Functional Units, Teamwork, and Financial Reporting at Morrisons

This report provides an in-depth analysis of the functional units within Morrisons, a major UK supermarket chain. It explores the roles and importance of key departments like marketing, finance, and human resources, highlighting how they contribute to the company's overall goals. The report evaluates the significance of teamwork in the organization, particularly focusing on the collaborative efforts between departments such as marketing and finance, and research & development and marketing. Furthermore, it examines the principles of financial management, emphasizing its importance in enhancing firm value, improving profitability, and ensuring proper fund allocation. The report also assesses financial reporting practices, detailing the purpose and use of tools like balance sheets and profit and loss statements, providing insights into Morrisons' financial performance and stakeholder communication. The report concludes by summarizing the key findings regarding the functional units, teamwork, financial management, and financial reporting within Morrisons.

Organisational
Functional units

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY ..................................................................................................................................1
Role and importance of functional units.....................................................................................1
Evaluation of teamwork and its importance in organisation.......................................................2
Examining financial management and its importance in organisations......................................3
Evaluation of reporting and its purpose for Morrisons...............................................................4
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
There are several different departments in an organisation having their small aims and
objectives which assist company to fulfil their ultimate goals. These departments works in small
teams which is made of all experts having relevant talents and work experiences. These
departments have unique tasks which they perform, contributing their part in entity and its
growth along with fulfilling all its aim. In their report, various functional units roles and
importance are seen of Morrisons. It is a fourth largest chain of supermarket in UK, established
in 1899 by William Morrison. Morrisons is headquartered in England, UK, dealing in retail
industry.
MAIN BODY
Role and importance of functional units
Functional units are commonly known as departments of organisation, these units have
team of employees with common expertise and set of objectives which are their individual goals
they accomplish for serving to company and attaining its ultimate aims (Motingoe and
Langerman, 2019). There are several department in Morrisons which are performing their
activities having different roles. These departments are important for the company. Some of the
departments their roles and importance in Morrisons are explained below: Marketing Department- This is one of the most important functional units of every
organisation. Marketing team of Morrisons have various roles which they play on behalf
of the organisation in order to make its other functions operated appropriately and
earning maximum profits. The role of marketing team begins from market research where
they seek knowledge about the marketplace in which company is operating, make plans
accordingly for development of goods and services and make marketing strategies for
introducing those products in market gathering attention of targeted audience and making
sales. This department also plays vital role in promoting the business its mission and
serve as a face of the entity. Therefore, marketing team is an essential unit which is
present in Morrisons and making its operations more effective and efficient. Finance Department- The term finance is basically mean the funds and money which
company has and gather for effective functioning of its operations. The finance
department of Morrisons has different roles such as making budgets for different
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activities of company, managing all the finances, taking investment decisions along with
developing and maintaining financial accounts of Morrisons. Money or funds are the
most important resource of every company and for making proper use of finances is
essential which is why finance experts and team is necessary to be developed and
managed in organisations.
 Human Resource Department- Employees, personnels, manpower or workers are the
key resource of company and also known as backbone of organisations. They are the one
who manage and execute all the strategic plans which are developed by the higher
management people (Cornelius du Preez and Folinas, 2019). Therefore, the role of HR
department or team is to fill and bring the best talents in Morrisons. The employees of the
company perform all task and human resource team manage them effectively therefore,
HR unit is a very important team of company.
Evaluation of teamwork and its importance in organisation
Teams are the group of people and in context of company these are the group of experts
which are formed into a team with individual aims and objectives and performing task
accordingly. Teamwork is defied as a process in which people work collaboratively for
achieving common goals. Teamwork refers top the actions employees undertake along with one
another for attaining a common objective.
Teamwork is a very crucial practice of business and also very important as it reduces
conflicts of interest, increases the efficiency of individuals and make the operations of company
more effective. Morrisons have various departments in its organisational structure which are
performing different tasks or duties. These teams have to work collaboratively and in
coordination as sometimes their activities are interlinked with each other. This is where
teamwork becomes important for reducing complexity of jobs and effectively earning all goals.
Marketing and Finance Department
Marketing team has the role of making promotional plans and conducting promotional
activities for Morrisons products and services which company is offering to the public.
Advertisements and promotional actions or events includes huge amounts of money which is
managed and allotted by the finance department (Salo, Suikkanen and Nissinen, 2019).
Therefore, both the teams have to work together, the marketing executives have to conduct their
research for and make a situational budget for all the actions. The finance team will seek all the
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data and according to the information presented by the marketing team allot them a budgeted
amount for marketing products and services which Morrisons offer to the population.
Research&Development and Marketing Department
Research&Development team is responsible for developing new goods which company
can offer to public and attract them. Also, they are responsible for finding some innovative ways
or methods of operating. This is where they seek help and work with marketing team, as they
are conducting market research for making plans of promoting goods and understand the needs
of population (Cornwall, Vang and Hartman, 2019). Therefore, both teams work together in
order to develop a innovative product offering for the customers of Morrisons.
Examining financial management and its importance in organisations
Financial management is an activity referring to planning, organising, directing and
controlling all financial activities of companies. These actions are procurements of funds,
effective utilization of money and making profitable investments. Financial management tool
provides proper use of finances, acquiring better results and ensures efficient functioning of
organisation. It is an important tool which enables entity to make appropriate decisions and
reduction of any barriers and their effects on company. Some of the importance of financial
management is described and discussed below in next section.
Importance of financial management: Increases firms value- Financial management tool is essential as it assist Morrisons to
enhance its value as it helps in increasing the wealth of investors and other stakeholders
of associated with the company (Jha, 2019). The main and ultimate goal of businesses is
to earn maximum profits, having higher profitability and regular increase in wealth of the
investors which result in increasing value of entity. Improves profitability- The company's profits and earning completely depends on the
funds and proper utilization of those in smooth running of the organisation. Financial
management tool will enable Morrisons to manage all finances and make effective use of
them in order to increase the profitability of and improved operations and investments.
 Proper use of funds- Financial management operation enhances allocation of funds and
improves the efficiency of organisation. When finances are managed properly all money
is used in right place, company is used smoothly, profitability is increased and also, it
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promotes savings which helps company to make more effective decisions and increase its
potential investments.
Evaluation of reporting and its purpose for Morrisons
Financial Reporting refers to or defined as communication of financial data through
some documents and representing it appropriately to all the stakeholders of company such as
investors, creditors, shareholders, government and customers. Financial reporting tool is
basically representing all financial information by using proper documents and following
relevant standards. Reporting is typically seen as organisation is issuing financial statements in
public and presenting clear picture of entity in front of public (Roychowdhury, Shroff and Verdi,
2019). The main purpose of financial reporting is to render accurate information about the results
of operations of Morrisons. Various financial reporting tools are used effectively for
documenting financial transaction of Morrisons such as balance sheet or financial position, profit
and loss statement or income statement, cash flow statements and ratio analysis. Below two main
tools are explained which is used by Morrisons for reporting purpose.
1. Balance sheet- It is a financial statement or a document which reports, addresses and
records the assets, liabilities and shareholders equity at a specific time, say at the end of
financial year. Balance sheet statement provides a basis for computing rates of returns of
Morrisons and evaluates the capital structure of the company. It records what Morrisons
owns and owes to others along with the amount invested by shareholders in equity share
of organisation. The main purpose of developing balance sheet statement, is it assist
company to make ratio analysis and computing different ratios.
 Profit and loss statement- This is another financial statement which Morrison is using to
document its financials in which all expenses and, costs and revenue incurred during
particular period of time. It is also known as income statement which render information
about the abilities or inabilities of Morrisons in relation with profit generation and
making sales. It is important for company to compare their profit and loss statements of
different financial periods for gaining knowledge about the increase or decrease in
revenue and profits of company, as making comparison is the main purpose of this
document.
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CONCLUSION
The above report is about the different departments which exist in organisation and
importance of teamwork. The functional units of entity have their separate tasks and roles which
they perform and contribute towards company's ultimate objectives. Also, these departments
works collaboratively in order to complete their duties more effectively and attaining common
objectives. Financial management and reporting is also, very important tool which is use by
organisation for managing all finances effectively and documenting them appropriately for
gaining knowledge about the company's position and abilities.
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REFERENCES
Books and Journals
Cornelius du Preez, H. and Folinas, D., 2019, July. Procurement’s contribution to the strategic
alignment of an organisation: findings from an empirical research study. In Supply
Chain Forum: An International Journal (Vol. 20, No. 3, pp. 159-168). Taylor &
Francis.
Cornwall, J. R., Vang, D. O. and Hartman, J. M., 2019. Entrepreneurial financial management:
an applied approach. Routledge.
Jha, A., 2019. Financial reports and social capital. Journal of Business Ethics. 155(2). pp.567-
596.
Motingoe, M. and Langerman, J. J., 2019, July. New Organisational Models That Break Silos in
Organisations to Enable Software Delivery Flow. In 2019 International Conference on
System Science and Engineering (ICSSE) (pp. 341-348). IEEE.
Roychowdhury, S., Shroff, N. and Verdi, R. S., 2019. The effects of financial reporting and
disclosure on corporate investment: A review. Journal of Accounting and Economics.
68(2-3). p.101246.
Salo, H., Suikkanen, J. and Nissinen, A., 2019. Nordic Swan Ecolabel and Organisation
Environmental Footprint: Focus on the organisation environmental information used in
the retail sector. Nordic Council of Ministers.
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