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Tesco Functional Areas
All businesses need to be well organised to achieve their aims and objectives. Certain tasks, or functions, must be done regularly and these are usually grouped into specific types of activities. In a large organisation like Tesco PLC, people work together in functional areas. Each functional area has a specific purpose. Below are the main functional areas:
Finance
The main activities of the finance department are:
* To record all the business transactions
This means that they record in their schedule all the expenses that have been paid and all incomings. They also make sure that each department does not spend more than it has been allocated.
* Measure the financial performance of Tesco
This means the finance department look at how well or badly Tesco is doing financially.
* To control the finances and cash flow so Tesco stays reliable.
This means that they make sure that there is enough money in the business to pay off debts, bills and the employees. They also make sure that there is enough money to survive for the company.
* To take timely financial decisions by comparing the predicted performance with actual performance.
This means that if the company wants to invest more in Tesco, then it would be up to the finance department to make the decision on whether there are enough funds to do. They would do this by looking and comparing the financial situation in previous years with the financial situation of the present year. By this they can see the expense will leave them with enough money at the end. They also prepare all the accounts each year so that the company comply with their legal responsibilities to the Inland Revenue and complete VAT returns which they send to HM Customs and Excise.
The finance department in Tesco is there to make sure that the company stay's afloat. They do this by checking the financial status of
All businesses need to be well organised to achieve their aims and objectives. Certain tasks, or functions, must be done regularly and these are usually grouped into specific types of activities. In a large organisation like Tesco PLC, people work together in functional areas. Each functional area has a specific purpose. Below are the main functional areas:
Finance
The main activities of the finance department are:
* To record all the business transactions
This means that they record in their schedule all the expenses that have been paid and all incomings. They also make sure that each department does not spend more than it has been allocated.
* Measure the financial performance of Tesco
This means the finance department look at how well or badly Tesco is doing financially.
* To control the finances and cash flow so Tesco stays reliable.
This means that they make sure that there is enough money in the business to pay off debts, bills and the employees. They also make sure that there is enough money to survive for the company.
* To take timely financial decisions by comparing the predicted performance with actual performance.
This means that if the company wants to invest more in Tesco, then it would be up to the finance department to make the decision on whether there are enough funds to do. They would do this by looking and comparing the financial situation in previous years with the financial situation of the present year. By this they can see the expense will leave them with enough money at the end. They also prepare all the accounts each year so that the company comply with their legal responsibilities to the Inland Revenue and complete VAT returns which they send to HM Customs and Excise.
The finance department in Tesco is there to make sure that the company stay's afloat. They do this by checking the financial status of