Comprehensive Report: Business Functions and Collaborative Working

This report delves into the core functions of a business, focusing on the roles of Human Resources (HR), Marketing, and Finance. It examines the significance of HR in recruitment, performance management, and employee relations, while highlighting the marketing function's role in product management, customer engagement, and content creation. The report also outlines the finance function's responsibilities in managing cash flow, financial reporting, and risk management. Furthermore, it explores collaborative working practices, emphasizing their benefits in enhancing creativity, knowledge sharing, and productivity. The report also discusses the crucial role of financial management in planning, monitoring, and controlling financial activities, along with the importance of financial reporting in decision-making and future planning. Overall, the report provides a comprehensive overview of these key business aspects and their interdependencies.

Introduction to Business
Studies

Contents
INTRODUCTION.....................................................................................................................................3
MAIN BODY.............................................................................................................................................3
Role of HR, Marketing and Finance functions within an organization.....................................................3
Collaborative Working Practices..............................................................................................................4
Role of financial management and reporting within an organisation......................................................5
CONCLUSION..........................................................................................................................................6
REFERENCES..........................................................................................................................................8

INTRODUCTION
Business studies, within businesses helps in making effective as well as informed
decisions along with a better understanding of the world of business (Boone, Kurtz and Berston,
2019). Not only this, business studies combines the study of finance, accountancy, marketing as
well as economics. The report includes an explanation of the role of HR, Marketing and Finance
functions and the concept of collaborative working practices. There are a number of important
roles that the Human Resources function plays within an organization. Recruitment and selection
is one of the most important roles that the HR function plays within an organization. Marketing
Function also plays an important role in enhancing the overall profitability as well as
performance of the organization. Lastly, there is also an explanation of the role of financial
management and reporting within the organization.
MAIN BODY
Role of HR, Marketing and Finance functions within an organization
Role of HR Function
There are a number of important roles that the Human Resources function plays within an
organization. Recruitment and selection is one of the most important roles that the HR function
plays within an organization. Performance Management is a vital component for any
organization to maintain its performance and ensuring that the employees remain productive
(Cumming and Zhang, 2019). The human resource function manages the performance of the
employees by making sure that there is good leadership, open feedback as well as clear goal
setting. The different tools used for performance management include 360-degree feedback
wherein the managers, coworkers as well as subordinates review the overall performance of an
employee (The 12 Key Functions of Human Resources, 2020). Apart from this, the human
resource function also makes sure that the employers as well as the employees maintain positive
relationships with each other. Rewarding employees for their good performance is another
important role played by the HR function.
Role of Marketing Function

Marketing Function also plays an important role in enhancing the overall profitability as
well as performance of the organization. It defines and manages the products and services of the
company for instance, what does the company do and stand for. The marketing department
conducts various campaigns in order to attract a greater number of customers. Apart from this,
the marketing department also creates content that which provides search engine optimization for
the company’s website. The monitoring as well as management of social media is another
important role which is played by the marketing function. This is because it helps the company
in engaging with its customers.
Role of Finance function
Finance is another important function that significantly contributes to the overall
management of finances within the company. For instance, the finance function manages the
inflows as well as outflows of cashflows (Fletcher and et. al., 2018). The function is also
responsible for developing the financial reports, conducting audits and identifying as well as
managing the risks that can have a negative impact. Apart from this, it also allocates funds to the
different departments of the company like marketing department, human resources department
etc. The finance function also develops strategies that can help in increasing the overall profits.
And this can be done in various ways like demand and supply, competition within the industry,
pricing etc. Other important roles of the finance function include bookkeeping, management of
the cashflow of the company, budgeting as well as forecasting and assist the managers in making
informed decisions.
Collaborative Working Practices
Collaborative working, also known as partnership working includes various ways that
allow two or more organizations to work with each other. It can involve informal networks,
alliances, joint delivery, of projects or even a full merger. There are many advantages of
collaborative working practices. For example, they help in increasing the overall creativity as
well as thinking of the employees within the workplace (Ghauri, Grønhaug and Strange, 2020).
Greater innovation is one of the clearest benefits of collaborative operating. It can be fostered
with the aid of bringing together people with complementary or maybe contrasting abilities and
attractive them in sports, such as brainstorming answers to any difficulty facing the challenge.
Collaborative working practices also allow the employees of the company to work comfortably

with each other. Also, the employees get an opportunity to enhance their existing knowledge and
thus, perform better.
Another advantage of implementing collaborative working practices is that the level of
productivity of the employees is increased. With the exquisite technological advances in
collaborative and management software program, collaboration within the place of work can
now expand to encompass group participants working across massive distances who still
experience like they are part of a unified crew. If carried out well, this greater geographical
dispersion of your team can convey many new techniques to work practices while no longer
always losing any of the cohesion of a unmarried-location group (Grosser, Moon and Nelson,
2017). Collaboration ought to be communicated to group participants as the minimal trendy. To
foster this, group individuals need to be provided with described person and collective roles and
duties they'll keep inside the team. When they've a clear information of their position, each crew
member will work more efficaciously and without by accident stepping on another individual’s
toes developing unforeseen conflicts. In a collaborative surrounding, each group member reports
what it method to participate within the shared responsibility of consequences.
To empower every crew member, it is a great approach to paintings with their strengths
as opposed to operating around their weaknesses. It is a great idea to have each member take a
character take a look at including the Myers-Briggs, and maintain a group roundtable to
percentage outcomes. This is a super bonding exercise because the results allow anyone to get to
understand themselves and their group individuals in a mile’s deeper way. It additionally offers
team participants information about who to visit and for what based totally upon everyone’s man
or woman strengths. When teams are connected in this manner, every member is set up for
fulfillment due to the fact they may be each assigned responsibility that play to their respective
strengths.
Role of financial management and reporting within an organisation
Financial management is an important activity that is carried out within an organization.
It can be described as the process of organizing, planning, monitoring financial with a view to
achieve goals and objectives of the organization (Kingsley, Noordewier and Bergh, 2017). This
is primarily because finance is an important function within any organization and can
significantly contribute to its overall success in the industry. Financial management plays a

crucial role in making decisions that are related to finance and exercising control over the same.
Financial management is also responsible for planning the financial activities as well as
resources within the company. It is the responsibility of economic management to estimate the
capital necessities of the organization sometimes, determines the capital shape and composition
and makes the choice of source of investment for the capital desires.
Financial management guarantees that ever one financial resources of the agencies are
used and invested efficaciously and correctly so that the business enterprise is worthwhile,
sustainable and feasible inside the lengthy-run (The Role of Financial Management in an
Organization, 2020). It is extraordinarily critical for organizations to have sufficient working
capital and cash float to meet their operational fees and emergencies. Financial management
tracks account payable and receivable to ensure there is sufficient coins go with the flow
available always. On the other hand, reporting can be defined the reporting of financial as well as
operating data within the organization (Ross, 2020). It is considered to be another important
aspect that usually helps in developing future forecasts, marketing plans etc. The purpose of a
business record is to provide important evaluation of the way the commercial enterprise is
tracking in all regions of the corporation. Business reviews are vital equipment to guide decision-
making and to permit enterprise owners and senior managers the opportunity to investigate and
clear up any recognized issues.
Reporting is finished thru the manner of compiling and reviewing the records within a
selected functional vicinity which includes finance, sales, operations, inventory manipulate or
any region of the enterprise wherein overall performance is monitored and measured. Once
information is amassed and reviewed, conclusions can then be drawn and guidelines made. The
final results of the report might also provide an explanation for why an difficulty has occurred or
might also perceive performance troubles and typically will suggest a course of action. Business
reports provide useful insights for management along with information on spending, profits and
increase. Reports will provide critical element that can be used to help expand destiny forecasts,
advertising and marketing plans, manual budget planning and improve choice-making. Managers
additionally use enterprise reports to music development and growth, become aware of
developments or any irregularities that can want similarly investigation.

CONCLUSION
From the above report, it can be concluded that an organization has various departments
like marketing, finance and human resources. All of these functions have different roles that are
specific to them. For instance, the major role of human resource function involves recruitment
and selection, formulating various HR policies etc. Also, companies these days sell collaborative
practices in their administrative center because they help in increasing the productivity in
addition to performance of employees. Lastly, monetary management and reporting are also
taken into consideration to play vital roles for an agency.

REFERENCES
Books & Journals
Boone, L. E., Kurtz, D. L. and Berston, S., 2019. Contemporary business. John Wiley & Sons.
Cumming, D. and Zhang, M., 2019. Angel investors around the world. Journal of International
Business Studies. 50(5). pp.692-719.
Fletcher, M. and et. al., 2018. Three pathways to case selection in international business: A
twenty–year review, analysis and synthesis. International Business Review. 27(4).
pp.755-766.
Ghauri, P., Grønhaug, K. and Strange, R., 2020. Research methods in business studies.
Cambridge University Press.
Grosser, K., Moon, J. and Nelson, J. A., 2017. Guest editors’ introduction: gender, business
ethics, and corporate social responsibility: assessing and refocusing a conversation.
Business Ethics Quarterly. 27(4). pp.541-567.
Kingsley, A. F., Noordewier, T. G. and Bergh, R. G. V., 2017. Overstating and understating
interaction results in international business research. Journal of World Business. 52(2).
pp.286-295.
Ross, S. M., 2020. Introduction to probability and statistics for engineers and scientists.
Academic press.
Online
The 12 Key Functions of Human Resources. 2020. [Online]. Available through:<
https://www.digitalhrtech.com/human-resources-functions/>.
The Role of Financial Management in an Organization. 2020. [Online]. Available through:<
https://talentedge.com/articles/role-financial-management-organization/ >.