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HRMG204 Organisational Behaviour
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HRMG204 Organisational Behaviour
0 Download4 Pages / 785 Words
Course Code: HRMG204
University: Australian Catholic University
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: Australia
Question:
This task is the topic approval process, where you will submit a draft report plan/proposal for approval and feedback by your unit convener. This is due to be done after you have commenced your placement so that it is applicable to your specific internship experience. Ideally this report should be a specific research report on a topic and relate to a real-life problem of the business entity where you are undertaking your internship. Your report will provide direction to the owner/s to help solve any such issues that they may have or anticipating having.
Answer:
Introduction
The current report documents the work carried out during the period of summer internship at Binalong community club. Binalong Community Club has 18 holes sand green course together with their bowling green, cafe and licensed bar along with clubhouse enjoyable village, so stop and have a social game of golf with friends or family. Binalong Community Club therefore delivers superior home style cooking that is of high quality to the regional plus visitors of Binalong.
The report will present an overview of different tasks concluded during the internship period with specific technical details regarding the issues faced by the community club in their business. The primary objective of the report is to examine financial records, assess feasibility of conversion of manual system to computerised method of accounting of the company. In addition to this, this report will also assess analyse financial statements, assess accounting errors committed by the firm, analyse process of establishment and maintenance of system of payroll (executing MYOB/ XERO).
Identification of the problems of the company
As an intern, I had the opportunity to look into the issues of the cash management very closely. I could test out positive and negative flows of cash, examination of whether profit equals flow of cash, quantity of inventory that needs to be held, overdue invoices and cash tied up in working progress and many others. The core financial problems that could be observed were as follows:
Issues of recovery of receivables (Loughran and McDonald 2016).
Concerns with liquidation of cash that are tied up with the community club’s assets and delay in firm’s payables
Problems with invoicing, frequency of invoices, mixed invoices of every month, missing invoices, delay in generation of invoices (Chen and Jermias 2014).
Manual system of accounting
Inadequate KPIs and failure to understand important pitfalls and no proper way to properly communicate these metrics so that they can notify decision making
Proposed solutions
-During my association with the club, I could observe that a small and medium sized corporation such as Binalong Community Club might perhaps require a full time chief financial officer to properly monitor performance of the firm, understand KPIs, identify financial metrics, detect pitfalls and act accordingly
-Implementation of accounting information system in place of manual system can help in solving the identified errors in accounting (Bromiley et al.2015).
There is proposal for changing practices of billing for enhancement of billing frequency (optimizing total time of billing), billing speed and computerisation of billing processes. Automation of billing procedure can help in establishing schedules of billing, automate different overdue reminders of invoice, initiate online process of invoicing, and generate invoices as per proposals and many others (Loughran and McDonald 2016).
-Improving system of tracking system of accounting for minimizing errors identified in the firm (unauthorized purchases, matching errors, errors in manual entry of data, payment of invoices prior receipt and many others). Proposals for addressing these errors include Stop usage of paper, Setting up advanced permissions, ensure visibility of the whole process (end to end)
-Overseeing business transactions (proper monitoring of invoices, payrolls, simple functions of reporting (Senftlechner and Hiebl 2015).
Problems with receivables can be solved by improving flexibility of finances of the firm, assess delayed invoices, talk to staff responsible for accounts receivable and detect issues, track problems of invoices and avert the same in the future (Loughran and McDonald 2016).
Recommendations
Finally, based on the observations during my internship in the firm it can be said that error prone procedures and mistakes committed in transactions as well as proceedings (accounts payable, handling invoices and many others) need to be addressed. There is need for automation and utilization of software for replacing the manual system of entry. Automation software is quick as well as highly accurate, competent in detecting and extracting data from diverse invoices with nominal human participation. It can be said that the less human labour is employed with processing of invoice, and then fewer will be possibility of errors. A full time chief financial officer can also be appointed to monitor performance of the firm, comprehend KPIs, spot financial metrics, identify pitfalls and act accordingly.
References
Bromiley, P., McShane, M., Nair, A. and Rustambekov, E., 2015. Enterprise risk management: Review, critique, and research directions. Long range planning, 48(4), pp.265-276.
Chen, Y. and Jermias, J., 2014. Business strategy, executive compensation and firm performance. Accounting & Finance, 54(1), pp.113-134.
Loughran, T. and McDonald, B., 2016. Textual analysis in accounting and finance: A survey. Journal of Accounting Research, 54(4), pp.1187-1230.
Senftlechner, D. and Hiebl, M.R., 2015. Management accounting and management control in family businesses: Past accomplishments and future opportunities. Journal of Accounting & Organizational Change, 11(4), pp.573-606.
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