Financial Decision Making: Tasks, Positions, and Responsibilities

This document provides a detailed examination of the tasks, positions, and responsibilities that are critical to the accounting and financial aspects of a company. It discusses the importance of financial decision making and its impact on the long-term success of the organization. The document focuses on SKANSKA PLC, a company operating in the United Kingdom, and includes an analysis of various ratios and their significance.

Financial decision
making

Contents
Contents...........................................................................................................................................2
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Detailed identification and assessment of tasks, positions, and responsibilities that are critical
to the accounting and financial aspects of the company..............................................................1
TASK2.............................................................................................................................................3
Identifying, analysing, and evaluating the company's facts and statistics, as well as their
understanding...............................................................................................................................3
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Financial decision making is a really vital and also crucial element because it is related to
the financial part of the business, which is one of the most important parts of a company (Abdel-
Basset, Mohamed, Zaied and Smarandache, 2019). As a result, it is critical to examine and assess
all of the factors that are related to it in a very effective, precise, deliberate, and consistent way
so as to add value to the organisation in the long run. Each company that operates in the current
market environment, which is both competitive and dynamic in nature, keeps a close eye on its
finance department so that it can assist in making important and suitable decisions that will
benefit the company in the long run. The company studied in this report is SKANSKA PLC,
which has been operating in the United Kingdom for a long time and has thus accumulated a
significant market share. This report includes a thorough examination of all of the tasks,
positions, and responsibilities that an accountant and finance department employees perform for
the company. Apart from that, the report also contains an analysis and estimation of various
types of ratios that are currently in use and are very important from the standpoint of the
organisation, as well as an explanation of the same, all in an accurate and efficient manner.
TASK 1
Detailed identification and assessment of tasks, positions, and responsibilities that are critical to
the accounting and financial aspects of the company
There are a variety of activities that are carried out in a business firm that are very
important because they aid in the betterment of the process as a whole, allowing it to better
sustain and withstand the current market climate, which is highly competitive and complex in
nature. It also benefits the company because it allows it to stay ahead of all of its competitors in a
similar business by assessing all facets of the industry in a way that adds to the company's long-
term success. Financial management are two principles that are very relevant for a business
because one helps in managing and keeping records and the other helps in making reasonable
decisions that will help the company expand and succeed in the industry in which it operates.
While the other makes decisions about the firm's financial status and assists in the distribution of
available capital, all within a short time period and with complete consistency and effectiveness.
As a result, both factors play a critical role in carrying out the operations of the business, and

their positions, functions, and responsibilities are explained in detail below with regard to the
company SKANSKA PLC (Altan and Karasu, 2019).
Accounting- It is one of the most important activities that a company must engage in in order
to remain competitive in the market for an extended period of time. It is primarily regarded as a
method of identifying, capturing, summing up, analysing, assessing, studying, and making
pertinent decisions in order to assist a company in increasing its competitiveness in the industry.
SKANSKA PLC has a team of professionals in this field who are sufficiently qualified to assist
in effectively and efficiently tracking the company's transactions so that it can contribute to the
organization's long-term success. Its positions, functions, and responsibilities are detailed below-
 Functions- An accountant's main job is to keep track of all of the events that take place
in a company in a reliable and realistic manner so that it can expand and prosper in the
market. SKANSKA PLC has recruited highly skilled and intelligent workers in this
sector so that their knowledge and skills can be put to work in the company to help
achieve the stated aims and objectives (Wong, Holmes and Schaper, 2018).
 Duties- The primary responsibility of an accountant is to review the books of accounts
and cross-check and validate all sources in detail in order to reduce the risk of mistakes
and fraud, allowing for the most efficient use of funds. The accountant at SKANSKA
PLC also conducts the above tasks in an effective manner in order to add to the
company's long-term development.
 Roles- The main function of an accountant is to make required and reasonable decisions
that will benefit the business, and the accountants at SKANSKA PLC perform all of these
functions efficiently (Ameen and Ahmad, 2017). Apart from that it can be said that an
accountant performs all the roles and responsibilities that are very critical as well as
crucial in nature and thus it is very important for a company to recruit such a person
which can perform all the roles with utmost accuracy so that it can lead to the overall
growth and development of the organisation as a whole and also it can lead to the
increment of the profit in the long run scenario.
Finance- It is a critical feature since it is linked to the organization's funds and thus must be
handled with the highest efficiency and precision. SKANSKA PLC pays close attention to this
aspect and hires talented employees to work in this field, and its positions, functions, and
responsibilities are detailed below-

 Functions- A finance manager's primary responsibility is to track and assess cash inflows
and outflows in order to minimise excessive waste. SKANSKA PLC has a team of
intellectuals working on this, ensuring that all of the organization's assets are used to their
full potential. Also finance manager performs very critical functions like evaluating the
most sensitive matter of the company which is finance part and thus it is very essential
for each and every organisation to have an intellectual as well as knowledgeable
employee which can help the company to grow in the long run.
 Duties- A finance manager's primary responsibility is to develop and execute budgets
that are appropriately formed so that the business can compete effectively in the long run.
SKANSKA PLC's managers are also responsible for keeping an accurate income
statement and balance sheet in order to provide a real and realistic image of the business.
Also finance managers duties are very critical for the firm so it becomes very essential
for the person to carry out all the duties in an appropriate manner so that it can add value
in monetary terms to the corporation.
 Roles- The key role of a finance team manager is to ensure that the company's resources
are completely utilised and that there is no or minimal wastage in order to maximise
profitability, and SKANSKA PLC's managers do the same thing, which is one of the big
reasons for the company's enormous success (Brynjolfsson and McElheran, 2016). There
are a number of additional roles that a finance manager has to perform so it is very
essential for the departmental person to perform all the roles and responsibilities with
precision so that it can help the company to grow and prosper in the long term scenario.
CONCLUSION
From the foregoing, it can be inferred that the two factors mentioned above are extremely
important and vital in each and every business organization active in the industry, and therefore
must be thoroughly examined and evaluated. Apart from that, it can be inferred that, despite its
shortcomings, SKANSKA PLC performs admirably in the industry that helps it a lot in
sustaining and surviving in the market in which it is operating since it has a consumer base that is
very loyal to the firm and thus it is one of the major reasons for its huge success in the industry
in which it is working. Further it can be said that it is very crucial to analyse and evaluate the
ratio part in a very accurate and precise manner so that it can help in adding to the value of the
company in the lo0ng run so that it can beat the stiff competition that is prevailing in the market

and can become profitable in the industry which can further lead to the growth and development
of it in the longer term aspect.

REFERENCES
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