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Importance of Accounting for Business

   

Added on  2020-12-09

15 Pages4178 Words388 Views
How Business Works

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1) Describe the different types of organisations found in the publicand private sectors......................................................................................................................31.2) Explain the different structures within the businesses........................................................4TASK 2............................................................................................................................................42.1) Explain the importance of accounting for business success................................................45.1) Describe the different functions carried out by the HR department....................................55.2) Outline key features of employment legislation..................................................................6TASK 3............................................................................................................................................63.1) Present and interpret key accounting information using profit and.....................................6TASK 4............................................................................................................................................84.1) Describe the stages of team development...........................................................................84.2) Carry out an analysis to determine own and others’ roles within a team...........................84.3) Assess three motivation theories.........................................................................................94.4) Describe different types of leadership style......................................................................10TASK 6..........................................................................................................................................106.1) Explain the impact of customer service on business success...........................................106.2) Explain the benefits of customer profiling to a business..................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONBusiness is an important aspects of every firm or entities. Also, its survival is alsonecessary and continuation for longer period of time. In today's scenario, where business entitiesare becoming advance with new and innovative strategy & action planning. Along with this,environment and culture in which firm or entities are operating are required to be flexible andmoderate (Ricart, 2012). To understand such, Virgin Atlantic is the leading airliner company,which provides transportation carrier of people via air mode and also headquartered in London,UK. It provides service to almost 45 location and have fleet size of 46 aircraft's. They are well-known for its world class service to customer's including business class, which is gained lots ofappraisals. For clear understanding of its business, this report will cover importance ofaccounting for business activities, different functions carried out by HR Dept. and features ofemployment legislation. This report will also disclose key accounting information using theprofit & loss accounts and also, in separate stages of team development. Lastly, report willsuggest motivation theories along with leadership style to carry out business effectively. TASK 11.1) Describe the different types of organisations found in the public and private sectorsBusiness environment is the clear collaboration of external & internal factors thatinfluences a company operating system. There are various elements include in business likesuppliers, investors, latest technologies, law and regulations etc. To make clear understanding ofdifferent types of organisation such as public and private sector, this will be possible throughtaking examples of companies in both context. Private sector: This type of organisation are mainly owned by an individual entities,firms, private people or independent authorities. In other ways, private sector can be termed assole traders, who do their self business (Cascades-Masanell, 2018). The major sources of raisingfunding for private sector are investments from various investors, financial bodies or otherbusiness. When talking about private sector, Virgin Atlantic is most suitable example, who isowned by Virgin group.

Public sector:This type of organisation are governed by various legal governmentbodies, legislative agencies, bodies who are controlled by government regions. In this sector,major focus is lies on public welfare that profit generation. Because funding for this sectorreceives from support of governments. British airways is the example of public sector. 1.2) Explain the different structures within the businessesHierarchical structure: In this structure, many different level of an employee's are theirwith team leader's and operational managers. This structure has person belongs to differentfunctions of organisation such as marketing, finance, operations, human resource etc. (Cescau,2017). But, due to huge structure, lack of effective communication and slow decision makingmay occur. This is also known as role culture, where leader is on top position with full rights toeliminate any team members. Flat structure: In this organisational structure, vary few layers of management, whichhas wide span of control and decision making. This structure is important to operate the companyto assess the communication with managers easily and quickly. Employee's who haveresponsibility are being preferred here. This is also known as task culture.Matrix structure: Matrix structure is the companies structure in which reporting relation-ship are set as a grid or matrix, rather that in traditional hierarchy. In simple words, employee'shave dual reporting relationship-generally to both functional manager and product manager. Illustration 1: Organisational structure of Virgin Atlantic

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