Evaluation of HR, Marketing, Finance Functions and Collaboration

This report provides an in-depth evaluation of the roles of Human Resources, Marketing, and Finance functions within organizations, emphasizing their significance and interdependencies. It explores the responsibilities of each department, including recruitment, training, brand management, customer relations, bookkeeping, and financial decision-making. The report also analyzes collaborative working practices, highlighting their advantages such as talent conglomeration, skill expansion, and accelerated problem-solving. Furthermore, it delves into financial management and reporting, covering objectives, obligations, and the importance of financial statements for stakeholders, compliance, investment planning, and capital raising. The report references various academic sources to support its arguments and provides a comprehensive understanding of the core business functions and their impact on organizational success.

INTRODUCTION TO
BUSINESS STUDIES

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
LO1. The role of HR, Marketing and Finance Functions............................................................3
LO2. Collaborative Working Practices........................................................................................4
LO4. Financial Management and Reporting within the organisation..........................................5
CONCLUSION -.............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
This report evaluates the role of HR, Marketing, and finance function within the
organisations and the collaborative working which has been growing over the years. This report
further discusses Financial Management and Reporting that is done in organisation.
MAIN BODY
LO1. Roles of different department in Organisation -
The following discussed below is the role of HR, Marketing and Finance functions within the
organisation -
Role of HR -
Recruitment & Training – Recruitment means finding appropriate candidate for a particular role,
advertising a vacancy, selecting and interviewing candidate, overseeing contracts of
employments etc (Ajoudani and et.al., 2020). It is the responsibility of HR department to provide
training to its existing and new employees in order improve their skills.
Performance Appraisal – HR department cheer and motivates employees to work with their full
potential. It also monitors the performance of employees and give rewards and training as per the
employee performance.
Maintaining work Atmosphere – It is the responsibility of HRM to provide good working
environment so that consistent productivity is maintained and no issues arise. If any disputes
arises, it is to be effectively dealt by HR department.
Compensation and Benefit Administration – People work in the organisation for growth and
financial assistance (money) all decisions regarding the post salary, benefits rewards that is taken
by HR department.
Role of Marketing -
Determining and Managing Organisation's Brand – This role involves defining what
organisation is, what is does it do and how does it showcase itself in the market (Bettiol,
Capestro and Di Maria, 2017). It focuses on the impression that organisation want to have on its
customers and partners when it interacts with them.
Listening to Customer Needs – It is the responsibility of Marketing department to formulate
strategies, before that it needs to take feedbacks from internal channels and from outside the
company to know have complete ideas what can be improved in its products and services.

Track trends and Monitor Competition – It is very essential role of marketing department to
track the current trends regularly and be aware of all the competition.
Researching the Market – Recognising market opportunities, analysing the nature of customers
and understanding the target market are the key role marketing department.
New product development – Marketing department with production department develops new
products and services by testing the products, defining the features of the products etc.
Marketing Mix – One of the key role of marketing is to develop the marketing mix-product,
price, place and promotion strategies which helps in selling the product.
Role of Finance -
Bookkeeping – The most basic role of finance department is to record all the day-to-day
transactions, analyse and interpret organisation's transactions (Bose, Dong and Simpson, 2019).
Booking keeping includes tracking all the expenses bear and sales of finished goods.
Management of Company's Cash Flow – Finance departments manage all the cash flows of the
company and ensure it has enough budget to run its day-to-day operations.
Budgeting and Forecasting – Finance departments makes budget of the company with help of
managers and also forecast about the position that company have in the market. It also consider
the past records of various departments to make better budget for long and short term
requirements.
Financial Decisions and controls – Finance departments play a key role in making financial
decisions and implementing the control over the organisation's finances with the techniques like
ratio analysis, profit and loss analysis, financial forecasting etc.
LO2. Collaborative Working Practices
Collaboration is an essential factor for small and large businesses. It creates environment where
people can work and communicate with other freely (Cascio and Graham, 2016). Collaborative
work practices bring change in environment at workplace and gives new dimensions to company.
It is important that employees accept the collaborative mindset and actively participate in group
dynamics. Progressive organizations is recognising the value of collaboration and searching for
ways to promote it within their teams, both convential and virtual.
Advantages of Collaboration -

Conglomerating talents and Strengths – When the team members or employees get together,
they can employ knowledge, skills and experiences of all members involved. Effective
collaboration help employees to share their portion of talents and find the favourable solution for
all problem.
Expansion of Employee Skills – Collaboration is reciprocally valuable for organisation and
employees because meanwhile they work jointly, interact and share their opinion with each other
they get to know how to manage work, think, operate & negotiate (Farooq and et.al., 2017).
Teammates can pick each other skills and build upon their strengths and practice and enhance
and come up with new perspective.
Speed up Solutions – Collaboration also helps in speeding up the things and fast track progress.
It may takes months to find solutions for an individual but while brainstorming with other
employees more innovative and fast solutions to problems.
The following discussed below is how to create the culture of collaboration in organisation -
Assembling people together to solve problems – Now-a-days organisation's bring together
employees from various departments of the organisation to brainstorm on issue or challenge
and present their diverse perspectives to come up with the innovative idea in order to benefit to
organisation (Da Costa, and et.al., 2018).
Creating personal connections- Developing bonds with teammates and colleagues in the
organisation helps in making workplace more comfortable and also differentiate the organisation.
It also helps in boosting efficiency of employees as they can comfortably connect each through
company's software while working and through social networks to enhance their work
relationship.
LO4. Financial Management and Reporting within the organisation
It refers to organic function of operational business activity that oversees that funds are
effectively and efficiently utilized (Geppert, Becker-Ritterspach and Mudambi, 2016). It is
concerned with planning, organising, controlling and administering funds used in the business.
Objectives of Financial Management -
To makes that there is regular and sufficient supply of funds in the organisation.
To ensure that the funds allocated are optimally and efficiently utilized.

To make sure that adequate returns are provide to shareholders which depends on the market
price of the shares of the company.
Financial Management makes sure that there is equitable and sound formation of capital to
sustain balance between debt and equity capital (Mitev and et.al., 2019).
Obligations of Financial Management :
Assessment of Capital Obligations – Finance Executive has to shape estimations keeping in mind
the capital requirements of the company. Capital requirements depends on the estimated costs
and profits, programs and policies of organisation. Manager needs to ensure that estimation leads
to increase in earning capacity.
Determination of Capital Composition – After the estimations are made, capital structure of the
organisation are to be decided. It is decided by short and long term debt and equity analysis to
know that how much capital company possess and how much is to be raised from the outside.
Choices of funds – Organisations have numerous choices like issue of debentures, credits from
banks and other institutions, residents deposits etc. but all the factors depend on the time period
for which funds are to raised and its merits and demerits.
Investing Funds –The finance administrator of company decides to allot funds into profitable
projects in order to keep them safe and get regular returns.
Disposal of funds – The net profits decisions is taken by the finance manager of the organisation
considering two ways and the suitable is chosen (Resch, Hoyer and Steyaert, 2020). First,
dividend declaration by identifying the rates of the dividend and other benefits like bonus. And
the Second, retained earnings, which relies on the growth, innovational and diversification plans
of the organisation.
Regulation of Cash – Financial administrator has to take decisions related to cash management.
Because cash is needed in various activities in the organisation such as, remission of salaries and
wages, payment to lender, to meet current debt etc.
Financial Controls - Financial executive besides planning, procuring and utlizing the funds but
he also exert control on the finances by using various techniques such ratio analysis, financial
forecasting cost control etc.
Reporting -

Financial reporting plays crucial role in the financial management as it provide information
related to financial position of the organisation, changes in organisation's financial position that
is useful for various stakeholders related to company (Ghauri, Gronhaug, and Strange, 2020).
Importance of Financial Reporting -
It helps organisation to obey various status and regulatory requirements like organisation have to
file financial statements to government agencies and ROC .
Financial reports are the foundation for finvestment planning, benchmarking, analysis and
decision making.
Reporting facilitates statutory audit, which are required to audit the financial statements to
express opinion about the organisation (Teal, 2019).
On the basis of financial reporting, the pubic analyse the performance of organisation and
management.
Reporting also helps in raising capital domestically as well as internationally.
Financial Reporting also helps in the purpose of bidding, government supplies, labour contract
etc.
CONCLUSION -
The following report above describes the role of HR, Marketing, Finance functions how they
are crucial in an organisation. It also discusses the advantages and how the collaborative work
practices should be adopted by the company to build better and differentiate environment. At
last, report demonstrate knowledge about what is financial management it functions and
objective and how financial reporting play key role in financial management.

REFERENCES
Books and journals
Ajoudani, A., and et.al., 2020. Smart Collaborative Systems for Enabling Flexible and
Ergonomic Work Practices.
Bettiol, M., Capestro, M. and Di Maria, E., 2017. Industry 4.0: The strategic role of
marketing.Proceedings of the XIV Convegno Annuale SIM, Bergamo, Italy, pp.26-27.
Bose, S., Dong, G. and Simpson, A., 2019. The Role of Finance in Achieving Sustainability. In
The Financial Ecosystem (pp. 1-18). Palgrave Macmillan, Cham.
Cascio, W.F. and Graham, B.Z., 2016. New strategic role for HR: Leading the employer-
branding process. Organization Management Journal.13(4). pp.182-192.
Da Costa, J.C.N., and et.al., 2018. The role of marketing capabilities, absorptive capacity, and
innovation performance. Marketing Intelligence & Planning.
Farooq, M.S., and et.al., 2017. Acceptance and use of lecture capture system (LCS) in executive
business studies. Interactive Technology and Smart Education.
Geppert, M., Becker-Ritterspach, F. and Mudambi, R., 2016. Politics and power in multinational
companies: Integrating the international business and organization studies perspectives.
Organization Studies. 37(9).pp.1209-1225.
Ghauri, P., Grønhaug, K. and Strange, R., 2020. Research methods in business studies.
Cambridge University Press.
Mitev, N., and et.al., 2019. Co-working spaces, collaborative practices and entrepreneurship. In
Collaboration in the digital age (pp. 15-43). Springer, Cham.
Resch, B., Hoyer, P. and Steyaert, C., 2020. Affective control in new collaborative work:
Communal fantasies of purpose, growth and belonging. Organization Studies,
p.0170840620941616.
Teal, D., 2019. Organizational Growth and its Impact on the Role of Human Resources: A
Qualitative Narrative Study(Doctoral dissertation, Northcentral University).