Security Manager - Working with and leading people The WritePass Journal

Security Manager - Working with and leading people Task 1: Teamwork mini project Security Manager Working with and leading people ). I demonstrated a proper knowledge of the job role as well as presented specific skills in organising important job roles and responsibilities. Moreover, I illustrated adequate communication and teamwork skills that have contributed to the successful completion of the project. I was able to work with culturally diverse individuals and lead them accordingly (Sohmen, 2013). However, I could have done better in improving my knowledge of specific aspects of security policies, rules and regulations pertaining to the job position. I could have taken my time to explore each of these aspects in detail in order to provide a better understanding of the specificity of the profession, which could have helped me focus on selecting the right candidates (Adams et al., 2012). Although I believe I have good skills in assessing people’s potential in a particular field, I need to do more research on this topic to improve my own capacity of working with and leading culturally diverse individuals (Tiffan, 2014). I could have also improved my cultural awareness considering the highly diverse workforce of the educational institution. In conclusion, this task has been completed successfully because of the focus on teamwork at all stage of the process. Task 4: Discussion of the main financial statements of a company There are three key components involved in the financial statements of a company, which are a profit and loss statement, balance sheet, and cash flow statement. All the key components are used as a whole, to provide a clear picture of the financial position and financial results of a company (Parker, 2009). A structure designed for each of the financial statements is considered the most important element, though the influential decision depends on the requirements of the user. The key point supporting the importance of the profit and loss statement is that it is one of the most important financial statements and users like to observe the financial statements of a company, since it has the capability to help users or businesses generate profit by examining the over financial report (Buffett and Clark, 2008). In addition, the information inserted in the profit/loss statement is mostly released in the applicable currency, so it can provide a reasonable level of accuracy. Though, profit/ loss does not show the amount of assets and liabilities required by a company to generate a profit (Parker, 2009). Moreover, its financial results are not necessarily associated with the total cash flows generated by a company. The accuracy of this statement can be suspected when the  cash basic  of the accounting method is used. It is important to focus on ensuring accuracy as part of the broad purpose of accounting. Thus, the profit/loss statement, when utilised, can be fairly misleading. Balance sheet is expected to be positioned at a second place by many users, since it does not provide the financial results of business operations, and some of the information provided in it may be based on past business costs (Kalsyte and Verikas, 2013). This makes the balance sheet report less instructive or informative. However, the balance sheet is considered to have importance when compared with the profit/loss statement, since this sheet provides the amount of investment requirement to maintain the sales and profits shown on the profit/loss statement (Buffett and Clark, 2008). The third most important component of financial statement is cash flow, because it mainly focuses on recording cash inflows and outflows (Parker, 2009). This financial report provides a clearer analysis of a companys cash flows than the profit/loss statement, which can sometimes present unbiased results, particularly when accruals are authorised under the  growth basis  of accounting (Palea, 2014). It is essential to understand the concept of the  balance sheet, as it provides a company’s financial situation  at any period of time, while a  profit/loss statement  provides a company’s overall financial performance  within a set period of time. The profit/loss statement normally shows a company’s financial performance over a period, such as being released every year or after six months (Parker, 2009). On the other hand, the balance sheet gives a snap shot of the financial position accurately at the year-end or month-end.   Finance managers rely on the balance sheet statements to examine whether purchasing certain equipment on debt is the right choice for a company at that time (Palea, 2014). The balance sheet also provides the owners equity; for instance, it indicates the total value of the inventory and the number of a company’s shares identified as outstanding. The profit/loss statement is one of the most important documents because it plays a significant role in a company’s  decision making process. The profit/loss statement is an end result of the financial information that is provided in the  journals and ledgers,  and then changed  into brief, summarised, compiled  revenue and expense  structures (Bao, Li, Wu, Zhu et al., 2014). This statement shows the overall revenues and expenses of a company for a set period of time. Senior managers and shareholders can find prosperity of valuable information on the profit/loss statement including the company’s overall sales,  profits, retained earnings, net profits, and operating earnings. From this information, finance experts can determine and distinguish vital information about a company’s performance. Profit/loss statements usually give information for more than one period, for example two successive years (Buffett and Clark, 2008). It is simple to compare the financial results from one period to the next and conclude trends in earnings and expenditures. Whereas, cash flow statement is considered to be the most crucial element for any enterprise’s financial performance. It calculates the amount of capital that enters into a company and out of it over a specified time period. In this way, an enterprise is able to analyse and control how much capital it has in inflow to pay expenses and purchase assets. There is a difference existing in the structure of financial statements (profit/loss statement and balance sheet) for different types of business, such as sole trader, partnership and private/public limited company. Each company has different financial and economical positions so they use different financial statements with different structures that satisfy their financial positions (Bao et al., 2014). The financial statements gather the financial information from the sales and services provided and include the net taxable profit or loss for each month. Different types of business use different structures. For a sole proprietor, the financial statement is easy and simple because the financial report is just provided for the proprietor of the company. This means that it does not have to provide any balance sheet and profit/loss statement (Parker, 2009).   The report just needs to provide or to show profit and loss financial information, whereas a private limited and public limited c ompany, which has to organise its’ report based on accounting standards. There are two types mostly used by companies: international financial reporting standard (IFRS) and generally accepted accounting principle (GAAP). If financial statements are not structured based on standards it is complicated to evaluate and compare performance with that of other companies. For a partnership, the financial structure is focused on providing the profit/dividend and total contribution by partners in the investment capital of a company (Ronen, 2006). The objective of the financial statement is revealed in the balance sheet, profit/loss, cash flow and loss statement. When creating financial statements, the profit/loss statement would typically be structured first because the net profit or loss becomes a part of the statement in the balance sheet, or in a partners’ capital. Moreover, the end of a partner’s capital statement becomes a part of the balance sheet (Parker, 2009). The financial statement is focused on examining the total capital and profits of a company that are distributed inside its structure. For a public and private limited company, the financial statement must provide the following components: current assets, non-current assets, current liabilities, total sales, total profits, payable, dividends, and share prices (Ronen, 2006). References Adams, B. L., Cain, H. R. and Giraud, V. (2012). ‘Leadership, Motivation, and Teamwork Behaviors of Principal Investigator’s in Interdisciplinary Teams: A Synthesis of Research’. Journal of Leadership Education, vol. 11(2), pp. 176-191.Bao, C., Li, J., Wu, D., Zhu, X., Liang, C. and Liu, C. 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