Role of Financial Management and Human Resource Department in Business Operations

Topic: Case study & report

Table of Contents
CASE STUDY:................................................................................................................................3
Introduction......................................................................................................................................3
MAIN BODY...................................................................................................................................3
Discussion of the role of financial management functions in the organisation:.....................3
Conclusion:......................................................................................................................................5
REPORT WRITING:.......................................................................................................................6
MAIN BODY...................................................................................................................................6
Introduction......................................................................................................................................6
Evaluation of the role of human resource department in business operations:......................6
Conclusion.......................................................................................................................................8
References........................................................................................................................................9

CASE STUDY:
Introduction:
Business functions are different activities undertaken by management in order to achieve
the daily targets of business enterprises. The functions of business involves human resource
management, financial management and many more that assists in systematic management of
financial and human resources of the company. For this report TESCO company is taken into
study. The firm is the famous British owned multinational brand of groceries and general
merchandise and is headquartered in Welwyn Garden City, England. The case study will cover a
case study consisting concept and role of financial management in the company.
MAIN BODY
Discussion of the role of financial management functions in the organisation:
Finance is considered as the most crucial activity for any firms and is critical in order to
ensure smooth running and survival of the daily operations of the company (Cui, An and Zhang,
2021). The main aim of financial management is to manage, organise and direct all activities
related to finance activities. In addition to this, the critical practice of financial management in
the company is to drive effective utilisation of resources, procurement of funds from right
sources as well as investing in right assets in order to achieve financial stability and
independence. In context to TESCO, the financial management in the firm plays important role
such a raising funds in order to support growth projects and also assists the company to allocate
raised funds in the most productive manner. This helps the company to gain financial stability
and power. The following are the key role of financial management functions within the
organisation:
Supports in business success:
The critical role of business finance function is to make short term and long term
financials goals needed to improve profitability of the business. The financial management

supports in evaluating risk and growth factors present in the business environment which helps
the company to tap into profitable business investment options necessary for growth and
development of the business. In relation to TESCO, the financial management in the organisation
supports the company to find best available finance sources with less risks involved. This allows
the organisation to allocate necessary funds in their developmental projects that ensures business
success.
Managing rules and taxes:
The other important role of financial management is to support firms in managing books
of accounts effectively and also helps in avoiding burden relating to tax and duties. In addition to
this, maintaining proper financial accounts will allow the firm not only in following legal rules
and regulations correctly but also supports the firm in making calculation of tax in the most
effective and simple manner. In context to TESCO, the financial management supports the
company to make systematic book entries and accounts which leads the firm to know how much
tax to paid on timely manner in order to avoid tax burden(Jorge, de Jesus and Nogueira,2019).
Better access to finance:
The other crucial role of financial management in the firm is to identify and choose better
sources of funds in order to finance key business functions and day to day business activities. In
relation to this, it assists the company to find cheapest and most reliable fund source in order to
accomplish financial goals and objectives. In context to TESCO, the role of financial department
in the company is to find best appropriate finance sources which supports the company in
facilitating smooth operations.
Controlling business costs:
The other crucial role of financial management is to manage and control business costs in
order to ensure reduction of extra financial burden on organisation. This function helps the firm
to reduce certain business cuts related to fixed and working capital requirements. In context to
TESCO, the financial management supports the company in planning costs related to performing
business activities effectively and assist the company to minimise unnecessary charges such as
bank charges(Kazakova and Sivkova, 2019).
Measuring success:
The other important role of financial management is concerned with managing and
boosting the earning capacity of the company by properly allocating necessary funds in the most