Internship Final Report 2022

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Internship Final Report
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Executive Summery
The purpose of this report is to analyze the business strategy of the BASETEC company. I
pursued an internship program in the organization that gave me a close view to the workings
of an organization, how the day-to-day operations go and how to prepare petty cash reports,
VAT reports, financial plans and Fuel allowance report. The main idea of internship is to
prepare an individual for the real life job scenario and future career opportunities. This
internship has provided me with necessary skills for that purpose and has made me confident.
As a whole, the experience was challenging as well as full of learning. I believe that a little
more cooperation and help from the experienced employees would have made the first week
of internship a little easier to cope. However, the research and planning, problem-solving
capacity that I developed through the program is indisputable for my future and gives me
competencies that makes me employable. The report concludes that the students should be
given more opportunities to learn on the job so that they find it easier to perform jobs that are
expected from them.
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Table of Contents
Introduction................................................................................................................................3
Discussion..................................................................................................................................3
SWOT analysis of BASETEC...............................................................................................3
Strengths.............................................................................................................................4
Weaknesses........................................................................................................................4
Opportunities......................................................................................................................4
Threats................................................................................................................................4
Evaluation of the company’s business strategy.....................................................................5
Resource and Development................................................................................................5
Marketing...........................................................................................................................5
Accounts.............................................................................................................................5
Customer Satisfaction........................................................................................................5
Eco-friendly and Sustainable.............................................................................................5
The internship agenda............................................................................................................5
A critical review and evaluation of selected literature...........................................................6
Critical reflections on the internship experience....................................................................7
Critical reflection on my readiness and contribution to the company...................................7
Summary of findings and recommendations..........................................................................7
Conclusion..................................................................................................................................7
References..................................................................................................................................8
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Introduction
Internships are extremely important when it comes to gathering knowledge and first
hand experiences about the realities of a workplace. While pursuing a degree, one
accumulates the necessary knowledge that is required to perform the job as a whole whereas
the internship programs help them to gather real life instances where they apply the
knowledge and skills they have gathered so far and gather enough experience so that they can
be appointed to a full time job role. It also allows one to get the proper exposure that secures
the future path for their professional life and create a professional network that will help them
achieve their goals in life. I took an internship program at BASETEC Company. I had
Finance as my major and I joined BASETEC as an accountant intern. BASETEC is one of
the biggest waterproofing solution companies. It also provides allied construction chemicals
needed in the G.C.C countries. The company is supervised by Aisha Bassam Alsadah and the
company focuses mainly on team work, safety and customer satisfaction. The accounts
department is to keep the records of day-to-day expenditure, keep them in log, approve the
same form the supervisors and provide the employees and concerned departments with
necessary financial supply that they need for their work. The department that I joined was
also responsible for drafting cheques, paying the salaries, keeping the employee records and
presenting them to the bank and Labor Unions and so on. In this report, the business strategy
of the company BASETEC has been evaluated through SWOT analysis, the agendas of the
internship and the outcome of those agendas are discussed. Along with that, literature
supporting the concepts of internship and learning has been reviewed and critically analyzed.
Additionally, the internship experience and own contribution has been analyzed using the
concepts in literature review. Moreover, the findings gathered from the evaluation have been
discussed as well as recommendations have been made in accordance with the findings.
Finally, the report concludes with an acknowledgement of the benefits that this internship has
provided me with.
Discussion
The company, BASETEC, was incorporated in the year 2007 and is an application
and research and development unit of the companies HENKEL CERESIT and Master Wall
Agre Flex System. Some services that BASETEC provide are Roofing system for Smart Roof
and Liquid Water Proofing System, External Insulation and Finish System for HENKEL
CERESIT, Masterwall and Smart Wall, ILD tests and U-Value Measurement as their
Consulting and Testing services and Passive Fire Protection and Acoustic Thermal Insulation
as their Fireproofing system. The company is built on a vision of innovation and change.
They work continuously to introduce innovative ideas in order to solve the problems that the
construction industry faces. The main aim of BASETEC is to create buildings that are smart
and eco-friendly and protect constructions from heat and moisture. In order to be able to
conduct their business and keep up their position in the market, the company concentrates on
R&D to maintain their competitive advantage. A SWOT Analysis determines the Strengths,
Weaknesses, Opportunities and Threats of an organization in a given market which helps in
creating the production as well as marketing strategy for the organization.
SWOT analysis of BASETEC
The following table shows the SWOT analysis of BASETEC.

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Strengths
BASETEC has a prominent brand
image in Saudi Arabia.
The company is one of the leading
brands that provide waterproofing
solution
They have several clients in Saudi
Arabia such as Sipchem, Saudi
Aramco, Asmael, Rezayat Gtoup and
Sobic.
Their advertisement is appealing to
the consumers as they show the
usefulness of their service.
The services and products that they
provide are of top quality and
efficiently do the job.
Their importance in the constrction
industry is huge as the climate of
Saudi Arabia emphasizes that
weathering and fire precautions are
taken while building a new structure.
They are innovation based company
and thus continuously create new and
improved products as per the
requirements of the market.
The company has a highly developed
and advanced R&D unit that creates
products and improves them
continuously.
Weaknesses
The brand awareness of the company
is limited to construction companies
and architectures.
Limited advertisements and
marketing have created a barrier from
increasing the sales.
They lack in post construction
products or quick repair solutions that
are provided by other companies.
Their only mode of communication is
their website which lacks vital
information.
The website also does not let anybody
book any appointments or services.
Opportunities All events and gatherings, shows are
good opportunities to enhance their
sales and popularity.
Introduction of quick water leakage
solution and other household products
will increase their brand exposure.
Improving the website, providing
more information and enabling
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service or appointment booking
through the website would increase
their exposure.
Threats
Strong presence of other competitors
like Saudi United For Waterproofing
Co., Cretec, DWI DERMABIT
Waterproofing Ind. that provide
similar services.
The company invents multiple
products that are used commercially.
The patents and rights of those
products are always and issue.
Advertising and online promotions
are reserved for future, only direct
marketing and word of mouth are the
main methods of marketing for this
company.
Evaluation of the company’s business strategy
Based on the SWOT analysis performed earlier, the business strategy can be
determined:
Resource and Development: the organization puts the most emphasis on this aspect.
As they are mainly construction industry based company, they invest most of their money in
developing new products, testing the products and improving them in order to be able to
provide the best possible solution. This requires a large sum of money and most of their
budget is dedicated to this department.
Marketing: the company focuses on direct marketing and word of mouth. Other
marketing options like online promotions and social media are not used extensively. Due to
this reason the brand awareness has remained limited to the professionals that perform
construction works.
Accounts: for an organization that has a number of employees and several
departments that work together, keeping and maintaining the accounts and records are
extremely important. This helps the stakeholders to understand the current condition of the
company as well as the future projection that they can expect. This also helps to attract other
investors to invest on the organization. The meticulous and up-to-date account keeping and
balance maintenance has enabled the company to come across as transparent ad for that
reason, BASETEC has acquired several clients and partners.
Customer Satisfaction: the main motto of the organization is customer satisfaction. It
is stated in the mission that they aim to satisfy each of their customers. The main customers
of the organization are the building contractors. They also have complete contract for
building several structures. There are other companies as well that source their weather
proofing, water proofing and fire proofing solutions, chemicals and products from this
company.
Eco-friendly and Sustainable: maintaining sustainability has become extremely
important recently. Organizations are working to find products and solutions that will not
leave any human footprint on our planet. This organization too aims to build structures that
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have minimum impact on the environment. The constructions that they build are based on
new innovative technologies that leaves reduced carbon footprint in the environment.
The internship agenda
On the first week of my internship, I was given tasks on keeping the records of petty cash in
an excel sheet. These are daily expenses records that are too minute to require a cheque. I was
also taught about the process through which payment is released for purchase. I learnt that a
payment can only be released after the request has been approved from the manager and the
records are kept in petty cash records. Other than that, I was also given tasks to keep records
in Tally that are used to keep inventory and sales records. As an accountant, learning how to
prepare payroll sheets is mandatory. These sheets are needed to be filled meticulously and
submitted timely so that all the employees get paid on time. In the next phase of my
internship, I learned how to prepare the purchase and sale VAT report. I had to calculate
governmental tax and Zakat in order to complete the job. Towards the end of the internship, I
also learned how to prepare a Fuel Consumption Report. The company gives fuel allowances
to its employees. In most cases, employees are given cash to buy petrol cards though there are
some who have no access to petrol stations where they accept cards and for them cash is
provided for fuel refill. I also prepared a business plan with my other colleagues. I had to
research a great deal to learn about the specific details that would help me in preparing the
business details. The plan that we created is for the next three years and the company will run
on that proposed plan. The plan was created in such a way that the brand image and the profit
turnover of the company increases.
Throughout the internship, I have tried my best to perform all the jobs and
responsibilities that has been given. I have received cooperation and help from my colleagues
and my supervisors when in difficulty. When I started, I faced difficulty in performing simple
tasks like excel sheet preparation and Tally. I had learned both of them during my university
coursework but due to lack of practice, I had forgotten them. Through the internship I
regained this skill of mine and was able to perform all the tasks related to these applications
with ease. In the internship, I also had to learn how to prepare cheque, VAT report and Fuel
Consumption Report. These helped me in understanding the methods through which an
organization works, the kind of budget it is being allotted and the distribution of that budget.
While preparing the payroll sheets, I learnt one of the most basic jobs of an accountant and
gained constructive knowledge about the method of performing the job. I have tried my best
to contribute as much as possible to the internship. I have performed all the duties assigned to
them in a timely manner and I have reported to and rechecked everything with my
supervisors in order to determine whether my work is up to the mark. Moreover, I have also
taken help from my co-workers in order to learn teamwork. The business plan that I prepared
also gave me detailed knowledge about the company, its inner workings and the existing
business plan that they followed.
A critical review and evaluation of selected literature
The three basic concepts related to finance and accounts are Financial analysis, Book
Keeping and Auditing. According to Vernimmen et al. (2014), Financial analysis is an
extremely important tool in determining the current condition of an organization, the factors
that are affecting the organization and the expected turnover from the same financial year. It
also has the ability to predict any downfall or closure of an organization (Dumay &
Edvinsson, 2013). In order to be able to do that book keeping is an essential tool. According
to Miller & Power (2013), book keeping enables the stakeholders as well as the owners and
managers to review the condition of the organization and create plans for the next financial

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years. it also gives the viewer a clear overview of the budget allotments and expenditure of
the organization (Al-Janadi, Rahman & Omar, 2013). According to Tepalagul & Lin (2015),
auditing helps in prevention of fraud. It analyzes the system of the organization, the records
kept and the balance sheet of each financial year (Abdul-Rahamon & Adejare, 2014). With
the help of these concepts and tools, an accountant can predict the future of an organization,
create detailed business plan and direct the organization to a successful future (Sangster,
2015).
Critical reflections on the internship experience
the internship program that I took, gave me first-hand experience on tasks that are needed
when one is working in an organization. I have wanted to gather experience in the accounting
sector as I intend to work in the same sector. In the internship experience I reevaluated my
skills and knowledge that I had previously. Through the internship process was able to learn
about the weaknesses and strengths of the company. I learnt that the company though has
many reputable clients and customers, it lacks in exposure in the market. I also realized
through working with the company that the company has many immediate competitors that
have emerged recently. They are using social media and online exposure to promote their
business. There are several solutions to solve this problem. The main problem lies in the fact
that the products and solutions offered by BASETEC are industrial focused and thus, are not
used for regular domestic purposes. The company can develop products that will fill this
market gaps. This step will lead to the increase in popularity and brand exposure. The
company will gain sizable market share. The most challenging part in the internship was to
prove my worthiness and ability. The internship was taken in order to acquire knowledge and
skills that will help me in employment. I have worked hard and researched extensively in
order to complete my jobs and this knowledge and skill will help me in my future
employment. In totality, the internship experience was helpful and developmental for me.
Critical reflection on my readiness and contribution to the company
After completing the internship program, I feel confident that I will be able to perform
well as an accountant in any organization. The company that I worked for was large
enterprise and thus gave me ample opportunity to test and extend my limits. The three weeks
internship I went through prepared me for a full time job. I practiced and researched as much
as I could and performed all the tasks that were given. This gave me additional capability of
research and planning, critical analysis and problem solving as well as team work which are
necessary competencies for employability. I believe I will be able to contribute to the
company and help the organization grow.
Summary of findings and recommendations
From the internship I have learnt that I have those skills and knowledge that are
needed for a career in finance. These were further honed by the internship. In my internship I
learnt about the method of finding strengths and weaknesses, opportunities and threats that
help us in preparing a strategic plan for an organization.
After pursuing the internship, I have some recommendations that would make the
experience more worthwhile. These are:
Extend the time period of the internship so that the skills are perfected.
Giving the students as well as the recruiters a set of to do list beforehand will also be
useful.
The supervisors and coworkers should assist more at the beginning as it is a
completely new experience.
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Conclusion
From the above discussion, it evident that the internship program helps in real life
employment. It makes one ready to do their job. The three basic concepts related to
accounting, book keeping, auditing and financial analysis are taught in every course work
while the actual application and use is only learnt through first hand experiences. Thus, every
individual, who wants pursue a successful career should enroll in internships.
References
Abdul-Rahamon, O. A., & Adejare, A. T. (2014). The analysis of the impact of accounting
records keeping on the performance of the small scale enterprises. International
Journal of Academic Research in Business and Social Sciences, 4(1), 1-17.
Al-Janadi, Y., Rahman, R. A., & Omar, N. H. (2013). Corporate governance mechanisms and
voluntary disclosure in Saudi Arabia. Research Journal of Finance and
Accounting, 4(4).
Dumay, J., & Edvinsson, L. (2013). IC 21: reflections from 21 years of IC practice and
theory. Journal of intellectual Capital.
Miller, P., & Power, M. (2013). Accounting, organizing, and economizing: Connecting
accounting research and organization theory. The Academy of Management
Annals, 7(1), 557-605.
Sangster, A. (2015). The genesis of double entry bookkeeping. The Accounting
Review, 91(1), 299-315.
Tepalagul, N., & Lin, L. (2015). Auditor independence and audit quality: A literature
review. Journal of Accounting, Auditing & Finance, 30(1), 101-121.
Vernimmen, P., Quiry, P., Dallocchio, M., Le Fur, Y., & Salvi, A. (2014). Corporate finance:
theory and practice. John Wiley & Sons.
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