The Finance Department in Tesco is used to keep records of what money Tesco is currently working with. They will provide all other functional areas with the money they need to run. The Finance Department within Tesco is run by the chief accountant. The Accounts section are responsible for many things. They control all money paid in and out of Tesco. This area presents all final accounts and are responsible for the sources and use of funds. These funds may be used for such things as designing a new product or store etc.
We Will Write a Custom Essay Specifically
For You For Only $13.90/page!
Wages and relevant records are prepared in this department as well as credit records for customers/suppliers. The Finance and Accounts department measure the financial performance of Tesco over the years and prepare financial reports on their findings. This would also be the area which would be in charge of most financial planning. This department is also responsible for the sources and use of the funds that they have. These funds would be used to improve the business or even just to keep it running. The Finance and Accounts Department control tow main functions.
Management Accounting The Financial Accounting Function keeps a record of the financial event that have occurred previously in the business. It also provides financial summaries such as a balance sheet on the events that have taken place. The Management Accounting Function supplies the managers with figures that will help them make decisions. This mainly involves costing and pricing decisions. Production Tesco’s production director has many jobs and tasks to carry out. He is responsible for controlling the entire manufacturing process which takes place within Tesco.
He/She must check that all raw materials are processed into the finished products effectively. They have to ensure that the quality of goods produced is maintained throughout the manufacturing of the product. Production charges must be set and met by the production team and some tasks may be carried out quickly to meet an aim, or more long term to help Tesco reach their objectives. The managing director must monitor the efficiency of the production methods being used by the below sub-functions. * The Production and Planning Department * The Purchasing Department * The Stores Department
The Design and Technical Support Department The Works Department Responsibilities within the Production Department may include things such as dealing with customers and organizing resources to ensure that the goods or service arrive in the best quality and value to the customer. Human Resources This department within Tesco cover a vast amount of activities that occur within Tesco. The main areas this department is responsible for are listed below: Building policies to relate to the staff within Tesco. Looking after the safety and welfare of people at work
Helping managers of other functions to develop skills relating to their work Negotiating between different groups such as trade unions Training of staff Health and safety of both staff and customers Wages Marketing This function involves the identifying , anticipating and satisfying of customer needs. The Marketing Department within Tesco is separated into 2 different areas – Marketing and Sales. The Marketing Department enables the company to produce what the customer wants whereas the Sales Department involves getting the customer to want what Tesco produce. This may be achieved through advertising and promotion.