Functional Areas of Business

Topics: Management, Business, Strategic management Pages: 2 (618 words) Published: September 30, 2013
Functional Areas of Business
Management — Management is the practice of coordinating and overseeing the work of others so that organizational goals can be accomplished. Managers ensure business success through efficiency and the effective use of employees, the business's most important resource. Law — Business law is the study of the legal aspects of business that affect companies and small firms. Managers use business law to ensure that the firm's operations are legally sound and that the business is in compliance with all state, federal, and international regulations and requirements. Business law also helps managers safeguard the firm's intellectual property and resolve situations when they arise. Human Resource Management — Human Resource management addresses the concepts of personnel development in a business. Managers use Human Resource management throughout the employee life cycle, including hiring, training, proper compensation for work, and taking disciplinary actions to remediate, if necessary Leadership — Leadership covers the different ways managers can influence employees to achieve organizational goals. Managers use leadership to inspire employees as well as to motivate them. Leadership also helps managers handle conflict that may arise in the office, including power struggles and organizational change Accounting — Accounting is the field of maintaining and auditing the financial aspects of a business. It is commonly broken into two different aspects, financial accounting and managerial accounting. Financial accounting studies the creation of financial statements such as income statements and balance sheets, while managerial accounting looks at these statements and helps managers make decisions for the firm based on the information. These decisions can include how to properly budget for upcoming projects and where costs can be controlled within the firm. Finance — Finance addresses the process of setting up and maintaining the fiscal success of...
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