Contemporary Themes

This document discusses contemporary themes in business, focusing on legal responsibilities and accounting. It explores the importance of employment law, employee rights, and creating a fair and equal workplace. Additionally, it highlights the significance of good accounting practices for evaluating business performance, ensuring statutory compliance, and managing finances. The document also touches upon the assets, liabilities, gains, and expenses of a business organization, as well as the key factors for successful operations.

Contemporary Themes

Table of Contents
MAIN BODY..................................................................................................................................3
SECTION 1: Legal Responsibilities................................................................................................3
Importance of Employment Law.................................................................................................3
Employment Rights of Employees..............................................................................................3
Ensuring Employees Are Treated Equally..................................................................................4
SECTION 2: Accounting.................................................................................................................4
Importance of Good Accounting.................................................................................................4
Gains, Assets, Liabilities and Expenses......................................................................................5
Successful Operations of Business..............................................................................................5
REFERENCES................................................................................................................................6

MAIN BODY
SECTION 1: Legal Responsibilities
Importance of Employment Law
Employment laws legally mandated laws and regulations created with the intention to
regulate the operations, provide a structure and guidance to both a business organisation and its
employees in relation to their operations within the business organisation. These employment
laws are immensely important, authority mandated policies that help protect the employees of a
business organisation from harassment, discrimination on any kind in their workplace and
mandate the business organisation to implement a safe and healthy working environment that
does not put the lives of their employees in jeopardy for the operations of the business
organisation (Hardy and Butler, 2016). These employment laws are also important for the
business organisation such as Hertfordshire Marquee, as they contribute significantly towards
creating a healthy, professional working culture in the business organisation which is immensely
important for its optimum operational performance, efficiency, productivity and profitability in
the consumer markets. These employment laws are also important for business organisations as
they help increase their workforce’s motivation and job satisfaction levels which further
increases operational performance and efficiency while resulting in decreased turnover rates for
the business organisation.
Employment Rights of Employees
The employees of Hertfordshire Marque have various employment rights which are mandated by
local, national and international authorities such as:
Minimum Wage: The legally mandated National Minimum Wage Act 1998, ensures that all
employees of a business organisation are paid at least the minimum wages set by the government
of UK for their operations and efforts at a business organisation such as Hertfordshire Marquee.
Safe and Healthy Workplace: The legally mandated Health and Safety at Work Act of 1974,
ensures that all employees working in the UK are provided a safe and healthy working

environment during operational hours, which does not jeopardise their health and safety at work
in any possible way (McCarthy, 2018).
Discrimination and Harassment: The legally mandated Employment Rights Act 1996 ensures
that all employees of a business organisation such as Hertfordshire Marquee are protected
against any kind of organisational discrimination or harassment while at work and also lays out
guidelines as to how employment contracts are created to ensure fairness for the employees.
Ensuring Employees Are Treated Equally
For the administration and management of Hertfordshire Marquee to ensure that all of
their operational employees are treated fairly and equally amongst one another, they have to
create a professional and healthy working organisational culture at their workplace, which does
not let internal prejudices and biases of superiors within the organisation, have an impact on the
way in which organisational policies and rules are implemented for their organisational
employees. The management and administration of Hertfordshire Marquee needs to ensure there
remains no organisational corruption in their workplace and need to make sure that all
promotions, incentives and rewards are provided to deserving candidates and not to employees
who are being promoted due to corruption that exists in the working environment of
Hertfordshire Marquee (Guerin and Barreiro, 2016). The administration and leadership of
Hertfordshire Marquee also needs to create a fair payment structure for all of their employees are
need to ensure no internal biases, prejudice or corruption in the workplace result in unfair or
unequal payments for employees serving the same functions in Hertfordshire Marquee.
SECTION 2: Accounting
Importance of Good Accounting
Accounting is the business process through which a business organisation records and
stores all of its financial transactions conducted during the business. Good accounting is of
immense importance to a business organisation such as Hertfordshire Marquee because:
Business Performance: Accounting is one of the primary ways in which the operational
financial performance of a business organisation can be evaluated with the intention to
determining its success or failure in the consumer markets.

Statutory Compliance: Good accounting is also essential for a business organisation to assess its
compliance with the various rules and regulations that are mandated by government towards its
operations, such as the sales tax, income tax, VAT, corporate tax etc. (Collis, Holt and Hussey,
2017).
Budget: Good accounting is essential for a business organisation to create its operational budget
which details how the amount of financial resources that a business organisation has available to
spend from its profits for its various operations.
Gains, Assets, Liabilities and Expenses
Assets are intangible and tangible resources of Hertfordshire Marquee that have their own
value in the markets. The assets that Hertfordshire Marquee possesses are its organisational
buildings, financial reserves, computer systems etc. Liabilities are financial resources that a
business organisation owes to other parties. The liabilities of Hertfordshire Marquee include the
financial loans it has taken from banks in order to start its operations. Gains comprise of
financial profits and revenues that the business organisation generates through its operations. The
gains of Hertfordshire Marquee include all the financial transactions with their customers in
trade of the Marquee services provided to them (Vardon, Birt and Ingram, 2017). Expenses are
financial resources that a business has to spend for its operations. The expenses of Hertfordshire
Marquee include the rent for organisational building, wages of its employees, raw materials it
needs to procure for its operations etc.
Successful Operations of Business
For Hertfordshire Marquee to operate successfully within the marquee industries and
make profits, it needs to service its customers effectively and satisfy their needs and
requirements in an efficient manner, so that they can come to possess a healthy customer base in
Hertfordshire that remains loyal to their operations, helping make the business successful
financially. The majority of the investor’s money needs to go into the operational expenses of
Hertfordshire Marquee which are required for its sustained operations such as procuring raw
materials, employee wages, organisational building and manufacturing processes (Garbowski
and et.al., 2019). Whatever amount of the investment remains needs to be spent on effective
marketing of services provided by Hertfordshire Marquee so that their brand awareness and
customer base can increase in the marquee industries of Hertfordshire.

REFERENCES
Books and Journals
Collis, J., Holt, A. and Hussey, R., 2017. Business accounting. Palgrave.
Garbowski, M. and et.al., 2019. Financial accounting of E-business enterprises. Academy of
Accounting and Financial Studies Journal.
Guerin, L. and Barreiro, S., 2016. Essential Guide to Federal Employment Laws. Nolo.
Hardy, S. and Butler, M., 2016. European employment laws: a comparative guide. Spiramus
Press Ltd.
McCarthy, A., 2018. Changes needed to employment laws. Australian Nursing and Midwifery
Journal. 25(11). pp.28-28.
Vardon, M., Birt, J. and Ingram, J.C., 2017. Business and national accounting for natural capital
towards improved understanding and alignment. Better Policy through Natural Capital
Accounting: Stocktaking and Ways Forward, p.215.