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Importance of Accounting for Business Success (Doc)

   

Added on  2020-10-22

10 Pages1750 Words233 Views
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HOW BUSINESS OPERATES
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3TASK 1............................................................................................................................................3Covered in PPT.......................................................................................................................3TASK 2............................................................................................................................................3Importance of accounting for business success......................................................................3Different functions carried out by HR department.................................................................3Key features of employment legislation.................................................................................4Benefits of employment legislation to employees and businesses.........................................4Impacts of employment legislation on businesses in UK.......................................................4TASK 3............................................................................................................................................4Interpretation of information on profit and loss account of Marks & Spencer......................4Business rations for analysing business performance............................................................5Budgets, profit and loss accounts and cash flow predictions for analysing businessperformance............................................................................................................................5TASK 4............................................................................................................................................6Determining own and other’s roles within team....................................................................6Detailed notes for supporting future training events..............................................................7Appropriateness of leadership and motivational styles in different situations.......................7Evaluation of motivational theories for motivating employees.............................................7Impacts of different leadership styles on employees..............................................................7TASK 5............................................................................................................................................8Covered in PPT.......................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................9
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INTRODUCTIONThere are different types of business found in the public and private sectors having differenttypes of structures. Every business have various operational functions such as accounting, humanresources and finance (Joy, 2018). Business needs to follow some key employment legislations.Business organisations maintaining effective customer services gains success. Marks & Spenceris retail business organisation that operates under private sector and offers wide range ofproducts and services to its customers. In the present report, stages of team development andmotivational theories are explained. Report also includes analysis of impacts of customerservices and also impacts of leadership styles on the employees. MAIN BODYTASK 1Covered in PPTTASK 2Importance of accounting for business successData, reports, records, accurate information regarding assests, liabilities, profits and lossesis required for running the business organisation (Duska, Duska and Kury, 2018). Maintainingaccounting is important for effectively managing the business activities and for decision makingas well. Business success is dependent on the proper and accurate maintenance of the financialrecords or accounting.Different functions carried out by HR departmentHuman Resource Department of business focus on effectively managing the humanresources or employees. The main functions that are carried out by HR are selection andrecruitment of employees, providing them training and development, Performance management,considering business key regulations and legislation and to provide rewards and recognition toemployees.
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