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Investigating Financial Control

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Introduction

Unit 3 - Investigating Financial Control Task 1 The business I'll be examining and find out their objectives and aims is Sainsbury. Sainsbury is a retail store that was founded in 1869 by John James and Mary Ann Sainsbury and it is Britain's longest-standing major food retailing chain. They opened their first small dairy shop at 173 Drury Lane, London. Drury Lane was one of London's poorest areas and the Sainsburys' shop quickly became popular for offering high-quality products at low prices. It was so successful that further branches were opened in other market streets in Stepney, Islington and Kentish Town. In addition, their head office is in J Sainsbury plc, 33 Holborn, London, EC1 N2HT. By 1882, John James Sainsbury had four shops and had plans to expand his business further. He opened a depot in Kentish Town, north-west London, to supply this growing chain and, on the same site, built bacon kilns that produced the first Sainsbury brand product. It was also in 1882 that John James opened his first branch in the prosperous suburb of Croydon. This shop sold a wide range of 'high-class' provisions and was more elaborately decorated than the earlier shops. However, between 1890 and 1900 the number of Sainsbury's branches increased from 16 to 48. In addition to a wide range of quality food and grocery products, many stores offer bread baked on the premises, delicatessen, meat and fish counters, pharmacies, coffee shops, restaurants and petrol stations. ...read more.

Middle

However this is copy of the store and everything is being recorded at the end of the day. Transaction - Electronic recording If a customer made purchses with cash, credit or debit it is automatically registered in the cash register and this is recorded electronically. This process is easy because at the end of the day the business would know how much money they've made and they could easily retrieve information on the system for future references. The effectiveness and security of recording transaction maually and electronically Manual recording is effective because its way of recording transaction easily and faster by customers' purchasing items from the store. In addition, all the receipts should be kept for future references at the end of the day and they should be stored in a safe and dry place. Manual recording is not secure due to some certain reasons like if: * Customers' reciepts could be lost. * Receipts may not be handled with proper care, that is, a staff could put it in the bin without taking note that it is still a receipt that could be useful for the future. * Time is being wasted because it takes a lot of time to record transaction of customers. * Receipts could get wet mistakely by staff. * Staff could forget to record transaction. ...read more.

Conclusion

If a customer wants to change his/her PIN, they could visit any Sainsbury's Bank, Halifax or Bank of Scotland cash machine and simply follow the on screen instructions. Sainsbury's strongly advise that customers never write down or tell anyone their credit card PIN number. In addition, customers should never give their card, or card number, to anyone unless they are giving them payment details. There is also a contact number, which is 0845 300 0344* in case a customer thinks anyone is in a position to use their card without their permission. Public Action The company encourages members of the public or staffs that if they presume fraud and corruption, they should contact anyone in a higher rank in the store, that is the Chief Executive, Manager or security. My source of information was from www.sainsburybank.co.uk Fraud could also be prevented through this ways too, which are: o Staffs are trainned on how to recognise shop lifters. o CCTV cameras are being installed. o Before employees are employed, their personal record are being checked for any criminal record before they are employed. o Security gaurds. o At the start and at the end of sales for the day, stock are being doubled checked in order to make sure everything is in perfect and not missing. This is an appendix of Sainsbury's group profit and loss account to show how much the business has gained and lost through sales. ?? ?? ?? ?? BTEC First Diploma in Business Lucy Oloko 06/01/2006 1 ...read more.

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