Roles and Importance of Tesco Departments, Financial Management Report

This report provides an overview of Tesco's business operations, focusing on the roles and importance of its key departments, including marketing, finance, and human resources. The marketing department is responsible for promoting Tesco's products and services, while the finance department manages funds and ensures financial stability. The HR department handles recruitment, training, and employee benefits. The report also highlights the significance of teamwork within the organization. Furthermore, it examines the importance of financial management for Tesco, covering allocation of funds, risk management, and competitive advantage. The report then delves into Tesco's reporting practices, discussing the balance sheet and cash flow statement as essential tools for assessing the company's financial health and performance. The conclusion summarizes the key findings, emphasizing the interconnectedness of these elements in Tesco's overall success. The report is a great resource for students looking to understand business operations and financial analysis.

INTRODUCTION TO
BUSINESS

Table of Contents
INTRODUCTION ..........................................................................................................................4
Roles and importance of mention below departments................................................................4
Team work and its importance ...................................................................................................5
Financial management and its importance for Tesco..................................................................6
Reporting and its purpose............................................................................................................6
CONCLUSION ...............................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Business administration focuses the all the aspects regarding supervising and overseeing
the persons of a business. It also covers the project management, marketing as well as finance of
the business (Reiche and et.al., 2016). It focuses on the Tesco British Mnc has headquarters in
England,United Kingdom. It focuses on the Various department roles and responsibilities and
Financial management and its importance Balance Sheet as Cash flow statement. It focusses on
the Marketing department such as it is responsible for promotion for the Tesco business.
Furthermore Financial Management applying strategic decision related to acquisition of funds
dealing faced by organization.
Roles and importance of mention below departments
Marketing department
This department plays a crucial role within promoting the Tesco business's mission. It recognizes
the products as well as services to focuses on the sales cycle. The department of the marketing
of the Tesco has overall accountability for the enhancing market share,growing revenues,firms
growth as well as profitability. It able to recognize market opportunities as well as better
understanding to the needs of the consumers. It is also responsible for the external and internal
product development team regarding improve the current product. It evaluates the gaps and
identifies gaps within the product range (Tërstena, Goga and Jashari, 2020). This department
also develops communication material and plan campaigns to the consumers. It is also
responsible for the cooperation between sales and marketing as it offers sales times to provide
the high quality leads. In Tesco marketing department is also responsible for firms events such as
seminars,sales conferences as well as various events of the hospitality, also accountable for event
booking ,meeting facilities and many more.
Finance department
It assures that there are proper funds that are available to various resources that required
to assist the tesco to accomplish its objectives as well as assures that the costs are controlled. It
also establish as well as control the level of the profitability levels. One of the vital role of the
finance department is that it can recognises suitable information to the decision-
makers ,managers so that they provide the informed decisions as well as judgements. They also
prepares the financial account and financial documents for the managers of the Tesco and also

reporting AGM. They are responsible for the billing as well as credit control of assuring the
consumers pay the bill at the correct time. Finance department is also accountable for yhe
handling the tax matters (Brennan, Canning and McDowell, 2017).
Human Resource department
It is crucial for the Tesco to efficiently run the human resource department as it provides Tesco
to meet the needs by managing the resources that are most valuable such as staff members.
One of the major role plays by the human resource department is to recruiting and hiring within
Tesco. The department actively screens , recruiting, hiring the well suitable candidates for the
Tesco. They are responsible for the developing the handbook of the employees as well as
explains firms procedures as well as polices to the new Joinees (Brennan, Canning and
McDowell, 2017).
Training and development- The department of the human resource is also able to handle the
training as well as development of the staff within firms. This department works within the
managers as well as supervisors to describing the requirement of the employees. They are also
accountable for the handle different aspects of the compensation of the staff members. It also
responsible for the payroll ,pension as well as various fringes that can be offered to the
employees (Zimmerman and Blythe, 2017).
Benefits of the staff members of the Tesco- They can manage the all the aspects regarding the
benefits of the employees. Such as dental and health insurance, wellness programs. They are the
personalties responsible for the keeping the track of the absence of the employees, leave as well
as leave regarding medical emergency.
They are also responsible for maintaining and keeping the employees relations such as solve the
disputes and misunderstanding among the employees ,managers. HR department boosts to solve
the relational conflicts t the staff members of Tesco.
Team work and its importance
Teamwork represents the unity regarding common interest as well as responsibilities that can be
developed among the members of the group that can be closely related to the delegated tasks to
them.
Department teams of Tesco- It includes the persons that have some specialty or focused on that
they are mastered as well as everyone working hard to accomplish the goals of the firm. Such as
developer team or sales team within the marketing agency.

Problem solving teams- they are considered as the temporary team that focuses on the solving
particular issues(Tërstena, Goga and Jashari, 2020).
Virtual teams- It can communicate digitally instead of the real person.
Financial management and its importance for Tesco
Financial Management means planning, organizing, directing and controlling the financial
activities such as procurement and utilization of funds of the enterprise. It means applying
general management principles to financial resources of the enterprise. This management assists
Tesco in making strategic decision related to acquisition of funds and all financial aspects in
which company is dealing in (Khurana, Martin and Pereira, 2019). It helps in forecasting about
the future financial risk that can be faced by organization. This type of management also assists
Tesco in knowing about how effectively funds can be used by them. It has certain importance
which includes the following:
 Financial management helps in allocation of funds. The decision which are being taken
by managers of Tesco related to funds can affect performance level of company. If funds
are not being properly allocated this can increase operational costing and also can hinder
working of organization.
 During the time of negative Cash flow, financial management is really helpful as it assists
managers in doing financial projection. This type of management assists managers in
controlling cost of capital and reducing the liabilities of firm. By properly managing
finances firm can also gain competitive advantage. It also helps organization in knowing
about liquidity cash position. By knowing this, firm can invest their capital in more
productive areas.
Reporting and its purpose.
Reporting includes financial and operational data which needs to be disclosed by Tesco to
internal management of firm. This is basically being done so that they can allocate funds
adequately. It also helps managers in making decisions. Main Purpose of reporting is to have an
idea about the cash flow, use of resources, financial aspects of business. It is essential for growth
of organization.
Documents used by Tesco for Reporting
Balance Sheet: It is a document which is being prepared by Tesco to present company’s
liabilities and assets. Its main purpose is to make company aware about how much assets they

have and how much liabilities they have created. Balance sheet can also be used by organization
to calculate financial ratios (Tërstena, Goga and Jashari, 2020). It helps firm in knowing about
firm’s liquidity position. Also it helps in analysing activates related to business. Balance sheet
needs to be prepared by Tesco so that they can have an idea about their financial condition
(Robinson and Sensoy, 2016). Assets contains inventory, cash balances, intangible assets and
long term assists. Liabilities contains the debt which needs to be paid by firm.
Cash flow statement: It is a statement which shows the flow in cash in company. It depicts
that how changes in balance sheet of Tesco can affect the incoming of cash. If liabilities of firm
increases, then cash inflow decreases. It only measures that firm is able to fulfil short term
liability like for example if they are able to pay bill or not. Also it is useful for the investors a
they can see whether company if financially liable or not. This influences decision-making of
investors, they will only invest when cash inflow is more (Tërstena, Goga and Jashari, 2020).
CONCLUSION
From the above report it had been concluded that Marketing department recognizes
market opportunities responsible for the external and internal product development. Finance
department control the level of the profitability levels assures that the costs are controlled.
Human Resource department to recruiting and hiring within actively. Training and development
benefits Such as dental responsible for the keeping the track e regarding medical emergency.
Team work and its importance represents the unity of the group to accomplish specialty or
focused goals of the firm. Furthermore, it focused on the Financial management helps
organization in knowing liquidity cash position. Balance Sheet: present company’s liabilities and
assets. Cash flow statement also affect the incoming of cash.

REFERENCES
Books and Journal
Brennan, R., Canning, L. and McDowell, R., 2017. Business-to-business marketing. Sage.
Khurana, I.K., Martin, X. and Pereira, R., 2019. Financial Development and the Cash Flow
Sensitivity of Cash-CORRIGENDUM. Journal of Financial and Quantitative Analysis.
pp.1-2.
Reiche, B.S. and et.al., 2016. Readings and cases in international human resource management.
Taylor & Francis.
Robinson, D.T. and Sensoy, B.A., 2016. Cyclicality, performance measurement, and cash flow
liquidity in private equity. Journal of Financial Economics.122(3).pp.521-543.
Tërstena, A., Goga, A.J. and Jashari, B., 2020. Improving the efficiency of human resources with
the use of new technologies and reorganization process. International Journal of
Research in Business and Social Science (2147-4478).9(1). pp.31-38.
Zimmerman, A. and Blythe, J., 2017. Business to business marketing management: A global
perspective. Routledge.