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Importance of Accounting in Business Essay

   

Added on  2020-07-22

9 Pages1973 Words42 Views
HOW BUSINESSOPERATE

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Covered in PPT.......................................................................................................................1TASK 2............................................................................................................................................12.1 Importance of accounting for business success................................................................15.1 Different functions of HR department in business...........................................................15.2 Key features of employment legislation...........................................................................2TASK 3............................................................................................................................................23.1 Accounting workshop.......................................................................................................2TASK 4............................................................................................................................................54.1 An analysis to determine own and other's roles of team members..................................54.2 Team Development..........................................................................................................5TASK 5............................................................................................................................................7Covered in PPT.......................................................................................................................7CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8

INTRODUCTIONBusiness companies include various sectors and branches that has their ownresponsibilities and authorities. In United Kingdom, there are several business types along withdistinct operation structures. These organisation can be differentiated by their prescribed goalsand vision. Accounting can be defined for a company due to presented company failure andsuccess in numbers. Manager and owners that can carry out in context of enterprise. Consumerrelationship can be effective and assisting as well. Sainsbury's second biggest supermarket chainwithin the United Kingdom (Weiss, 2014). Employer duties is to contain adequate personnel sothat practices are implemented in suitable review. TASK 1Covered in PPTTASK 22.1 Importance of accounting for business successTo operate a business, this is sentential to document information, reports evaluate andmake certain information in regard of debts, assets, profits, liabilities etc. Accountinginformation is fundamental for the decision making and management of Sainsbury's.Administration can not consider any decision without reasonable backup of data. Here arementioned some benefits of accounting system for prosperity and growth of business: Finance division can frame budget and manage activities. Assist in income and expense documentation through administration.Accounting can aid in acknowledging loss or benefits of operations with ascertainedactivities. Assist in managing financial and market position of organisation. 5.1 Different functions of HR department in businessThis is employer's duty to contain adequate personnel and qualified manpower in order tooperate business activities appropriately. Several practices are performed through personnel thatare discussed here: Recruitment and Selection: HR can implement hiring procedure to fill vacant places andhire new applicants to enhance workplace (Adjei, and et. al., 2014). Organise various1

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