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Importance of Accounting in the Organisation

INTRODUCTION

Businesses are operated by the employees and the employer. This report will discuss the importance of accounting in the organization. employment legislation laws will be discussed. it will also explain the functions of the human resource department. it will also tell about the different types of leadership styles. Motivational theories will be also discussed. It will study more about the features of profit and loss accounts. The role of the team leader will be also discussed. Stages of team development are also been discussed. It will study more about customer profiling for the success of the organization.

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TASK 1

Importance of accounting for the success of the business

Accounting is more useful in every aspect of the business . In this all the businesses which is more efficient in the making of the business. it keeps the working of the enterprise specific. There are more chance of getting more fund related content here.

  • Planning the budget - in this all planning is all about saving the money. Budget is planned because of saving money in particular section . It is most important task of the organisation . This supports in the firm in allotting the funds to the departments(Sauser and Sims 2018). in every business before doing the work it is necessary to manage the funds or preplanned of funds which department has to allot what amount. There are more chances if making the work of the in systematic manner. in order to achieve the target it is necessary to pre plan the budget. in this all department is allotted to work with the funds which is given to that .
  • Banks and lenders - if any organisation is doing the work then need of fund is obvious. in this requirement of the documents to get the loan from the bank(Perren and et.al. 2018). it is the daily work of the enterprise to make the financial statement which will help them to create the importance of it . There are more need to be analysed in the work of accounting . it shows the true position of the company . If all the documents are prepared enough in that case it will be easy for the organisation to get loan or borrowing . It also shows the profit and loss of the enterprise. There are more taxes which has to adjusted with the help of the organisation.

Role of human resource department in business success

Human resource means the persons which organisation is hiring for sake of the business. There can be same industry but not there similar employees because all has different mindset which work differently. The role of employees is very important in the firm because they do all the work that is assigned to them .

Working together

All the organization's superior authority has the duty to train those employees who are newly employed. Diverse functions are played by them.

Commitment building

The human resource department has the responsibility towards the employees who are working under them . They make certain strategies so that employees feel more comfortable in organisation. It is the duty of department and try to increase the number of employees in organisation.

Features of employment legislation

There are various policies which are followed by the organisation . It is necessary to implement in each and every organisation . There are many laws which are made to protect the interest of employees . Some of them are minimum wage , hours of work , holiday of employees etc. There are more which are explained below

  • Minimum wages - there is the rule that all the employees must get equal pay whether he or she. Government has ordered this rule which has to be followed by all the organisation.
  • Hours work - it is the rule which is set by government that all the employees will work for 8 hours more than that it is prohibited(Macaulay, 2018) . This will affect the health of employees and safety is more important in organisation.

TASK 3

Features of profit and loss account

This account is maintained by the organisation to determine the profit earned or loss occurred in the business for the year ending . Accounts which are maintained at the end of the year are balance sheet , profit and loss account etc. Under this account all the incomes are recorded on one side of the organization and on the other hand expenses are recorded. From this all the year ending expenses are shown and income earned is totalled. it is helps the investors to know about the financial position of the company. Through this only the investors will invest in the business. If you are required any assignment help at the best price. Please contact our experts.

Being a team leader role of his in the organisation

Being team leader it is the duty of him to guide employees those are working in the organisation . It is the duty of leader to encourage employees . He motivates the workers to work to achieve the goals which are set by the organisation. it is duty of worker to the work in the prescribed way. He is responsible for any discrepancy made by employees. He is appointed to do work for the sake of workers. He shows the correct path to the people who are working under him.

Explaining the stages of team development

There are several stages of team development that are : forming , storming , norming , performing and adjourning(Kannothra and et.al. 2018).

Forming -

This is the initial stage in this worker or members are just started to talking . Purpose of this is person who are working together understand each other , their opinion , behaviour.

Storming -

under this, all the workers are engaged with each other and the next step is competition and conflict which are at its heights . In these members who are dominating maker their own group while the others which are under confident suppress their feelings like in the previous stage.

Norming -

in this group members appreciate the work of other group member. All start contributing in the work.

Performing -

in this all the members know what they have to do. now person are more habitual of the work so they don't need guidance. They are moving ahead towards achieving the target set for them.

Adjourning -

in this person is experiencing the loss of team members because the project is over now .

Three motivation theories

There are different motivation theories which are :

Meslow hierarchy of needs -

These five needs which are need to be followed are , self actualisation ,psychological needs , safety needs , belonging and love , esteem , self actualisation . On priority basis the psychological needs means basic needs which must be fulfilled. Then all the other needs are fulfilled by the people.

Alder fer -

ERG theory  -in this three steps are followed are existence , relatedness and growth.

Existence needs -

Basic needs of life. it involves the safety needs and physiological needs.

Relatedness -

After the fulfilling the basic needs , its time to love , belonging needs are fulfilled . Self respect is needed here(Cao and et.al,2018).

Growth -

Now all the needs are completed last is the own development which focus on the self development and personal growth.

Mc lelland -

This theory is also based on the meslow needs theory . It is also named as learned need theory. in this 3 motivators are there achievement , affiliation and power. This theory is telling the more about the learning and experience through which the employee get motivated.

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Different types of leadership styles

various kinds of leadership styles are:-

Autocratic leadership-

in this leader is like the Hitler . His orders are followed by follower. Rules are strict which are not be liberal in any case.

Democratic leadership-

rules are very liberal and in decision making employees are also engaged . He distributes the work to the people.

Strategic leadership -

in this leader is more of the people who want to increase the performance of organisation as well as employees . He is the person who is responsible for the doing work from the organisation.

TASK 5

Impact of customer service in the organisation success

If organisation will provide good service to clients in that case firm will definitely get success. Customer is the king in the market and all the product and service are made to attract the customer. It is the duty of the owner of the organisation to look after the needs of the clients and after that only it will be benefited in the organisation (Bagozzi and et.al. 2018). Company will become more popular and it will be more effective in eyes of the world.

Benefits of customer profiling

Advantages of this are it will help in knowing the needs of the customer and in better way these are fulfilled. If organisation knows the customer well in that case it will be easy for them to complete the demands. The long term relationship is maintained.

CONCLUSION

Under this report it can be concluded that impact of the customer service on organisation. it has also discussed the client profiling advantages. Motivational theories .stages of team development. Role of team leader in the organisation. Features of profit and loss account . The HR department functions in the organisation. Features of employment legislation . Importance of accounting in the success of the company.

REFERENCES

  • Bagozzi and et.al. 2018. Understanding the consequences of pride and shame: How self-evaluations guide moral decision making in business.Journal of Business Research. 84. pp.271-284.
  • Cao and et.al,2018. Business model innovation: How the international retailers rebuild their core business logic in a new host country. International Business Review.27(3). pp.543-562.
  • Kannothra and et.al. 2018. How hybrids manage growth and social–business tensions in global supply chains: The case of impact sourcing. Journal of Business Ethics. 148(2). pp.271-290.
  • Macaulay, S., 2018. Non-contractual relations in business: A preliminary study. In The Law and Society Canon (pp. 155-167). Routledge.
  • Perren and et.al. 2018. Lateral Exchange Markets: How Social Platforms Operate in a Networked Economy. Journal of Marketing.82(1).pp.20-36.
  • Sauser Jr, W.I. and Sims, R.R., 2018. Showing business students how to contribute to organizational cultures grounded in moral character. In Business Education and Ethics: Concepts, Methodologies, Tools, and Applications (pp. 485-507). IGI Global.
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