Unit 1 - BTEC HND in Business Operation - Regent College - Level 5

Task 1

1.1 Explain the importance of accounting for business success

Accounting is an important concept that helps management in doing effective control and also assist in taking effective decisions. By maintaining various accounts it becomes easy do analyse the performance of different department that which section is doing well and which needs to be improved(Omar, Leach and March, 2014) . Comparison can be made easily in the work done in a particular year against the preceding duration which shows that which was better and how the gaps can be minimised. Financial resources need to be allocated properly as it is one of the most important resource and hence the growth of firm depends so much on same. By accounting methods it is identified that which areas gives maximum returns which further helps in deciding on the investment decisions (Storey, 2016).

1.2 Describe the different functions carried out by the HR department in a business

Human resource is one of the most crucial department of an enterprise as it performs the function of managing the work force. The process of recruitment and selection is carried out by this authority and it ensures that timely availability of employees is made so that continuity in firm operations can be maintained. It is important that appropriate process is followed to fill the vacancies as it has major impact on the growth capacity of firm.

1.3 Outline key features of employment legislation

While a person is working in an organisation different legislations needs to be maintained like equality in pay, no discrimination on the basis of caste creed, child labour etc. each one of them has their direct and great influence on the business as it has to ensure that all the legislations are maintains so that no legal actions are taken against them (Ward, 2016) (Dunning, 2014).

Task 2

2.1 Profit and loss account for Waitrose

Interpretation: It can be interpreted from the above profit and loss account that this organisation have been able to receive marginal higher revenue compared to previous years. This directly relates to increase in the sales for this organisation. However it can be determined that there is a steady rise in the expenses as well which ensures fall in the operating income of undertaken business organisation. The overall income have been increased but the increase in the taxes and operational expenses makes sure that net income falls below the amount which has been received by the organisation in last year. The reason for the decline in the net income of an organisation is an direct result of the increase in the VAT and other relevant taxes by the government of the country. Therefore it can be finally concluded that this organisation have been successful in raising the income through various sources but the increase in taxes is affecting profitability of this business (Doppelt, 2017).

Task 3

3.1 Self roles and other in team

As a leader this is the duty of leader in company to direct their subordinates that how and in what manner they have to do their work for achieving pre determined goal and objectives. Employees feel many difficulties while doing work in company in this it is responsibility of leader and manager to solve their issues which they are facing (Palattella, 2016). Their are several qualities which is required in leader such as problem solving, motivating and encouraging employees several other. Along with this they must have skill of developing team which is important for smooth flow of business. Leader are manager of a particular team, they manage and guide entire group with individual. Hence, leader play important role in day to day working of business along with working of individual which task is assigned to them(Gassmann, Frankenberger and Csik, 2014) .

3.2 Notes for supporting future training events

Stages of team development- there are five stages for development which as named as forming, storming, norming, performing, adjourning. Development of team is important because group help in achieving goals and objectives of business as well help in competing work of organisation in better manner.

Motivational Theories- there are three type of motivational theories which putt efforts in identifying performance and after that give rewards to them according to that (Adjei, 2014).

different leadership styles- there are several leadership styles using by leader of the organisation for motivating and encouraging their employees along with managing daily activity of Wait Rose. Leadership styles are Authoritarian, situational, autocracy and many more. out of all these autocracy leadership style is best because it involves employees in decision making (Omar, Leach and March, 2014) .

Conclusion

It has been concluded from the above report that there are two sectors in which different kind of organisations are working for accomplishment of their different objectives. These two sectors are known as private and public. There is huge importance of accounting in measurement of the financial performance of organisation. It helps in preparation of the budgets which direct the employees in performance of their functions in more appropriate manner to achieve desired results. There is huge importance of HR department in overall development of organisation and motivation of employees.

References

• Shenkar, O., Luo, Y. and Chi, T., 2014. International business. Routledge.
• Storey, D.J., 2016. Understanding the small business sector. Routledge.
• Ward, J., 2016. Keeping the family business healthy: How to plan for continuing growth, profitability, and family leadership. Springer.
• Dunning, J.H., 2014. The Globalization of Business (Routledge Revivals): The Challenge of the 1990s. Routledge.

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