How Businesses Operate: Importance of Accounting, HR Functions, Employment Legislations, Profit and Loss Interpretation, Team Analysis

Unit 3.23 How Businesses
Operate

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 2............................................................................................................................................1
Explain importance of accounting for business success.............................................................1
Different functions performed by HR department in a business. ...............................................2
Features of employment legislations...........................................................................................2
TASK 3............................................................................................................................................2
Interpretation of information of profit and loss account statement.............................................2
TASK 4............................................................................................................................................3
Analysis to determine individual's role in a team with results....................................................3
Detailed notes that could be used to support training events......................................................4
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Business environment is defined as a summation total of all aspects outside to business
companies and which it greatly influence their functioning. It basically covers aspects and forces
such as customers, competitors, government, social, political, technological, suppliers and legal
conditions. Business surroundings generally helps in determining tapping useful resources,
assists in planning and improves overall performance, profitability, opportunities, and growth.
There are different kinds of business environment such as micro as well as macro
environment(Sun, Wu, and Yang, 2018). Business environment consists owners, activities by
government, innovation in technology, market trends, economic changes, clients, suppliers,
social trends,etc. These aspects affect the function of the company and how a company works
directly or indirectly. Addition of these aspects influences the companies as well as business
organisations environment or situation. This report is based on how business operates which
implies various activities that are to be taken in operating business. This report includes business
functions, accounting workshop, teams along with its conclusion.
MAIN BODY
TASK 2
Explain importance of accounting for business success.
Accounting plays a important duty in carrying a businesses as it helps to examine income
as well as expenditures, expenses, ensures statutory compliance or provide investors,
management as well as government with quantitative financial data which could be used in
taking business decisions (Cosenz and Noto, 2018) . Importance of accounting for success in
terns of Marks and Spencer as an example are as follows: It helps in analysing of business performance: As financial records reflects outcomes of
operations and financial position of businesses and corporation. Accounting in business
helps in understanding what is going with their business financially. It ensures statutory compliance: Accounting systems helps businesses to ensure
statutory compliance. Accounting role will ensure that liabilities like sales tax, pension
funds and income tax which are specifically addressed.
1