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Internship Report

 

Internship Report

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Contents page

  1. Introduction …………………………………………………………………………………. 1

1.1 Purpose of the Internship and My Career Objectives       ……………..              1

  1. Description of the Company/ Organization ………………………………………. 3
  2. Description of My Internship: First week……………………………………… 4

3.1. First Week……………………………………………………………….              4

3.2. Second Week…………………………………………………………..             5

3.3. Third Week…………………………………..…………………………             5

3.4. Fourth Week ……………………………………………………….…..                        6

  1. Summary and Conclusions ………………………………………..……………. 6

 

 

 

 

 

 

 

 

 

 

 

 

 

Internship Report

 

Introduction – Purpose of the Internship and My Career Objectives

 

The internship’s main purpose is to allow students to try out a career to determine whether the occupation of choice is really what they intend to pursue. In addition, it was to fulfill the objectives of the coursework and to create a better understanding of what is required of me in the workings of companies in my line of career. Considering that the internship is a component of the education system, it provides an opportunity to enhance a student’s intellectual ability and how to apply the knowledge acquired.

Personally, being interested in understanding of my career is what made me interested in the organization. Working under the human resource office for instance, gives a clear analysis of the strategies that are used to analyze the utilization of staff and other aspects within the settings of the company. The understanding of how the company utilizes the right adjustments of the staff in terms of experiences alone shows that the opportunity to widen my accomplishments is much higher in the internship.

The transportation service, the kind of trailers that are found most efficient and the equipments that handle a wide range of other requirements is made more elaborate in this sector. Understanding of the various transportation services in my career path is one thing but learning how the process actually takes place is another and therefore, this activity once again boosts my knowledge of the functioning of this corporate company and enhances my knowledge to a much deeper level.

Developing and formulation of policies is one of the key objectives of my carrier. In the Integrated Logistics Company, there is the objective of the business to develop some major policies that create a more comfortable environment for the workers. Therefore, having the ability to learn how to take part in the process enables me as an intern to understand the criteria used to devise and implement policies. These policies are thus used to differentiate the workers that are most suited for the task of achieving the policies and those most likely to be let go to improve productivity.

Accounting sector is very vital in any company or business and that makes understanding it an important objective in my career. Being an accountant, there is need to calculate the depreciation rates of the equipment to avoid accidents, loss and poor production levels in the company. In addition, the actual calculations that is done ion the balance sheets with the reference to the taxation, the income statement is vital, and this is yet another advantage of working for the company. Further, on, there is need to keep track of all the loans, expenses and stakeholders and thus, the recording in the credit and debit will help in keeping track of the transactions

Description of the Company/ Organization

 

The Integrated Logistics Company is established to provide the best quality of services under the department of engineering and logistics of the MENA region in Kuwait. It offers services to businesses that are concerned with oil, energy and infrastructure. The organizational structure of the company is diversified in the sense that it has management roles, the exterior workers and the accounting sectors among others. Considering that, the company puts a great deal of emphasis on the performance of all those involved with the company, there is a link that it creates that ensures the growth of one’s career. Further, there are achievements in terms of merit and recognition of individual skills that makes the organization a worthwhile choice.

The department in which the internship took place was the human resource department and the accounting departments. The company plan in the internship program is to ensure the customizing of each employee’s career path by providing guidelines on what is either important to customers to the corporation or otherwise. To solidify this kind of relation or improvement, there are the outlines that are prepared either to reallocate employees or interns to a more conducive role or to provide job rotations that enable the exchange of ideas. For this reason, there is the creation of varying function groups, as well as, different company sub-corporations that are vital for the rotation options.

Furthermore, there is an understanding within the company that helps interns to set apart the excellent employees and what is expected for them to be treated as valuable assets in the company. The company offers the ability for growth and enhances innovative ideas with a great review on the human resource policies especially for the interns and the employees in the department. Subsequently, it goes ahead to support talented individuals to share experiences with them and offer competitive compensation.

Description of My Internship: First week

The first week was categorized of introductions to my new place of work, my workmates and the general nature of my work for the next four weeks at the company. Mr. Madhan, who is my supervisor and the manager of the human resource department, was the one responsible for this task and he explained that the first week would be centered on understanding the human resource office job. From the tour and the rest of the week, I learnt a lot from the department, most of which related to the staff of the company.

Numerous strategies were developed that identify the internal workings of the company and how to adjust the varying potentials based on experiences and the available positions. The human resource department taught me the importance of having a staff that understood and conformed to the policies. Various other activities that the department highlighted reflected the effect of the human resource office to the business in terms of size and other important factors.

Second week

Mr. Madhan for this week gave me the task of acting as a HR officer but this time, I was to be involved in the actual activities that were being carried out outside the company. IO was therefore sent out to the field where I interacted with the workers and understood a wide range of equipment that the corporation used in the day-to-day operations. Other services were involved with the outside activities such as the transport services and the sections that dealt with machinery.

I was given a task to identify the policies that were being used in the formulation and implementation of policies in this section of the company.  I wrote a report on my objectives on the matter and showed him what I thought could make the employees more comfortable. Furthermore, various accounting details that were required, those balance sheet that showed depreciation, income and the general balance sheet.

Third Week

The task from the second week went on in this week, as there was need to understand further the accounting journal entries. I had learnt further on the records and analyzed the fixed asset in the debit side and lease liability and cash in the credit side. I understood much better, how to operate the lease rental payment by having the rental expense in the debit side and cash in the credit side. Further, I understood the various methods used to calculate the depreciation such as the Straight-line depreciation method where they take the cost then subtract it from the residual value. After that, it is divided on the useful life. The second method to this was the Double Declining Balance Depreciation whereby this formula (2 × Straight-line depreciation rate × Book value at the beginning of the year), is used. The third method called (Sum of the years’ digits method of depreciation) and its formula (Depreciable Base × Remaining Useful Life divided by Sum of the Years’ Digits).

Final week

The accounting aspect of the company continued on to this week and as I continued learning more about the company, I understood the accounting system better. In this account lesson, I learnt that there is an important thing called depreciation and the accountants recorded it in the debit side while the accumulated depreciation in the credit side. I learnt a lot more on the accounting of the various aspects and the components of the company and managed to go through all the other matters that I had learnt along the past week.

Many benefits and drawbacks arise in the process of keeping my journal. The benefits being, it helped create a proper flow of events and ensured that I did not forget any details. In addition, it is very efficient, as I had to refer to my notes whenever I felt confused or needed guidelines to help me around the place of work. The drawbacks however included that, I may have missed a detail or two when taking notes especially in the activities outside and my notes got dirty way too often due to the many dusty surfaces in the machinery rooms. Luckily, the company followed the organizational plan and I was able to keep up with the most of the activities in play especially by using my journal entries.

Summary and Conclusions

 

 

From all the operations and the activities I participated in especially in the accounting sector, I learnt quite a variety of information that was the main purpose of the internship. Most of the objectives of the internship were met especially the acquisition of knowledge of the internal working of the company that has an impact on my future career. What I learnt that was most important however, was that the accounting work could be made much efficient and easier if done in an online system. This means that there can be a connection to the head office from all other accounting sections of the company to avoid time wastage and errors.  Similarly, once the accountant is done preparing all the accounting documents, it is much easier to send them using the online service directly to the main office for evaluation instead of using cumbersome papers.

The career path I am yet to set upon involves a great deal of typical working activities and the company offers such opportunities among many others to their employees and this would make it a viable place for me to work. Working at the field gives a real life experience, one that helps learn how to behave and what is expected of me in other areas of my career that is not centered on the office work. For instance, in the field, there is the ability to interact with other professionals especially the workers whose nature of work is different from what is learnt in class. This aspect widens my knowledge on what is expected of me and I am able to understand a vast number of the team in the workplace.

Returning to AUK means that I will have to put more effort in the accounting problems and that I would encourage other students to partake in the internship as it helps to develop a clearer goal for most of them. Overall, the diversity in the HR office, the Outside activities and the accounting office enabled a better understanding of all the different divisions. For this reason, I feel that the company helped me achieve the objective of the internship and that it was indeed worth having especially due to the experience related to my career.

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