Business Department Roles, Teamwork, and Financial Management at Tesco

This report provides an overview of business departments, focusing on the roles and significance of marketing, finance, and human resources. It explores the importance of teamwork, offering examples of how different departments collaborate, particularly between marketing and finance, and finance and sales. The report also explains financial management, its significance for any enterprise, and the importance of financial reporting, including cash flow statements and balance sheets, for informed decision-making within an organization. The analysis uses Tesco as a case study to illustrate these concepts.

INTRODUCTION TO BUSINESS

Table of Contents
INTRODUCTION................................................................................................................................3
MAIN BODY.......................................................................................................................................3
Define the roles and importance of departments. ............................................................................3
Description on teamwork and its significance. Provide two example that how to different
department work together.................................................................................................................4
Explain financial management and significance for any enterprise.................................................5
CONCLUSION....................................................................................................................................6
REFRENCES ......................................................................................................................................7

INTRODUCTION
Business is defined as an activity that making money by producing or buying and selling
commodities (Baum, 2016). It puts any activity of the enterprise in terms to make profit. The
present report is based on role of different departments of Tesco, it is global leading entity that deals
in supermarket services. Henceforth, study will define the role and significance of departments as
marketing department, finance department, Human resource department.
MAIN BODY
Define the roles and importance of departments.
Division of business firm department, section and areas such as accounting, marketing,
planning etc. These are defined in following manner as are-
Marketing department- It is termed out as department for which an enterprise is responsible for
promoting the commodities, ideas, mission of the enterprise. It aids to organize the all activities that
is mainly concerned with marketing and promotion. In addition to it, this is very crucial as this
allows business to maintain the long lasting and ever present relationship with their audience. This
is defined as the ongoing business activities that helps to flourish the business activities.
Finance department- It is termed out as organization that oversees the financial planning and
management activities that is inclusive of budgeting and forecasting, compliance and reporting and
also aids to have creation of value. This is the department that termed out as one of the major pillar
of the organization and also defined as major ingredient to conduct the successful business practices
(Cohen and Bailey, 2019). In addition to it, this can be said that the performance and success of the
enterprise is largely dependent on the thing that how well the finance of the enterprise can be
handled.
Human resource department- It is one of the crucial department of the enterprise and also defined as
assets to the enterprise. This is inclusive of recruiting, selecting, hiring, on-boarding, training,
promoting and firing employees. In addition to this, human resource department highly handles the
training and development activities within the enterprise. It is the department that works with in
conjunction with the departmental managers and they also supervise to determine the training needs
of employees. The one of the significance of this department is that it is highly responsible for
interpreting the policies, procedure and employment laws. HRM acts as backbone to the enterprise
and they are the authorities who is key responsible to manage the working of enterprise effectively.

Description on teamwork and its significance. Provide two example that how to different
department work together.
Teamwork is crucial for success of the enterprise. Effective teamwork is crucial to
accomplish the desired goals of the enterprise. If all employees work in altogether mode than it can
be possible to achieve desire level of success. Thus, significance of the team is that this enables the
smoother movement towards entity targets, also helps in prolong forward momentum and this also
assist team to overcome issues (Ebbes, Germann and Grewal, 2019). Therefore, effective teamwork
support to create the sense of cohesiveness and also define the unity of the purpose. To perform the
activities within the team helps to enhance momentum that leads to have greater efficiency. With the
help of the team work, the performance can be conducted within the enterprise in more effective
manner. Teamwork termed out as the combination for the to undertake the effective and productive
collaboration and also critical for the success of the enterprise. Team management work helps to
overcome the obstacles.
Significance of teamwork-
Teamwork can be termed out as the collaboration, effort, cooperation and sense of
ownership among the workers that leads to greater efficiency, enhancement in productivity and also
creates the healthier working environment. Thus, it can be stated that the strong sense of teamwork
can bring improvement in the communication, fosters the innovation and promote better working
environment(Feng, Morgan and Rego, 2015). Employees work in team can assist to accomplish the
task timely rather then assign more hours to a project. Hence, employee working in team can share
the ideas, methods and approaches with one another. In the last, this can be stated that team
members can serve as de facto coaches for each other.
Two example that department performs together-
Marketing and finance- The activities of these two departments are interlinked with each other. In
this, marketing department is responsible to undertake the marketing activities as per the budget set
by finance department. This helps to finance department by completing the activities in minimum
cost. Finance department is also responsible for allocating the budget and set the limits for
marketing department (Sanyal and Hisam, 2018). It provide adequate amount of funds to marketing
department to undertake their business activities. Without the effective functioning of one
department the other department cannon conduct the business functions effectively.
Finance and sale- The departmental activities of these two department are also interlinked with
each other. It is department that arrange the funds for the sales department to create the offers and
attract the customer. Thus, selling department aids to finance department to create he more funds

and makes the organization more profitable. Henceforth, finance department is mainly concerned
with the all aspects as profits, cash, cost, feasibility of project etc.
Explain financial management and significance for any enterprise.
Financial management is termed out as financial planning. It is one of the effective things
that decides about the financial necessity associated with the business concern. It is defined as one
of the most crucial aspect of the business. It is the responsibility of financial manager is to measure
out the organizational efficiency with help of proper allocation, acquisition and management(Di
Tella, 2017). This is also defined as term that helps to improve operational efficiency with help of
providing the timely supply of fund. In addition to this, financial management is connected with the
procurement, allotment and control of the financial resource of the enterprise. This is defined as one
of the effective term that aids to conduct the business activities in effective and efficient manner.
Significance of financial management-
It is one of the crucial factor that refers as to conduct the strategic planning, organization,
directing and control the financial undertakings within an enterprise. This aids to meet out the
prerequisite of the business concern. Henceforth, the continue growth is termed out as one of the
significance of financial management in enterprise to accomplish the business objectives.
Define reporting and its purpose for any organization.
This is defined as account or statement that define in detail an event as the result of
observation that helps to undertake the things effectively and efficiently. Financial reporting mainly
governed by statutory and common law that should be done as per the ethical standards. Thus,
financial reporting falls short of both ethical and legal standards. In addition to it, financial
reporting is inclusive balance sheet, statement of cash flows that helps to undertake the things
effectively and efficiently. This reporting is involves the disclosure of financial information. Thus,
financial reports usually based on the annual basis and quarterly . Additionally, corporate financial
reporting is defined as an essential activities that aids to undertake the better decision making.
Henceforth, the kinds of reporting are defined in following manner as are-
Cash flow statement- It is defined as financial statement that provides the aggregate data in relation
to all cash inflows and outflows receive by the enterprise. In addition to it, this demonstrates that
from the where cash has come during the period and what the entity need to done with the available
cash. Therefore, Cash flow statement helps to shows up the profit and expenses. It is termed out as
the financial statement that aids to summertime the business cash transaction throughout the given
accounting period. This is one of the effective term that breaks the analysis down to operating,

investing and financial activities. It is one of the effective term that is mainly concerned with flow
of cash and out of the business.
Balance sheet- This is defined as statement that is inclusive of assets, liabilities, capital of business
or other enterprise at a particular period of time. Henceforth, the main object of balance sheet is to
disclose the financial status of business at a specific point of time (Gore, 2016). In addition to it,
Balance sheet reconciliation is the reconciliation of the closing balances of all the accounts that firm
forms the parts of firms balance sheet. Henceforth, balance sheet mainly uses the accounting
equation as assets= liabilities + equity of owners that aids to show the financial picture of the
business on specific day.
CONCLUSION
Hereby, it can be concluded that the business departments helps to properly divide the task that
helps to conclude the each thing effectively and efficiently. Thus, study has covered things as role
and significance of departments as marketing department, finance department, Human resource
department.

REFRENCES
Book & Journal
Baum, T. ed., 2016. Human resource issues in international tourism. Elsevier.
Di Tella, S., 2017. Uncertainty shocks and balance sheet recessions. Journal of Political
Economy.125(6).pp.2038-2081.
Ebbes, P., Germann, F. and Grewal, R., 2019. Marketing Department Power and Board
Interlocks. Wharton Customer Analytics Initiative Research Paper.
Feng, H., Morgan, N.A. and Rego, L.L., 2015. Marketing department power and firm
performance. Journal of Marketing. 79(5). pp.1-20.
Feyen, E. and et.al., 2017. Which emerging markets and developing economies face corporate
balance sheet vulnerabilities?: a novel monitoring framework. The World Bank.
Gore, S.N., 2016. Commercialisation of a Zimbabwean Government Department: Challenges And
opportunities For Human Resource Management.