How Businesses Operate

How Businesses
Operate

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Covered into PPT.........................................................................................................................1
TASK 2............................................................................................................................................1
Explanation of importance of accounting for business success...................................................1
Define the different functions of HR department in a business...................................................1
Key features of employment legislation......................................................................................2
TASK 3............................................................................................................................................2
Interpretation of the information on the profit and loss account.................................................2
TASK 4............................................................................................................................................3
Conduct an analysis to determine own and others roles in a team..............................................3
Produce detailed notes that can be used to support future training events..................................3
TASK 5............................................................................................................................................5
Covered in to PPT........................................................................................................................5
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................5

INTRODUCTION
Business operations indicate to actions that businesses engage in on a daily basis to
maximise the value of the firm and earn profit. To operate a business, a venture required several
resources like capital, labour, infrastructure, machinery and many more (Chasin and et. al.,
2018). For business operation, the company establish a business in a specific business industry
such as retail, manufacturing and others. This written report will discuss information about type
of organisations, different structure, and importance of accounting, different HR functions and
key features of employment legislation. Further, will explain about motivation concepts,
leadership styles and impact of customer services on business development and benefits to
customer profiling.
TASK 1
Covered into PPT
TASK 2
Explanation of importance of accounting for business success
Accounting plays an important role in operating a business as it assists the firm to track
income and expenses, assure statutory compliance and provide capitalist, administration and
government with quantitative fiscal data that can be utilised in making business determination. In
an organisation, there is an accountant who is responsible to manage all the accounting
information of the firm. The person help in monitoring areas for development by offering insight
on cash flow patter, inventory management, pricing and business financing (Albanese, 2018). By
designing financial statement and budget the firm can determine all the information regarding
fincial which play an vital role in success of the business because when a firm properly have all
fiscal data regarding profits and expenditures then the business can be operate in effective
manner.
Define the different functions of HR department in a business
Human resource management is a business department which play an effective role in
operating the business activities and operations. There are different functions of a HR division
such as recruitment, workplace safety, employee relations, compensation planning, labour law
and training & development. With the help of recruitment function, the HR division hire
1