Business Studies Report: Financial Management and Reporting

This report provides an introduction to business studies, focusing on the role of financial management and reporting within a company. It covers essential aspects such as accounting, bookkeeping, receivables and payables, and risk determination within financial management. The report also highlights the importance of reporting for improving decision-making, planning, and forecasting, as well as its role in tax purposes. The report emphasizes the significance of business studies in developing effective strategies, achieving competitive advantages, and understanding the roles of marketing, human resources, and finance. Furthermore, it discusses the importance of collaborative working and the evaluation of factors impacting a business, concluding that a proper understanding of financial management and reporting is crucial for a company's success. The report uses references from various books and journals to support its findings.

Introduction to
Business Studies

Contents
INTRODUCTION ...........................................................................................................................................3
TASK 1..........................................................................................................................................................3
Covered in poster ...................................................................................................................................3
TASK 2 and TASK 3.......................................................................................................................................3
Covered in PPT ........................................................................................................................................3
TASK 4..........................................................................................................................................................3
Determine the role of financial management as well as reporting in a company....................................3
CONCLUSION ..............................................................................................................................................4
REFERENCES................................................................................................................................................6

INTRODUCTION
For an organization it is necessary to conduct business studies as which aid in
determining opportunities, strengths, weakness, threats, and factors and so on. It is important to
conduct because according to that manager of an organization able to develop effective strategies
which leads to growth of business successfully (Block and Fisch, 2020). This will also help a
company in attaining competitive advantages that enhance their customer’s base, profitability
and market share. The respective report include role of human resource, marketing and finance in
respect of promotion operation in a company. Moreover it also includes understanding of
collaborative working and practices related to it as well as it also include factors which impact on
business. Report also describe about role of finance management and reporting.
TASK 1
Covered in poster
TASK 2 and TASK 3
Covered in PPT
TASK 4
Determine the role of financial management as well as reporting in a company
Financial management is a procedure related to planning, organizing, controlling as well
as monitoring the financial resources in order to attaining the company goal and target
successfully (Chen and et.al., 2020). The financial management is the mainly conducted by the
accounting department of an organization. There are several role of financial management in a
company, from which some are mentioned below:-
 Accounting and book keeping – It is basic to distinguish, take suitable measures and
record all the monetary subtleties of an organization. Whatever assets are charged or
credited from an organization's record, the money related administration effective

bookkeeping framework gives a diagram. Additionally, the accounting records the
regular exchange of an organization and structures a base for the bookkeeping
framework.
 Receivable and payables – Overseeing what an organization owes to the merchants, and
what the client owes to the organization is basic (Clauss and et.al., 2020). It gives an
away from of how much fluid money an organization ought to have in unsurpassed.
 Determine risk – A hearty budgetary administration framework is obligatory to amplify
the benefit and limit the danger and liabilities. A productive budgetary group should join
adequate protection to all the basic components of an organization.
Reporting is consider as practice or process that provide all essential details which help in
development of future forecasts, guiding budget planning, marketing plans, enhance decision
making and many more (Combs and et.al., 2020). Moreover, there are numbers of roles related to
the reporting process, from which some are defined below:-
 Improve decision making, planning as well as forecasting – it is also determined as
the role in which business need to conduct several activities such as settlement of
selection, breaking of budget and so on. In respect of this management need to do
analysis of resources so that work can be conducted accordingly for attainment of
desire goal. Moreover they also need to determined resource which is devalued.
 Tax purpose – In respect of this the primary objective is to utilize funds related to
project in effective as well as legal manner. These are mainly utilized by the Internal
Revenue Agency in order to ensure that management is conducting their work in
proper way as well as they are paying for the valuable things.
CONCLUSION
Through the evaluation of above mentioned topics it can be analyze that by conducting
business studies in proper manner a company manager able to develop proper strategies and
plans which help them in attaining desire goal successfully. In respect of this they need to
conduct several things such as understand role of marketing, HR and finance so that they develop

decision accordingly. Moreover it is also essential to develop collaborative working at workplace
as well as evaluation of factors that affect business is also important. A company manager also
needs to determine role of financial management and reporting for developing strategies
accordingly.

REFERENCES
Books and Journals
Block, J. and Fisch, C., 2020. Eight tips and questions for your bibliographic study in business
and management research. Management Review Quarterly.
Chen, J. S. and et.al., 2020. Course Delivery Format, Global Openness, and Openness to
Experience in International Business Classes. Journal of Teaching in International
Business. 31(1). pp.7-27.
Clauss, T. and et.al., 2020. Business model reconfiguration and innovation in SMEs: a mixed-
method analysis from the electronics industry. International Journal of Innovation
Management. 24(02). p.2050015.
Combs, J. G. and et.al., 2020. What do we know about business families? Setting the stage for
leveraging family science theories. Family Business Review. 33(1). pp.38-63.
Fung, K. C. and et.al., 2020. “Silicon trade policies” and a comparative analysis of China-US and
Japan-US trade conflicts. Journal of Chinese Economic and Business Studies, pp.1-22.