Importance of Accounting for Business Success

Business operations

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Different types of organisations found in public and private sector......................................1
Different structures in a business in UK.................................................................................2
Reasons for variation in business structures...........................................................................3
Explanation of importance of accounting for a success in business......................................4
Functions carried out by HR in an organisation.....................................................................5
Key features of employment legislation.................................................................................5
Profit and loss account with interpretation of information.....................................................6
Analysis of different roles within a team in an organisation..................................................6
Stages of team development...................................................................................................7
Assessment of three motivation theories................................................................................7
McCelland's theory of needs..................................................................................................7
Different leadership styles......................................................................................................8

INTRODUCTION
In this modern world, many organisations operate in a country in order to gain profit.
These organisations are impacted by various environmental factors which effects them in a
negative or positive manner. Business functions depend on a type of organisation which includes
all the necessary functions a business performs while operating in market. Business functions are
carried out in professional manner in order to gain competitive advantage in long run. In this
presentation examples of UK are taken in order to describe various business organisations,
business structures along with explanation of how different environmental factors affect a
business.
MAIN BODY
TASK 1
Different types of organisations found in public and private sector
TYPES OF PRIVATE SECTOR ORGANISATIONS
 Sole proprietorship- Sole proprietorship is known as a business started or operated by a
single owner. As in this type of business there is a single owner thus all decisions related
to operations are made by a single person. Kurt Geiger which was founded in 1963 is a
good example of sole proprietorship in UK. The company is involved in footwear
manufacturing.
 Partnership- Partnership is a type of business in which two or more people engages in
performing operations of a business. Two or more people prepare a partnership
agreement in order to achieve goals and profit. Yoomoo which was founded in 2010 is an
example of partnership in UK which sells ice-creams.
 Public limited company- A public limited company is a company of not more than 50
people. In this type of company transfer of shares is limited to its members only thus
interference of government is absent. British petroleum company which was founded in
1909 is an example of public limited company in UK which deals as a supplier of
petroleum products.
TYPES OF PUBLIC SECTOR ORGANISATIONS
 Public corporation- Public corporation is a firm which deals is owned by central
government of a country and is operated in a state. These types of corporations are
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generally established by an act passed in parliament. Bank of England which was
founded in 1694 is a good example of public corporation in UK.
 Government companies- Government companies are organisations which are owned by
either state government or by central government. East west rail which was founded in
1995 is an example of government company in UK.
Different structures in a business in UK
 Limited liability partnership- In this type of business a partner is liable for paying
money to a business with respect to proportion of capital invested in the business.
Limited liability partnership starts with two or more persons and it is compulsory for a
business to be registered at Company house and HMRC.
 Limited Company- A limited company is a legal entity managed privately by two or
more owners in order to gain competitive advantage from market. Company decides its
own regulations and policies although its financial operations are separate from its
owners.
 Partnership- Partnership business structure is most prominent business structure in UK
which contains a business agreement between two or more persons who are involved in
performing business operations. Partnership deed includes information related capital
investment,profit sharing,location of business,liability sharing etc. Partnership include
generally
 Sole trader- Sole trader is an individual who starts a business with limited amount of
capital. A sole trader makes decisions of a business without consulting any other person.
Sole trader generally conducts small operational activities related to a business. Sole
trader therefore has limited liabilities related to a business.
Reasons for variation in business structures
 Acquisitions- It is a situation when an existing organisation is taken over by another
company in order to expand its operations at the marketplace. In today's world companies
generally acquire other companies to gain competitive advantage.
 Job duplication- Job duplication occurs when two or more persons in a business firm are
performing same functions. When job duplication in an organisation occurs then a
business cuts a job of an underperforming employee which leads to change in
organisational structure.
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