Functional Areas of Business Essays

1010 Words Mar 1st, 2013 5 Pages
Functional Areas of Business
La’Kisha Thomas
University of Phoenix
MGT 521
Greg Luce
February 11, 2013

Functional Areas of Business
The functional areas of business are management, law, human resources management, leadership, accounting, finance, economics, research and statistics, operations management, marketing, and strategic planning. Although, all of the functional areas are essential to the success of a organization, two areas stand out as key to getting the business started and keeping it profitable, and they are human resources management and the accounting area (University of Phoenix, 2013).
The Human Resources Management (HRM) area of business focuses on utilizing people as business resources. The HRM is
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The accounting department in many organizations is divided into two functions, managerial accounting and financial accounting. Although both functions are relying on the same data in order to perform their task, the managerial accounting function is to forecast for the future and the financial accounting function is to reconcile the past. The managerial accounting data is used in an internal capacity to aid in the organizations financial planning for moving the company forward, whereas the financial accounting data is used in broader capacity inside and outside the organization. The financial data generated can be reviewed by shareholders, creditors, and government agencies. The financial accounting department is one of the few departments in an organization that is required. The processes are based on the generally accepted accounting principles (GAAP) and if these principles are not adhered to, organizations can face legal issues (Fritz, 2013).
As manager in the human resources (HR) department the role would not be limited to only bringing in new talent. As a HR manager you are tasked with multiple responsibilities. A manager has to oversee workplace safety, compensation and benefits, employee training, recruitment and selection, and employee relations (Mayhew, 2013).
“Human resources managers are responsible for developing strategic solutions to employment-related matters that affect the organization’s ability to

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