This report focuses on the importance of the finance department in Tesco, including its role in raising funds, maintaining balance sheets, and providing financial information for informed decision making.
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BUSINESS REPORT GRADUATE CHALLENGE
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Table of Contents INTRODUCTION...........................................................................................................................3 MAIN BODY..................................................................................................................................3 CONCLUSION...............................................................................................................................4 REFRENCES...................................................................................................................................5
INTRODUCTION Finance department is consider as a part of the firm that can manages its money. The function of the finance department includes planning, auditing,organizing as well as controlling and accounting the fiance of the firm. Tesco plc is a British Multinational general merchandise and multi groceries retailer. It's headquarter isin Hetfroshide England ,U.K . Tesco is known as the third largest retailer within the world. Present report it focuses on the Financial department of Tesco and its importance within the firm(Haddock-Millar. and Rigby, 2015). MAIN BODY The Finance function of Tescocarried through Jack Cohen ,Firm is started as a soletrader. The role of the finance function is to raise sufficient amount of finance so that it can be helpfulto carry out the business properly. It is also capable of cost as well as price the goods. Tesco is considered as a larger PLC as its functions are also carried out through department of finance. Within Tesco Finance department split within two years. That are Department of management accounting are accountable for finance regarding the future periods as Tesco plans to set and allocate the budgets. Tesco plan to make the forecast regarding what must be happen within the upcoming months. They are accountable for the forecast of the cash flow.Firms also needs to look out regarding that how many goods they needto cover within their cost. Tesco 's finance department lookout on the cash flow statements and how many profit they have made and lost and also the balance sheet. Importance of finance within firm With the help of the finance departmentTesco can keep its day to day records the information regarding income statements, cash flow reports andpreparing and keeping the financial statements. Day to day records includes payroll, bookkeeping and balance sheets regularly(Haddock-Millar. and Rigby, 2015). In order to meet the higher lever decisions regarding the financial department. Tesco needs to finds out that where the firm stands. The finance department of Tesco also accountable for the making the clear plan such as it must be clear to provide the guidelines that how the funds will be spent. The finance department of Tesco is also crucial for the fiscal Health as it is vital to have the balances and checks within places to verify the accuracy regarding its work.
The Major role of the finance departmentof Tesco is to provide the suitable financial information focuses to communicate the information to the decision makes so that they have the informed judgments as well as decisions. CONCLUSION From the above information it is summarized thatfiance department of Tesco is crucial as it helps the firms to raise its funds,maintain balance sheet. It is alsoaccountable for the making the clear plan and provide the guidelinesfor the fiscal Health. It issuitablefor the financial information that focused so that the informed decisions as well as judgements taken by the firm. Furthermore it also focused on to set and allocate the budgets. It also focused that how many goods can cover their cost and many more.
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REFRENCES Books and Journals Haddock-Millar, J. and Rigby, C., 2015. Business Strategy and the Environment: Tesco PLC’s Declining Financial Performance and Underlying Issues.Review of Business & Finance Studies.6(3). pp.91-103.