SCANNED COPY OF INTERNSHIP CERTIFICATE

ACKNOWLEGEMENT

All praise to the almighty Allah, Beneficial and the Merciful. Without his blessing and endorsement this report would not have been accomplished. The successful completion of this report might never be possible in time without the help some person whose inspiration and suggestion made it happen.

This is a matter of pleasure for me to acknowledge my deep sense of gratitude to University of Management & Technology and my College, ILM College, Sargodha for giving me an opportunity to explore my abilities via this internship program. I would like to express my sincere gratitude to our Principal, Prof. Mehboob Ahmed Ch. and our CEO, Ch. Tauseef Liaqat for this opportunity. I also wish to express my gratitude to my internship supervisor Mr. Mussadiq Aziz, for their valuable guidance and advice in completing this project.

I would like to record my sincere appreciation and gratitude towards all the officials and employees of ILM College, without whose kind assistance, my internship program would not have succeeded. The facts and other vital information provided by them have contributed towards making this project as comprehensive as possible. I am indeed thankful to them.

I am also very thankful and grateful towards my seniors, colleagues and authorities of ILM College for their support, encouragement, and valuable suggestions for the completion of this project as well as for their generosity and co-operation.

Last but not the least, I would like to express my sincere thanks to all my family members, friends and well-wishers for their immense support and best wishes throughout the internship duration and the preparation of this report.

I believe that this report will be a valuable asset not only for academic institution, but will also be useful for all those who are interested to learn about internship experiences in accounting and consulting firm.

TABLE OF CONTENTS

1.Overview Of the Organization

2.Organizational Structure2.Introduction To All Departments

3.Plan Of Internship Program

4.Training Program

5.My Learnings

6.SWOT Analysis

7.Conclusion

OVERVIEW OF THE ORGANIAZTION

MISSION

“Impart purposeful education to the youth from all sections of society at

affordable packages under the shadow of Islamic Values”

VISION

“Provide career-oriented education and inculcate amongst the students

modern skills and techniques of “Leadership through Innovation” in order

to meet the challenging demands of present era”

HISTORY

ILM Trust is well recognized in the field of education due to its notable services in education sector. The Trust started its educational services 25 years back by establishing Institute of Leadership and Management (ILM). That ILM College was later granted university charter and now known as University of Management Technology.

The Trust is now embarked upon a new journey by opening a chain of ILM Colleges in the main cities of Pakistan. The aim is to set high academic standards by using innovative teaching techniques. The Knowledge School network is yet another project of ILM Trust - thus providing academic ladder from “Play Group” to “Ph. D”.

INTRODUCTION ABOUT ILM

Institute of Leadership & Management (ILM) has 25 Years of making excellent achievement in education; excellent from ILM to a degree awarding institute University of Management & Technology (UMT). It has produced more than twenty thousand students in different disciplines who are making their contribution in the national, multinational and international Organizations. ILM has now embarked upon a new journey by opening a chain of ILM Colleges throughout of country with an added vision of spreading knowledge with innovation. Thus ILM is providing academic ladder from “Intermediate to Ph.D.”

ACADEMIC RULES AND REGULATIONS

All students are considered to be the standard bearers for the goodwill of the College. To maintain and academic and comfortable environment at the college premises, students have to abide by the rules and regulations of the college, failure to do so would result in prompt disciplinary action.

The decision of the Principal and Discipline Committee is considered final in all matters relating to violation of the rules and regulations.

Student should note that they are under the authority and jurisdiction of the college during the college hours.

Therefore, the students are advised, in their best interest, to comply with all the rules and regulations as laid down below.

COMPETITORS

C.F.E College Comprehensive College Dar-e-Arqam College Green field College Heritage College Hi Aims College Hira College I-MATS College ITM College Meridian College Misali Ravian College Punjab Group of Colleges Superior Group of Colleges

ORGANIZATIONAL STRUCTURE

NUMBER OF EMPLOYEES

ILM Group of Colleges is an educational Institute so it has approx. 150 employees under the following categories.

MALE STAFF

LECTURER ADMIN D-STAFF55 25 20

FEMALE STAFF

LECTURER ADMIN D-STAFF25 15 10

MAIN CAMPUS

ILM College Sargodha (Boys Campus)

86/87-A, Satellite Town, Sargodha.

Tel: 048-3212181-82

Fax: 048-3212183

www.ilm.edu.pk – info@ilm.edu.pk

INTRODUCTION TO ALL DEPARTMENTS

DEPARTMENT OF SCIENCE

INTRODUCTION

The disciplines of Basic Sciences have been the oldest branches of learning science, right from the time of Greeks. The Muslim Scholars of Mathematics, Physics, Chemistry, Astronomy, etc. laid down the strong foundation of scientific knowledge. The development of modern eras of inventions and discoveries evolved from those strong footings. According to Ibne-Khalun, “The study of Mathematics is for the mind, like soap for the clothes which washes away from them ‘Dirt’ and cleans the ‘Spots and Stains’.

OBJECTIVES

Basic Sciences are essential for proper understanding the technical subjects, promoting research work, widening the vision for the future and enhancing the quality and authenticity in Sciences.

The subjects of Basic Sciences: Mathematics, Physics, Statistics, Economics, play a vital role in the development of a Country.

It is our intention to produce competent, motivated and socially responsible Mathematicians, Physicists, Statistician and Economists that they can build the good traditions through education and to participate actively in the development of our country.

PROGRAM OFFERED

The Faulty of Basic Sciences is comprised of the following four Departments:

Department of Mathematics Department of Physics Department of Statistics Department of Chemistry Department of Biology Department of Computer Science

DEPARTMENT OF HUMANITIES

INTRODUCTION

“Human thinking is affecting the Behavior, Attitude, Performance and Life. The improvement is possible due to the critic consultation of Social Sciences. The positive change may accrue due to Social Sciences. Human History is accepting the truth of life”.

PROGRAM OFFEREDThe faculty of Social sciences is consisted of four major Departments.

Department of Urdu Department of Islamiat Department of Comm. Geo. Department of Pak. Studies

DEPARTMENT OF SCIENCE

INTRODUCTION

The Department of Commerce has been instrumental in providing candidates with thorough knowledge and understanding of the principles of commerce and business. The B.S. four years and M.Com program are structured on team based learning, class presentations, case studies, field research reports and other reference materials, to combine academic theory with practical problems. To update the students, seminars and workshops on current economic and business issues are also organized in the Department. These methods of study not only provide excel in personal development but also prepare the students to accept future challenges in the fast growing corporate world. It is for these reasons that the M. Com degree holders have been well received by the national and international commercial concerns in and outside the world.

OBJECTIVES

The main objective of Commerce Department is to produce professional managers , accountant and businessman for the nation.

It possesses scientific knowledge and understanding of accounting , marketing human resource management financial management , Quantitative Techniques for business and also known socio-economic Condition of the country.

Students are also able to make plan for the development of industry and for the welfare of working people .

The Students of Commerce today occupy key position both public and private sector. They are able to prove themselves as a good manager and have a creative and

helpful attitude in problem solving. They are able to play leadership role or institute a mechanism that can targeted

performance in terms of time, cost or some other measure of effectiveness from the plan.

Students of Commerce possess a decision ability to face a various problems. Students possess clear idea of their path of development where they stand and

where they are going . They possess ability and power to develop new ideas and are able to implement

these ideas.

The department offers the following courses of studies:

• M.Com• B.Com (Hons.) 4 years• B.Com (IT) 2 years

COMMENTS ON ORGANIZATIONAL STRUCTURECOMMENTS ON ORGANIZATIONAL STRUCTURE

The organizational structure of the ILM College Sargodha is very strong as shown in the figure the complete hierarchy of the organizational structure of this college. Everyone always fulfill their responsibilities and task when given to them. A complete top down and bottom up flow of communication is present in the structure of the college.

PLAN OF INTERNSHIP PROGRAMPLAN OF INTERNSHIP PROGRAM

INTRODUCTION TO THE OFFICEINTRODUCTION TO THE OFFICE

I work in the Department of Accounts of ILM College. Where I taught a bundles of new things related to my field which help me a lot in my practical life. All the staff while talking about accounts, everyone is so competitive and supportive. The essential roles and duties of virtually any accounting department include the following

Money out – making payments and keeping the bills paid Money in – processing incoming payments Payroll – make sure everyone gets paid (including the government) Reporting – preparing financial reports, e.g. P&L, Balance sheets and budgets Financial Controls – to avoid errors, fraud and theft

STARTING DATE OF INTERNSHIPSTARTING DATE OF INTERNSHIP

Starting date of my internship is

ENDING DATE OF INTERNSHIPENDING DATE OF INTERNSHIP

Ending date of my internship is

NAME OF DEPARTMENTNAME OF DEPARTMENT

The name of the department I worked is, Accounts Office. This is situated at ILM College Sargodha (Boys Campus).

DURATION OF INTERNSHIPDURATION OF INTERNSHIP

My duration of internship in accounts office at ILM College is 06 (Six) weeks.

TRAINING PROGRAM

RESPONSIBILITIES

ACCOUNTS PAYABLE (MONEY OUT)

In order to maintain great relationships with vendors making sure that everyone gets paid on time is a vital role. The role of the accounting department includes keeping an eye on opportunities to save money, for example, determining if there are discounts or incentives available for paying certain vendors more quickly. At the very least, AP should be scheduled to assure that the least amount of money has to go out per payment, i.e., no late payment charges!

ACCOUNTS RECEIVABLE AND REVENUE TRACKING (MONEY IN)

Another critical duty of the accounting department is to account for and track receivables, including outstanding invoices and any required collection actions. Accounts receivable is responsible for creating and tracking invoices. The responsibility here includes assuring that customers pay those invoices on time, so a system of friendly reminders is crucial.

PAYROLL  

Payroll is a critical function of the accounting department and includes making sure all employees are paid accurately and timely. In addition, proper tax is assessed and tax payments are on time with state and federal government agencies.

REPORTING AND FINANCIAL STATEMENTS

The primary reason you collect data properly in your accounting software is to prepare financial reports that can be used for budgeting, forecasting and other decision making processes. In addition, these and other reports are needed for communication to investors, banks and other professionals that play a role in the growth of your business.

FINANCIAL CONTROLS

Financial controls include reconciliations, dividing the responsibilities and following the GAAP standards of accounting principles, all of which are implemented with view toward compliance, fraud and theft prevention. The role of the Controller is to ensure procedures are set up properly to manage that process without errors.

ACTIVITIES

Disbursement of cash. Keeps record of banking transactions. Maintain cash book. Maintain the record of payroll of all employees. Maintain the record related to the students and employees. Preparation of bank reconciliation statement on monthly basis. Preparation of statement of financial performance. Record expenses on daily bases. Using Excel or comparable accounting software Using computerized spreadsheets, apply basic arithmetic functions, absolute and

relative cell addressing, and cell construction using justification, labels and values, copy and move functions.

MY LEARNINGS

LEARNING FROM INTERNSHIP

Internships are the cherries on top of the resume sundae. They can make any student stand out to colleges, future employers. Internships are quickly becoming essential for any job and can offer a lot of experience to students hoping to get ahead. But how can you get the most out of yours? Well I personally learned six, things on my own internship experience.

SPEAK UP

Many times I would be sitting at my isolated desk with endless questions about what I was supposed to be doing. I was completely paralyzed in my chair because I was too afraid to walk around or bother anyone. I rarely moved from my desk the first few days, but I would have been much more efficient and happier if I had gotten up, asked my questions, and got back to work.

If you need help, just ask! It’s much easier than planning out a route to your boss’s cubicle, writing out a specific dialogue, and rehearsing it ten times.

TAKE ON AS MUCH AS YOU CAN

In the entire two months I was at my internship working for a newspaper, I only wrote three articles. I don’t know what the normal standards are for interns at publications, but I think I could have done more. I wish I would have asked for more work and when I was asked to contribute another article, I should have said yes.

Remember that the more you do, the more you have to show for the experience when you’re looking for another internship or, gulp, a job.

WORK HARD

This is an obvious one, but don’t waste time. You’re there to work, and they didn’t have to give you this opportunity. Make the most of your time and theirs.

MIMIC YOUR COWORKERS

I do not mean to play that game and repeat everything they say just to annoy them. I mean watch how they interact, how they talk, how they dress, and their repeated habits. For example, if you notice that everyone is always on time and takes punctuality seriously, you darn well better be there at 9:00 a.m. sharp, or earlier. You can learn a lot about office etiquette procedures from the ones who have been there for twenty years.

TALK WITH YOUR COWORKERS

Coworkers have a lot of experience and they have obviously made it in that particular field. Ask them how they got this far and what advice they have for you. You could learn a lot and get some great ideas.

BE THANKFUL

The best thing to do is send a handwritten note thanking them for the experience and opportunity to work with them. It’ll leave them with good thoughts about you and you can most likely refer to them for a recommendation later.

SKILLS DEVELOPMENT

Communication Skills Strong Work Ethic Teamwork Skills (work well with others) Initiative Interpersonal Skills (relates well to others) Problem-solving Skills Analytical Skills Flexibility / Adaptability Computer Skills Technical Skills Detail-oriented Organizational Skills Leadership Skills Self-confidence Friendly/Outgoing Personality Tactfulness Creativity Strategic Planning Skills Entrepreneurial Skills / Risk-Taker Sense of Humor Accounting skills Communication Skills Computer Skills Problem-solving Skills Strong Work Ethic Teamwork Skills

CONCLUSION

On the whole, this internship was a useful experience. I have gained new knowledge, skills and met many new people. I achieved several of my learning goals. I got insight into professional practice. I learned the different facets of working within a Educational Institute. I experienced that account related activities, as in many organizations, is an important factor for the progress of projects. The internship was also good to find out what my strengths and weaknesses are. This helped me to define what skills and knowledge I have to improve in the coming time. It would be better that the knowledge level of the language is sufficient to contribute fully to projects. After my master I think that I could start my working career. It would also be better if I can present and express myself more confidently.