Synthesis Post

As a whole, business has different fields that connect back to each other in many ways.  Although respective business fields do have differences, they all connect in common practices or concepts of business. All business-related fields hold certain general aspects such as profit margins, debit and credit, and most importantly, money. In companies, fields such as accounting, statistics, and finance all hold separate positions, but they do have some interaction. In addition, a lot of business related jobs work in tandem with each other and rely upon the other. Our fields hold certain differences, but they are all connected by the concepts and practices that bind businesses together.

Statistics is one of the business fields that contribute immensely to the optimal performance of a company. It involves the analysis of data on various aspects of the business operations to derive useful information that can be used to make actionable plans as well as predictions. Departments such as finance, accounting, production, as well as marketing apply statistics in their operations to make accurate predictions on the various aspects of business performance on a daily basis. Statistics is particularly useful in employee performance management.  A manager can apply statistical analytical methods on statistical data collected about the performance of the employees in a given business organization to identify mechanisms that can be used to optimize employee performance and achieve maximum productivity. Additionally, statistics play a critical role in managerial decision making. Through statistical analysis, a manager can compare various investment options under consideration by the company and be in a position to reach a decision that will guarantee the highest returns.

In marketing, statistical analysis is the only method of evaluating the viability of a given market. The marketing department in a given business will need to gather data relating to the consumer behavior on aspects such as tastes and preferences as well as the variation in demand, analyze it statistically and determine the suitability of the market. Consequently, the department can be in a position to make an appropriate decision on the potential of the target market for investment. Besides, it is only through such analysis that the department can identify the various ways of improving the company’s products or services to suit the customer tastes and preferences and in turn improve sales.

Moreover, it is impossible for the finance and accounting departments to operate without the input of statistics. As noted in the article under review, any organization requires finances to run, whether a business organization or not. Employees need to be paid, bills need to be paid, production processes including the acquisition of raw materials need to be funded, and produced commodities need to be distributed among other expenses. In all these, statistics must be used to determine the budgetary allocations required for smooth operations to be guaranteed. Also, job evaluation to determine the salaries and wages for various employees requires the use of statistics.

Additionally, the evaluation of the financial performance of a given company requires possession of adequate statistical knowledge. Even where technology is adopted for this job,  the input of statistical data and formulas is mandatory. Besides, Such data must thus be gathered using statistical procedures.  Also, statistical analysis is required to complete the accounting records of the business to meet the regulatory requirements. Therefore, both fields require adequate statistical knowledge to perform their operations to support the daily activities of the business. Also, professional careers in these fields require possession of adequate knowledge in statistics. Thus, training for jobs such as accountants, financial officers and analysts, marketing strategists, and well as human resource managers among other careers in business demands these professionals to acquire statistical skills for use in their respective employment. Consequently, those aspiring to join these careers must be prepared to take classes in statistics during their training. 

The field of accounting has many interesting qualities that explore many business concepts and practices. Accounting is the reporting of financial information to a higher entity such as the government or a company. Within accounting, things such as debit and credit, regulation, and good communication all connect back to the many other fields of business. Also, accountants often work for private companies that employ many other people such as financial analysts or managers. In these companies, accountants and these other people often must interact and perform tasks together.  For example, an accountant will often have to give an income statement to a financial manager or analyst.  In general, the field of accounting is deeply connected to many other fields in business, and without it, businesses would not be able to function properly.

The large field of accounting has many different smaller fields within it that have many similarities and connections to the general field of business.  The field of bookkeeping is in the field of accounting, and bookkeepers often work with financial analysts, accountants, and even consultants.  Bookkeepers record the basic transactions of a company which can be used by financial analysts or accountants.  In addition, the practice of recording these transactions is very similar to a marketer recording consumer information or a financial analyst forecasting data.  Another field in accounting that is related to general business practices and concepts is public accountants.  Public accountants often do things such as comprise income statements or report tax related information.  The reporting of public accountants is very similar to general business related concepts such as the reporting of human resources managers.  Also, public accountants often work with other business fields such as financial analysts.  Overall, the field of accounting has many interesting fields that provide crucial services to businesses.  

To go along with accounting, finance is another key component of a business and the economy as a whole. Every business relies on their finances, it is what keeps them alive. For everything a business is able to do, it needs money to fund their operations. A business is created with money by purchasing property, investing in technology, marketing the product, and distributing the product. As a business runs, it has to budget its spending, find the level of sales where they will profit, and keep deliberate records as their money flows in and out, we wrote more about this here (https://bizblog1012.blogspot.com/2017/11/managing-your-cash-flow.html) The goal of business is to make money, every decision is made to gain an economic profit and further improve the company’s future. Outside of a company, finance is hugely important in the world economy. It all starts at Wall Street where capital is used to fund business through common stock, and it flows through companies, manufacturers, and consumers. Finance is essential to the economy as a whole because when the financial process falls apart, like a major bank closing, it has major repercussions for everyone in the economy from the top where major companies will be effected all the way down to the consumer.  

A financial employee for a business has many key responsibilities, including having to manage a company’s purchases and making sure their investments are going to produce positive returns. Another important task they have to do is manage the money that the company has coming in and pay the monthly expenses of the company. Managing a company’s cash flow is important because the bills have to be paid on time and the hope is for there to be more money coming in then money going out. One of the blog posts that shows the use of smartphones is linked here: https://bizblog1012.blogspot.com/2017/10/personal-finance-and-your-smartphone.html. For a business to be successful, it is imperative to find ways to lower their financial expenses, managing expenses and money ensures that the company doesn’t have to spend more than they have to which keeps prices cheaper and keeps customers continuing to buy their products. For a business to be ready for unexpected events and struggles, their financial plan needs to be smart and safe, meaning they have emergency cash and good investments, this will keep the company alive through the rough patches that always occur. Finance is directly related with the accounting department in that they are both the key offices for handling the money that goes in and out. As financial employees need to have money and make smart decisions, accountants make sure that the transactions to receive the money from clients is taken care of as well as the taxes that a company has to pay, which is taken away from the income. Finance is not the center of a company, what is more important is having a strong product, but having good finances is what makes most of the magic happen.

Arguably, the most important aspect of business is the consumer. The cliche, “the customer is always right” reigns true when a company’s success is based on whether or not the customer buys their product. This makes the job of the marketing team a factor in the company’s sales. If a company’s sales numbers are good, there’s a good chance the marketing team is doing something right. Companies use the persuasive modes of pathos, ethos, and logos in an effort to sell more of their product. The persuasive technique they use depends on who the audience is and what they are trying to sell. Finding the most effective way to market a product is difficult which puts a lot of pressure and importance of the work done by the marketing team of a company.

When thinking about how a company is run, we must look at it from the bottom up to the top. A business is almost like a body, and to stay strong and healthy everything must work well. I first think of the customers as the torso of the body. They connect everything together, if they were not using the services, or buying the product the company would not exist. The field employees would be your hands and feet. They are needed to interact with the customers and to take the company somewhere. The HR department and the Accounting and finance departments can be your legs. Well the HR department takes care of all of the issues with employees and the hiring and firing of employees.

Next would be the Chief Financial officer and Chief Executive Officer, they are the arms, they help move things around and dictate what will happen within the company. The President is the neck of the company and they work with everyone below them, and they can also turn the head to make it see what everyone else wants and thinks is a good idea for the future of the company, and it also tells everyone below it what the head is thinking. The board would be the head of the company, they have the last say in what happens with the company. Whenever a body is healthy and strong it performs at its best, just like a company when everyone is working well together.

In business, there are many different components and moving pieces, each of these pieces has their own significant role in a company’s success. They all do different things and have contrasting responsibilities, but are all fundamental in the operation and development of a business. Some parts are more important than others in a business setting, but they interact and work together, and when each responsibility is done well, it leads to a successful company.