• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Investigating Financial Control

Extracts from this document...

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.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Accounting & Financial Management section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Accounting & Financial Management essays

  1. A2 Business CourseWork

    Employment is important to any authority because it not only helps the local community by generating money for the local economy but it also brings in money through taxes and prevents money being paid out to people on benefits. Overall it enables the council to invest in more important things.

  2. Unit 2 - Investigating Business

    Another idea is to have a public fashion show so the public would see what my service provides. 2. Break even - my income has to at least be exactly the same as my expenses. This means I may not be making money but I also won't be losing money.

  1. Financial Analysis: Home Depot

    The rest of the numbers required for the calculation did not require a decision between different statistics or estimates for the same category. We calculated the Weighted Average Cost of Capital for The Home Depot to be 8.294 %( refer to Exhibit 1).

  2. Definition of customer service

    viewing the number of member they have by looking at how many customer they have they would be able to see if their customer service is good because if they didn't have good customer, this could also be done by checking their takings.

  1. The company I'm reporting on is Kraft Foods Incorporated - accounting principles.

    Kraft Foods had a gross margin in 2001 of 10.2%, while in 2000 it was 12.9%, and in 1999 it was 11.3%. This means for every dollar in 2001 sales, Kraft had 10 cents to cover your basic operating costs and profit.

  2. business plan unit

    In order for the objective to be successful it must follow the S.M.A.R.T objectives guide lines and in order for the objective to be legitimate and useful. If the objective does not follow this procedure it is more likely for the business to become unsuccessful, in achieving its aims.

  1. In this section I am going to be looking at various life stages and ...

    Bank Services available for Students from Royal bank of Scotland and Barclays Bank Graduate current account A current account is used to hold funds for an individual. The benefit of having a current account is that it is an easy way of adding interest to the money that is in the account.

  2. Autralia's Retail Loan Rate Changes

    (Kriesler, 1999). The monetary policy aims to achieve the medium term and to encourage strong and sustainable growth in the economy. In the long run, this is the principal way in which monetary policy can help to form a sound basis for long-term growth in the economy (RBA, 2008).

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work