Executive Summary

This report is based on a two-month industrial training on accounting software applications (computerized accounting) at BITIBI Expert Services Ltd in association with (Name of university).

It stipulates the various activities carried out by the intern on small business loan record, interest and loan recordings and their challenges encountered. The focus of the intern was based on loan recording and critical analyses of the organization using the SWOT analysis. The main objective of the internship was to see practical recording of information and preparation of financial statement using accounting software.

Within this period, the intern was opportune to achieve a lot in the domain of accounting transaction recording, analysis and to use the information to advice a company on how to prepare their record and which accounting software to use based on their complexity. Due to some internal factors such as; lack of canteen, generators and other technical equipment really affecting the organization to compete with its competitors.

The organization has a competent staff and has software which can be used to prepare financial statement of small and large firms; this gives them a great edge over their competitors. Furthermore, the hygiene condition and the mutual understanding between staff channel of communication at BITIBI Expert Services Ltd gives one a great understanding about the working environment.

This report ended with possible suggestions and recommendations to the BITIBI Expert Service Ltd.

CHAPTER ONE

GENERAL INTRODUCTION

1.1 Background of the study

Internship can be defined as a technical, industrial or a professional training which puts in to practice the theoretical part studied in school. It provides real life experience to those looking to explore or gain relevant knowledge and skills and to enter a field. It therefore enhances employability and built relationship between a university, business and prospects.

Internship is an excellent way to begin building all those important connections. Internship can be thought of as a capstone experience for students in terms of learning about a career field following others activities that comes earlier in an academic and professional training program.

Unlike other vocational training programs, internships are not designed to prepare undergraduates for specific jobs upon graduations but rather, they are design to expose students to career fields and provides proudly defined work place, skills relevant across many jobs.

Internship provides a chances for what happens in the class room to add value and experience and clarify in the vast number of options available for students. The objectives of internships is to reflect upon experience collected during the internships from a perspective as an accounting students, followed by a working plan initially agreed upon by the ministry of Higher Education and approved by the Institute of Management Studies (HIMS) Molyko-Buea.

1.2 Aims and Objectives

1. Introducing the interns to a modern workspace equipment and actual work space problems
2. To fulfil the requirements for the awards of the Higher National Diploma (HND)
3. To create a link for the intern after graduation and the job market and provides experience and add value to the students resume.
4. Help educators and employers a chance to work together and prepare students for success in the work place.
5. Giving students the opportunity to have a real world experience in the career field in which they have interest.

1.3 Types of internship

1. Research internship (graduation) or dissertation internship

This is mostly done by students who are in their final year. With this kind of internship, a student does research for a company or institution. The company can have something that they feel like they need to improve, or the student can choice a topic within the company themselves. The results of this research study will be put in a report and often must be presented to the company. This type is mostly research oriented, requiring items to be more scientific in their approach (stating the problem, objectives, hypothesis, method of data collection , method of data analysis, variables of the study, presentation of data analysis before reaching conclusion and recommendations.).

1. Virtue internship

This is another type of internship which is growing in popularity. The intern works remotely and is not physical present at the job location. It provides the capacity to gain experience without conventional requirement for been physically present in an office. The internship is conducted via virtual means, such as phones, emails, and web communication. Virtual interns generally can work at their own pace and location.

1. Work experience internship

Most often, thus is mostly done prior to final year of an undergraduate study. The placement can range from 2-3months (usually running from July-September every year). During this period, the student is expected to blend class room knowledge and theorises with real world practice. This way, the student gain work experience in their field of study. The gain experience would be helpful to finish the final year of study towards the award of a Higher National Diploma (HND), a bachelor program or any other post graduate program. This approach is adopted is adopted by the Higher Institute of Management Studies (HIMS), University of Buea, University of Bamenda and among other great institute of higher learning.

1.4 Objectives of internship

Most internship programs are design to enable student’s achieved the following objectives;

1. To test their interest and aptitude in a career before permanent commitment are made.
2. To developed skills in the application of theories of practical work situation.

iii.        To develop skills and techniques directly applicable to their careers.

1. It will provides students with the opportunity to earn a salary while pursuing educational goals.
2. It enable trainees to apply knowledge acquired in schools theoretically in practical terms.
3. To acquire good work habits or the ethics of their profession.

vii.       Internship programs motivates students to continue their education.

viii.      To developed employment records/references that will enable employability after studies.

 

Importance of internship

It is generally done by students to define and implement their own personal career plans. An internship can be of considerable benefit to them in this respect. Internships will introduce you to potential future work environments and you will be able to decide weathers these meets your career and plans. You can also acquire important supplementary skills during an internship and contact potential future employers.

Why do an internship

In a highly competitive job market, you will need to make yourself stand out, among others. Since employers prefer to hire graduating seniors, who have career related work experiences, internships can be crucial to their job search. The experience you gain might not perfectly match your major or your chosen career path, but it will give you transferrable skills, a notable work ethic, and a competitive edge. Your internship experience will, also expose you to professionalism and allow you to observe how skills and ideas applied the real world.

Operational definitions of terms

Small business. These are businesses that are not registered for VAT and classify expenses and revenue in various categories also comprise a small capital size.

Small traders business: these are businesses that are registered for VAT and classify expenses and revenue in to various categories, also comprise of large capital size.

Credit note: it is a document issued by the supplier containing a summary of good supplied, such as the quantity of goods, unit price, references, and amount. There are basically two types of invoice, namely Debit invoice and Credit invoice.

Purchase voucher: it is a document which indicate the physical money has been paid by a business for goods.

Deposit slip: it’s a document which shows that, money has been receives by the bank for a specific purpose.

Receipt: It’s a document by a business upon receiving something or money.

Cheque: it’s a document issued by an account holder instructing the bank to pay a specific amount of money to a named person who may be drawer himself or a third party.