How Business Operates: Types of Organizations, Accounting Importance, HR Functions, and More

How business operates
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Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Covered in PPT............................................................................................................................3
TASK 2............................................................................................................................................3
2.1 Importance of accounting for business success.....................................................................3
5.1 Functions of HR department..................................................................................................4
5.2 Key features of employment legislation................................................................................4
TASK 3............................................................................................................................................5
3.1 Presentation and interpretation of key accounting information using of P&L accounts.......5
TASK 4............................................................................................................................................6
4.1 Stages of team development..................................................................................................6
4.2 Individual and others roles in a team.....................................................................................7
4.3 Motivational theories.............................................................................................................7
4.4 Types of leadership styles......................................................................................................8
TASK 4............................................................................................................................................9
Covered in PPT............................................................................................................................9
Conclusion.......................................................................................................................................9
REFERENCES..............................................................................................................................10
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INTRODUCTION
The operation of business depends over the conditions exist within an industry, nation and
external business environment. There are two types of business sector private and public. The
main purpose of private organisation is to earn profits. This includes different of organisations
like sole trader, partnership, private limited by share or guarantee etc. On the other hand, the
main purpose of public organisations is to govern business activities for welfare of society.
These are controlled by government of nation. The main of this report is to analyse the different
aspects associated with business operation (Clinton and Whisnant, 2019).
The aspects cover in report includes types of organisation, different types of structures,
factors impact upon business operations, importance of accounting to business, different
functions perform by Hr department, key features of employment legislation, presentation &
interpretation of accounting information through use of P&L, stages of team development,
motivational theories, types of leadership and benefits of profiling.
TASK 1
Covered in PPT
TASK 2
2.1 Importance of accounting for business success
Accounting is important for business because it will help them in arraigning of capital for
starting business successfully. There are different importances of accounting for success of an
organisation. Some are explain as below:
Business planning: Accounting plays an essential role in business planning because it
supports business to track income and expenditures, make sure statutory compliance, and give
investors, administration, and government with numerical financial data which can be followed
within making business decisions (Cosenz and Noto, 2018).
Budgeting: Accountants as well as management prepare different plans in order to balance
their business expenses and incomes. Therefore, accounting role is more important in preparing
budget for starting new business successfully.
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