To have products, personnel, customers and other key ingredients for your business, you need business functions, among them purchasing services for supplies, human resources services for staff, accounting services to maintain the budget and marketing to generate customers. The business's management and operative functions work together to achieve your business objectives and to make it profitable.
Accounting and Bookkeeping Function
An effective bookkeeping and accounting business function allows a business to operate and salaries to be paid. The bookkeeper provides the accountant with accurate reports of income and expenses, and each transaction is systematically logged. The accounting and bookkeeping professional uses the financial statements to prepare required income tax statements.
Human Resources Function
Human resources is an important business function at the early stage of a business's development, serving the function of managing employee data and establishing company policies. Its major function is of personnel administration and managing employee records. As the business evolves, the human resources function develops training and development programs for the growth of personnel within the company.
Manufacturing as a business function contributes to your business's competitive advantage. Its function involves designing products to meet industry standards and helps businesses identify long-term business goals and necessary capital needs. The right manufacturing strategies could evolve to the development of a worldwide competitive business.
Technology development, globalization and large buyers such as Wal-Mart contribute to complicate the sales function of a business. To succeed in this environment, the sales function of the business focuses on the customer and building long-term relationships. Its function involves keeping an eye open for new sales channels to reach as many customers as possible while adapting to diverse cultures and languages.
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How to Manage Accounting Business Functions
The accounting function is vital for any size business. Accounting is how you keep track of your monetary resources, money you owe...
Primary Business Functions
A business function refers to a component of a business that is responsible for one major area of the business' operations. For...