The Six Key Functions Of Financial Management And Records Management

726 Words 3 Pages
When starting a business everyone dreams of becoming successful, however success does not happen overnight nor is it guaranteed. Each function performed in a business has a specific role in helping a business accomplish its goals. One common mistake made by business owners while staffing is that they create jobs for employees they have rather than putting them in positions the business needs. To assist in properly staffing their business many companies follow the six primary key functions of business operations, which I will discuss.
Financial management and records management are closely related. Financial management includes controlling, planning, monitoring and implementing financial activities and guidelines, to include auditing and accounting,
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advertising accounts for about 2.5% of the $14 trillion Gross National Product. American consumers rely heavily on advertising to influence how they spend some $9 trillion annually on various goods and services. A 1999 study by the WEFA Group found that advertising played a key role in generating 18.2 million of the 126.7 million jobs in the United States in that year. The report further concluded that advertising expenditures contributed between 12 to 16 percent of private sector revenues throughout the country, in rural as well as urban areas. (p. 201)
Office management entails the monitoring and reviewing systems and covers a diverse range of functions such as budget management, systems analysis, purchasing office supplies, furniture, office equipment, bookkeeping and accounting. Duties for managing a business may differ and a specific job description can vary from company to company. Overall, however, the goal of the office management is to keep the company running efficiently and
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The very essence of any business is to cater to the needs of customers by providing services and goods, and in process create value for customers and solve their problems. They outline each process in the following

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