• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month
Page
  1. 1
    1
  2. 2
    2
  3. 3
    3
  4. 4
    4
  5. 5
    5
  6. 6
    6
  7. 7
    7
  8. 8
    8
  9. 9
    9
  10. 10
    10
  11. 11
    11
  12. 12
    12
  13. 13
    13

Exploring business purposes

Extracts from this document...

Introduction

Exploring business purposes Task one I am now going to select one out of each group and answer the following questions: * A) the size of the organisation (small, medium, large) * B) the types of business ownership (sole trader, partnerships, LTD, PLC, charity and franchise) * C) the scale of the business (local, regional, European and global organisation) * D) The purpose of the business (goods and services at a profit, free, costs etc.) I intend to investigate and produce a report for each of the business organisations. But I am going to address to the criteria above. In group one; I have decided to research St. Bartholomew's medical centre. I intend to follow up on my research using the B-Tec book and internet to answers the questions above. St. Bartholomew's medical centre I have research that: St.Bartholomew is a practice which consists of six partners which combines to make up a partnership company. They have two Salaried GPs, a GP Registrar and a GP Retainer. They offer over 60 doctor surgeries per week. They currently look after approximately 17000 patients. The size of the business is a medium organisation. In addition, they have many other practitioners working from the surgery: Practice Nurses, District Nurses, Health Visitors, Health Care Assistants, Midwives, Physiotherapist, Psychologist, Psychiatrist, Drugs and Alcohol nurse, and a Citizens Advice Bureau advisor who can help with queries on benefits. Their practice area covers the eastern part of the city and surrounding area and includes Cowley, Headington, Littlemore, Rose Hill and Blackbird Leys. (But it is just in oxford which makes it a local business). A wide range of social and ethnic groups are represented. Translators can be booked for most languages. Approximately half their patients are students at Oxford Brookes University and largely consult with them at the Oxford Brookes Medical Centre on the Gipsy Lane campus. All businesses exist for a purpose. ...read more.

Middle

They are simple to accomplish if they are broken down into smaller steps. The purpose of setting aims and objectives is to gain a profit or to achieve goals. Aims are set to provide a focus for the organisation. The aims and objectives will always link to the main purpose of the organisation. The most important objective is to make a profit in order to survive. If a business does not make a profit it will go bankrupt and have to close down. I am now going to distinguish between the aims and objectives in public and private sector organisation. Aims and objectives are intended to assist an organisation to accomplish its vital purpose and provide a focus for staff. They vary between organisations in dissimilar sectors because these businesses have diverse purposes. * Private sector businesses offer goods and services and must make a profit in order to survive. They can only break even (or make a loss) for a very short period of time or the business would have to close. * Public sector businesses are possessed by the state and provide many vital services free of charge and others at or below cost price. Some businesses will not try to make a profit at all. This is either because they are a charity or they are in the public sector. Charities and public sector businesses need to earn enough income to cover their costs. In this case their objective is to achieve a surplus. This is put back into the business. I am going to compare and contrast ST. Bartholomew's and BMW aims and objectives. Aims are the long term visions or goals of a business. Objectives are specific, measurable targets to help to achieve an aim. Aims for BMW: * To increase profit * To increase market share * To survive * To be more environmentally friendly * To support charities Aims for ST.Bartholomew: * Operate within budget (To break even) ...read more.

Conclusion

In many immense businesses, dissimilar types of financial experts are employed: * Management accountants' observe department's budgets and present income from sales, prepare cash flow forecasts and concentrate in analysing day-to-day financial information and keeping senior managers knowledgeable. * Financial accountants are concerned with the preparation of the statutory accounts. All companies must provide a balance sheet and profit and loss account each year, and most construct a cash flow statement as well. * Credit controllers observe overdue payments and take action to recover dreadful debts. Finance staff supports the accountants by keeping financial records, chasing up belatedly payments and paying for items purchased. Today, virtually all businesses use computer accounting packages to record financial transactions and arrange their accounts as well as spreadsheets to examine financial data. Some finance departments arrange the payroll and pay staff salaries, but others outsource this to a specialist bureau. Finally, businesses will often need income to fulfil specific aims and objectives linked to growth, expansion or simply updating their equipment or machinery. These items may be bought from money held back (reserved) from past profits, but usually additional money will be needed. If the business needs to borrow money it will want the cheapest interest rates possible and also want good repayment terms. Deciding where to obtain these funds is a specialist job and normally the task of the senior financial manager. A well-organized finance function is critical for businesses to accomplish aims and objectives linked to convalescing profits and lowering costs. A summary of the range of tasks finance's carry out is given below: * Producing invoices, checking payments are received and chasing up overdue payments * Recoding money received * Checking and paying invoices received * Preparing the payroll and paying staff salaries * Monitoring departmental budgets to check managers are not overspending * Issuing regular budget reports to all departmental managers * Producing cash flow forecasts and regular financial reports for senior managers * Advising senior managers on sources of finance for capital expenditure * Producing the statutory accounts each year ...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. Marked by a teacher

    Business Finance. There are a number of sources of finance, which businesses will need ...

    3 star(s)

    Borrowing too much money can lead to a messed up cash flow and also payments can even overtake income in some matters of cases, this is why many loan payments are limited to a certain proportion of a borrowers income.

  2. Give an explanation of break-even analysis and explain how it supports the achievement of ...

    One feature of break-even chart is that it can show the safety margin. This is the amount by which demand can fall before the firm starts making losses. It is the difference between sales and break-even point. If the sales in this case was 175 000 units with a break-even

  1. In this assignment I am opening a tuck shop in the school grounds and ...

    To check the accuracy of the break even point I used this formula: - FIX COST BREAK - EVEN = REVENUE (SELLING PRICE) - VARIABLE COST If there is a problem with it could be very seriously because if I thought that I was making a profit I will be actually making a loss.

  2. Comsat case

    To determine the equity risk premium, Dr. Carleton and the trial staff estimated that Comsat's risk was similar to AT&T's. We are to evaluate if Dr. Carleton did a good job in assessing Comsat's cost of equity given that he used AT&T as a comparable entity.

  1. The business plan

    23/Choice3 20/Choice 4 9/Choice 4 15/Choice 2 9/Choice 3 4/Choice 2 7/Choice 3 5/Choice 2 5/Choice 2 3/Choice 3 3/Choice 2 2/Choice 1 Quite Like 16 Evening 17 Fine 23 Like 9 Afternoon 15 Expensive 4 Don't Mind 5 Cheap

  2. Free essay

    Describe the trends of growth and decline for the sector in which Manchester airport ...

    This is because * Coal is running out. * Electricity is more commonly used because it is easier and it causes les pollution. * Gas is used more than coal. * There is cheaper imported coal. Secondary sector: Manufacturing has seen a decline in the number of workers employed during

  1. Management Accounting Report.

    Below I am going to show the Cash Flow Forecast at the current price, which will be followed by the Cash Flow Forecast at the increased price. The Cash Flow Forecast shows at the current price shows that the closing balance at the end of the year is �50,000 but

  2. The Purpose of Keeping Accurate Accounts

    Keep stakeholders informed - can improve investor's confidence and can make more contributions by investing in more money into the business if they are regularly informed about the success of the business. Paying high dividends to shareholders and informing them on future dividends can make shareholders invest more money.

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