The submitted internship report is my/our author's work at the end of my studies at the University of Brač. With due respect, I am dr. Imran Hamid Emon, I am sending you my internship report on "your topic" for your approval. I learned many things and with the blessing of the internship program I was able to enrich my knowledge in the practical field of accounting.
I hope that the knowledge and experience I gained during my internship will help me in another field of work in the future and that I can use this knowledge to show this in my internship report. Moreover, I am grateful to all the employees who worked with me, as well as my coordinator who helped me throughout the internship period. Finally, in a nutshell, I would like to thank the people who helped me complete the entire period of my internship.
It was a great opportunity for me to have that chance to do my internship here. Total CAD Solution is completely web-based and performs its operations through various types of software. I prepared the entire report based on the three-month time period as well as with the help of the supervisor I selected from the university and the supervisor who assisted in my office.
In this practical report I tried to focus on cloud accounting which is a very new concept for our country.
Introduction]
- Origin of the Report
- Objective of the Report
- The Methodology of Report
- Scope of the Report
- Limitations of the Report
Secondary data- I have collected all the needed data from the financial statements of the organization as well as I have used needed data from the enlisted companies who give us contracts to solve their accounting difficulties. The goal of the analysis is to explore the effect and potential impact of Cloud Accounting activities on small companies in developed and developing countries. Secondary data from financial accounts of various cloud accounting customers is obtained for the financial cross-sectional review.
If someone wants to know about the realistic challenges of a company's cloud accounting management, this article will be of interest to them. This research will allow people to know about the opportunities of small medium-sized companies in Bangladesh using cloud accounting tools in the future. This period was not sufficient for gathering in depth knowledge about everything in the organization to make the report weightier.
Lack of employees - The office of the organization I worked for was not full of employees. It was compact with few employees, so I did not have the opportunity to collect a large amount of primary data from the employees.
Overview of Biz trading total cad solutions sdn. Bhd.]
- a Introduction
- b Objective
- c Methodology
- d Scope
- e Limitations
- f Significance
- Overview of the Company
- Mission and Vision;
- Management Strategy
- Company Profile
- Services offered by the Company
- Cloud Accounting Services
- a Migration expert in Xero /QuickBooks
- b Setting Up Chart of Accounts and Conversion Balances
- c Bank Reconciliation and Bookkeeping Weekly, Biweekly, Monthly
- d E-commerce sales Integration with Xero/QuickBooks
- e Inventory Set Up
- f Pay run/Payroll with Superannuation
- g GST and VAT Calculation and Financial Reporting
- h Year Closing and preparing management accounting report
- i Assist to set up new offshore company in Malaysia
- j Annual Personal and Business Tax filing (Malaysia, USA)
- Software Development services
Moreover, the company has no products, but depends on service, which is one about the company. Moreover, the company has no products, but depends on service, which is one centered, so it was not possible to show the spheres of the company's management. The chapter provides an overview of the offers and how the company carries out its tasks.
The chapter gives an overview of the company where it reflects the emergence and activities of the organization. Moreover, from this chapter we can get to know about the company profile and from that we can assume that how the company is performing and how it is growing. Our company’s main asset is our company’s employees they are the main revenue earner for the company.
Management's first priority is to serve customers as quickly as possible. For example; I was part of the migration project for Komashi Marketing sdn bhd, a Malaysian company. We also helped customers set up the chart of accounts at the beginning of the services, so that you have all kinds and categorized accounts, so that it would be easier when we want to record transactions.
In developed countries such as Australia, UK, Canada, the price of the accountant is very high so small business people can’t afford the accountant. Most of the time, they purchase goods from Alibaba/ or other Chinese Vendors and make shipments to their country. We provide this service by categorizing the transactions according to the transaction nature and Tax percentage.
We provide this service to our clients to close their year-end accounts by maintaining the standard accounting principles. We provide these advisory services to our clients to establish a new company in Malaysia. I was part of the US tax team while assisting in the filing of US incorporated tax filing.
Cloud Accounting Practices Worldwide]
- Overview of the Chapter
- a Introduction-
- b Background-
- c Objective-
- d Methodology-
- e Scope-
- f Limitations-
- g Significance-
- Introduction of Cloud Accounting practices
- Difference Between Cloud Accounting and Traditional Accounting
- How cloud accounting changed the accounting practices worldwide
- Cloud Accounting Service Limitations
- Company Analysis of Biz trading and Total Cad Solutions
- a Company Growth
- Accounting practices in small business organizations
- Audit Submissions in Cloud Accounting: Process and Compliance
- GST and VAT submission in Cloud Accounting
- Client ’ s company analysis from various countries
- a Serenergy
- b Natropia Global Ltd
- c Arcade Gamer
- d Sunday Digital
- e RJJ Group Ltd
- f Herizon Inc
The organization I work for is focused on cloud accounting, so the chapter tells us all the topics of cloud accounting as per my organization. Also, our company has a limitation in publishing the method and procedures of cloud accounting in a more detailed form. Presents practical small business cloud accounting practices not available in other research materials.
Hence, this analysis might help other organizations to know and implicate cloud accounting practices in future. Cloud accounting systems often allow staff to use the same data and the same version of the app in other divisions, remote or branch offices. Secondly, cloud accounting software, unlike conventional accounting software, dynamically updates financial records and offers real-time financial statements.
Due to the high speed of data processing in cloud accounting software, it saves a lot of money, human effort and time. Provides accuracy- This is quite authentic that cloud accounting software provides more accuracy than human beings. Additionally, companies can have their accounting files reviewed by accounting experts from anywhere in the world through cloud accounting.
Integration with new technological platforms- Cloud accounting offers integration with critical platforms like payroll, CRM Etc. As cloud accounting is totally based on the internet or online and most of the clients are from abroad with different time zones so it creates a miscommunication between clients and our organization. This is a very big challenge for cloud accounting that people face difficulties in relying on the system.
We then complete the audit after resolving any doubts and confusions that have arisen about the cloud accounting solution for potential customers. In short, I can say that cloud accounting plays an important role in several small businesses. Although this study is based on cloud accounting practices in small businesses around the world, I have some recommendations about cloud accounting practices.
So, the organizations practicing cloud accounting must be very careful about the internet problem. One of the suggestions for practicing cloud accounting is to provide proper training to the employees as this is a new concept in our country.
