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All management functions rely on each other to perform at optimum levels. Management includes accounting and finance, human resources and social media, operations, information technology and marketing.
Accounting functions involve maintaining the firm's financial transactions to produce needed information for operations, plus public and private owners. Information includes financial statements, cash flow statements and budget development where each department can optimize the firm's operations and profitability. Information from all departments combine to form the annual financial statements. Financial information can help determine which investment opportunities the firm decides, some being options which human resources incorporates into employee benefits programs. Accounting helps operations determine which products are most cost effective and which are loss leaders. Marketing uses this information to determine which products the company needs to sell more of, and which need to be removed from the product line.
Human resources provide a number of functions needed to recruit, maintain and terminate employees. Their information is used by accounting to determine payroll, benefits program participation and retirement program figures. Human resources can utilize social media to the optimum level, which can increase operational productivity.
Information technology plays a key role in all departments working as one cohesive unit while achieving optimum results. An efficient technology department networks the entire business operations, making each department and employees throughout the enterprise able to communicate effectively both internally and externally.
Marketing include details such as methods of advertising and publicity, transportation, items available and produced for sale, packaging, cost per item, production levels needed for profitability and demographics. All information is obtained through market research and other functions of management.
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