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

Activities of Tesco finance function.

Extracts from this document...

Introduction

To: Alexander From: Sawsan Subject: Functional Areas Date: 29 November 2006 Tesco Purpose of finance in Tesco The purpose of the financial for Tesco is that it takes responsibility for organising their financial and accounting affairs including their preparation and presentation of appropriate accounts, and their provision of financial information for managers. What does Tesco finance do? Activities of Tesco finance function Preparing accounts in Tesco The finance staffs in Tesco have of perform a range of activities related to the checking and recording of all amounts received and paid. In each case Tesco are entered into particular accounts. In Tesco, there will be accounts covering sales, purchases and expenses. Information like this is normally computerised in Tesco so up-to-date information can be processed straight away. The information Tesco obtain is known as management information because Tesco managerial decisions would be based on items being sold what popular bands are etc. Tesco financial accountant on the other hand is the person responsible for assembling all the accounts into a format that is required for legal reasons. Paying wages and salaries in Tesco Tesco wages section of the financial department will be responsible for calculating the wages and salaries of employees and organising the collection of Tesco income tax and Tesco national insurance for the Inland Revenue. ...read more.

Middle

Finance team is also involved when discounts are agreed or when there are problems with customer payments. The finance and purchasing department work as a whole to achieve the aim of making a profit. If the finance department gives the purchasing department the money to buy goods that Tesco needs to operate with, it will help the purchasing department to carry out their tasks which means that Tesco will be running effectively. Link to aim and objectives: This helps Tesco to achieve its aim of profit by arranging loans and setting budgets and helps Tesco expand by setting budgets. Superdrugs Purpose of finance in Superdrug The finance department of Superdrug takes responsibility for organising their financial and accounting affairs including the preparation and presentation of appropriate accounts, and the provision of financial information for managers. What does Superdrug finance do? Activities of Superdrug finance function Preparing accounts in Superdrug The finance staffs in Superdrug have of perform a range of activities related to the checking and recording of all amounts received and paid. In each case Superdrug are entered into particular accounts. In Superdrug, there will be accounts covering sales, purchases and expenses. ...read more.

Conclusion

Generally Superdrug will want to borrow from where there are cheap interest rates. Link to aim and objectives: This helps Superdrug to achieve its aim of profit by arranging loans and setting budgets and helps Superdrug expand by setting budgets. Link to other departments: Finance will be involved when discounts are agreed or when there are problems with customer payments. Finance monitors departmental spending and achievement of financial targets. Finance will communicate with human resources department over wage and salary matters. The finance and the sales department work together to achieve its aims of profit by selling more as when customers order online the sales team gets the orders and pass the order to the distribution team to distribute and the finance team produces invoices for the customers. Finance team is also involved when discounts are agreed or when there are problems with customer payments. The finance and purchasing department work as a whole to achieve the aim of making a profit. If the finance department gives the purchasing department the money to buy goods that Superdrug needs to operate with, it will help the purchasing department to carry out their tasks which means that Superdrug will be running effectively. Signature: Sawsan Ahmad ?? ?? ?? ?? Task 4 ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Accounting & Finance 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 GCSE Accounting & Finance essays

  1. Comsat case

    In fact, it adversely affected both ratepayers and stockholders. The commission recommended a debt-equity ratio of 45 percent in the determination of Comsat's rate of return for 1972. According to studies (Malkiel 1979; Brigham, Vinson & Shome 1985; Harris 1986; Harris Marston 1992), the equity risk premium is generally between three percent and seven percent.

  2. This report has been produced as evidence for Unit 9 - 'Financial Services' - ...

    Some fund families are 100% no-load,* meaning their funds do not carry sales charges; but if you're comparing total returns from different funds or fund families, be sure to note whether any sales or redemption charges apply. As mandated by the SEC - so that investors can more easily compare

  1. Complete Report on Askari Commercial Bank

    Lockers * Small Size Lockers * Medium Size Lockers * Large Size Lockers 4. Fund Based Loan * Running Finance * Cash Finance * Term Finance * Staff Finance * Askari Personal Finance * Trade Finance 5. Non-Fund Based Loan * Letter of Credit (LC) * Letter of Guarantee (LG)

  2. The Purpose of Keeping Accurate Accounts

    There are two complications with the receipts and payments book that societies and clubs do not take into account; this is that it does not account for accruals or pre-payments, and there is no distinction between capital and revenue expenditure, so that they cannot claim for depreciation.

  1. Identifying and describing the main financial service needs for a student starting at university

    don't accept credit cards * Manage your account online, day and night, seven days a week * Choice of Visa or MasterCard, accepted at over 23 million places around the world * Free Purchase Protection to cover most major items against theft or damage for up to 100 days *

  2. What does Finance involve.

    These costs are fixed and do not vary. They are always the same costs. For example if I was paying rent for something weekly this would be a fixed cost because I would be paying the same amount every week, this amount will no change until the rate is paid off over a period of time.

  1. ways of finance (bussiness studies)

    The advantages are allowed to take a big amount out and can be paid over a long amount of time. A bank loan is normally used to buy a new car or to pay some of your bills off is just a couple of examples that are used with bank

  2. Planning the finance for my new business.

    used for other aspects of the business, however the business does not own the business and regular fees have to be paid for the use of the equipment. The start up costs of my business may require me to use one of these techniques as a source of finance for

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