Executive Summary

This report is based on a 4 week internship carried out at Fomic Polytechnic Buea from  the 4th July 2023 to the 5th August 2023.This internship report contains five chapter in the following order:

The first chapters carries the meaning of internship, its objective which one of them is to gain knowledge about performing specific tasks and developing problem identification and problem solving skills in finance and management. The purpose of undergoing this period of training which is to provide students with an opportunity to apply the knowledge in real work situations there by closing  the gap between academic work and practice. Not forgetting the importance of internship to the organization, to the interns as well as to the university. Moving to chapter two we discuss about the background history of Fomic Polytechnic University in which the internship was carried out. The organization has a mission and objectives statement like every other organizations not forgetting the organizational structure and the functional department such as HR, Marketing department and the Accounting Officer who take charge of the financial transaction in the organization. Chapter three carries the different activities carried out by the intern into various department; administrative department, marketing department, human resource department and the accounting and finance department. The activities carried out include administrative assisting, payroll computations and petty cash entries. In chapter four, we will focus on the SWOT analysis made from my own view on the organization. And in chapter five we have the conclusion and recommendation on issues faced by the organization. The organization was suitable for internship attachment because it has trained and qualified personnel and they so interactive and willing to be consulted.

CHAPTER ONE

INTRODUCTION

1.1 Definition of internship

According to the National Association of Colleges and Employers published in June 2023, an internship is a form of experiential learning that integrates knowledge and theory learned in the classroom with practical applications and skills development in the professional workplace setting. This is a report on the purpose of carrying out an internship, the profile of the chosen organization of the intern, duties and schedules performed in the organization, the activities of the intern to the organization, application of theories to real –life situations.

1.2 Purpose of internship

• An internship provides a real life experience and exposure. It enables the interns to gain first-hand exposure of working in the real life which is remarkably valuable towards the intern’s career.
• It allows the student to harness the skill, knowledge and theoretical practice been taught in the university. To provide the students with an opportunity to apply the knowledge in real work situation thereby closing the gap between academic work and the actual practice.
• Internship teaches young professionals about specific industries and companies they are interested in, projects their self-potentials, abilities and shortcoming.
• Get connected, develop professional network and transitions into full-time position.

1.3 Objectives of the internship

• Acquisition of development skills such as research skills, communication and managerial skills that will boast my career.
• Gain early understanding and appreciation of the practical life (real-life situations) challenges associated with applications of the theoretical knowledge acquired
• Gain knowledge about practical aspects of functioning of an organization in the domestic market with special emphasis on finance accounting, management in public administration, private sector non-governmental organization, and self-employment
• Gain knowledge about performing specific tasks and develop problem identification and problem solving skills in finance and, management

1.4. Importance of internship

Internship is important to the inter, employer and also the university;

To the intern

• Internships play a crucial role in the career development of aspiring accountants. They provide invaluable opportunities for students and recent graduates to gain practical experience, develop relevant skills, and foster professional connections within the accounting industry.
• Internship help improve on my skills and knowledge gain in theory.
• It helps in establishing long and lasting relationships with mentors.
• It equally help interns to gain opportunities for employment in any organization of their choice.
• It equally contributes in accomplishing the goal of the intern academically by passing on a good report on the activities carried out during the practical period.
• It will also help me in the fulfilment of the award of Higher National Diplomat

To the employer

• Internships are highly valued by employers as they offer a bridge between academic learning and real-world application. By participating in internships, aspiring employees can apply their theoretical knowledge to actual practices, gaining a deeper understanding of the profession and its intricacies.
• Internship permit employers to be on lookout for promising and quick potential future employees in order to ensure the safe future of their company.

To the university

• Internship help the university to increase competitiveness in the labour market and this is done by the experience gained by their students during various internship. This will polish the image of the school and strengthen the relationship between the university and employers.

1.5. The importance of internship in field of study

One of the significant benefits of accounting internships is the opportunity to gain real-world experience in accounting practices. Interns have the chance to apply the theoretical knowledge they acquired in the classroom to actual accounting tasks and scenarios. This hands-on application allows them to develop a deeper understanding of accounting principles and procedures.

 

• Exposure to industry-specific software and tools

During accounting internships, participants get exposed to industry-specific software and tools that are widely used in the profession. This exposure enhances their technical proficiency and familiarity with the latest accounting technologies. For example, interns may have the chance to work with accounting software such as QuickBooks, Excel, or industry-specific tools like SAP. By gaining experience with these tools, interns gain a competitive edge and are better equipped to handle the technological demands of the accounting field.

• Building professional networks and connections

Internships in accounting provide a platform for building professional networks and connections, which can prove invaluable in the long term. Interns often have the opportunity to interact and receive mentoring and guidance from experienced professionals in the industry. These mentors can impart their knowledge, provide industry insights, and offer career advice. Establishing relationships with experienced professionals can open doors to future employment opportunities or recommendations, as they may vouch for the intern’s skills and work ethic. Cultivating these connections during internships can help aspiring accountants’ jumpstart their careers and navigate the industry more effectively.

• Opportunities for future employment or recommendations

Internships often serve as a gateway to future employment opportunities or recommendations. Companies frequently offer internship programs as a means of identifying potential talent for future hiring needs. If an intern performs well and demonstrates their abilities during the internship, they may be considered for full-time positions within the organization upon graduation. Additionally, even if there are no immediate job openings, the internship experience and recommendation from the supervisor can significantly enhance the intern’s job prospects in the future. Therefore, internships provide a platform to prove one’s capabilities and make a lasting impression on employers.

• Enhancing skill set and resume

Accounting internships offer a unique chance to acquire in-demand accounting skills that are highly valued by employers. By working on real accounting tasks, interns develop practical skills such as financial analysis, bookkeeping, tax preparation, and audit procedures. These hands-on experiences enable interns to gain proficiency in specific areas of accounting and make them more marketable to potential employers. In addition to skill development, internships provide interns with tangible evidence of practical experience to include on their resumes. Listing internships on a resume showcases a candidate’s ability to handle actual accounting responsibilities and sets them apart from others with only theoretical knowledge.

1.6. Definition of terms

• PAYE; It is a pay-as-you-earn system of collecting tax from employees, where by tax is deducted from the salaries at source and net amount paid to them.
• Employer; an employer is any physical or moral person in form of corporation (public or private), establishment, associations, the state, public institutions and more other haven declared or identify as having personnel to perform its activities whether of economic nature or not.
• Employee; an employee is inclusively any holder of an appointment of office whether public or otherwise for which remuneration is payable.
• Postages expenses; it refers to money used for buying stamps for office uses.
• Stationaries; they are assets or expenses materials use in an office or business for administrative and operational purposes. There are essential for day-to-day operations and in FPU, such expenses include; pens, pencils, markers, highlighters, printing papers and envelopes.
• A ledger; it is a book or digital record containing information for one account or in general.
• Petty cash book; it is a book used in organizations for recording transactions that are of little value.
• A cash voucher; it is a document that serve as proof of a cash transaction.
• Payroll; a payroll is a list of all employees entitled to salary.

CHAPTER TWO

PRESENTATION OF THE ORGANIZATION

2.1 Historical Background of the Organization

FOMIC POLYTECHNIC UNIVERSITY is a private institution founded in 2011, by prof. Michael Fossung. The University is accredited by the Ministry of Higher Education of Cameroon with creation NO:12/0638/MINESUP/SG/DDS of 23 NOV 2012 and mentored by the University of Buea and University of Bamenda. There are four faculties in Fomic Polytechnic, which are; School of Business, School of Engineering, School of Agriculture, and School of medical and Biomedical sciences.

Over the years, FOMIC POLYTECHNIC has expanded and now owns two campuses located in BUEA and DOUALA, which are two major cities located in Cameroon. Fomic Polytechnic is equipped with ultra-modern learning facilities, including an online student portal and a digital learning platform. They use the G Suite for Education provided by Google and are connected to many digital libraries. FOMIC Polytechnic has high-profile faculty members drawn from the world’s best Universities and Industry faculty members with high professional experiences in various specialties.

FOMIC Polytechnic is currently in partnership with Savannah State University USA, the University of Ulster UK, and the Kenyan Accountants and Secretaries National Examination Board (Kasneb). We position ourselves as one of the leading institutions in training, motivating, and inspiring innovative and transformational leaders, instilling them with a culture of hard work, integrity, resilience, and professional and academic excellence, and inspiring innovative and transformational leaders, instilling them with a culture of hard work, integrity, resilience, and professional and academic excellence.

Check out: Internship Report Topics with Materials

 

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