Role of HR, Marketing, and Finance Departments in an Organization

This assignment explores the role of HR, marketing, and finance departments in an organization, using Marks and Spencer as a case study. It discusses the functions and responsibilities of each department and highlights the importance of financial management and reporting.

Assessment

Table of Contents
INTRODUCTION......................................................................................................................3
MAINBODY..............................................................................................................................3
Described the role of HR, marketing and finance departments within an organisation.........3
Demonstrate the knowledge of the role of financial management and reporting within the
organisation ...........................................................................................................................4
CONCLUSION..........................................................................................................................6
REFRENCES.............................................................................................................................7

INTRODUCTION
The relationship between the human resource and the management of finance
department is the strong part of the organisation to achieve the targets of the organisation
towards the future goals. These function can perform individually but when they will perform
in the team, they work for the organisation (Anca, 2016). It is clear that when human resource
and finance team work in the collaboration they take the organisation in the new lead of
efficiency, productivity and most importantly profitability of any organisation. The chosen
company is Marks and Spencer, a multinational retailer store, founded in 1884, headquarter
in London, UK. This assignment includes role of HR, marketing and finance functions of the
organisation. Furthermore it includes the understanding main factors of both internal and
external which are affect the business. And evaluate the role of the financial management and
reporting of the organisation.
MAINBODY
Described the role of HR, marketing and finance departments within an organisation
An organisation is mainly divided into various sectors and various department which
have their own functions and role in the organisation. For example marketing department is
the responsible for the sales and revenue of the Marks and Spencer Company.
Role of Human Resource
The role of HR is managing the people of the organisation for the welfare of the organisation
growth as well as the individual prospective:
Recruitment: To finding out the appropriate employees in the chosen organisation at
the right place and right time. This process includes the advertisement of the opening
vacancy, implementing the selection procedure, conducting interview, managing the contract
of the employees and so on procedure regarding the selection of the candidate.
Training: After recruiting the employee, the proper training is provided to the new
candidate so that they can easily understand the work culture of the M&S Company. And also
it improve the skills and knowledge of the employee which enhance the future of the
individual (Ding, Gokan and Zhu, 2017).
Wages and salaries: The salary and the wages which are provided by the company is
maintained by the HR department. Which employee is deserving what amount according to

the companies rule is decided by the HR. how much leaves an employee must be taken on the
sick leave and normal leaves? All these are decided by the respected company HR
department.
Employees good relation and welfare: This include the pay negotiations with the
employees, giving the rules and regulation procedure of the company, grievance of the
employees and at the same time health and safety, social procedures and many more activities
related to the employees’ health and safety (Heaton, 2017).
Role of Marketing Department
Marketing is the heart of business activities as the marketing department has the direct
contact to the customers. Sales is just the part of the marketing department whereas the
marketing department includes research and development, promotion, selling techniques and
after sales services provided to the satisfying customers.
Research the market: The main task of the marketing department is to doing a
research in the market to knowing the actual position of the market, identifying the new
demand and feedback on the new product line of the M&S Company.
New Product development: Marketing department will always work together with
the Production department. As any new strategies adopted by the chosen organisation for
launching any new product based on the research of the marketing department.
Marketing Mix: The marketing department must be developed the strategies with the
help of marketing mix models. This initially includes 4p’s which indicate Price, Place,
Promotion and Product of the company and later in this another 3p’s which defines people,
process and physical evidence .
Marketing functions: The main function of the marketing in M&S are promotion,
Selling, Product distribution, framing pricing policies and arraging finance and distribution
according to the company's need (Kypta, 2017).
Role of finance department
Finance department is worked with the issues related in the management of the money
and flow of the financial situation of the M&S Company. It is related with the finance
requirement needed in the respected company day to day activities related to where the
money is spent and how much money is distributed in the organisation:

Sources of finance: The decision that from where the sources are to be chosen in the
company for example; long-term and short term finance is needed in what time and in what
quantity.
Credit control: The collecting debts and managing payment is the major part of the finance
department of the any company (Mas-Verdú, Ribeiro-Soriano and Roig-Tierno, 2015).
Function of Finance: finance function's of M&S are includes financial planning,
raising the funds from different source and allocate them and use them efficiently in the
comapny and the budgetory and non-budgetory control is also the function of the Finance
department.
Demonstrate the knowledge of the role of financial management and reporting within the
organisation
Finance is the essential part of the any organisation, as it is very difficult to any
organisation to stay in the industry without arranging the proper finance. Not only making
finance but to maintain the efficient management of finance is important for making the
respected organisation to live-long and stay strong in the competitive nature of the business.
And financial reports are those which help the stakeholders to know the company’s position
like profit ratios, capital flow, cash flow, profit & loss statement and balance sheet.
Role of Financial Management:
Financial decision and control: The finance manager plays an important role in the
decision making and controlling in the respected organisation. They make the financial
positions report like: Ration analysis, Profitability analysis and Profit and Loss accounts these
help in making the appropriate financial decision regarding the daily activities and financial
budget of the company.
Capital management: It helps in maintaining the capital management by estimating
the requirement of the daily basic need of the M&S Company and also make the appropriate
decisions regarding the different sources techniques and applying the best fit source in the
company (Morrison, 2015).
Cash flow management: It is extremely important for the company’s financial
managers to arrange the cash flow on the fix interval of time. As these cash flow activities are
helpful in managing the expenses and revenue of the firm by controlling the cash flow
activities in M&S Company.

Financial Reporting and Risk Management: Financial management maintain all
the necessary financial report of the company which help the organisation for forecasting and
planning financial situation. And if there any risk occur while computing financial reporting
than that risk can be reduces by the adopting risk management techniques.
Disposal of Surplus: The decision of how the surplus of the company is going to be
used in the respected organisation (Myers, 2019). The financial manager have to decided that
how much dividend is distributed and how much share of profit is kept as retained earnings
and as well as how much must be ploughing back to the business.
Role of Financial Reporting:
According to the Wesley Bricker, there are different type of purpose of the financial
reporting i.e. general and specific. By clearing in mind about the purpose for maintaining the
financial report is make the clear and distinctive view of the firm and its objective (The
Critical Role of Financial Reporting, 2019).
New Accounting Standards: This is the general purpose of the organisation and the
continuous process and evaluation of this type of reports make the stakeholders connected
with the respected organisation.
Tax Purposes: The most important role of financial report is to make a tax report on
the basis of these financial reports. The outer stakeholders used these reports for make an eye
on the companies report whether they are paying tax or not? Accurate financial report is
helpful in reducing the tax burden and also help in ensuring that the resources of the M&S
Company is not depleted in the short intervals.
Evaluating Operations: The information provided on the balance sheet is the
snapshot of the assets and liabilities. But only a balance sheet doesn’t helpful for the
stakeholders to make a decision regarding the company so they have to look on the other
financial reports like sales, revenue and P&L accounts.
Decision Making, Planning and Forecasting: When a business is needed to make a
decisions regarding the companies planning and budget than the financial reports help them a
lot (Ward, 2016). It is the significant role of the financial reports for making proper decisions,
planning and forecasting decisions regarding the respected company.

Governance and Culture: The Financial reports are mainly based on the governance
and culture of the organisation. As these balance sheet, result of operations and cash flows
are the elements of the business ratios.
CONCLUSION
From the above report it can be concluded that the role of business organisation is
important for the growth of overall business. Human resources, marketing and finance
department are plays an important position and role in the business strategies. These
department have different role on the individual basis and same as when they work in the
group or collaboration time. Also, the report includes about the financial management role
and the role of financial report for the pre-planning, forecasting and evaluating the risk
management of the company.

REFRENCES
Books and journals
Anca, P., 2016. The Modern Enterprise-Successor of Business Organization Forms in
Ancient Rome and Medieval Europe. Oradea Journal of Business and Economics.
1(1). pp.7-16.
Ding, K., Gokan, T. and Zhu, X., 2017. Small business and the self-organization of a
marketplace. The Annals of Regional Science. 58(1). pp.1-19.
Heaton, D., 2017. Consciousness development for the learning organization. The Learning
Organization.
Kypta, U., 2017. What Is a Small Firm? Some Indications from the Business Organization of
Late Medieval German Merchants. In The Company in Law and Practice: Did Size
Matter?(Middle Ages-Nineteenth Century) (pp. 10-33). Brill Nijhoff.
Mas-Verdú, F., Ribeiro-Soriano, D. and Roig-Tierno, N., 2015. Firm survival: The role of
incubators and business characteristics. Journal of Business Research. 68(4).
pp.793-796.
Morrison, R., 2015. Data-driven organization design: Sustaining the competitive edge
through organizational analytics. Kogan Page Publishers.
Myers, M. D., 2019. Qualitative research in business and management. Sage Publications
Limited.
Ward, J., 2016. Keeping the family business healthy: How to plan for continuing growth,
profitability, and family leadership. Springer.
Online
The Critical Role of Financial Reporting. 2019. [Online]. Available through:<
https://www.cpajournal.com/2018/08/14/the-critical-role-of-financial-reporting>.