Business Report: IKEA - Financial Management and Reporting Analysis

This report provides a comprehensive analysis of IKEA's business operations, focusing on collaborative working practices, and the roles of key departments. The report delves into the importance of establishing clear goals and effective communication within teams, using IKEA as a case study. It explores the roles of HR, marketing, and finance within the organization, highlighting the significance of each function in driving success and growth. Furthermore, the report examines the role of financial management and reporting, emphasizing the importance of responsible personnel, financial planning, accounting, budgeting, financial controlling, and financial reporting. The report concludes by summarizing the key findings and emphasizing the interconnectedness of these elements in contributing to IKEA's overall strategic planning and vision.

Introduction to business studies
Table of Contents
INTRODUCTION...........................................................................................................................3

MAIN BODY...................................................................................................................................3
Develop an understanding of collaborative working practices..............................................3
Describe the role of HR, Marketing and finance functions within organisations..................3
Demonstrate knowledge of the role of financial management and reporting within the
organisation............................................................................................................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................6

INTRODUCTION
This report including that scenario by which various kinds of facilities is given. It
determines strategic planning and vision of business organisation. It also offers description in
respect of internal as well as external factor that enforces direct influence on functions and
activity of company. It provides the description or explanation in respect of role of finance, HR
and marketing of organisation. In assistance of this, there is also an explanation in respect of role
of management of finance within organisation. The present report is carried upon company
named as IKEA. It is international groups of Swedish organisation located in Delft, Netherlands
that helps n providing different kinds of products such as home accessories, kitchen appliances to
its user (Canning and Szmigin, 2016).
MAIN BODY
Develop an understanding of collaborative working practices
It is necessary to develop an understanding working practices adopted by IKEA that is
going to be mentioned below:
Create a clear and compelling cause: To generate cohesion, the member of team must be
offered along with a convincing reason that is a considered as a part of mission of organisation.
Therefore, it is necessary to clear the cause in order to perform different work with its team
member that helps in achieving goal in timely manner.
Communicate Expectations collaboration help in communicated expectation of
management team to its team member during particular phase of time period that help in
maintaining appropriate relationship between them.
Establish team goal the manager focuses on establishing goal in order to achieve it in
timely manner in future period of time.
Describe the role of HR, Marketing and finance functions within organisations
Role of HR
The HR manager is significant for success as well as growth of business organisation.
The main purpose of HR manager is to recruit competent and knowledgeable staff member for
success of business organisation. It is important to hire applicant that help in achieving goals as
well as objective in pre-decided period of time. In assistance of this, the offer training session to
its staff member for increasing their skill that help in retain them for longer period of time. It

helps in enhancing productivity as well as profitability level of company during particular phase
of time period. It is important to possess knowledgeable HR professional for executing various
kind of activity within business organisation. In addition to this, the HR manager emphasized on
managing relation with its staff member and also motivates them to execute their activities in
proper way. The HR professional focuses on keeping extra effort or contribution for success and
growth of organisation. There are different kinds of challenges that is confronted by HR
professional in monitoring and controlling its employees of company and also manage these type
of situation or condition in proper way that enforces direct effect on productivity of company. It
is important to manage favourable environment for increasing performance level which will be
helpful for organisation future period of time. They also focus on solving this type of conflict
that is arises within company in proper manner.
Role of finance
The finance is significant for success of business organisation. It is important to have
sufficient funds in order to invest fund for achieving favourable outcome in future period of time.
The financial manager focus is on maintaining or managing expenses that is related to buying
assets. In assistance of this, it is important for the manager to emphasize on monitoring or
controlling subordinate for a longer period of time. The manager emphasized on managing
different type of resources that help in achieving goal in targeted period of time. They also
manage revenue and expenditure for maintaining budget which will be useful in upcoming
period of time. Therefore, the financial manager is very important for success and growth of
organisation and maintain budget that help in making investment in order to achieve favourable
outcome in future period of time (Matt, Rauch and Riedl, 2018)
Role of marketing
Marketing is significant for success and growth of organisation. The manager focuses on
managing superior relation with customer. In assistance of this, they use different types of
promotional techniques such as sales promotion, sponsorship as well as personal selling and
many more that help in attracting ample of customer in the market. They provide high quality
product and services to its customers that help in increasing level of productivity and also
enhances goodwill and reputation of company in mindset of its user in the market. The manager
focus is on maintaining proper strategy for analysing need and want of its customer. They also
focus on maintaining a strategy that helps in accomplishing competitive advantage over rivalries

in the market. It is important to increase innovative products and services to its customers for
success and growth of organisation. Therefore, it is important to provide unique goods and
services to its customer according to their needs that is helpful in success and growth of
company.
Demonstrate knowledge of the role of financial management and reporting within the
organisation.
For retaining business organisation for a longer period of time, it is important to monitor
subordinate knowledge and many more. In addition to this, the focus is on enhancing revenue
that assists company in bringing stability within company. It is significant to consider various
kinds of financial resources that assist in controlling different types of activity and function of
company. There are important criteria that include responsible staff member as well as stable
planning related to finance which is going to be mentioned below:
Responsible personnel it is significant to handle micro environment in order to administer
financial situation in proper manner. In overall circumstances, it is important to have a
responsible individual person to manage finance that is helpful in success of business
organisation.
Financial planning there are different kinds of tools which is adopted by financial
professional of companies that involve monitoring and controlling process. In addition to this,
there are various types of resources that help in increasing practices that is connected to finance
and involve budgeting, accounting, controlling which is given below.
Accounting it is important to handle accounting for maintaining record in proper manner. It
is the duty of manager to keep proper record which is connected to income and expenditure
which is arise within business organisation (Taylor and Richards, 2018).
Budget involves managing a budget that is connected to expenses and income which is
arise within company. The manager emphasized on preparing or maintaining budget in context
of influence of flow of cash of company. In addition to this, the focus is on forecasting and
operating revenue or expenses which are occur in future time period.
Financial controlling it is important for company to monitor control overall activity that is
connected to finance within an organisation. It assists in preventing fraud as well as deviation
occurs within company. In addition to this, they focus is on controlling and monitoring financial
resources that help in maintaining proper record during particular phase of time period.

Financial reporting the last factor related to finance to manage a report that is connected to
income and expenditure for conducting different type of organisation. It is important to manage
appropriate record related to income and expenditure that enforce direct influence on
performance level of company during particular phase of time period.
CONCLUSION
From given assignment, it is assessing that this report including that scenario by which
various kinds of facilities is given. It determines strategic planning and vision of business
organisation. It also offers description in respect of internal as well as external factor that
enforces direct influence on functions and activity of company. It provides the description or
explanation in respect of role of finance, HR and marketing of organisation. In assistance of this,
there is also an explanation in respect of role of management of finance within organisation.
.
REFERENCES
Books and journals
Canning, L. and Szmigin, I., 2016. Radical innovation, network competence and the business of
body disposal. Journal of Business & Industrial Marketing.
Inman, K., 2016. Women's resources in business start-up: A study of black and white women
entrepreneurs. Routledge.
Matt, D.T., Rauch, E. and Riedl, M., 2018. Knowledge transfer and introduction of industry 4.0
in SMEs: A five-step methodology to introduce industry 4.0. In Analyzing the impacts of
Industry 4.0 in modern business environments (pp. 256-282). IGI Global.
Taylor, P.H. and Richards, C.M., 2018. An introduction to curriculum studies. Routledge.
Zahra, S.A., 2016. Developing theory-grounded family business research: Some
suggestions. Journal of Family Business Strategy, 7(1), pp.3-7.