How Business Operate

How Business Operate

Table of Contents
INTRODUCTION...........................................................................................................................3
Task 2- Business functions..............................................................................................................3
2.1 Importance of accounting for business success ...............................................................3
2.2 Functions carried out by the HR department in a business .............................................4
2.3 Key features of employment legislation...........................................................................4
Task 3 – Accounting workshop.......................................................................................................4
3.1 Interpret the information on the profit and loss account..................................................4
........................................................................................................................................................6
Task- 4.............................................................................................................................................7
4.1 Describe the stages of team development .......................................................................7
4.2 Analysis personal and other roles within team in an organisation...................................7
4.3 Motivational theories used in businesses to motivate employees....................................8
4.4 Impact of different leadership styles on employees.........................................................9
CONCLUSION................................................................................................................................9
REFERENCE................................................................................................................................10
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l壱INTRODUCTION
Business refers to as buying and selling of good and selling of goods and services for
making profitability to the organization. Business operations define as the functions and
activities which are done on the daily basis for generating profit and achieve the organization
goals. In order to operate the business, various internal and external factors are needed to focus
for analyzing the organization’s market position and planning of various strategies. Tesco is
taken as the base company. Tesco is a multinational groceries and merchandise retailer which is
headquartered in UK. It is considered as the third largest retailer in the world which is
specialized in selling of various products such as clothing, electronics, furniture and so on. This
company was found by Jack Cohen in 1919. This report covers the key features of business
environment which helps in understanding the internal and external components of the
organization that enable them to perform better. It also includes the functions of business that
describes all the activities that are done in the firm with its strategy for improving the accounting
skills. Along with this, it also features about managing of teams within an organization for
providing a better output to serve to their customers.
l壱Task 2- Business functions
l弐2.1 Importance of accounting for business success
Accounting has an important role in a business that helps in tracking of income and
expenditure, ensures statutory compliance and provide investors, management and government
with financial information which is used to make business decisions (Allen, George and Davis,
2018). Various importance of accounting are mentioned below-
Helps in evaluating performance of the business: In reference to Tesco, accounting helps in
tracking of all the expenses, gross margins and debts of the organization and compared with the
previous stats which will determine the performance of the business. It also analyze in
identifying the financial position of the organization.
Ensures statutory compliance: The accounting functions will ensure that all the liabilities such
as income tax, sales tax and so on are addressed. In context to Tesco, proper accounting systems
and processes will ensures statutory compliance.

l壱2.2 Functions carried out by the HR department in a business
Human resource department has the function of finding, screening and hiring the right candidate
of the organisation which helps in achieving the objectives as well as making profitability
(Anwar and et. al., 2019). In relation to Tesco, its various functions which are carried out in an
organisation are mentioned below-
Recruitment and selection: Human resource department has the task of hiring employees
for the organisation through recruitment and selection. Recruitment is the process of finding and
attracting the capable person from the pool of people of their organisation whereas selection is
the process of hiring of the shortlisted candidate. In reference to the selected organisation, HR
uses recruitment and selection process for hiring the right candidate for the right position for
achieving the goal of the organisation.
Rewards: Rewards refers to the appreciation given to the employees for their
performance in the organisation and these are given in the form of money, bonus, performance
based pay and so on (Bressan, Alons and Kok, 2021). Tesco give rewards in the form of giving
holidays, status, growth opportunities and many more which helps them in motivating to work.
l壱2.3 Key features of employment legislation
Employment legislation includes various laws and act which are related to rights of
employee and employers and its expectations of employee and employer. There are various laws
such as discrimination act, minimum wages act, employment relation and many more are
included in employment legislation. In reference to the selected organisation, various features of
employment legislation are mentioned below-
Work conditions: Employment legislation includes working conditions such as working
hours, vacations, rest period and so on. Their main feature is to make sure that every
organization is working under this conditions.
Administration of labour law: It includes the functioning of administration authorities
such as labour department, labour inspections and so on in the employment legislation
(Dissanayake and Samaratunge, 2018).