Introduction
Business consists environment which incudes various internal and external factors that directly or indirectly impact on operations. Government, suppliers, customers, technology, economic conditions and competitors are various components that management require to consider while designing system (Sekaran and Bougie, 2016). Present report is based on Sainsbury which is famous retail store established in UK and various nations. This assignment defines information about different kinds of organisation such as private and public which vary with each other on basis of size, structure and objectives. Management duty is to utilise funds, material and manpower efficiently; thereby deliver appropriate items and services in marketplace. This helps them to generate adequate profit and timely accomplish goals and objectives.
Task 1
Importance of accounting for business success
Finance department is constituted by administration whose duties include conducting auditing and formulate budget which specifies information about execution of funds in various activities. Accounting process is executed by members which includes activities such as recording, measuring, classifying and interpreting information about expenses and incomes (Zander, McDougall-Covin and Rose, 2015). This help executives to communicate information about financial data to shareholders, creditors, government and other users; thereby enhance market goodwill and image of Sainsbury. These are various advantage that accounting concept have on prosperity of business are defined below:
Systematic record: Management conducts accounting process which helps them to maintain organised report about all spendings, investment and gains made by firm.
Assess business performance: Accounting process helps administration to get accurate information about profit or loss generated by Sainsbury. This help them to anticipate market share and position; thereby acknowledge enterprise's image have in mind of public.
Protect investors and promote transparency: Financial statement is formulated by financial unit which help seniors to communicate information to shareholders about revenue generated by Sainsbury. This helps executive to construct interest and provide them security that adequate profit share will be given to them by firm.
Different functions of HR department in business
Human resource responsibility is to have skilled and competent workforce so that business operations are executed in proficient manner. Sainsbury which is retail store have adequate manpower, so quality products and services are given by firm. These are various activities that are performed by employer are described beneath:
Recruitment: This process defines that HR manager uses internal approach such as promotion, transfer and former employees are used to motivate workforce and dedicated towards job. Besides this, external methods such as campus placement, management consultants, media advertisement and agencies are used to attract individuals from outside (Wajdi, Ummah and Sari, 2017) . In Sainsbury, administration uses intrinsic tactic which help them to recognise capabilities of workers; thereby promote them to higher position. Along this, extrinsic elements are used by employer to increase manpower and include new joiners which have creative and innovative ideas.
Introduction
Business consists environment which incudes various internal and external factors that directly or indirectly impact on operations. Government, suppliers, customers, technology, economic conditions and competitors are various components that management require to consider while designing system (Sekaran and Bougie, 2016). Present report is based on Sainsbury which is famous retail store established in UK and various nations. This assignment defines information about different kinds of organisation such as private and public which vary with each other on basis of size, structure and objectives. Management duty is to utilise funds, material and manpower efficiently; thereby deliver appropriate items and services in marketplace. This helps them to generate adequate profit and timely accomplish goals and objectives. Task 1
Importance of accounting for business success Finance department is constituted by administration whose duties include conducting auditing and formulate budget which specifies information about execution of funds in various activities. Accounting process is executed by members which includes activities such as recording, measuring, classifying and interpreting information about expenses and incomes (Zander, McDougall-Covin and Rose, 2015). This help executives to communicate information about financial data to shareholders, creditors, government and other users; thereby enhance market goodwill and image of Sainsbury. These are various advantage that accounting concept have on prosperity of business are defined below:
Systematic record: Management conducts accounting process which helps them to maintain organised report about all spendings, investment and gains made by firm.
Assess business performance: Accounting process helps administration to get accurate information about profit or loss generated by Sainsbury. This help them to anticipate market share and position; thereby acknowledge enterprise's image have in mind of public.
Protect investors and promote transparency: Financial statement is formulated by financial unit which help seniors to communicate information to shareholders about revenue generated by Sainsbury. This helps executive to construct interest and provide them security that adequate profit share will be given to them by firm.
Different functions of HR department in business Human resource responsibility is to have skilled and competent workforce so that business operations are executed in proficient manner. Sainsbury which is retail store have adequate manpower, so quality products and services are given by firm. These are various activities that are performed by employer are described beneath: Recruitment: This process defines that HR manager uses internal approach such as promotion, transfer and former employees are used to motivate workforce and dedicated towards job. Besides this, external methods such as campus placement, management consultants, media advertisement and agencies are used to attract individuals from outside (Wajdi, Ummah and Sari, 2017) . In Sainsbury, administration uses intrinsic tactic which help them to recognise capabilities of workers; thereby promote them to higher position. Along this, extrinsic elements are used by employer to increase manpower and include new joiners which have creative and innovative ideas.
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