Operational accounting (also known as cost accounting joins several other popular, lucrative accounting specializations. The field focuses on financial concerns related to business operations across three key areas: planning, directing, and controlling companies’ operating costs.
Financial accounting and operational accounting have some similarities and a few key differences. Financial accountants report company data externally to shareholders, tax authorities, and creditors. By contrast, operational accountants track a company’s spending. They also provide detailed insights into areas where financial efficiency could improve.
