Role of HR, Finance, and Marketing Functions within Companies

This report discusses the crucial roles of human resource, finance, and marketing functions within companies. It highlights the importance of collaborative working practices and the role of financial management and reporting in business.

HR, MARKETING AND
FINANCE

Table of Contents
INTRODUCTION...........................................................................................................................3
Role of human resource, finance and marketing functions within companies............................3
Comprehension of collaborative working practices....................................................................4
Role of financial management and reporting within company....................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................8

INTRODUCTION
Human resource, finance and marketing function plays the most essential role within
companies. They are responsible to increase profit margin, strengthen brand image and enhance
the performance much better than before. All the functions of business are working together in
order to gain competitive advantages. The present report is based on different function of
companies, it defines the role of finance, marketing and HR functions within organizations and
justifies collaborative working practices. Furthermore, this study clarified role of reporting &
financial management within firm and its importance in context of business.
MAIN BODY
Role of human resource, finance and marketing functions within companies
Business is one of the essential human activity, it plays significance role in economic
development of UK and for upliftment of living standard of citizen effectively. Organizations
within retail sector operating day to day functions, that helps to run its businesses efficiently.
There are some following functions and their role within firms-
Finance function-
Finance means capital which is lifeblood of any company, a successful organization
needs competent capital to obtain several factors of production (Andjelic and Vesic, 2017).
Financing function includes proper estimation of required budget, its role is to find out correct
source of finance, providing fixed & working capital. In firms, finance function plays vital role,
it includes utilization and obtaining of funds essential for effective operations. The role of
finance function in companies is to make profit planning and cost controls. The base of
businesses is to make profit, it only creates sense that finance would play major role in
evaluating ways to improve profitability. It includes determining profit margin of goods and
weeding out losers as well as promoting winners. The team member of finance department point
out methods to improve productivity in production and find inexpensive sources of materials.
Investment decisions, financing, dividend and liquidity decisions are taken by the finance
division of companies, in order to increase profit margin.
Marketing function-
Atypically, marketing functions forms within businesses include product development,
conducting market research, strategically overseeing promotion, consumer services, developing
marketing plan and making public relations (Cortez and Johnston, 2019). Marketing function

within companies plays their most essential role in establishing strong connections or
relationships between target market and businesses. Marketers tasked with promoting and
branding of companies, participation in publicity activities, clients interaction through review
collection and advertising. Marketing department play role in making products successful in
marketplace and help to gain large number of consumers attention towards purchasing goods. It
helps in satisfying clients beyond their expectations towards companies. Most firm sell more
than one product or services with the help of marketing team. It plays an active role by managing
and designing goods offerings. It supports in maintaining balance of consumers expectations and
business competitor's offerings by monitoring market more closely.
Human resource function-
HR function play crucial role in companies, include motivating workers, recruiting and
selecting skilled applicants (Glaister and et. al., 2018). In simple words, maintaining workplace
safety, develop compensation planning and build effective employee relations is the role of this
function. The purpose of human resource department is to enhance ability of staff member and
increase productivity of companies by optimizing effectiveness of their workers. Its role is to
oversee individuals in firms and deliver the best HR services that meet needs of businesses and
its employees. Human resource department is accountable to give possible suggestions to
strategically manage worker as essential resources of business and these include hiring or
recruitment procedure, skills training and employee benefits.
Comprehension of collaborative working practices
Collaborative working includes whole compass of ways that two or more department
within companies can perform together for specific purpose and drive towards common goals. It
is act of many people performing together for particular reason (Lee and Sheffield, Box Inc,
2018). Collaborations usually refer to peoples working together to address specific issue and
deliver results that are not effectively achieved by performing individually. Collaborative
working practices is now central to the way people work, produce innovations and provide
services. It provides many benefits to large organizations as it helps to increased learning
possibilities, creativity, enhance stakeholder relationships, achieve business objectives & goals
on time, higher worker productivity and provide more flexibility in work direction. Marketing,
finance, human resource and other functions within organizations are working together in order
to achieve common goal.

Marketing role is to promote products and services offering by companies to its target
market. Without funds, they cannot be able to do any activity, so for that they have to
collaboratively work with finance department, because it is responsible to allocate budget
(Mariano and Awazu, 2017). Collaboration between marketing and finance department is very
crucial for businesses, it helps to increase profitability and productivity rather than before within
specific sector. Collaboration between both functions enhance work ability and efficiency of
marketing operations. In order to grow and succeed continuously within marketplace, marketing
department have to collaborate with finance section. Marketing without finance cannot be able to
do anything.
Finance department work together with other section in company, for example
collaboration between HR and Finance is also beneficial for businesses, it directly impacts on
profit margin and ensures higher productivity. Collaboration between human resource & finance
affect results, closer working practices between both department on bonus plan, better
organizational performance. By working together, finance and human resource function improve
businesses practices and support firm to achieve their organizational goals.
Along with this, collaborative working practices between marketing and Human resource
department just like the other, is beneficial for workers and companies. There are many benefits
will be gained from collaboration between marketing and HR including more effective
execution, higher innovation and productivity.
Collaborative working practices gets work done faster, when workers think about
workplace collaboration, they can perform much better than before. It helps to support people
collaboration with promises.
Role of financial management and reporting within company
Financial management focuses on organizing, controlling, monitoring, planning and
directing financial activities within organization (Shapiro and Hanouna, 2019). It focus on
equities, debts and rations, financial management used for portfolio management. Finances is
most important and indispensable part of company, it is difficult for business, whether profit
making, to sustain in market for longer without appropriate finances. The role of financial
management is to take financial decisions. The manager of this department is accountable for
planning of capital activities as well as resources in firm. Finance manager can use accessible
data to understand priorities and needs of business and overall economic position.

Financial management play role in exercising control over capital in company.
Estimation of requirement of finance within firm from time to time is the responsibility of
financial management. It assures that all financial assets of organization are invested and used
efficiently & effectively so that company is sustainable, profitable and viable in long run
(Karadag, 2017). Financial management of company is accountable to track receivable and
payable account in order to assure that there is enough cash flow available at all time.
Furthermore, it can be said that financial management is one of the most effective
function in businesses In order to run and sustain successful business, company must have
excellent knowledge in financial management. This type of management within organization is
very important for different reasons, for example it helps company in financial planning, support
them in effectively allocating & utilizing funds acquired, help in improving productivity and
profitability of business and also contribute to encourage people to save money, which helps
them in personal financial preparation.
Financial reporting is financial outcomes of company that is released to people, usually
encompasses financial statements of organization, which include balance sheet, income
statement and cash flows as well.
Reporting make significant effect on business, change way workers perform their role
and how judgements are made (Stubbs and Higgins, 2018). The role of reporting within company
is to provide accurate information about profit and loss. Profit & loss account and balance sheet
are the two types of reporting, that help to define current position of business within marketplace
and their growth as well.
CONCLUSION
From above analysis, it has been concluded that finance, marketing and human resource
functions within companies are playing an effective role in growth and success of company. The
collaboration between all the functions is beneficial for business as it helps to make brand image
in market place positively and raise their position effectively. When HR and marketing work
together they benefit from collaborations, these welfare translate into advantages for workers,
consumers and potential staff members. Through collaboration with human resource, brand
message will spread throughout organization by internal communication. Moreover, financial
management and reporting also play vital role in company, it helps to identify potential threat
and statement of profit and loss.

REFERENCES
Book and Journals
Andjelic, S. and Vesic, T., 2017. The importance of financial analysis for business decision
making. In Book of proceedings from Sixth International Scientific Conference
Employment, Education and Entrepreneurship (pp. 9-25).
Cortez, R.M. and Johnston, W.J., 2019. Marketing role in B2B settings: evidence from advanced,
emerging and developing markets. Journal of Business & Industrial Marketing.
Glaister, A.J and et.al., 2018. HRM and performance—The role of talent management as a
transmission mechanism in an emerging market context. Human Resource Management
Journal. 28(1). pp.148-166.
Karadag, H., 2017. The impact of industry, firm age and education level on financial
management performance in small and medium-sized enterprises (SMEs). Journal of
Entrepreneurship in emerging economies.
Lee, D.T. and Sheffield, P., Box Inc, 2018. Collaboration sessions in a workspace on a cloud-
based content management system. U.S. Patent 9. 978. 040.
Mariano, S. and Awazu, Y., 2017. The role of collaborative knowledge building in the co-
creation of artifacts: Influencing factors and propositions. Journal of Knowledge
Management.
Shapiro, A.C. and Hanouna, P., 2019. Multinational financial management. Wiley.
Stubbs, W. and Higgins, C., 2018. Stakeholders’ perspectives on the role of regulatory reform in
integrated reporting. Journal of Business Ethics. 147(3). pp.489-508.