Functional Areas in Business Companies and Skills Needed by Candidates

INDIVIDUAL REPORT

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
1- Describing different functional areas in business companies.................................................3
2- Defining types of skills needed by candidates to be capable to work productively in varied
functional areas...........................................................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
A business encompasses varied functions that support in growth and success of
companies. It includes production, marketing, research & development, HRM, accounting etc.
which provides benefit to organizations in term of increasing productivity and profitability. The
current assignment will be based on IOM Electronics Ltd, which falls under list of well-known
regional companies in Manchester. The study will explain varied functional areas in venture
companies. Lastly, the report will justify types of skills required by workers to be able to work
effectively in functional areas.
MAIN BODY
1- Describing different functional areas in business companies
The success and excellent progress of businesses depend on their varied functional areas
that are as following;
Sales department-
It is one of the most common functional areas that provide advantage to a company in
term of focusing on selling their products and services (Tettsoeva, 2018). Sales department as
functional area consist of set of venture processes and activities that support firms to run
business successfully and effectively. This section is direct connected with an organization's
goods and services and its target customers. More than making sales, it helps to build strong
bond with consumers. Sales department contributes to promote progress of ventures as well as
consumer retention, which is quite essential to boost profits margin. By building personal
connection with buyers, this functional area allow individual customer to feel valued, which in
return increase customer base.
Accounting department-
Finance department is the key element of functional areas that is accountable for
preparing accurate financial statement of a company, maintaining ledger, billing etc. By
providing accounting services and managing finances in context of IOM Electronics Ltd, this
functional area help to increase financial performance of organization (Ikechukwu Nwanji and
et.al., 2020.). It is responsible for tracking assets, managing payroll, tracking expenditures,
keeping track of important tax documents and paying bills. It is at centre of any firm and is
accountable for assuring efficient financial administration and financial controls that is essential