Week 3 of Accounting Internship

        In the organization, I did not focus only on the financial statements but also in the preparation of budgets as well. The budgeting is considered among the most critical activity because the budget provides a brief overview of the revenue and expenses of the organization. I have provided the budgeting services to the client and preparation of the budget is not as easy as it seems. For the development of significant budget amount of information is needed otherwise the budget will be far different from the actual results.

        I have gathered the necessary information from the client regarding their funds and revenues and then the information about all the costs of the client. The budget shows how much income is required to perform the desired activity. The client wants to invest in different real estate projects. Therefore, the budget is prepared to know about the sufficient amount of funds.

How can I Improve? the Accounting Internship

        To invest or expand the real estate portfolio of the client, it was essential to know how much resources the client has and what are the costs related to the investment. I have prepared the budget for the client which turn out to be very beneficial for the client. My evaluation regarding the income and expenses very pretty accurate because after the investment in the real estate project it was known that the difference between the actual costs and the budgeted cost is quite less. It can be said that the budget was accurate and provide a brief overview of the investment project. Through the preparation of a budget, I have learned a lot of new things which has improved my understanding regarding the investment activities.

        Before budgeting, I have never performed any estimation or consider various factors which can impact the expenses or income. When I prepared the budget, I also include the factors which can increase the cost of the investment. Therefore my skills regarding risk management improved from this task.  Budgeting is highly essential for the organization because if budgeting is not performed prior during any project or taking a major decision, then it will not be known how much funds are required to complete the project. Through the budget, the organizations or any individual have the idea about the funds and how those funds can be sufficiently met.

        The budget is essential for decision making, and the individual can take the correct decision if an accurate budget is prepared. However, there is a need to improve my skills so that I can make a more accurate budget for the client of the organization. This can be done through continuously working according to the instructions of the top management. I can also improve my skills by attending seminars which allow employees to further enhance their skills by learning new things. At present, I don't have much experience, but in the future, the experience will also contribute to performing all the tasks efficiently and professionally.

Application for Future of Accounting Internship

        I have prepared the financial statements for the organization's client which will help the client to manage their real estate portfolio accurately. Working as an accountant internee, I know the purpose of financial statements and what information they provide.  Through comments, the client will definitely know whether its portfolio is generating profit or loss. If the collection is making a profit than it means that the client has taken a rational decision and have created a perfect portfolio. If the statements are showing loss than it means that the investor should restructure its portfolio so that failure can be mitigated. The client which I have served is generating profit. Therefore, I can say that it has taken a valid decision regarding the investment.

        Before working as the internet, it was tough for me to communicate the financial information to someone else and tell them about the actual situation but after working in the accounting department, I have learned the skill to disclose the financial information to the other individuals. This week a meeting was held in which the employees of the accounting department were asked to brief about the financial condition of the firm. This week I have accurately provided a brief overview of the financial health of the firm, and the management of the organization has appreciated my effort.

        The skills that I have learned will help me a lot in the future. In the future, I can prepare financial statements and budget with more accuracy and efficiency because not only I will have experience, but also my skills are enhanced over the period. Moreover, it is important to keep on learning about the latest technologies so that in future if the most recent techniques are implemented, then these can be used effectively.

References of Accounting Internship

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