Financial and managerial accounting are two of the four branches of accounting (the other two being bookkeeping and tax accounting). The difference is that the former assesses financial information to provide analytical insights and long-term projections, while the latter is concerned with the strategic elements of business affairs and short-term insights. In addition, managerial accounting focuses on internal stakeholders, and financial accounting on external stakeholders. Still, there’s some overlap, and finance managers utilize tools from both branches in their daily practice.