Business function INTRODUCTION.3 TASK 1 3 2.1 Importance of accounting for business success

Business function

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Covered in PPT............................................................................................................................3
TASK 2............................................................................................................................................3
2.1 Importance of accounting for business success.....................................................................3
5.1 Different functions carried out by the HR department in a business.....................................4
5.2 Key features of employment legislation................................................................................6
TASK 3............................................................................................................................................7
3.1. Key accounting information using profit and loss accounts.................................................7
TASK 4............................................................................................................................................9
4.1 Stages of team development..................................................................................................9
4.2 Analysis to determine own and others’ roles within a team................................................10
4.3 Three motivation theories....................................................................................................11
4.4 Different types of leadership style.......................................................................................12
TASK 5..........................................................................................................................................13
6.1 Impact of customer service on business success..................................................................13
6.2 Benefits of customer profiling to a business........................................................................15
CONCLUSION..............................................................................................................................15

INTRODUCTION
The procedure and evidence out from an undertaking are usability tasks; they could be
categorized into four main roles and supporting activities is known as business function
(Akter and et.al., 2016). The business unit are typically the main business operations of
the organisation, but some other (supplementary) operations can also be considered if
the company recognises them as segment of its overall operations. The requisite
materials for commodity production will be obtained economically and efficiently used
for optimum performance. The financial management plays an important role in
obtaining funds in this feature. Manufacturing is considering to be the main business
function and a continuing phase of company operations. The manufacturing cycle
depends greatly mostly on business context since development is supported by revenue.
In this report, to better understand the concepts of business function Tesco Company
have been selected and the country chosen is United Kingdom.
The report covers, different types of organisations in public and private sectors, importance
of accounting for business success, functions carried out by the HR department, key features of
employment legislation, key accounting information using profit and loss accounts, stages of
team development, three motivation theories are discussed. In addition, report also covers,
different types of leadership style, impact of customer service on business success and benefits
of customer profiling to a business.
TASK 1
Covered in PPT
TASK 2
2.1 Importance of accounting for business success.
Accounting means the systemic and comprehensive documentation of a company's financial
statements. There have been a range of forms, from small company reporting, policy
financial reporting, forensics and administration, and corporate accounting (Alaperä and
et.al., 2019). Accounts play a pivotal part in managing a company because it lets
company manager control revenue and expense, ensuring objectives are met, and offers
comprehensive financial statements that are used by customers, the board and the
community to make strategic decisions. Financial statements represent the operating
performance and the small business or company's financial status. In simple terms
it helps Tesco manager to understand fundamentally what is happening with the
product. The secure as well as available reports not just to allow to track costs, profit
margins and future debt, also enable further equate the modern government mostly with
previous accounts and correctly delegate the budget. Laws and legislation differ
between Jurisdictions, but appropriate accounts and procedures helps to assess the
company is dealt with by law. The accounting role would ensure the correct
management of obligations like income payroll, VAT, taxation and retirement schemes.

Term forecasts and financial planning can influence organizational performance and the
financial statements can perform an important role in this regard. Judging by past
financial data, patterns and forecasts are used to sustain profitability of the activities.
This financial information is better adapted when well financial reports are established.
Thus Tesco must apply their financial information to the Trade Register. Lists must
send them to trading platforms, both for internal and external reasons, for tax reporting.
Obviously, in each of these cases, accounting have a key role.
One of the key managerial functions should be to accomplish the company's ultimate aim
by organising different departmental operations. Accounting aims to organise different
operations of different business units. This also enables the firm to a wide degree in changing
revenue acquisitions, income spending, selling loans receivable, etc. As a medium of contact
between various agencies, companies as well as action plans, accounts play a crucial role. For
example, in the era of the modem; bookkeeping is the greatest way of contact when it comes to
providing performance reports about procurement and inventory, buying hours, purchasing and
sales costs, etc. Each phase in Tesco is important and management needs so much accounting
knowledge (Albertoni, Elia and Piscitello, 2017). Management of accounting assists in planning,
organisation, inspiration, coordination regulation, budgeting. Accounting offers business and
monetary knowledge used to operate an organisation. The primary need for accounting
knowledge is management. It needs to be fast and expressive in strategic decisions for this
dynamic corporate world administration. Accounting provides the board of knowledge that
makes crucial economic choices. Financial reporting is a vital accounting function, as it is called
the "business language."
5.1 Different functions carried out by the HR department in a business.
The HRM is indeed a particular approach towards work opportunities, with the goal of gaining
comparative benefit by using an interconnected variety of personal, organizational and
manpower strategies and by systematic mobilization of truly motivated and effective employed
individuals. Some of the most important function performed by the HR department of Tesco are
elaborated below:
Human resource planning: HR's main role is to consider the firm's potential needs. How many
employees and in which department the Tesco needs, is the core roles the HR boss conducts.
Recruitment, placement, success evaluation, learning and development, as well as all other
human resources roles are decided by this information. The preparation of human resources is