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Business Performance and Competition

Introduction

Business finance defines those funds which are the total numbers of investments by a company in a particular field. It may indicate the startup or commence a discussion about business. As direction given on the assignment brief and guide, this assignment consists of five parts. Each part has a different topic to discuss. The first part of this discussion covers the business performance and the competition regarding macro and microeconomics. And the second part of this paper will be discussed the role of accounting and accountants in business.

Business Performances and Competition

Business performance indicates the overall performance of the company including the goals and objectives, vision, and mission of the company for any specific time frame. There are some models to justify the business performance which are the quality of the products of the company, the total expenses, the speed and swiftness of the company, the reliance of the company, and the elasticity of the company.

Business Competition

Competition can be identified as the methods of manufacturing the products by the lower expenses and to increase the number of profits in huge number. When a company produces better products at a lower price than other company’s product quality and price perspectives, then the competition will have the company. Competition in the business area helps the authority to improve products quality and also helps to improve the customer’s demand for any specific products. It can be said that due to the competition within a particular market the quality of the product improves gradually.

Quality of the Human Force in the organization

Quality human resources are the central issues towards gaining the objectives of a company. Without including quality human resources a company will not be able to find out its expected results after the particular period. There are some approaches to choosing quality human resources. By ensuring a quality workforce a company can run toward the objectives. A quality workforce is a prerequisite to reaching the goals of a company.

The internal structure of the organization

The internal organizational structure refers to the specific rules and regulations of a company that must be followed by the fellow of the organization. Besides, there are specific systems and certain manners at every level of a company or organization. Organizational structure can be many types including horizontal organizational structure, divisional, team basis organizational structure, networking organizational structure, and functional organizational structure. Every structure has different specifications. But at least an organization must have a structure, without any organizational structure a company will not gain the objectives.

Business experiences

The term business experience indicates that specific experience that is closely related to the commercial workplace. Business experience has multiple levels which can be identified as starter, intermediate, and vastly experienced. To make positions in the business sector, a person must have a basic knowledge of the business.

Size of assets

The size of assets indicates the total amount of investment by a company in particular business industry. Size of assets also includes the current actual market value of a company in a particular period. The asset size may be varied every time by some factors including the demand of the products, supply of the products, and expected returns of the products.

The Roles of Accounting in Business

From the business perspective, accounting plays a very important role to keep running a particular business. There are many roles of accounting in the business area including making financial policies and determining plans executing the plan, making the appropriate amount of budget for a particular time frame, controlling the number of expenses of a particular period, to evaluate the actual performance of the workers in organizations, and the final one is to find out faults and mistakes of company and to take steps to eradicate the percentage of errors in a particular period.

To get further information visit here Financial Statements

Roles of Accountant

There are some specific positions to play a role of an accountant including the assistant of the controller, the role of manager, the expense accountant, and others who have a different position to do duty. Financial statements and reporting are two inevitable components in the discussion of accounting.

Process of Reporting

Accounting also helps to justify the process of reporting in a company.  The term accounting also indicates the extraordinary process of financial data recording and designing in the business. Accounting also covers the process of doing summarization in business, analyzing the data and information, and collecting all the documents and entities which are related to the company.

Finance Management

The role of an accountant within a company also covers that functions are directly related to the financial systems of the company and which are must need to analyze the actual profit of the company in the future. An accountant also plays the role of a bookkeeper of the company. The book means the past year’s report and documents and data.

Accountant as Auditor

An accountant also plays the role of an auditor within a company. In business discussion the role of accountings is inevitable. If an accountant fails to do his duty properly then the company may fail to gain its expected prosperity.

Loyalty of Accountant

A proper accountant should be loyal as much as possible. When an accountant provides wrong or false information about the company regarding the data, research, or other information, then the company can fail to gain the expected prosperity and can face many difficulties. So an accountant must have as many loyal and trusty as possible.

Writer: ATM Qutayba, Student, University of Dhaka

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