• Internal Code :
  • Subject Code : COMR2004
  • University : Kaplan University
  • Subject Name : Industry Placement

WEEKLY REFLECTIVE JOURNAL

Week 1

Journal Entry 1

I was sitting in a room discussing with one of my friends about her roles and the functions she had learned and will be learning while working in some organization. That was the time I developed interest to do an internship. After that, i started preparing for the interviews. I brushed up my concepts, did research about the companies and read about the market and with that I also wrote down certain question that were in repetitive nature and were asked in every company. After that I planned a story to answer about myself which included my academic qualifications, my background, and my area of interest and work experience in the interview. With that I defined my strengths and made sure that they are relevant with respect to the requirements of the company. For the interview I also planned to be punctual and to be specific with my points that I have to describe in the interview. I planned to show my ethical values, discipline and confidence at the time of interview. Then I researched about the companies for the placement and asked myself questions related to it to be more confident at the time of interview. I also identified host organizations for the placements. Then I particularly read about them and found the best way to approach to them after that I approached host organizations through posts on their websites and the sites on which they have opened the positions (UCONN, 2014). 

 Journal Entry 2

At the time of interviews, I was a little nervous and continuously thinking about what the interviewer would ask how I would perform and many more questions. I got shortlisted in many companies and then I gave many interviews for the jobs. The first round which used to happened was generally the introduction round which was not a difficult round. In that the questions asked were generally about me, my family background, education qualifications, interest and where I see myself in next 5 years. For these questions I have already prepared the answers which helped me get through the first round in the interview. The second round was technical round. I secured opportunity for the internship in 4 companies because of my skills, knowledge and good academic qualifications till now. However, I didn’t get selected in 6 companies where the main focus for selection was not in the academic qualifications but in practical knowledge about the profile and good communication skills. As I was always good in theory and did not have practical knowledge as such, I was unable to clear those interviews. From the failure I learned various things and I realized that there are certain areas on which I have to work. I realized my weak areas which showed that I need to work on my communication skills, and the practical knowledge of the subjects I have studied till now. I also learned that determination, ethics and the technical competency is the main thing which I need to improve for future interviews (Sahu & Singh, 2017). 

Week 2

Journal Entry 1

From the companies I was selected in I opted for SMEAG Global Education for the internship. On the very first day of the internship, there was an induction conducted by the manager to inform me about the organization works, their services for the clients, positions and roles of all the members, and achievements. Also with that they guided me through organizational hierarchy and who is who there. They informed me about the person under whom I will be working and I was also told about the future objectives of the company. They also guided me about the policies and rules that are to be followed in the company and the grievance re addressable forum. In the induction program, I introduced myself and informed the team about my area of interests and the reason for joining the organization. After that, HR manager of the company gave me a tour of the organization and he also introduced me with other members working in the organization. They introduced me in the department where I was joining and handed me over to my reporting manager for further process, where my manager guided me to the person with whom I was supposed to work. Also with that manager updated me regarding the work and helped me in understanding the basics of the company work method. Then he updated me about the expectations that are being held from me and the responsibilities which I will be handling.  In this session, I learned that an organization requires workers in each field for efficient working. The operations of the organization are complex and are to be carried as per the norms and requirements. (Jossan, 2017). 

Journal Entry 2

I started working with the company and my manager than started addressing me with the daily tasks that I was supposed to perform. The first things which I learned in the internship at SMEAG Global Education were to be dedicated and honest. I also learned the importance of doing every task on time. With that various other learning’s started happening. My manager while allocating the task described the method in which task is supposed to be done. Also he explained what impact that certain activity will have on the company and why is it important to do it in the correct way as entering wrong data will affect the results and will also disturb the conclusions. All the tasks which were allocated to me were related to my area of interest. I had studied about these functions in academics but the practical application of the functions in real life was something interesting. I tried to gain and understand each activity diligently so that I don’t commit a mistake. Also my manager made sure that the work I do is checked by a senior and then sent ahead. As an intern, I learned that each of the employees in the organization is helping it to grow regardless of the difficulty of the task. Each employee plays its part and help in the growth of the organization and everyone has to do their task with utmost diligence and accuracy so that best results can be derived from it. (Coupal, 2015).

Week 3

Journal Entry 1

SMEAG Global Education provides education services to the students. The students are the customers for the company. The first function I learned in the internship was to make invoices for students. Invoices are a form of commercial document which serves as a proof for a particular transaction. In the company it serves as a proof of sale of a service made to the student or student can use it or produce it in the manner to prove that he or she has purchased a certain service. This is an important document for the company as it also helps in determining the total sales value. My manager taught me the steps to make an invoice. The very first step was to open Microsoft word and then searching for online template from the search option in the new screen of Microsoft word. The next step was to type invoice into the search menu followed by the preview of the invoice. The preview provided the brief description of invoice. The next step was to click create to use the selected template of the invoice. The last step was replacing the information with the actual figures. In the Template there were certain things that has to be added like the company’s name GST number, its address etc. With that in the template information is to be changed with every sales and bill number is to be updated. Then the correct information is to be filled. In the process there were certain doubts which I discussed with my leader and practiced the process (Staff, 2019)

Journal Entry 2

During this week, I prepared many invoice for students. I registered and asked various questions as I was new so I needed to know what has to be written and what is the backup format for noting down the invoices in the company’s data. In the process I learnt that the invoices are entered in the software TALLY which I was told that was done by a professional who on every 3rd day makes sure that all entries are updated. And also with that an excel file is maintained where every entry is registered with bill no and the date so that it is easier to find the bill as and when required. I was asked to prepare the invoices and then simultaneously register the bill in excel sheet so that there is a track of every activity and after 3 days the TALLY professional will make the entries. In the beginning I made some mistakes but eventually the number of mistakes I made reduced. I was nervous and little threatened in the beginning due to large entries I had to maintain. One mistake in the placing of data on the invoice can change the total value. And as this was my first practical experience I didn’t know what to do which led to certain wrong entries. But eventually I started learning and get to know what is to be written and where the entry is to be registered in excel. And this eventually leads to decrease in the mistakes. The whole experience of this process was quite interesting (Fardous, 2014). 

Week 4 

Journal Entry 1

With the learning’s and practice I started making various invoice for students in the week. And since I was making them regularly I was able to learn and retain the process and started doing this without mistakes. I was able to make improvements for which my manager also appreciated me for the work done and the improvements made accordingly in preparing the invoices. I also started entering the data in excel sheet and no matter how many invoices are there I made sure that every bill is entered in the excel at the end of the day. The next task I was assigned was to make invoice for school partners. When my leader told me about this, I was not confident about this task as the amount were large in case of invoice for school partners as compare to the invoice for students . However, after a small meeting with my leader and his help, I made first invoice for school partners and then I learnt the process and practiced it again so that when the next same task is assigned I do not make any mistake and be able to make it properly. And practice helped in doing so as when I made another invoice I made it accurately. A separate excel was there to maintain the school invoices and I did the same after making the invoices. I entered the data with respect to invoices I created in excel. In this manner my learning was enhanced accordingly.(Fardous, 2014). 

Journal Entry 2

During invoice making in my internship, I learned that it is important to maintain invoice for the company because it helps in record keeping. It helps the company in tracking what amount has been paid and what is remaining on the customer. When is the next date on which customer is supposed to pay. It also provides a way in which the sales done by an employee can be traced. It is also helpful in tax purposes as it helps in keeping the record and then thus filling the returns of the tax. It also helps in auditing and ensures that the amount which is paid is accurate for tax also with that invoices can be used for marketing purpose as it will help the company by keeping a track of its customers base. It is also important because of legal rules; it serves as a proof as when a service is provided and since there is a sign of customer it can serve as an agreement. I faced some problem in calculations work as it was a bit difficult task to do and it also required concentration. But with time I overcame that weakness and learned to do the task in a better way. Also learning the application of the theoretical concepts in the real world was an amazing experience and has taught me the techniques of using the theory in practical. Also with it I learned the importance of invoicing and got good hands on it. (Forneris, 2019). 

Week 5

Journal Entry 1

During this week, my manager taught me bank reconciliation process. My manger discussed the purpose of bank reconciliation before teaching me the steps for it. The purpose of bank reconciliation is to identify the difference between bank statements and the internal transaction records. Any mismatch helps to solve the discrepancy in records and to determine fraudulent transactions. It is process by which the statements of transactions related to cash or bank as maintained by the company in its books are matched by the banks statement. This helps in reconciling the company’s book with respect to the banks so that an exact amount is known by the company in their bank account. It is supposed to be done at regular intervals so that company can keep a track of its transactions and maintain accurate balances accordingly. This will also help the company in determining if any fraud has been carried out in their bank account. I also learned about various transactions which can lead to differences in the statements as there are times when cheques are issued but a customer does not credit it in their account which will lead to lower balance in company’s book as they have paid while in bank the balance will be higher as the cheque has not been presented. Also at time it takes time for crediting the cheque by the bank. These were some transactions which I learnt can cause mismatches in the books of accounts and the bank statement. And reconciliation will help in matching the transactions (Cleartax, 2018). 

Journal Entry 2

I learned the process of bank reconciliation during this week of my internship. I also learned XERO which means a cloud based platform for accounting software. IT helped in making the process easier of reconciliation. If not software every transaction has to be checked manuaaly and to be matched with the bank account statement. But with software as the software is entered a list of unclear deposits appears. After that a check can be done and seen what all cheques are cleared. Than all expenses can be entered and seen what transactions are cleared from the bank. In this manner it provides an easier way of matching the statements and as per that statements can be matched and same entries can be done in the company’s account. I also learnt accounting and bookkeeping tools during my internship. It includes Xero HQ, Xero workpapers, Xero cashbook/Ledger and Xero practice manager. All the function I was performing in the internship was full of knowledge but difficult in the beginning as I had no idea about the software. My manager and senior, who were already working on it, helped me through. They guided me on each step and made sure that I am able to perform the function accordingly. This enhanced my knowledge and cleared every doubt I had. (XERO, 2019). 

Week 6

Journal Entry 1

In the sixth week of the internship, my manager provided me training regarding financial analysis record. These are the records that are maintained by the company for recording financial activities. These records are maintained in a structured way so that they are easy to understand and also provide relevant information regarding the transactions of the company. The statements that are maintained under this are balance sheet, income statement, changes in equity statement and cash flow statement.  I found difficulty in this function as it was to be maintained on a regular basis. My manager taught me effective way to analysis financial statement. The first step is the identification of characteristics of the company which were known to me. The strategies and objectives have to be identified and then accessing the quality of the financial statement. After these steps, the recent profits and risks have to be analyzed. All these activities are done on the basis of activities which a company is undertaking. Every activity related to money is recorded in statement. These statements thus help in analyzing the financial condition of the company. This is a complex process as every transaction that has to be recorded should be correct as one wrong entry will change the results overall and hence will not help in deriving the best results or accurate results for the company. Thus numbers are analyzed properly and as per that the analysis is conducted,  and forecasted financial statement are prepared and the value of firms has to be identified (Masson, 2018).  

Journal Entry 2

I started maintain weekly financial analysis report. It was the most interesting task as I was studying and researching about profits and loss of my company. It helped me in learning a lot about the company. Since every transaction that was happening was being recorded in the book it helped me to learn the impacts of every activity. What are the activities that are considered as expenses? What constitutes the revenue part of the company? How an increase in sales will increase the profit. Every activity dropped a certain impact on the company’s statement and hence I learned about the ways investors make decisions based on the financial reports of the company. The difficulty in faced in performing this function is in the long calculations and the research. As to decide what activity and from what point the amount is to be reduced is a tedious task. Then to manage the balance sheet and matching the balances again requires attention to intricate details. Thus this helped me in learning a lot of things about the activities of the company and the transactions that vary accordingly and the impacts they create on the statements. (Ready Ratios, 2019). 

Week 7

Journal Entry 1

The last function I learned during my internship was the preparation of Quarterly business activity statement (BAS). My manager told me the importance of BAS report. The BAS report helps any organization to pay GST, PAYG and other taxes (Australian Taxation Office.). My manager taught me that the report should include the income statement, balance sheet which already learned in the previous weeks, statement of cash flows and other important records. It is a form that is to be submitted to the taxation office by the entities of business. BAS statements is to be prepared with the help of statements hence to get the statement right figures are to be reconciled with the records and it is to be seen whether the sakes and purchase are registered accurately in the correct period. In this manner I learnt about the BAS which serves as an important statement in filling for various taxes. Also in BAS there are sections for submitting the GST, for paying the installments and for other taxes that are to be paid. This helps in calculating all in one statement.

Journal Entry 2

I analyzed the financial statement of company on weekly basis. I also took help of other members in the team to be more clear about my views.my analysis was evaluated my senior members and I was also told about my mistakes in each point. For analysis I used various tools like ratio analysis, where I learnt the role of ratios in determining the financial health of the company. The ratios that I learned were liquidity ratio which helped in determining the liquidity position of the company. Also my manager helped me in analyzing profit through profitability ratios, through which gross profit , net profit ratios can be calculated. Also with that one more important ratio which my manager told was solvency ratio. These ratio help in analyzing the solvency position of the company. What is its interest covering ratio. Equity to debt ratio etc. Through these ratio proper analysis of statements can be done. Hence I learnt how to analyze the statements and did that through ratios.

Week 8

Journal Entry 1

During my whole internship, I faced many challenges regarding the long calculations and the maintenance of importance statements and reports of the company. However, I learned many functions which are important for the working of any organization. I performed many tasks related to accountancy and finance. My experience was good, I felt great to be a part of the internship program. The time spent on each of the function had taught me new lessons. It helped me to learn interesting functions of the business. Though the duration of the internship was short, but each lesson will help me in the future internships. The internship will always be the memorable part in my life (Cheong et al., 2014). 

Journal Entry 2

During my time in the internship, I learned that dedication and hard work will result in success for everyone. Taking initiative in new things is beneficial for the students. I also gained confidence to talk with seniors, managers and new people during my internship. The functions I learned will help me in my career planning and in the future internships. In future, I will be able to perform the functions without any training. I also leant the corporate culture. With that it helped me in understanding the requirement of tasks and helped me in applying theory to practical. This made me understand that studying theory and applying it in real world are bit different. But this experience enhanced me and helped me grow as  a person. It made me more aware about the market. The conditions that are prevailing and how important it is to do every task accurately and diligently. More to that it enriched me with various financial statements and the method in which they are to be analyzed. One more learning that happened was the importance of time management as every task has to be performed on time and for that everything is to be synchronized as per their priority. Hence internship was a good learning experience for me. (Cheong et al., 2014).

References:

UCONN. (2014). How to prepare for a successful interview. Retrieved from https://cdn.uconnectlabs.com/wp-content/uploads/sites/7/2014/07/MP-Interview-Preparation_AC.pdf 

Sahu, M. K. & Singh, L. (2017). Survey on problems faced by students before facing an interview. International Journal of Mechanical and Production Engineering, 5(11), 127-132. 

 Coupal, B. (2015). My first day as an intern. Retrieved from https://www.theodysseyonline.com/first-day-intern

Jossan, A. A. (2017). Induction phase knowledge management and its impact on practice gap in undergraduate business student internship. International Journal of Management and Applied Science, 3(5), 79-82. 

Staff, W. (2019). How to make invoices in word. Retrieved from https://www.wikihow.com/Make-Invoices-in-Word

Forneris, J. (2019). What is the purpose of a sales invoice? Retrieved from https://smallbusiness.chron.com/purpose-sales-invoice-15779.html

Fardos, Z. (2014). The activities of accounts department of professional institute of science
& fashion technology (PISFT). BRAC University.

Cleartax. (2018). Bank reconciliation statement. Retrieved from https://cleartax.in/s/bank-reconciliation-statement

XERO. (2019). Retrieved from https://www.xero.com/features-and-tools/practice-tools/

Masson, D. J. (2018). 6 steps to an effective financial statement analysis. Retrieved from https://www.afponline.org/ideas-inspiration/topics/articles/Details/6-steps-to-an-effective-financial-statement-analysis

Ready Ratios. (2019). Financial statement analysis. Retrieved from https://www.readyratios.com/reference/analysis/financial_statement_analysis.html

Australian Taxation office. (n.d.). Business activity statements (BAS). Retrieved from https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/

Cheong, A. L. H., Yahya, N. B., Shen, Q. L. & Yen, A. Y. (2014). Internship experience: an in- depth interview among interns at a business school of a Malaysian private higher learning institution. Procedia Social and Behavioural Sciences, 123(2014), 333-343.

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