Importance of Teamwork, Financial Management and Reporting for Organisations

Explain Teamwork And Its Importance. Please Add At Least 2 Examples To Show How Different Departments Work Together And Share Information With Each Other

Explain Financial Management And Its Importance For Any Organisation. o Explain Reporting And Its Purpose For Any Organisation. Also Explain Any 2 Documents That Organisation Used For Reporting Purposes.

Balance Sheet

Profit And Toss Account

Cash Flow Statement

You Need To Write a Report On Role Of Different Departments Within The Organisation. You Also Need To Show Clear Under Standing On Collaborative Work Practices f Mall,/ Discussion On Role 01 Financial Management And Reporting Within The Organisation Is Required.

The departments of organization performs their duties or functions for their companies, for instance marketing, accounting and production. The employees are the members of team that works together for further organizational goals using their particular talents and skills (Lock and Seele 2016). Therefore, this report aims to discuss importance and role of the departments, teamwork and its importance, financial management and its management and reporting and its processes for organization.

Aldi is the common brand name of the two German family-owned discounted chains of supermarket that is having approx. 10,000 stores in almost 20 countries and it has estimated the combined turnover of around 50billions. This chain of supermarket was founded in year 1946 by the two brothers, Theo Albrecht and Karl, when both of them have taken over store of the mother in Essen (Aldi.co.uk. 2020).

The department of marketing help in playing key role in the promotions of business and organizational mission. This department serves as the entity’s face in producing as well as coordinating all the materials that represent the business. In case of Aldi UK, job of the marketing department is reaching out to customers, prospects, investors, customers and community and customers, while creating overarching the image that shows positive light of company (Fleming et al. 2016).

Finance is the life blood for any organization and it is key ingredient towards successful business. The success and performance of any entity depends upon the way finance is being handled. In case of Aldi UK, the finance department of company is responsible for acquiring the funds for entity, managing the funds as well as planning for funds expenditure on the different assets.

The human resource department’s role has gone from traditional hire and fire to the in-depth position that focus on company’s other aspects such as looking after the employee engagement. In case of Aldi UK, the HR department of company is responsible for creation, implementation as well as overseeing the policies in between management team and employees of company (Lock and Seele 2016).

Role and Importance of Department

Teamwork is defined as team member’s ability for working together, anticipating and meeting demands of each other, communicate effectively and inspiring confidence that results in the coordinated collective action. The environment of teamwork helps in promoting atmosphere, which fosters loyalty and friendship. These close relationship helps in motivating employees and align them for working harder, supportive and cooperate each other. The examples of this are as follows:

In Aldi UK, each team member contributes and each of the contributor plays their own strengths of individual. They collaborate, brainstorm and communicate on everything. The team of company uses each other as the sounding board and there is no ignorance and criticism of any idea.

The second example is rotation of leadership on some of the projects. It gives chances to the different people for testing their skills of leadership. This collaboration and exposure level results in strong teamwork at the company (Hustedt and Danken 2017)

Financial management is described as dealing with as well as analyzing investments and money for business or person for helping to make the decisions of business, for instance company’s accounting department. The financial management is vital skill of every manager and business owner. Every decision taken by the owner has financial impact on the entity and the owner of business has to make decisions in the context of operations of the company (Karpoff, Lee and Martin 2014).

Financial reporting is defined as communication of the financial information such as financial statements to users of financial statement such as creditors and investors. It is mandatory for all listed companies for issuing financial statements. The major purpose of the financial reporting is for providing information about the financial performance, position and changes in the financial position of entity, which is beneficial for wider ranges of the users in making the economic decisions (Nobes 2014). Following are the financial reports prepared by company:

Balance sheet is financial statement, which helps in reporting liabilities, assets and equity of shareholders at particular point of time and it helps in providing basis for calculating rates of return and in evaluating the capital structure. Aldi UK prepares balance sheet statement at the end of each financial year and report and discloses it to their users.

The P/L statement or the income statement is financial statement, which helps in summarizing incurred expenses, costs and revenue during specified period. The company Aldi UK prepares income statement at the end of each financial year and report and discloses it to their users (Aldi.co.uk. 2020).

Conclusion

Hence, this report concludes that organizational departments such s finance, marketing and HR, perform their duties and functions for company. Further, teamwork is important as it helps the employees for working together, which they can achieve more than working alone. Moreover, financial management is important practice as it deals with effective dealing with firm’s financial resources for achieving goals of business. Lastly, financial reporting has the main purpose to communicate the financial results and information with their users.

Reference

Aldi.co.uk. 2020. ALDI UK | Homepage. [online] Available at: https://www.aldi.co.uk/ [Accessed 21 Jan. 2020].

Fleming, S.S., Goldman, A.W., Correli, S.J. and Taylor, C.J., 2016. Settling in: The role of individual and departmental tactics in the development of new faculty networks. The Journal of Higher Education, 87(4), pp.544-572.

Hustedt, T. and Danken, T., 2017. Institutional logics in inter‐departmental coordination: Why actors agree on a joint policy output. Public Administration, 95(3), pp.730-743.

Karpoff, J.M., Lee, D.S. and Martin, G.S., 2014. The consequences to managers for financial misrepresentation. In Accounting and Regulation (pp. 339-375). Springer, New York, NY.

Lock, I. and Seele, P., 2016. CSR governance and departmental organization: A typology of best practices. Corporate Governance: The International Journal of Business in Society.

Nobes, C., 2014. International classification of financial reporting. Routledge.