Internship Management: Application of Finance Theories and Skills

This report reflects on an internship experience within an accounting firm, focusing on the application of finance theories and the development of professional skills. It discusses the intern's progress in assisting with income tax preparation and tracking client payments, highlighting the relevance of optimal inheritance taxation theory. The report evaluates the intern's performance, emphasizing the acquisition of time management skills and the ability to work in a diversified environment. It also examines the internal and external relationships within the organization, stressing the importance of employee and client relations. The intern reflects on personal development, including teamwork, communication, and understanding of an accountant's responsibilities. The report concludes by referencing various academic sources to support the theoretical underpinnings of the practical experiences.

Running Head: INTERNSHIP MANAGEMENT
INTERNSHIP MANAGEMENT
Name of the Student
Name of the University
Author Note:

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Section A
1. Discuss the progress you have made since the Portfolio 1 submission and any further
key tasks (refer to your hours log) you have undertaken in your placement.
 My task was to assist in preparing income tax return of individual and business in my
current business organisation. The major of my placement organisation provided a
theory of optimal inheritance taxation (Piketty & Saez, 2013) that helped me to
acquire my responsibilities in this current organisation.
This theory has taught about optimal tax rate which is qualitatively high
according to high concentration and low elasticity. Society provides less importance
for the less inheritance receive.
In the placed organisation, I was provided with two responsibilities as an
accountant intern. First, one is assisting in preparing income tax return, secondly
tracking, and providing follow up of client’s payment. The mentioned theory provided
me the idea of relation between labour income and capital income.
Key Tasks Theories
Relevancy to
Accounting major
How this theory helped to
complete tasks
Any gaps in
knowledge
Assisted in
preparation of
income tax return
of individual and
business
Theory of optimal
inheritance taxation
Understanding about long-
term ideal inheritance tax
and its expressive
parameters.
Concentrates only
on long-term
inheritance optimal
tax rates.
Account receivable
- Performed duties
of tracking
Intrajurisdictional
property tax and
Detailed understanding of
property tax.
Fragmented
knowledge about

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payments of clients
and following up
capitalization. tracking client’s
payment.
2. Reflect and evaluate on your performance in the role in weeks 4-7 (with specific
workplace evidence and examples).
 As an intern, I have learned about my own responsibility. Monitoring the performance
of the other employees I have acquired some behavioural characteristics appropriate
for this firm only. It includes profession oriented thinking or mind-set, ability to keep
vigil, working flexibility, and most important is loyalty and commitment towards the
organisation.
3. Discuss the significance of your role and the value that you have added to your team and/or
organisation and how this has developed throughout your placement.
 As an accounting intern, my first activity should be showing eagerness towards
learning and acquiring my new responsibilities. I am leading with the learning phase
that requires adaptability to become familiar with the work culture. I have
acknowledged developing these skills in me spending seven weeks in this
organisation.
Section B
1. Developed TWO goals for your professional skills to work on during your placement.
 Goal one: Acquiring Time management Skill.

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 Action Plan: My action plan will include an organised way to perform my
responsibilities. I will perform my activities according to the urgency of that task. For
additional support, I am referring the time management skill matrix below.
Figure 1: Time Management Matrix
This time management quadrant helped me to understand and identify the
urgency of any responsibility. The four quadrants of time management matrix helped
me to acquire the skill of time management and work according to the priority.
 This time management matrix has helped me in tracking time. It helped me to identify
a rhythmic pattern or my personal performance, which is an important characteristic
feature of accounting firm. I can easily differentiate the urgent important and urgent
not important responsibilities.

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 As a key learning experience I have faced challenge in scheduling. For any profession
internship is a crux for ultimate success. Organising the professional work I could
hardly manage any time for further studies and personal works. However, staying
focussed helped me a lot to recover this problem. Additionally, writing down the
challenges related to my work profile helped in self-assessment and self-
improvement.
 Goal 2: Acquiring the ability of working in diversified work culture
 Action Plan: Being able to work at cultural diversified professional environment is a
key characteristic feature of accounting firm. My aim is to follow some steps to
achieve this skill.
1. Treating everyone with right respect.
2. Acting for contributing for the improvement of a culture in which diversity is
respected.
3. Standing against bullying or harassing others.
4. Promoting employment policies and maintain the code of conduct.
 Implication: My action plan of providing equal respect to all the employees helped me
to maintain a healthy relationship with my colleagues and the supervisors also. After
making the action plan and proper study of employee relation in accounting firm
(Watson, 2015), I became much focused about the company’s mission and vision. It
also helped me to follow the organisational code of conduct.
 Critical learning situation: While learning about the employment policies of this
organisation, I was not clear about the grievance policy mentioned in the employee
handbook. I had to consult with the HR manager or the organisation to clarify my
issues.

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 Learning experience: The HR manager took responsibility to clarify my confusion. It
helped me develop the knowledge about the company’s organisational hierarchy.
Overall Professional Skills and Career Development
LEARNING FROM OTHERS
Observing the performance of others, I have come up with the conclusion that this
firm requires constant learning. Along with this, all the employees are trustworthy and loyal
to their customers and the business organisation. I am emphasising on this particular aspects
with accuracy to work with high productivity.
MY PERSONAL DEVELOPMENT
In my present organisation, I have observed two behavioural features of the work
environment. Keeping aside my knowledge of accounting, I have acquired working as a team.
Along with this, I have learnt to understand the authority and client communication and
relationship. I have understood the responsibility of an accountant.
Section C
1. Reflect on how your placement organisation operates.
 Internal relationships: In this chartered accountant business agency or any other, the
most important asset is the worker. Employee and the clients are the two basic pillars
of business management. A good employee relation helps to reduce the occurrence of
internal conflicts. It also helps in improve the overall relationship.
 External relationships: The nature of relationship between employee of the chartered
accountant firm and their clients is scientific. The best employees prioritise the
customers before any other responsibility. Starting from different ways of
hospitalities the auditors must deal with their clients with proper care and importance.

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The first job responsibility of the auditor is to deal with the client according to their
niche. As a small chartered accountant firm all the five employees of this business
organisation, are trained to build a strong customer relationship.
References
Apostolou, B., Dull, R. B., & Schleifer, L. L. (2013). A framework for the pedagogy of
accounting ethics. Accounting Education, 22(1), 1-17.
https://doi.org/10.1080/09639284.2012.698477
Maskell, B. H., Baggaley, B., & Grasso, L. (2017). Practical lean accounting: a proven
system for measuring and managing the lean enterprise. Productivity Press.
Piketty, T., & Saez, E. (2013). A theory of optimal inheritance taxation. Econometrica, 81(5),
1851-1886. https://doi.org/10.3982/ECTA10712
Piketty, T., Saez, E., & Zucman, G. (2013). Rethinking capital and wealth
taxation. Arbeitspapier, Paris School of Economics, UC Berkeley und London School
of Economics. Retrieved from: http://www.piketty.pse.ens.fr/files/PikettySaez2013RKT.pdf
Ramdani, B., Chevers, D., & A. Williams, D. (2013). SMEs' adoption of enterprise
applications: A technology-organisation-environment model. Journal of Small
Business and Enterprise Development, 20(4), 735-753. https://doi.org/10.1108/JSBED-
12-2011-0035
Watson, L. (2015). Corporate social responsibility research in accounting. Journal of
Accounting Literature, 34, 1-16. https://doi.org/10.1016/j.acclit.2015.03.001
Yinger, J., Bloom, H. S., & Boersch-Supan, A. (2016). Property taxes and house values: The
theory and estimation of intrajurisdictional property tax capitalization. Elsevier.
retrieved from: https://books.google.co.in/books?

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hl=en&lr=&id=_XuLBQAAQBAJ&oi=fnd&pg=PP1&dq=Theories+of+income+tax+payments&ot
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tax. Regional Science and Urban Economics, 45, 57-66.
https://doi.org/10.1016/j.regsciurbeco.2014.01.002