How Businesses Operate

How Businesses Operate

Contents
Introduction.................................................................................................................................................2
Task 1 & 5...................................................................................................................................................2
Task 2..........................................................................................................................................................2
Task 3..........................................................................................................................................................3
Task 4..........................................................................................................................................................4
Conclusion...................................................................................................................................................5
References...................................................................................................................................................6

Introduction
Business is referred to an activity which is undertaken with an attempt to achieve suitable
economic outcomes (Clinton and Whisnant, 2019). This takes into consideration selling of goods
and services in exchange for money. This project aims to prepare materials of relating to
information about businesses with an intention of educating the students who wish to start their
own business in the future.
Task 1 & 5
Covered in PPT
Task 2
Below are the 3 information sheets.
1.
Importance of Accounting for Business
Accounting is referred to one of the crucial business function which involves keeping a track
of the income and expenditures of business and support in making suitable decisions for the
future (Sun, Strang and Firmin, 2017). The major benefit which are offered through
accounting are as follows:
 Accounting helps in conducting a detailed evaluation of the performance of the
business. As it gives a clear picture of revenues, expenses and debt which has been
possessed by the business.
 Accounting systems assures that all the laws and regulations are complied by the
business. This further contributes to smooth operations of business and minimum
government intervention.
 The most important feature of accounting is that it helps in creating budgets for future
endeavours of business. Future trends of a business are studied with the help of
financial data which further assists in making profitable decision.
2.
Different Functions carried out by HR department
Human resource department is a crucial division in an organisation which is responsible for
managing and retaining workforce for a business. Below listed are some of the crucial
functions which are performed under this division.
a. Hiring suitable candidates for the vacant positions in the organisation is the primary
function which is fulfilled under this division.
b. Ensuring that employees are offered with safe and healthy work environment is
another function performed by human resources for a particular organisation.
c. Training and development are some of the activities and programs designed by HR
department to make sure that employees’ skills and capabilities are uplifted.
d. A human resource manager is responsible to act as a bridge between employer and
employees for the same organisation. This function may involve resolution of
conflicts, identifying job satisfaction and appropriate compensation.