Departments Role and Importance Report 2022

Running Head: DEPARTMENTS’ ROLE AND IMPORTANCE
DEPARTMENTS’ ROLE AND IMPORTANCE
Name of the student
Name of the University
Author’s Note

DEPARTMENTS’ ROLE AND IMPORTANCE
Executive Summary:
This report aims to discuss the function of different departments in a company and its
significance in achieving the goals of the company. The study describes the importance of
teamwork and the opportunities it brings with it. The report analyses the financial statements
and teamwork structure in BP PLC and Royal Dutch Shell. In the end, the paper focuses on
discussing the importance and role of financial management and the motive of reporting
through annual reports every year. It explains how reporting initiates communication which is
a very important key to succeed for any organisation.

DEPARTMENTS’ ROLE AND IMPORTANCE
Table of Contents
Introduction................................................................................................................................4
Discussion..................................................................................................................................4
Importance of teamwork........................................................................................................6
Financial management and its importance.............................................................................7
Reporting and its significance:...............................................................................................7
Statement of Cash Flow.........................................................................................................8
Balance Sheet.........................................................................................................................8
Conclusion..................................................................................................................................8
Referencing:.............................................................................................................................10

DEPARTMENTS’ ROLE AND IMPORTANCE
Introduction
An organisation for efficient management has different departments having different
functions. Major departments in an organisation are marketing department, finance
department and HR department. This paper aims at discussing the roles and importance of
these departments in detail, with a brief discussion on how teamwork promotes the mission
and vision of the organisation. BP PLC and Shell are the two companies used to explain how
these companies use teamwork as a key characteristic to attain success in the future. A
detailed analysis is done why financial management is important for an organisation and what
is the role of reporting. It shows how reporting helps in communicative relevant data and
information with its stakeholders and maintain transparency.
Discussion
Marketing Department is the department that is responsible for communicating its
products to the targeted customers. Marketing begins with advertisement and sales and ends
with customer satisfaction and after sale services. An organisation not necessarily has
marketing department. However, having this department helps the business in going a long
way (Talja 2014). This department is important for any organisation due to various reasons
such as:
 Creating Strategies to increase sales: Sales is an organisation main focus. Increasing
sales in this competitive market is a main concern for any business. This department
makes it easier by innovating ideas and techniques that can give the organisation a
competitive edge.
Customer Satisfaction: Marketing doesn’t get over once the product is sold. Any
organisation’s long term goal is to create a good brand name and value in the market.