Business Services Report: Financial Management and Reporting

This report delves into the operational aspects of a new food catering service, exploring strategic planning, vision, and mission. It examines the internal and external factors influencing business operations, including employee management, financial resources, company culture, competition, and government policies. The report provides a detailed description of the roles of HR, Marketing, and Finance within organizations, emphasizing the importance of recruiting talented employees, implementing effective marketing strategies, and managing financial resources to achieve organizational goals. Additionally, the report demonstrates knowledge of financial management and reporting, highlighting the significance of responsible personnel, financial planning, accounting, budgeting, financial controlling, and financial reporting for long-term organizational stability and success. The report concludes by summarizing the impact of these factors on the overall performance of the company.

Introduction to business services

Table of Contents
Internal and external factors which impact on business ............................................................3
Describe the role of HR, Marketing and finance functions within organisations.....................4
Demonstrate knowledge of the role of financial management and reporting within the
organisation.................................................................................................................................5
REFERENCES ...............................................................................................................................7
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INTRODUCTION
The following report includes the scenario in which new food catering service is opened.
This consists of strategic planning and vision and mission of the company. This explains the
internal and external factors that affects the business operations. This provides a description for
role of HR, Marketing and finance functions within organisations. Also there is discussion for
role of financial management and reporting within the organisation.
Internal and external factors which impact on business
There are various factors that affect the running and functioning of business processes.
This may include the following elements -
Internal factors
Employees and managers – Employees are one of the most important part of the internal
environment of a company (Ali, Warren, and Mathiassen, 2017). It is essential for the
employees to be good while working. All the executives and managers must know how to
manage and handle lower level employees and oversee all the parts of internal environment.
Money and Resources – When there is lack of money then business are not able to earn profits
and make money. For a business, it is very important to have many cash resources. This affects
lot of people who are hired. Good money will help in advertising the products effectively and
having good quality of equipments.
Company culture – The internal culture of the business includes various values, priorities and
attitude of employees that are working in the company. It is essential to maintain positive culture
at workplace as it is helpful in managing the efficiency and working of employees. Staff and
workers of the company must have good values and it is important to hire, promote or fire
employees.
External factors
Competition from other businesses - It is very important for the business to be unique if it
wants to deal with fierce competition in market (Briggs, Landry, and Daugherty, 2016). When
companies are started, there is need for fighting against established and more experienced
businesses within the industry.

Politics and government policy – The changes within government policy are having huge effect
on the business. An example of this is tobacco industry (Roberts, 2018). The cigarettes are
provided to customers by a warning on the packet. There are also very few places where people
can smoke legally.
Customers and suppliers - These are also an important factors while running any business.
Suppliers are having major impact on the people who are involved in dealing with business
operations. The customers of the company must be convinced by the services that are provided to
them.
Describe the role of HR, Marketing and finance functions within organisations
Role of HR: HR Manager plays a very important role in every business organisation. The
main purpose of HR is to recruit and hire potential and capable employees for the success of
company. It is very important to hire talented candidates for achieving goal within less time
period. In addition to this, they offer training to selected employees for increasing their skill and
knowledge in order to retain them for a longer period of time (Wei, Thurasamy, and Popa,
2018). Therefore, it helps in boosting the productivity as well as profitability level of business
organisation. It is important to have a talented HR in the company for future success and growth
of business organisation. Apart from this, the HR manager maintain friendly relation with its
employees that motivates them to perform well within workplace. Thus, HR manager put extra
efforts for the success of business organisation. Also they face many challenges and issues for
monitoring and controlling the staff member of company. So, the HR Manager handle all those
situations in effective manner as well as it imposes direct impact on productivity of company. In
assistance of this, they also maintain positive environment within workplace that improve the
performance level of subordinates. Also they focuses on resolving conflicts and grievance arises
in the workplace in an effective manner.
Role of Finance: The finance plays a very essential role within the organisation. It is
very important to have sufficient fund for investing in the assets that gives output to the
company. The financial manager focuses on maintaining expenditure in respect of purchasing
assets. Along with this, it is important for manager to monitor as well as control the cost in order
to retain for a longer period of time. The financial manager handle the different resources of firm
in order to achieve organisational goals and objective. In addition to this, they manage the fund
as well as their expenditure in order gain more and more revenue. Therefore, finance manager is

very important for future success and growth of company because they maintain the budget and
expenditure which arise in the future as well as invest in those assets which give high benefits to
the company.
Role of Marketing: Marketing plays a vital role for the success and growth of business
organisation. The marketing manager of company focuses on building friendly relationship with
its customer. In assistance of this, they use various promotional activities such as advertisement,
publicity, sales promotion, events, sponsorship and many more in order to attract large number
of customer within marketplace. They provide high quality products and services to its customer
for boosting productivity as well as profitability level. Therefore, it helps in increasing brand
image and reputation of business organisation. Apart form this, the manager focuses on making
effective strategies, plan and policies for analysing the need and wants of consumer (Willcocks,
Lacity, and Sauer, eds., 2017). They also focus on strategies which is made by competitive firms
in order to gain competitive advantage over rival firm. In assistance of this, it is important to
develop new as well as innovative products and services to its customer for future success and
growth of the business organisation. Therefore, marketing of products and services in an
effective manner is the reason of success of business organisation. So, it is compulsory to
provide unique and specific products and services to its customer according to their needs.
Demonstrate knowledge of the role of financial management and reporting within the
organisation.
For retaining organisation for a longer period of time, it is very essential to monitor and
control projects, staff and their knowledge. In addition to this, they focuses on accelerating
revenue that helps the organisation to be stable for a longer period of time. It is essential to
consider various financial resources for monitoring and controlling different business activities
and functions. Basically , there are two important criteria for the quality financial management
which includes responsible staff members as well as stable financial planning which is going to
be discussed below:
Responsible Personnel: It is necessary to maintain internal environment for the financial
management in an effective manner. In all condition and circumstances it is the duty of
individual for managing finance for future success and growth of business organisation in an
effective manner.

Financial Planning: There are different tool that is user for financial management of the
company which involves monitoring and controlling. In addition to this, there are four resources
that that helps in increasing financial practices related to firm which included budgeting,
accounting, control as well as reporting which is going to be discussed below:
Accounting: It is important to maintain accounting in appropriate manner for keeping all
records in better way. It is the responsibility of financial manager to keep all records related to
income and expenditure that arises in the organisation.
Budgeting: It involves preparing a budget related to expenditure, income arise within the
company. The financial manager prepare appropriate budget regarding cash inflow and outflow
of cash form the company. In addition to this, they forecast the profits and losses which arises in
future time period.
Financial Controlling: It is necessary for company to administer and control all the
activities and function within company. This helps them in preventing from any fraud as well as
deviation that arise within company. In addition to this, they focuses on controlling and
monitoring financial resources in an effective manner that helps in maintaining proper record
within workplace.
Financial reporting: The last factor of financial monitoring is to prepare a report of all
income as well as expenditure for maintaining financial affairs within company. It is important to
maintain proper records of all profit and loss that affect performance of the company. It is
essential to make report accurately and completed within given time period.
CONCLUSION
From the above discussion, it is analysed that there are various internal and external
factors that affect the functioning of the company. Also, it is concluded that for having smooth
running of business, it is essential to have proper management and handling of all the
departments. The financial performance of the company reflects the performance level of the
organisation.

REFERENCES
Books and journals
Ali, A., Warren, D. and Mathiassen, L., 2017. Cloud-based business services innovation: A risk
management model. International Journal of Information Management, 37(6), pp.639-
649.
Briggs, E., Landry, T.D. and Daugherty, P.J., 2016. A framework of satisfaction for continually
delivered business services. Journal of Business & Industrial Marketing.
Roberts, J., 2018. Multinational business service firms: development of multinational
organization structures in the UK business service sector. Routledge.
Wei, L.H., Thurasamy, R. and Popa, S., 2018. Managing virtual teams for open innovation in
Global Business Services industry. Management Decision.
Willcocks, L.P., Lacity, M.C. and Sauer, C. eds., 2017. Outsourcing and offshoring business
services. Springer.