Difference Between Financial Consultant and Public Accountant

[Suba]

Both Financial Consultants and Public Accountants are organizations registered with the government, so not everyone can establish such organizations/businesses. While these two professionals have at least a master's degree such as a Macc and an MBA, there are also differences in the specific certifications that the two organizations must have. A public accountant must have a certificate
Certified Public Accountant (CPA) while Financial Consultants must have Certified Management Accountants (CMA).
Task Difference
Financial Consultant Organizations are tasked with providing financial consulting services to people/institutions who need information assistance or advice for investments, accounts payable, taxes, budgeting etc. But Financial Consultants do not make decisions. So the decision-making remains in the hands of the client.
While the Public Accountant is tasked with assisting entrepreneurs or companies to prepare financial statements, make tax reports, general audits, and special audits. Special audits are only carried out if a company is suspected of fraud.

 

[King bell]

A financial consultant is a neutral third party to help with financial decisions. The role of a public accountant is to provide assurance to management and the external stakeholders that you are meeting your compliance obligations.

A financial consultant acts as an expert advisor when it comes to achieving personal, family, or business goals — but they don't offer tax advice or audit engagements. They advise their clients on what options are available and maybe recommend which ones would be best suited for their needs. A public accountant provides accounting, auditing, and tax services while also providing assurances (via attest) that your company is meeting its regulatory requirements under the law (i.e., GAAP). They can help with your decision-making process by providing exposure to the different financial products while also helping to mitigate risks, so you don't have to.

While there are several similarities between these two roles, their duties and responsibilities differ greatly. At the end of the day, both of these professionals provide value to their clients and should be considered when setting your company's overall strategy.