Functional Areas of Business

1020 WordsMar 11, 20135 Pages
Functional Areas of Business La’Kisha Thomas University of Phoenix Management 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…show more content…
The roles of the managerial accounting manager are to make decisions, forecast and plan, and create budgets for the organization. The accounting manager has to be detailed and precise in making decisions. The decisions they make are used by the division managers for them to adjust their strategies for achieving their goals. Decisions made by the manager can range from what the company should charge for a product or service to how much it should cost the organization to make or supply the product or service. The accuracy of the managerial accounting manager’s decisions is essential to the organizations managers balancing the supply and demand for their areas (Johnson, 2013). The most basic role of the accounting manager is budgeting. “The budgeting process allows managers to allocate resources to the most financially need departments, and eliminates programs and departments that are not effectively using the resources” (Managerial Accountant’s Role in Business Planning, para. 5). The budgets that the accounting managers have to generate can vary from industry to industry, but some common budgets are sales, production, and cash budgets (Johnson, 2013). Similar to the managerial accounting manager, the financial accounting manager is responsible for generating certain reports that revolve around cost. However, the
Open Document