Unit 3 How Business Operates Pearson BTEC Level 5 HND Diploma Business Regent College Higher Education

TASK 1

1.1 Importance of accounting for business success

Management developed finance department in venture for managing all activities that are related with money like formulation of budget, record of all incoming and outgoing cash and credit. To accomplish all task and duties in most appropriate manner then it is required that all transactions that are associated with finance that are taking place in association. Accounting process is defined as recording measuring, analysing, interpreting all information of expenses and incomes that are necessary for financial decision making. This action aids management in conveying all information associated with status of corporation to all stakeholders like consumers, suppliers, government, shareholders etc. This type of action is helpful in increasing goodwill and reputation of company in marketplace. There are many advantages that are linked with accounting process are stated as beneath:

• Systematic Record: Management applies accounting process in business operations for recording all transactions that are happening in day to day business operations like incomes, expenses, investments and gains.
• Assess Business Performance: Accounting procedure aids management in getting accurate information related to profit and loss that are generated by TESCO company. This action helps in anticipating larger market share and enhanced goodwill. This action sketches portrait of organisation in front of customers.
• Protect investors and promote transparency: All detailed financial statements are formulated by departments of finance of TESCO company. This type of action provides financial security to firm by recording all data

1.2 Different functions of HR department in business

It is required fro human resource department that they hire and maintain adequate number of employees in an organisation for attaining all targets in limited period of time. TESCO is a supermarket and able in dealing in services industry and reason of their success is that company acquired prominent number of employees so that all task are taking place in most appropriate manner. There are many practices that are subject matter to human resource department and these are explained below:

Recruitment: This is define as hiring of a candidate in association whom have adequate skills and talents for accomplishing task that would be assign to applicant. Human resource department is liable for hiring best person for one or more than one vacant post in order to maintain smoothness in business activities. This type of hiring includes campus placement, management consultants, media advertisement and agencies that are used to fascinate more candidate for recruitment process.

Staffing: Once a candidate is hired then staffing is placement of that person upon blank position as per his/her skills and talents. This is done for selecting best candidate by taking assistance of various tools like test interview that includes some set of questions in order to assess skills and specialisation of person.

Training and Development: Human resource department always assess performance of all employees and then carry out a result that all task are being performed in most appropriate manner and if answer is no then HR manager plans training and development program for those workers whom are not efficient in accomplishing their task and duties.

Employee Relations: Staff members feel themselves more connected with company when management invites them for participating in decision making procedures. So it is an initiative of human resource department for enhancing employee and employer relationships.

1.3 Key features of employment legislation

Government framed many regulatory bodies that are provided responsibilities of taking care human rights at workplace and government also introduced many laws in respect to this like health and safety act, Anti-Discimination act, law related to work hours etc. Main elements of these section are discussed below:

• These laws are helpful in providing adequate working environment by ensuring security and of workers by applying rules in business activities. This action brings work satisfaction and ethics in staff members and also creates positive image of firm in front of customers.
• All workers are assigned task and duties according to their skills and talent not upon the basis of their religion, community, cast, nationality etc. This is an Anti-Discimination act that secures all employees from partiality.
• It is required from HR practices that they take care about all requirements of manpower whom are working in TESCO. This action is done for making workers self motivated.

TASK 2

2.1 Accounting workshop

Profit and loss statement of TESCO for the year 2017

Interpretation: As per above Profit & Loss statement of TESCO for the year 2017, it is studied that as company set up their business in various countries; so management has numerous customer base (Prajogo, 2016). herewith this, management provide distinctive variety of products and quality facilities to improvise sales volume. Company has incurred total revenue about 55295000 and net income of firm is (-40000).

TASK 3

3.1 An analysis to determine own and other's roles of team members

In association, staff members are combined in team on the basis of their talents, virtues and skills so that all task could be performed by them with maximum efficiency. My interpersonal skills were got improved when a problem solving environment was set up in organisation and due to this I was able in establishing communication with my co-workers and because of this leadership and communication virtue of mine has improved and in this situation proper guidance and instructions were provided for completing all task and duties. Teammates are able in performing their task in most appropriate manner like attainment of target in shorter period of time without hampering performance quality if they are allotted duties and actions according to their virtue and specialisation. Other than this, I am efficient in retaining skilled and talented people for longer duration of times along with reducing absenteeism. To obtain all targets, company provides quality wise good products and services to customers.

3.2 Team Development

In TESCO, management formulates teams and groups for improving productivity and to deliver adequate items and facilities to customers so that client's need and wants could be addressed in most satisfactory manner. There are many steps that are counted in team development that is a task of human resource management.

Forming: Team building according to skills and talents of personnels.

Storming: Brainstorming activity should be conducted in order to evaluating ideas and then allotting task according them.

Norming: Construction of policies along with strategy formulation.

Performing: Providence of guidance or direction to staff members for bringing efficiency in task accomplishment.

Below are some motivational theories that are applied in work practices in order to increase morale and inspiration among employees.

Maslow's need hierarchy: According to this theory, human requirements are set in a pyramid. As per view points of Maslow, an individual always cater its basic necessities like food, shelter, security etc. then other type of needs is to be raised like job security, safe working environment etc.

Herzberg's Motivation-Hygiene theory: Management always try to provide safe and friendly environment along with effective working conditions so that employees could work with full enthusiasm and motivated by getting job satisfaction.

Alderfer's ERG theory of motivation: Motivation is provided through giving benefits like compensation for better living standards to employees. Alderfer also emphasised on employees and employer relations.

Different leadership style that are utilised by superiors of TESCO are as beneath:

Autocratic Leadership: When all power is centralised with leader and follower have to accept guidance only and they are not suppose to give their feedbacks and opinions in any matter.

Democratic style: In this kind of leadership, leader delegates authorities and power among all followers in order to make them more important by inviting them for fundamental decision making system.

Laissez- faire style: In this type of leadership style, management allows workers to choose task of their choice and left decision upon workers that what manpower wants to do.

Conclusion

This report is summarised as running business activities in complexities of environment is not an easy task and this is the reason sometime objective of business does not achieve and goes to failure but there are many activities which makes business operations successful like human resource practices and development of employee and employer relationship. Along with this report also pays attention upon accounting process’s implications in business activities.

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