BTEC Business Level 3: Unit 5 (International Business)
Unit 5 – P1,P2,P3,P4,P5,M1,M2,D1,D2
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P1
slide 1 - ‘measuring’ is Accounting practice allows the business to
measure the business’s sales, cost and profit. This provides the
stakeholders and managers to understand how the business is
performing. This leads to investors and owner to make their decisions
based primarily on the business’s performance. This will evidentially
provide the business what taxes they will need to be paid on profit and
sales. The business can analyse its performance through debtor payment
method indicates the average time taken to collect trade debts, this is
ratio analysis.
Accounting records allows the business to see how much they are
earning, the money coming in and out of the business. This is important
for a business such as Pizza Hut because they need to check if e.g.
suppliers have charged more than expected
slide 2 - ‘planning’ is Pizza Huts planning is about the accounting
information which will benefit the managers for them to make decisions
in the future, an example of where they can plan ahead for their cash
flow forecast this will show the managers the money which will exit the
business. An example is if the money coming into the business is very
little, stakeholders will need to take through bank loans in advance
which will help Pizza Hut have enough income to find a solution as they
also need to pay their suppliers and employees
slide 3 - ‘reports’ is A business report is an important document which
reveals specific information about a business. The types of reports a
business can have is;
Annual report
Marketing report
Website traffic report/ social media report
It is important for pizza hut to record their trading, profit and loss
accounting and balance sheet every year. This is because it is apart for
accounting practice. For all private and public limited companies it is also
a legal requirement. If these reports are not made available every year
for pizza hut, the government can take a legal. If these reports are not
,made available every year for pizza hut, the government can take legal;
action which can tarnish pizza huts reputation.
Reports are also needed for decision making and analysis of trends or
their will be a lack of visibility and this can jeopardise pizza huts
performance as uneducated decisions can be made.
Business reports are an efficient, convenient way of communicating
important information. They can be used as tools for measuring
progress, monitoring growth, tracking problems, evaluating performance
and finding solutions this is very important especially in a firm.
slide 4 - ‘Recording accurate financial information’
Good and useful accounting practices allows all the money coming in
and going out the business to be recorded accurately. Accurate
accounting information helps the owners, managers, investors and the
government to make more informed and educated decisions.
Analysing your financial accounts enables you to compare your
performance against previous years and with its competitors therefore it
is important for a large firm like pizza hut for it to be accurate.
Accurate financial statements induce trusts in the company, investors
need to sign that a company is doing well and they can put their earned
money in its business, this way they are more entitles to make bigger
investments.
slide 5 - ‘monitoring’ Accounting helps the business to monitor the
business performance. This is good for pizza hut as there business is able
to update and record financial transaction of how the business is doing
on a daily. This can help the owner of pizza hut how its doing form the
income they have expenditure. By the business doing this and
monitoring their performance it will help the owner of pizza hut to spot
the problems that the business may face or already facing and be able to
be ready for it and have enough revenue so that they are able to meet
their expanses.
slide 6 - ‘Controlling of business cost, sales and profit’ Accounting is
beneficial for pizza hut as it helps the business to control their liabilities,
assets, income and expenses. Because of the owner having control of
liabilities, assets, income and expenses of the business it keeps them
sure and updated for example on their stock if they have to much stock
or to little amount of stock. Which would mean that the business would
be losing cost on storge. Which means the business the money have put
, the extra stock with they could have used this money to develop their
business furthermore.
slide 7 ‘record transactions’ Recording accounts of business operations
helps a business such as pizza as it gives them an idea of weather they
are making profit or loss, how much the business is worth and weather
or not they owe any money to other businesses or individuals.
Furthermore keeping accounting records is very important as it enables
pizza hut to see a record of transactions that the business has carried
out.
Some more reasons on why recording accounts helps Pizza hut is
because it helps them plan ahead for tax payments and other liabilities,
it will enable Pizza hut to manage their business and make it grow and
helps Pizza hut to stay organised when dealing with accountants.
slide 8 ‘management in a business operation’ In a business managers a
the people that are responsible for everything that goes on within a
business including the financial performance. If a business has a stable
accounting system it informs them with necessary financial information
and gives them time to work.
It will help the manager to plan ahead for the future if he knows
everything that is going on within the company. For example if the
manager knows how much money the business has made that month he
can start making plans on what to do with the business.
The manager of pizza hut will want to know all of financial information
which is going on within his company because he will want might want
to make changes within his branch, for example he might want to get
more delivery drivers so he can improve his service within the company.
slide 9 ‘conclsuion’ Accounting practice allows the business to measure
the business’s sales, cost and profit. This provides the stakeholders and
managers to understand how the business is performing.
Planning is a vital ingredient for Dominos as this enables the managers
to plan where their money will go for the future. In addition to this
planning is important for Dominos as it enables them to think ahead on
how they are going to pay their suppliers and employees etc.
A business report is very important for Dominos as it enables the
manger to see the sales, profit and loss that the business has made.
Reports are also very useful for decision making and analysis to see
where the business can improve and where its doing well.
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