Business Operation Management (pdf)

Added on - 22 Nov 2020

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HOW BUSINESS OPERATE
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Covered in PPT.......................................................................................................................1TASK 2............................................................................................................................................12.1 Importance of accounting for the success of business.....................................................1TASK 3...........................................................................................................................................13.1 Interpret the information on profit and loss account........................................................1TASK 4............................................................................................................................................24.1 Own and others roles in team...........................................................................................24.2 Detailed notes with support future training events...........................................................3TASK 5............................................................................................................................................55.1 Different functions by HR department in a business.......................................................55.2 Main features of Employment Legislation.......................................................................5Task 6...............................................................................................................................................66.1 Impact of customer services on business success.............................................................66.2 Benefits of customer profiling in business.......................................................................6CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONBusiness operation is harvested through assets, income, management system, desirabilityor demand of services and goods.Virgin Atlantic airways headquarters in West Sussex, Englandis taken for this report.Most of the operations of business include processing, staffing, locationand technology. These are the basic elements of business operations. To run it smoothly all thesections have to be dedicated to understand these components (Banfield, Kay and Royles, 2018).Different types of leadership styles and their uses according to the scenario will be explained.TASK 1Covered in PPTTASK 22.1 Importance of accounting for the success of businessAccounting is a procedure of listing, summarizing and examining financialproceedings of any firm. It is considered as one of the important functions of an enterprise.It isimportant for any company as it will assist company to find out their financial status as compareto according company.Accounting provides information regarding earnings, liabilities, assets and cost ofcompany (Berton and et.al., 2017). Entire management depends on statistical data obtained byaccounting process. Main purpose of accounting is to keep financial records in the books ofaccounts and ascertain financial position of business.There is analysis of statements and accounts, development of accounting system,regulation of financial planning and gathering of statistical and economic data. These are coreobjectives of accounting system. Importance of accounting is there in procurement planning,development planning, planning of sales, keeping record of stock and setting up target for profit.Accounting process is crucial for stakeholders of Virgin and Tesco in UK.TASK 33.1 Interpret the information on profit and loss account1
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