Comprehensive Report: Roles of HR, Marketing, and Finance Departments

This report provides a detailed overview of key business functions, including the roles of Human Resources (HR), Marketing, and Finance departments within an organization. It explores the responsibilities of HR in recruitment, training, employee relations, and fostering a positive work environment. The report also examines the marketing department's role in brand management, promotion, and market analysis, along with the finance department's crucial functions in financial reporting, cash flow management, and investment decisions. Furthermore, the report delves into collaborative working practices, discussing various types of collaborations and their impact on organizational performance. Finally, it evaluates the role of financial management and reporting, highlighting its significance in financial planning, capital management, and risk assessment. The report concludes by emphasizing the interconnectedness of these departments and their collective contribution to organizational success.

Introduction to Business
Studies.

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Role of HR, marketing and finance functions within organizations............................................3
Understanding of collaborative working practices......................................................................4
Role of financial management and reporting within the organization.........................................5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................1

INTRODUCTION
There are certain departments in the organisation. Those departments are very necessary
for an organization to work. Departments present in the organization are finance department, HR
department, marketing department, research and development department etc. This report will
discuss the role of HR, marketing and finance functions within organization and also develop an
understanding of collaborative working practices. Further it will evaluate the role of financial
management and reporting within the organization.
MAIN BODY
Role of HR, marketing and finance functions within organizations
Role of HR: Human resource means personnel in an organization, which accomplish the
task assigned to them for the attainment of organizational objectives. Some of its roles are
recruitment and training, which means hiring right people for the right job in the organization.
Legal contract is signed between company and employee within the organization. Proper training
is also provided to employees so that they can carry out smooth work. HR motivates the
employee so that they can work effectively and efficiently. They also direct and give suggestions
to their employees so that they can improve their performance (Ghauri, Grønhaug and Strange,
2020). HR also insures that there is good working environment for every employee and no
employee will face discrimination in the organization. If there is any kind of disputes arise in the
organization than it is the duty of the HRM to resolve such disputes nicely. It is the work of HR
to develop public relations by arranging meetings, seminars and conferences within the
organization and with other firms also to build healthy relationships.
Role of marketing: Marketing department takes final product to the customers. They also
promote business and its activities. Marketing team manage company's brand which tells that
who is the company and what they do. They even carry out campaign for marketing. They do all
the promotional and advertisement activities for the products and services provided by the
company. Marketing team maintain the website of the company. Website is the reflection of the
company, its content should be proper and current and also site of the company should come first
when anybody search about similar companies. Managing social media platforms is also the role
of marketing team. Social media is the cheapest and easiest way to promote your business
(Esswein and Chamoni, 2018). They should ensure that timely posts are posted so that large

audience can be covered. Marketing department are also responsible for smooth internal
communications. They should tell the company about the demand of the market. They are the
only person who can guide other departments for innovation because they are dealing directly
with consumers.
Role of finance: Finance department prepare financial statement. They are also responsible for
maintaining organization cash flow and ensure that there are enough funds with company to meet
daily expenses. They should do forecast on regular basis to ensure that how much cash is needed
for future. If there is a need for long term financial needs than finance department is responsible
for sourcing it. Finance can be taken from financial institutions like banks or private lenders etc.
They work with the management for preparing organization's budget and forecasts. These
informations are used for asset purchase, expansions, planning staffing, cash needs etc. Finance
department also provide information to the managers while taking decisions for the organization.
The role of the finance department is very important because they measure company's health.
These departments are even responsible for the collection of the overdue payments and to
minimize bad debts (Akinci, 2018). They also analyse taxes carefully and takes various decisions
to minimize taxes to be paid.
Understanding of collaborative working practices
Collaborative working means it is a setup where experts work together despite their geographic
location. It can be virtual or technology based such as email, video conferencing, messaging or
blogging. These tools provide work culture and encourage collective work. Younger generation
adopt these culture of collaboration easily while seniors find this as an innovative culture.
Working together in the organization is the collaborative working practices. These practices help
in working together nicely. If the infrastructure is designed poor it will lead to barriers and not a
strong collaboration. Proper collaboration is connected with good facility. Soft communication
skills will resolve all conflicts and facilitate productive conversations. With the change in the
working environment collaboration also change (FORSON, 2018). Good collaboration will result
in good performance. Good mangers knows that how to distribute workload so that company's
goals can achieve effectively. Product development always require collaboration and multiple
hands to do that. Just because of the technology and internet has evolved there has been more
focus on collaboration regardless of geographic location. Collaboration are not always be seen at

workplace rather it can be seen everywhere. Now organization has realized that individual
employees can't solve every problem of the organization on their own whereas group of people
can fix the problem easily. There are three types of collaborations which are team, community
and network collaboration. In team collaboration, everyone is getting equal responsibility and
compensated according to their work. Team members have their parameters, they know their
tasks, expectations, goals, timelines etc. In community collaboration, apart from completion the
task the goal is learning and collecting information. In this community members gain the
knowledge by sharing information and giving advice (Widhoyoko, 2018). Power and status of
each collaborative member is different. Community collaboration is preferred for small project
groups. In network collaboration, relationship does not develop with normal collaboration but it
is made when number of individuals come together and form a group. In this there are same
minded people who work for specific task. Effective collaboration can establish by following
some procedures and protocols.
Role of financial management and reporting within the organization.
Finance is the very important department of the organization. Proper financial management is
required by every organization for long term survival. Financial management include efficient
planning, organizing, directing and controlling of financial activities. Some important role of
financial management are-
Financial decisions and controls: Financial management plays a vital role in making financial
decisions. They have control over finances of the organization. To make decisions they use tools
like ratio analysis, profit and loss analysis, financial forecasting etc. Proper financial decision
will help organization to achieve the objectives (Strydom and Rudansky-Kloppers, 2016).
Financial planning: Finance manager plan for financial activities and resources in the
organization. Existing data's are used to understand the priorities and needs of the organization
and making budgets for the company. Financial planning is very much important because it has
monetary aspect in it and money is the blood for every organization.
Accounting: Accounting is very important which involve measuring, identifying and recording
the financial information of organization. Effective accounting will show the true financial
picture of the organization.

Capital management: Estimating the capital requirements of the organization timely is the
responsibility of the financial management. Determining the capital structure and making the
choice for the source of funding for capital needs. Effective process of funding should adopt.
Each and every option should thoroughly analyse and best option should pick for funding.
Allocation of financial resources: Financial management ensures that all the financial resources
in the organization should be used effectively so that the organization can be profitable and
survive for the longer period. Financial resources should be allocated wisely in every segment in
the organization.
Cash flow management: To meet the operational expenses and expenses for emergencies,
organization should have sufficient cash flow and working capital. Account payable and
receivable are tracked by financial management which ensure that sufficient cash flows are their
all times.
Disposal of Surplus: Financial management of the organization will decide that how and where
the surplus profits or amount are to be used (Tynkkynen, 2016). They decide that how many
dividends are to be distributed and how many profits are to be retained or invested back into the
business for the growth. Surplus is very important and can be used in emergencies. It helps
business operations to run smoothly even in the situation of cash crunch.
Financial reporting: Finance managers maintain all the finance reports of the organization and
using these reports for planning and forecasting the finance activities in the future. Financial
reports have complete data which shows the position of the company.
Risk management: Finance management forecasts the risk and make plan on how to deal with
the uninvited risks and emergencies. Proper risk management is very essential so that company's
operation will not stop in any condition.
Investment opportunities: The finance department of the company will decide about the right
investment method for the company. It will decide by considering company's financial
conditions and its ability to invest.
CONCLUSION
From this report it can be concluded that HR, marketing and finance department plays a
vital role in the organization. Without these departments organization can't even survive. HR is

required for filling every position in the organization by right person. Marketing is necessary so
that final products can sold in the market. They have contact with the direct users. Finance is
important because it will show the financial position of the company. Collaborative working
practices are needed in the organization.

REFERENCES
Books and journals
Akinci, A. ed., 2018. Interdisciplinary Public Finance, Business and Economics Studies. Peter
Lang.
Esswein, M. and Chamoni, P., 2018. Business Analytics in Finance Department–A Literature
Review. Muticonferenz Wirtschaftsinformatik, Luneburg.
FORSON, A.J., 2018. A research work submitted to the Department of Business Studies of
the (Doctoral dissertation, Department of Business Studies of the Faculty of Banking
and Finance, Wisconsin International University College).
Ghauri, P., Grønhaug, K. and Strange, R., 2020. Research methods in business studies.
Cambridge University Press.
Strydom, J.W. and Rudansky-Kloppers, S. eds., 2016. Introduction to business management.
Oxford University Press Southern Africa.
Tynkkynen, J., 2016. Finance as a business partner at Marimekko: Searching for Finance
Business Partnering opportunities at a Finnish Design Company.
Widhoyoko, S.A., 2018. Job Satisfaction of Middle Management Towards Whistleblower
System: An Empirical Study Across the Finance Department of Public-Listed
Companies in Indonesia. Advanced Science Letters. 24(1). pp.324-327.
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