How Business Operate

How Business
Operate

Table of Contents
INTRODUCTION ..........................................................................................................................3
TASK TWO: BUSINESS FUNCTION...........................................................................................3
Significance of accounting for success of business....................................................................3
Different functions carried out by the HR department................................................................4
Key operations of human resource department...........................................................................4
Key features of employment legislation.....................................................................................5
Analysis of the effect of employment legislation on company in the UK..................................5
TASK THREE: ACCOUNTING WORKSHOP.............................................................................6
Sample of income statement for the year ended 31st December, 2021......................................6
TASK FOUR: TEAMS ...................................................................................................................7
Analysis for determining the roles and responsibilities of members in a team..........................7
Stages of team development........................................................................................................8
Theories of motivation................................................................................................................8
Different types of leadership style..............................................................................................9
CONCLUSION .............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
A business organisation has numerous branches and every branch or department has their
own regulatory authorities for handling of responsibilities and accountabilities. In United
Kingdom there are multitudinous kinds of organisations along with various operational
structures. The businesses are classified according to their vision and mission (Crowther, 2019).
This report aims to gather all necessary tasks in order to make top level management understand
the appropriate way of operating business operations. The first aspect is the accounting aspect.
Accounting primarily helps companies increase financial accountability and sustainability in
their operations. Therefore, this task provides an overview of the various functions of the human
resources department. Human Resources departments has work of creating policies and
procedures to oversee employee well-being. Moreover, report emphasize on teamwork in order
to improve efficiency and quality of performance.
TASK TWO: BUSINESS FUNCTION
Significance of accounting for success of business
Budget planning: A budget is essential for every organisation, holding a strategic budget
plan can provide assistance to business for attaining growth in long terms and monitoring
expenditures more than the projected budgeted sum. An organisation must provide evidence of
previous accounting reports for making budget. This would only be possible if management uses
financial records and estimate budget according to that.
Decision making: The strategy adopted by a business should needs to be based on
financial systems and accounting records of the company. Without the knowledge of balance
sheet, profit and loss statement and cash flow statement, manager cannot make a forecasted
budget as they will be making decision for future.
Keeping records: Maintaining of accounting records is crucial for successful running of
business operations (DeSimone and Popoff, 2020). Accounting plays an essential role in
maintaining reports for each situation. For earning higher amount of profit margin or running the
organisation in better condition these reports provide support in improving the overall efficiency
of organisation.

Determine the position of business: Through the support of financial statements such as
trading account, profit and loss account and balance sheet, an organisation can determine their
current business position and net profit or loss as well along with debtors, current assets.
Tracking transactions: With the help of ledger, journal and other subsidiary books such
as cash book, voucher and memo any recent occurred transaction can be tracked at any time
easily.
Different functions carried out by the HR department
The HR department of organisation is responsible and accountable for a variety of
different tasks. This department handles the hiring and termination of staff, training of
employees, establishment of interpersonal relationships, partnerships and enforcement of
employment laws. This department functioned in order to ensuring that each operation runs
smoothly in workplace (Ellis, 2020). Although, responsibilities of HR department are different
from others. In the organisation, where people centric culture follows, human resource
management is concerned about human aspect of workplace. HRM should execute those tasks in
order to accomplish the organisational goals. Moreover, an organisation needs to set establish
proper connections among organisational goals and functions to achieve those objectives. A
complex set of functions assist in accomplishment of specific purposes.
Key operations of human resource department
Human resource planning: It is crucial to know the future requirements of organisation.
As it shapes human resource management consisting recruitment, selection, training and growth.
Human resource training is some how like planning of job for human resource. They observe
situations at which organisation is currently but they see a role for creative in how it can become
more competitive in near future.
Recruitment and selection: There is calling and selecting of individuals in the company.
Inviting and keeping them into organisation starts with an employee. It has its rewards just as it
does in other parts of globe. Credibility and effective tactics are not enough when it comes to a
successful business organisation (Macdonald, 2019). Once a candidate apply for job, screening
process of HR tools is to identify and select the best suitable or eligible applicants. Innovations
in recruiting process must happens quickly due to rapid changes in technology.
Learning and development: It is a essential role of HR to provide workforce with
training and development that they require for future challenges. The huge difference that human