Differences Between Financial And Public Sector Accounting

  • Financial accounting and public sector accounting are in-demand qualifications.
  • You can find a stable job with a respectable salary in these two fields. 
  • Both of these qualifications are scarce skills, making you highly employable.
  • Scarce skills are skills that are critical and are skills employers need.
  • You can study both courses with The Institute of Certified Bookkeepers.
  • With ICB you do not need a matric certificate to study these qualifications.

The difference between financial accounting and public sector accounting is that public sector accountants work for the government and deal with all governmental institution’s trade and financial aspects. 

 

While financial accountants manage the finances of an individual business. People get confused between the two because they both deal with financial trade, management, and budget. 

 

Below we will look at the key differences between these two qualifications.

3 Main Differences Between Financial Accounting And Public Sector Accounting

As mentioned above, both of these accounting qualifications deal with financial trade, budgets, and management but they do have key features that set them apart. 

 

Here are the 3 main differences between financial accounting and public sector accounting:

 

  1. Training
  2. Experience
  3. Travel

1. Training

A public sector accountant is trained to be proficient in accounting systems and disclosing finances. They do this with various companies. They should also be well informed of the accounting standards. 

 

On the other hand, a financial accountant’s training records accounting transactions, which can include expenses, income, and profit. 

 

Therefore limiting them to only certain areas of accounting.

 

2. Experience

Public sector accountants have to work with various companies, therefore developing experience in different industries. 

 

Whereas financial accountants work on the finances of an individual company and develop a strong knowledge of that particular company, but very little knowledge about other companies.

 

3. Travel

Depending on the type of work, public sector accountants are required to travel to the location of the client or company. 

 

A financial accountant’s work, on the other hand, is relatively stable, with little or sometimes no travelling required, because of their fixed location. 

What Is Public Sector Accounting?

Public sector accounting records and manages all the finances in government departments. This includes income and expenses. 

 

Their main responsibility is to look out for corruption and fraud.

 

Duties Of A Public Sector Accountant

The duties of a public sector accountant include:

 

  • Administer public accounts
  • Financial management
  • Compiling financial statements

What Is Financial Accounting?

Financial accounting manages the finances of a business. This means that financial accountants deal with the analysis, summary, and reporting of financial transactions. 

 

Duties Of A Financial Accountant:

The duties of a financial accountant  include:

 

  • Filing taxes
  • Recording transactions 
  • Compiling budgets
  • Formulating financial statements
  • Advising on finances
financial accounting and public sector accounting

Why Should I Study Financial Accounting Or Public Sector Accounting

The benefits are countless when you study an accounting qualification. Below are a few reasons why you should study one of these qualifications:

 

  • It is a scarce skill
  • Get paid well
  • Build on your qualifications
  • Many career paths
  • Start your own business 
  • Understand finances

Do I Need A Matric Certificate?

You do not need a matric certificate to start studying these two courses. 

 

With an ICB programme, you can start a financial accounting course with a grade 10 certificate.

 

You can start a public sector accounting course with a grade 11 certificate.

Who Is ICB?

ICB is a distance learning institute. All of their qualifications are scarce skills. Therefore your job opportunities will increase with an ICB qualification. 

 

These courses are recognised both nationally and internationally. You can work anywhere in the world. 

 

With their high reputation, employers prefer employing people with ICB qualifications

 

Where Can I Study Financial Accounting And Public Sector Accounting?

Here are a few reputable colleges that offer accounting qualifications:

 

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