Business Operations- Assignment

Added on - Dec 2020

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How BusinessesOperate
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1TASK 2............................................................................................................................................12.1 Importance of accounting......................................................................................................12.2 Different functions of HR department..................................................................................22.3 Key Features of employee legislation...................................................................................4TASK 3............................................................................................................................................6Analysis or Interpretation of the Ratios......................................................................................6TASK 4............................................................................................................................................84.1 Stages of team development..................................................................................................8...................................................................................................................................................104.2 Analysis to determine roles with in a team.........................................................................104.3 Motivation Theories............................................................................................................134.4 Different Types of Leadership Style...................................................................................15TASK 5..........................................................................................................................................16CONCLUSION..............................................................................................................................16REFERENCES.............................................................................................................................17APPENDIX....................................................................................................................................19........................................................................................................................................................19.......................................................................................................................................................20
INTRODUCTIONA formation of new business consists the formulation process to establish a new businessentity. An idea exists behind every business that reflect a positive image of business inenvironment. Professional, technical, ethical, communication skills are used subject to operatenew business(Azeem and Yasmin, 2016). This report covers five major areas in major fivetasks. Types of organization found in public and private sectors with different countries aredefined in this report. Different structure with in the business with country are suggested withreasons and variants. Impact of domestic, international and national economic environmentanalysed with a particular business. Importance of accounting for a business success byconsidering business planning and budgeting and monitoring evaluated in this report. Thedifferent functions used in HR departments also considered with training and developmentsections. The recruitment process with dismissal and redundancy in HR practices comprised invery synchronized way. Key features of employment legislations are analysed and controlledwith effective management are also illustrated in this report. Accounting workshop is covered inthird area in which interpretation on the profit and loss account prepared with extensionactivities. Important business formation and formations are determined with critical aspects andstages. Customer support system also defined by producing the handout that includes thetargeted customers and services.TASK 1Covered in PPTTASK 22.1 Importance of accountingBusiness planning –It is a written document which can defined about the business and itis described each section which is required in the business like sales, marketing,strategies, objectives and financial forecast. The business planning is important part ofany business because it can help to know can -planning about the business for achievegrowth and success for long time. A good business plan can address all accountingpractices as well as goals for growth and revenue each year(Prakash and et.al., 2015).Budgeting– It is the process of developing a plan regarding to spend money. It is alsoknown as budget and this plan can allow to determine in advance whether they will have1
enough money to do things. It is related to planning and forecasting because with the helpof budget a company can estimate future incomes and expenses in order to reduce risksand manage all business activities. With the help of budget monitor and control allbusiness activities and know about the changes and wastages(DRURY, 2013).Monitoring costs– It is the common method which is used for financial and accountingsoftware in order to purchase and entered into the accounting software under a job nameor code. The majority of accounting software packages will allow to choose a job andprepare the list all the expenditure in up to date format after that it will categorisedaccording to job stages. At the end of each stage comparing of sub total for each task andeach item. These costs are related to with issuing financial statements and employee stockoptions are also consist in. Accounting important for monitoring cost it defines all properdetailed information regarding to income and expenses and easy to monitor all businessactivities.2.2 Different functions of HR departmentThere are various HR functions which are conducted in a business in HR department inorder to attain effective human resourcing and planning. Some of those Hr functions arementioned below:Training & development-Training and development is a systematic process ofimproving the performance of the employees and groups. It is combination of two words,in which training means an educational process of enhancing the knowledge, skills andattitude of workforce. While development is a long term and continuous system in orderto achieve individual and organisational goals. Basically, training and developmentimplements in a combination for a common goal of improvement of workforce for betteroutcome(Taipaleenmäki and Ikäheimo, 2013).Recruitment- Recruitment is a wide term which includes inviting applicants for vacantjobs, then shortlist and select the suitable candidates. It is used by the companies to findsuitable candidates for the required job at least cost and time. Eventually, recruitment canbe done by many ways like internal, external recruitment, advertisements, internships etc.Safety- In the context of organisation, safety means making arrangements for avoidingthe employees from danger situations. It is compulsory element for the employees and forthis purpose companies makes insurance of their all workforce as well as provide other2
protection. A safety workplace requires a kind of environment which includes all thesafety features for the employees.Employee relation-Employee relation means way of behaviour between the employeesand managers. This is an important term because if relation is good among the all humanbeings of an organisation then it will help in goal achieving effectively. For this purposethere should be proper communication and coordination between the employees andsuperiors as well as allowing the employees in decision making. Apart from this a goodrelation between the superiors and subordinates can motivate the subordinates for workhard. Eventually, for this objective there should be an open communication system andfreedom to the employees of sharing their ideas and opinions(Firth, 2013).Dismissal and redundancy- Dismissal means firing of the employees by theorganisation. Reason can be lower performance, different perception etc. If an employeedismissals by organisation then it will be a negative aspect for that employee and can bedifficult to find new job. On the other hand, redundancy is a process in which new joinedemployees are selected for redundancy (Functions of HR Department,2019).Compensation and benefits- Compensation and benefits are the monetary and nonmonetary benefits provided by an organisation to the employees. There is focus in orderto achieve organisational goals. Basically, these kind of benefits are given to theemployees on the basis of their performance.Compliance- Compliance refers to a kind of framework which should be adopted by theorganisations to treat the employees fairly and make suitable decisions. Generally,companies expand money on the compliances to achieve the organisational goals. It isused by the organisations to bring transparency the human resource functions andapplications(Van Wart, 2013).2.3 Key Features of employee legislationEmployment Legislation:It refer to the laws made by organisation to safeguard theinterest of employee within the workplace. Such law provide benefit to both employees as wellas business.Employee: There are several laws in favour of employees which help to maintain therelation between employer and employee. It include laws related to fixed working hours,fair wages and avoid favouritism that helps to bring uniformity and better engagement of3
employees. Along with this, it helps in the retention of employee and encourage them toremain committed toward the goal of organisation(Woodcock, 2017).Business: On contrary employment legislation not only help employee but also businessto decrease the turnover or absenteeism rate. Additionally, it helps the fresh talent oforganisation to remain committed as well as attract new talent which decreases the cost ofcompany to recruit and train new staff. Hence, an organisation can only attain itsobjective if it fulfils the requirement of internal staff.Health and safety Act 1974:It is one of the most essential legislation that ensure aboutthe safety of employee. As an employee works on various tools or equipment such as machineryso it is significant for the organisation to provide the safe premises that don't affect the health ofthe employee. Along with that it is duty of organisation to provide proper training to the staff inorder to handle the machinery. This help to reduce the chances of damage or any injury.It can lay down for wide ranging duties on employers. There are right to employerregarding to their health, safety and welfare at work of all their employees.In this act include casual workers, visitors, general public and clientsEquality and discrimination Act 2010:Equality and discrimination act help to protectthe people to get discriminated within the workplace due to gender, age, caste and so on. Suchlaws strengthen the relationship between employer and employee by bringing the uniformitywithin the culture. Thus, it brings positivity and maximize the effort of employee to work infavour for company(Gensler, Leeflang and Skiera, 2012). Additionally, this was the recentlypassed law which has made amendments in the previous anti discrimination law to make it easierand strengthen its approach. Moreover, these recent provision include protection againstharassment, direct as well as indirect discrimination, victimisation within services and so on.Equality – All employees have right to get of equality in companies and there is nodiscrimination create regarding to religion, complexion and other things.Relationship between employee and employer – It is required to an employer can createstrong relationship with their employees and it can help to solve problem of eachemployees.National minimum wage Act:It is one of the kinds of employment legislation that hascreated a minimum wage rate on the basis of age group of employee. The wages are set on thebasis of skilled or unskilled worker which help them to get fair wages. Moreover, the primary4
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