Importance of Accounting in Business Organization

HOW BUSINESSES OPERATE

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
Covered in PPT...........................................................................................................................3
TASK 2 ...........................................................................................................................................3
2.1 Importance of accounting for organisational growth ...........................................................3
5.1 Different functions of Human resource department. ...........................................................4
5.2 Key features of employment legislation...............................................................................4
TASK 3............................................................................................................................................5
3.1 Interpretation of Profit & Loss accounts...............................................................................5
Interpretation....................................................................................................................................6
4.1 Steps for team development..................................................................................................6
4.2 Steps for team development..................................................................................................6
4.3 Use of different motivational theories in business activities................................................7
4.4 Impact of different leadership styles on employees..............................................................7
TASK 5............................................................................................................................................8
Covered in PPT...........................................................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
In today's competitive world, business environment has become dynamic in Functions of
a company is affected by micro and macro environmental factors like suppliers, laws and
legislations, ethics, CSR activities and more. These elements are directly affected the operations
and policies of organisation. Therefore, in order to operate a business at local and global level,
managers of industry needs to analyse impact of the same. Because these attributes are generally
forced employers to make changes in policies and strategies. John Lewis Partnership which is the
among the largest international firm of UK in retail sector, has taken under this report. This
company operates its business in many countries all over the world. Present assignment has
disclosed some sorts of organisations come under public and private sectors along with their
different business structures.
TASK 1
Covered in PPT
TASK 2
2.1 Importance of accounting for organisational growth
In today's business scenario, it's important for all the organisation to maintain their
accounting records updated. Importance of accounting are discussed below:
Evaluates business performance: Accounting helps the organisation in evaluating
business performance as it involves the calculation of P&L accounts which are beneficial in
analysing the financial condition of the organisations. John Lewis manages all their financial
statement of the company to check the financial position time to time so that they can take their
business decisions like firing the employees or recruiting, strategies changes according to the
availability of funds etc.
Helps in making budget & future projects: Accounting supports John Lewis Partnership
in making future projects for business growth which are based on the information of past
accounting system. It also helps in preparing budget to implement future projects.
Helps in monitoring cash flow: For future growth of the John lewis organisation
appropriate record of the accounts helps in knowing working capital & requirement of the cash
in the regular business activities.