HR AND FINANCE - 2

30 Aug 2022 05:21 PM Comment(s) By Hariharan K

INTRODUCTION

Hi all !  I cordially welcome you all for the second part of the HR AND FINANCE blog series. In the last blog we saw about what is HR AND FINANCE and their responsibilities and the relationship between them. Now in this blog we are going to see about roles and objectives of finance department and HR department, And in the upcoming blog we will see about internship opportunities at abhyaz.

WHAT IS FINANCE ?

A subfield of economics and finance is concerned with the acquisition, management, and investment of resources. Finance is the study of issues involving money and markets.

WHAT IS FINANCE DEPARTMENT ?

A company's finance department is in charge of planning all financial and accounting activities, including the creation and presentation of appropriate accounts and the distribution of financial data to managers.

AIM OF FINANCE DEPARTMENT 

  • Provision of professional advice and direction.

  • Providing management reporting that helps senior and local managers efficiently manage their operations

  • Financial and economic reporting required by law.

  • Processing transactions related to income, expenditure, capital projects and financing.

THE IMPORTANCE OF FINANCE DEPARTMENT IN A COMPANY

Finance for a business is crucial to its survival and cannot be undervalued. It can be thought of as the lifeline of a company. It serves as a lubricant, keeping the company operating. Regardless of how big or small your business is, you will always need money for things like advertising and establishing your product, buying assets, hiring staff, enticing them to work on the development of your product, and building a reputation. Additionally, a current business may require financing for product changes or expansion in order to meet market demands. This department is critical because it is in charge of financial planning, ensuring that adequate funds are available to achieve the organization's goals. Furthermore, the finance department is in charge of maintaining price control, as well as managing cash flow and profitability levels. One of the most important jobs of a company's finance department is to identify the necessary financial information (such as return on assets, return on capital employed, or net profitability, which reveal the outcome of the company's and its employees' efforts) that should be disclosed to managers so that they can make informed decisions and judgments. The department is also in charge of creating financial documents and preparing final accounts so that they can be presented at the company's annual general meetings.

WHAT IS HUMAN RESOURCE 

Human resources is the set of people who make up the workforce of an organisation, business sector, industry or economy.There are three types of HR they are

  • HR EXECUTIVE

  • HR SPECIALIST

  • HR MANAGER

WHAT IS HR DEPARTMENT ?

Human resources (HR) is the department within a company that is in charge of all employee-related issues. Employees and independent contractors must be recruited, vetted, selected, hired, onboarded, trained, promoted, paid, and fired.


AIM OF HR DEPARTMENT 

  •  Define an organizational structure that drives productivity

  • Developing effective coordination and communication within the organization

  • Dedicate time to finding the right staff and developing their skills base

  • Embracing wider societal and ethical developments.

THE IMPORTANCE OF HR DEPARTMENT IN A COMPANY 

The company's human resources section is responsible for developing, carrying out, and monitoring the policies governing interactions between employees and the management group. Since employees are a company's most valuable resource and human resources support them, their role has an impact on every aspect of the business.

CONCLUSION 

Now, you are aware of the fundamental workings of HR AND FINANCE in  an organization. However, there is something to keep in mind. HR has developed into a strategic asset. It must never try to get around its primary obligations. The HR department should work with the finance department to maintain the sustainability of the organization.

FAQs 

1.DOES ABHYAZ PROVIDE INTERNSHIPS FOR  HR & FINANCE ?

Yes, ABHYAZ provides internship and training for HR & FINANCE. To join as an intern visit www.abhyaz.com and you can apply there.


2.WHAT ARE THE THREE TYPES OF HR ROLES ?

They are

  • HR EXECUTIVE

  • HR SPECIALIST

  • HR MANAGER


3.IS ABHYAZ INTERNSHIPS PAID ?

Yes, They pay according to the intern outcomes.


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