Report on Internship as an Accounts Assistant
The internship program is an essential part for every student who desires to get practical skills in their professional. Whereas academic training aims at enabling students to know various concepts in their field, in most cases, pupils are unable to apply this knowledge to solve real-life problems. In order to avoid this challenge, most academicians have developed internship program as a compulsory part of their course. Simply put, an internship is a temporary job that a student takes to learn various skills necessary for his/her profession. Effectively, internship enables a student to gain practical skills that can be applied in real life situations.
Basically, my 110 hours of internship have been eye opening. Importantly, I have learned various professional and academic skills. From an academic perspective, I have learned about budgeting, the tender process, financial reconciliation, journal entry, and using the QuickBooks financial software. On a professional view, I have learned about business ethics, integrity, communication skills, and customer care service. Overly, this new knowledge has molded me into being a more competent accounting and finance student.
Overly the internship program has been highly beneficial in enhancing my academic training. Specifically, it has enabled me to observe the need for understanding the various concepts taught in class. Moreover, it has also shown me how to apply these concepts when solving real-life problems.
Accounting and Financial Software
To begin with, the internship has enabled me to understand the need for having various financial records. Basically, these are records such as the balance sheet, the income statement, the cash flow statement, and a budget. Ideally, I have been able to see how the balance sheet enables the business to assess its worth, the amount of liabilities it has, and the amount of unutilized capital. On the same vein, I have been able to see how companies use the income statement to assess whether they are actually making a loss or a profit on their investments. Importantly, income statement enables businesses to remain focus on their objective of raising more capital. Finally, I have learned how the cash flow statement makes organizations analyze the amount of cash that they have for short-term and long-term investments. Noteworthy, my supervisor taught me how to analyze and prepare these records.
In addition to the above, I was exposed to the QuickBooks software. Importantly, this software enables accountants to monitor and prepare financial records according to the generally accepted accounting standards (GAAP). Consequently, it uses the double-entry accounting procedure. On the same vein, the software enables accountants to easily track all the postings that they make. Effectively, it enables them to harness technology and to quickly prepare accurate financial records.
On budgeting, the internship program has taught me how to prepare a realistic and accurate budget. Basically, the budgeting preparation process entails the accounting department collecting all the recurrent and non-recurrent expenditures that the business intends to incur in a given financial year. Since most of these expenses are recurrent in nature, the business compares the previous year expenditures and adjusts them to fit into the current business settings. Moreover, it also includes capital expenditures such as the development of a new warehouse. Notably, the business uses the budget to allocate finances to the various department.
In order to ensure that I understood the budget making process, my supervisor involved me in the preparation of the company’s fiscal estimate. Generally, I collected the company’s 2015 budget and compiled a list of the commodities that various departments had planned to use. I then adjusted the prices of each commodity to the current year price. Finally, I included the capital expenditure that the business was incurring in the 2016 financial year.
Tender and Procurement Process
The tender and procurement process has taught me how businesses create mechanisms that prevent fraud and irregularities at this level. Actually, this process is part of corporate governance. In my internship, I have been able to observe how the business prudently uses stringent tendering policies to ensure that there is no fraud in the company. Basically, the company requires all prospective businesses to apply for tender documents by paying a non-refundable $100 commitment fee. Subsequently, the customers fill these documents and file them in the tender box. Later, these documents are assessed to determine the best bidder. Ideally, the best suppliers are selected by the evaluating financial and non-financial factors.
Noteworthy, once a supplier has been selected he/she is expected to deliver the specified products within the period he/she has indicated on the tender document. Further, these goods must be of the exact specification in terms of quality and quantity. Primarily, this procedure is important as it avoids corruption among suppliers who would like to be issued with the privilege of supplying various products to the business. Moreover, it also avoids the practice of giving kickbacks to procurement officers.
Financial Reconciliation and Journal Entry
Overly, financial reconciliation and journal entry were the main lessons that I was taught in the internship program. Actually, the entire accounting concept is based on these two main subjects. In a journal entry, my supervisor showed me that for every accounting entry that is posted on the debit side has a corresponding entry on the credit side. In effect, this ensures that the accounting records for the items in the debit side are equal to those in the credit section.
Specifically, financial reconciliation is based on this concept. In general, the main purpose of financial reconciliation is to identify if the cash and cash equivalents in the financial statements are equal to the ones available in the company’s bank account. Prudently, my supervisor gave me the chance to conduct a financial reconciliation for the month of June. Ideally, she made me partner with the company’s accounts assistance who showed me all the procedures involved in this step.
Sales and Cash Management
My internship program has also given me insight into prudent measures that businesses use to ensure proper sales and cash management. In order to ensure that there is proper accounting, all sales are accompanied by a receipt. In addition to this, the company records all sales in its sales ledger. Importantly, this enables the accounts officer to calculate if the cash collected matches the amount in the cash box. Prudently, all sales are done at a central point. Generally, this procedure limits the likelihood of fraud. Moreover, all purchases that are worth over $1,000 require the customer to make a direct deposit to the company’s bank account. In practice, this measure ensures that the business limits the amount of money that it may lose in case of burglary. Essentially, this procedure is a case of risk management.
Assistance to the Organization
My presence in the company has been helpful to both my fellow employees and the company. Specifically, I was able to recruit a new customer when I was given a temporary role in the sales team. Basically, this new employee led to the company increasing its sales and profits. In addition to this, I have been beneficial to my fellow workers. Generally, this event occurred when I stood in for one of my fellow employees when she fell sick while at work. Importantly, this enabled the business to continue its operations despite having a shortage of staff.
Evaluation of Performance
Overly, my performance as an intern has been excellent. Despite having difficulty in learning new skills and adopting the organization’s culture in my first week of internship, with time, I have been able to change this behavior. Specifically, my hardworking culture and desire to learn motivated my supervisor to teach me all the skills needed to be a competent accountant. Moreover, since I am a team player, my fellow employees were always willing to assist me when I had challenges. In the end, I was been able to learn a lot as well as to contribute in the company’s affairs. Due to the support that I was given in my internship program, I have enjoyed the training.
Nonetheless, I wish I had spent more time on the sales and marketing department. In general, my short time in this department exposed me to the various opportunities that employees who work in this area have when selling the company’s products. Specifically, these employees are able to get a direct feedback on the areas that customers would like improved. In effect, by a person working in this section, he/she acquires important insight on areas that the company should improve. Moreover, it also exposes the employee to various opportunities since at times customers request for various commodities and services that are not offered by the business. In essence, this important information gives insight on areas that the company may consider venturing into in future.
Importance of Internship
The internship program has been very beneficial in advancing my knowledge in accounting. Notably, besides getting academic knowledge, I have been able to create important professional relationships with my supervisor, the company’s management, and fellow employees. Noteworthy, these individuals are potential employers and customers who may require my services in future. In addition to this, I have also learned important professional skills such as time management, communication skills, and business management.
Overly, college gave me adequate preparation for the internship program. Generally, the internship program was more of application of what I had been taught in school. Moreover, most concepts were not completely new. For instance, although I did not have an in-depth understanding of communication skills, I learned that this skill espouses that a person should use professional language when communicating in an office setting. Ideally, this communication practice is the expected norm in any society.
Basically, despite giving me a practical understanding of the subjects taught in school, the internship program has given me training in professional skills such as time management, interpersonal relationship, and professional communication. Ideally, time management skills require individuals to observe time when appearing for meetings and conducting events. In general, a person should appear for a meeting within the agreed time. He/she should start and end it within the agreed period. Interpersonal relationships also require individuals to have a professional relationship with fellow employees and potential clients. Finally, communication skills require an individual to maintain a professional tone and to have ethical language when talking to customers and business partners.
In general, the place that I worked was properly managed. In addition to this, it had a professional management, and a diligent board of governance that ensured the business did not have fraud problems. Due to the integrity and professionalism of the company, the management was willing to let my supervisor access most of the company’s documents. Importantly, this unlimited access to financial records and official documents enabled me to learn all appropriate concepts and topics in accounting.
Basically, a student must conduct a background study of the company he/she intends to join before going for an internship. Evidently, this study will show the student if the chosen company is the most suitable for his/ her learning. For instance, a student studying catering must check if the business he/she has chosen for internship offers this service. Otherwise, it is possible for them to find that they have applied for an internship in a manufacturing company. Moreover, a background analysis of a company enables a student to understand the business structure and professionalism levels. Ideally, if a business is unprofessional, it may not give the student ample resources and information needed for their learning. In practice, the management may purposefully conceal certain documents since they may be having fraudulent deals.
An internship program is an eye-opening event that enables students to see the benefits of education in shaping and influencing their career. Importantly, it enables pupils to view education as a practical concept that can be used to solve their ordinary challenges. In light of this, my internship program has made me have a broadened view about school. Overly, I currently see school as a means of enabling students to acquire skills that may improve their innovation and creativity so that they can be able to solve ordinary life challenges. Essentially, this thinking is contrary to my previous narrow thinking, which was education is a means of procuring professional papers that enable a person to get a white-collar job.