Financial Decision Making: Functions, Roles, and Duties in Accounting and Finance

Financial decision
making

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Detailed identification and evaluation of the functions, roles, and duties that carriers a lot of
importance regarding accounting and financial part of the business...........................................1
TASK2.............................................................................................................................................3
Identification, analysis, and evaluations of the facts and figures of the company with its
interpretation................................................................................................................................3
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Financial decision making is a very crucial as well as critical aspect since it is related with
the financial part of the company which is one of the most important part of a firm and thus it is
very essential to analyse and evaluate all the factors that are related with it in a very accurate,
precise, systematic, and sequential manner so that it can add value to the enterprise in the long
run (He, 2016). Every company that is working in the current market environment that is highly
competitive as well as dynamic in nature tends to keep a tab on the finance department of the
company so that it can help in taking appropriate and relevant decisions that can prove beneficial
for the firm in the long term context. The firm that has been examined in this report is
SKANSKA PLC which is operating in the UK since a very long time period and hence has
captured a pretty larger share in the market due to this. In this report there is a detailed evaluation
of all the functions, roles, and duties that are performed by an accountant and finance department
workers that are working for the firm. Apart from that the report also covers an examination and
calculation of different type of ratios that are prevailing in the present time and possess a lot of
importance from the company’s point of view and the report also includes an interpretation of
the same and that too in an effective and efficient manner.
TASK 1
Detailed identification and evaluation of the functions, roles, and duties that carriers a lot of
importance regarding accounting and financial part of the business
There are a number of different activities that are performed in a business firm that possess
a lot of importance since they help in the improvement of the company as a whole so that it can
sustain and survive the current market environment which is highly competitive as well as
dynamic in nature in much better manner. Also it prove beneficial to the organisation since it
helps the company to stand well ahead of all its rivals that are prevailing in the similar market
scenario by analysing and evaluating all the aspects of the business in an impactful manner that
helps in adding to the value of the firm in the long term (Oboh, Ajibolade and Otusanya, 2020).
There are two concepts that are very important for a company and they are accounting and
finance since one helps in maintaining and keeping records and take appropriate decisions that
can help the company to grow and prosper in the market in which it is operational. While the
other one takes decisions regarding the financial position of the firm and also helps in allocation

of the available resources and that too within a limited time frame with full accuracy and
effectiveness. Thus both the factors plays a very crucial role in performing the activities of the
enterprise and thus roles, functions, and duties of them are discussed in detail below with
reference to the firm that is SKANSKA PLC-
Accounting- It is one of the major activity without which it is not possible for a company to
sustain in the market for a longer time period. It is mainly regarded as a process of identification,
recording, summarising, analysing, evaluating, studying, and taking relevant decisions so that it
can help the company to increase its profitability in the industry (Pelekh, Khocha and
Holovchak, 2020). SKANSKA PLC has a team of experts in this regard that are experienced
enough and thus helps in recording the transactions of the company in an effective and efficient
manner so that it can contribute in the success of the organisation in the long run. Its roles,
functions, and duties are explained below in detail-
 Functions- The main function of an accountant is to record all the activities that are
performed in the firm in an accurate and precise manner so that it can help in the growth
and development of it in the market. SKANSKA PLC has appointed highly qualified and
intellectual employees in this field so that their expertise can be used in the business so
that it can help in the achievement of the desired goals and objectives (Prast and van
Soest, 2016).
 Duties- The main duty of an accountant is to verify the books of accounts and cross
check and verify all the sources in detail so that any chances of errors and frauds can be
minimised that can help in the optimum utilisation of funds. SKANSKA PLC’s
accountant also performs the said duties in an appropriate manner so that it can contribute
towards the growth of the company in the long run.
 Roles- The major role of an accountant is to take necessary and appropriate decisions that
can help the company and SKANSKA PLC’s accountants perform all the roles and that
too in an effective way.
Finance- It is a very crucial aspect since it is related with the funds of the organisation and
thus has to be managed with utmost efficacy and preciseness (Quijano-Sanchez and Liberatore,
2017). SKANSKA PLC gives a lot of attention to this factor and recruits talented employees in
that regard and its roles, functions, and duties are discussed in detail below-