Importance of Accounting for Business Success PDF
Added on 2020-10-22
11 Pages2412 Words160 Views
HOW BUSINESS OPERATES
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................32.1 Importance of accounting for business success....................................................................35.1 Various functions carried out by the HR department............................................................35.2 Key features of employment legislation...............................................................................4Benefits of employment legislation to employees......................................................................5Impact of employees legislations on business............................................................................5TASK 3............................................................................................................................................53.1 Interpret Profit and Loss accountability................................................................................5TASK 4 ...........................................................................................................................................64.1 Team development stages.....................................................................................................64.2 Analysis of your own and other roles within team...............................................................74.3. explaining three motivation theories....................................................................................84.4.Describe different types of leadership style..........................................................................8TASK 5............................................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES:.............................................................................................................................10
INTRODUCTIONBusiness is operated through perfect leadership skills, styles marketing strategies andvarious functions departments like customer service, HR and financial (Garg and Chauhan,2015). Thus, in this report organisational structure of private and public sector have beendiscussed.TASK 1Completed in PPTTASK 2 Business function2.1 Importance of accounting for business successIn the business enterprise, accounting plays a very crucial role by which all financialaspect can effective manner. It is great responsibility of account manager to focus on theeffective methods and statement of account so as all income and outcome of business can easilymanage. In order to business success, accounting helps in large manner by which manager cankeep record of all loss, profit, expenditure and revenue. This helps in identify the futurerequirement of business and take appropriate business decision (Jones, Comfort and Hillier,2016). With help of systematic accounting within organisation, manager can easily identify therisk and make necessary measure to overcome it. For address the determined success of business,accounting assists to business by providing appropriate information regarding finance.5.1 Various functions carried out by the HR departmentHR department within organisation is one of the significant department that manage andmaintain the performance of employees. In the absence of HR department it is quite impossibleto carry out business and activities of employees. There are various kinds of functions of HRdepartment which are discussed below-Training and development- Training and development is one of the major importantfunction of HR department by which manager of HR motivate and encourage employeesfor high performance. With help of this function, organisation provides opportunity toemployees for improve their personality as well as professionalism. It assists them inincreasing knowledge, skill, and ability of working at workplace.Recruitment and selection- By help of this function, HR manager invite candidate forvacant position in organisation (Brownlow, Zaki and Urmetzer, 2015). In this aspect,
manger are responsible to organise selection program and select most qualified candidateaccording to requirement of corporation.Promotion- This is another significant function of HR department by which employeescan motivate and encourage for higher performance. By use of various techniques likemonetary reward, non monetary reward, employees welfare program, HR manager canmotivate its workforce.Health and safety- Hr manager must share responsibility for health and safety inworkplace. Thus, they can in turn communicate the commitment related to its employeesand also related to their health and safety.Staffing- HR manager of a particular company may mold workforce in such way thatthey get converted into motivated and committed team that are capable of managingchange effectively and also by achieving organisational objectives.5.2 Key features of employment legislationIn the UK government have developed several kinds of employment legislation thatshould follow by every business enterprise. The major objective of employment legislation is tokeep secure and safe its workforce and their performance at workplace. For instance, equalopportunity act, health and safety act, discrimination act etc are major legislation of employeesthat have main aim is to protect and secure personnels at workplace and provide their rightsregarding employment (Kurnia, Choudrie and Alzougool, 2015). For example, equal opportunityact defines that every employees have equal right to get facilitate a workplace. Management cannot discriminate with employees on the basis of their gender, age, region, background etc.Equality Act 2010- in this act there is requirement of equal treatment in access toemployment and also to private and public services. Thus, it legally protects people fromdiscrimination in the workplace and also in wider society. If cited company adopts theselaws, it may create interest and feeling of being valued between employees.Data protection Act- this must be adopted by company so that their secret data andinformation in terms of a company may be protected in order to remain unique from thatof competitors.Health and safety act- This act lays down high responsibility duties on employers. Theymust protect health , safety and welfare at their workplace of each and every member that
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