Report on Business Organization, Departments, and Financial Management

This report provides an overview of business organizations, emphasizing the roles and significance of various departments such as marketing, finance, and human resources. It uses Tesco, a British multinational retail company, as a case study to illustrate these concepts. The report explains the importance of teamwork between departments, highlighting how collaboration between marketing and finance, as well as human resources and research & development, contributes to achieving organizational goals. Furthermore, it delves into financial management, defining its purpose in planning, organizing, and controlling finance-related activities, with a focus on the tools like profit and loss accounts, balance sheets, and financial ratios. The report also explains financial reporting and its importance for stakeholders. The report concludes by emphasizing the importance of financial management and the proper functioning of all departments in gaining a competitive advantage.

Introduction to
Business

Executive summary
Business organization refers to a premises which includes different departments work in
order to earn revenue and profitability. It has been said that these departments perform together
and transfer information and data so that they can accomplish their goals and objectives in an
effective and appropriate manner. There are various departments perform their work in a team
such as human resource department and marketing department, finance department and
marketing department, research and development department and finance department and so on.
All these department work together in order to attain organizational objectives. Furthermore,
financial management and its significance are also there in this report.

Contents
Executive summary.....................................................................................................................................2
Introduction.................................................................................................................................................4
Main Body...................................................................................................................................................4
Describe the role and importance of departments below.......................................................................4
Explain teamwork and its importance.....................................................................................................5
Financial management and its purpose...................................................................................................6
Conclusion...................................................................................................................................................7
References...................................................................................................................................................8
Introduction
Business organization includes different departments and sections perform together in order
to attain a common organizational goal. Each and every organization have their own structure

which consist of various departments with the help of which targets of the company will be
achieved. In the present report, Tesco is chosen as the base organization which is a British
multinational groceries and merchandise retailing company. In this report, different topics are
going to be covered which includes the role and significance of marketing, human resources as
well as finance department. Along with this, explanation about teamwork and its connection with
different organizational department with the help of which they attain goals. Along with this
discussion about balance sheet, financial statements are going to be covered in this report.
Main Body
Describe the role and importance of departments below
Each and every business organizations includes different types of strategies & tactics which
they require to undertake in order to attain their goals and objectives. It has been said that small
business entities assign the roles and responsibilities in order to undertake there strategies to the
team members within the workplace. Role of a department in an organization is very essential as
they work together for the attainment of organizational goals and objectives. It is very
significance for a business organization to have different sort of departments closely interrelated
with each other. Some of the most essential department are going to be discussed as follows:
 Marketing Department: It has been analysed that the marketing department of an
organization plays very essential and crucial role in order to promote the products and
services of the company. Marketing department serves as the face of a business
organization, coordinating as well as producing all the materials which represents the
business in front of the customer. In the present context of Tesco, marketing department
of the company is very important which help in attracting large number of customers
towards them. Finance Department: Finance department of a business organization refers to the
department which handles all the finance or money related work. It has been said
that finance department of a company consist of planning, accounting, organizing,
controlling and auditing, organizations finance. In the current context of Tesco, it is said
that finance department of the company produces company’s financial statements with
the help of which they can identify their current position.

 Human Resource Department: Every business organization includes human resource
with the help of which they attain their organizational goals and objectives. They are the
one with the assistance of which business targets will be achieved in an effective and
appropriate manner. In reference to Tesco, human resources department of the company
work in an effective manner and provide appropriate training and development session to
their staff members so they can perform all their work in an effective manner.
Explain teamwork and its importance.
Teamwork refers to the willingness of individuals in order to perform their task in a group
or team. With the help of effective team work an organization will be able to attain their
predefined targets in an effective manner. Along with this, it is very essential to have teamwork
with the help of which they can easily develop positive working environment and friendly
atmosphere. With the help of this, an organization can easily accomplish their goals and
objectives. Some of the departments are going to be discussed as follows:
Marketing and finance department: These are the departments which are included in an
organization work together to attain organizational objective and goals. Marketing department
help in promoting products and services of the company with the help of they can easily promote
their business. On the other hand, finance department refers to the organization which help in
maintaining and auditing finance of the company. In reference to Tesco, it is said that both these
departments perform their work in a team so that they can attain their organizational goals and
objectives in an effective manner. For instance, marketing department requires funds for
promoting their offerings therefore, it is necessary for them to coordinate with each other. Along
with this, it is said that they need to share every information with each other so that
miscommunication does not arise at the workplace.
Human resource and research & development department: Another departments are human
resources and R&D department who works together to attain their objectives. Human resource
department mainly works to manage the workforce of organization whereas research and
development department work to examine the need of market and customers. Therefore, both
the departments need to perform their work together and in coordinated manner. For example, in
order to produce high quality goods as per the needs and requirements of customers, human
resources department of Tesco hire new candidates as well as providing training session to their

existing one so they can produce high quality products and services. This as a result aid them in
order to develop strong image of the company at the competitive marketplace as well as retain
customers by providing them satisfying products and services.
Financial management and its purpose
Financial management can be defined as planning, organising, controlling and managing
all the finance related activities, which helps a company in taking right decisions so that all the
funds and finance related risks can be reduced to minimal. Basically, it helps an organisation in
measuring the held benefits must be finished which will rely on extension and broadening plans
of the undertaking. In the same way, if it is talked about Tesco PLC then this company also
consists of an effective financial department which specifically manages the overall funds which
helps them in delivering exact return on investment which has been made by shareholders.
Finance management consists of different range of tools like Profit and loss account, cashflow,
financial ratios, balance sheet and many more other elements that specifically helps Tesco in
managing the overall funds like prophets, revenue which has been generated by the company and
expenses as well that incurred while operating business at international level.
Importance of Financial management for Tesco PLC: Primary purpose of managing
finance within a company like Tesco PLC is that it helps in attempting to lessen the expense of
money. Guaranteeing adequate accessibility of assets. On the other hand, another purpose that
came in front of managing finance is that it helps in managing and controlling of monetary
exercises like the acquisition and usage of assets.
Explain reporting and its purpose for any organisation
In modern world, financial reporting can be defined as the revelation of monetary outcomes
and related data to the board of directors, investors, stakeholders and outer partners about how
Tesco PLC is performing over a particular timeframe. It consists of different financial tools like
balance sheet, profit and loss account, cash flow and many more other elements that helps Tesco
PLC in performing financial reporting in a rightful manner. Balance Sheet: Specifically, balance sheet delivers the information of a financial year
about what are the liabilities, equity and assets the organisation i.e. Tesco PLC is
carrying. Primary purpose of a balance sheet is to check the health of a business if it is
running in a successful manner or not and if not then what are considered to be the
liabilities which has been carried by the company.

 Profit and Loss account: This type of account specifically delivers the information about
what are the profit margins which has been carried by Tesco PLC and what are the losses
that took place within a year. On the other side, if it is talk about the purpose of profit and
loss account then and it helps in summing up the incomes, costs and expenditure caused
during a particular timeframe. The P&L account gives data about whether an
organization can create benefit by expanding income, lessening costs and so on.
Conclusion
With the help of above mentioned report, it can easily be said that it is must for an organisation
to focus on financial management system as it may help company in getting knowledge in
relation to what are the extra expenditures that are taking place. on the other side, it is also
summarised that proper functioning of every single department in a company can help in gaining
competitive advantages in much effective and efficient manner.
References
Books and journals
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Culture, International Business, and Knowledge Systems. In Proceedings of the 53rd Hawaii
International Conference on System Sciences.

von Rosing, M. and Laurier, W., 2020. An introduction to the business ontology. In Sustainable
Business: Concepts, Methodologies, Tools, and Applications (pp. 1-24). IGI Global.
Hajnal, C.A. and Riordan, R., 2020. Exploring process, enterprise integration and e-business
concepts in the classroom: the case of petPRO. Journal of Information Systems Education, 15(3),
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Quinlan, C., Babin, B., Carr, J. and Griffin, M., 2019. Business research methods. South Western
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