps you with:

Bookkeeping for your business
Payroll management for your employees
Filing taxes with proper documents
Collecting invoices from your clients
Financial forecasting for your business plans
Preparing business plans for your future

Accountants make sure your business records stay organized. They give advice on your business’s financial position. If your business needs to pay tax or make a budget, an accountant will help.

What Does a Financial Planner Do?

A financial planner works with tax planning, portfolio management, and retirement plans. They know how to manage wealth and investments. Financial planners need good sales and networking skills, too. They must be great with numbers and understand markets. Their main job is to invest your money and try to grow it.

A financial planner helps you with:

Investing in stocks, bonds, or other products
Estate planning for your family’s future
Budgeting your money to meet your goals
Building an investment portfolio
Planning for your retirement
Philanthropic strategies, like charity plans

Financial planners look at your goals. They find ways to help you save, grow, and protect your money.

Key Differences: Accountant vs. Financial Planner

Let’s look at the main differences between these two jobs:

Focus of Work:
Accountants keep records of all business transactions. They check your company’s spending and income. They help you pay taxes and make business budgets. A financial planner works on your future goals and finds the best ways to grow your wealth.
Goals:
Accountants look at the past and present to keep your books clean. Financial planners think about the future and help you reach big dreams like buying a house or retiring comfortably.
Approach:
Accountants are detailed and organized. They want everything correct in your records. Financial planners use a big-picture view and guide you to new opportunities.

Required Skills & Working Hours

Accountant Skills:

Organized bookkeeping skills
Attention to detail in every record
Timely payments and collections for your business
Comfort with numbers and calculations

Accountants usually work regular business hours. They’re at work when the company is open.

Financial Planner Skills:

Strong communication and people skills
Good knowledge of investment products
Ability to manage risk and wealth
Flexibility to meet clients after hours

Financial planners set their own schedules, but sometimes meet clients in the evenings or weekends.

Should You Hire an Accountant or a Financial Planner?

Both jobs are important for your money and your future. Hiring both can help your business and your personal finances. Sometimes, your accountant can recommend a good financial planner, and vice versa.

But if you can only pick one, it depends on what you need:

Hire an accountant if you need help with daily business finances or taxes.
Hire a financial planner if you want help with long-term goals, investments, or retirement planning.

Wrapping Up: Who Does What?

Accountants handle the details. They keep your money records clean and help your business stay on track. Financial planners focus on your dreams. They show you how to grow your money for the future.

If you want your business to run like a well-oiled machine, you should get the right professionals. Sometimes, two heads are better than one!

How Can Mubarak Al Ketbi (MAK) Auditing Help You?

Why Choose Mubarak Al Ketbi (MAK) Auditing?

Mubarak Al Ketbi (MAK) Auditing is a top accounting and auditing firm in Dubai and all over UAE. We’ve helped many clients with accounting, auditing, and tax services for more than a decade. Our professional team is always ready to give you the best advice. With our wide range of services, we can help your business shine even in tough markets.