CHAPTER 4

4. PERSONAL
EXPERIENCE

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4.1
Finalization of Accounts                              

During my
Job tenure, I assist to my Manager Accounts for preparation and finalization
monthly and annual Financial Statements / Accounts which included, Balance
Sheet, Profit & Loss A/c

4.2 Wealth Statement

Wealth
Statement prepare for submit the Owner’s Personal financial date to Tax
Department for Tax calculation. I prepare data for owner wealth statement and
submit it to our Tax consultant for verification and submission to Tax
department.

4.3 Bank Payment vouching

Bank
payment voucher use for recording the payments which make through bank by
issuing company cheque, I collect the cheque copy and record the entry in
accounting software.

4.4 General ledger

General Ledger use to check the financial
transactions relate to any individual or single account which maintain in
accounting software. I use it to collect the data regarding information require
and maintain it properly.

4.5 Reconcile the Supplier
Ledger

Received the supplier ledger and make it
reconcile with our software ledger for match up the financial transaction. If
any discrepancy identified in ledger, then forward to supplier for resolve it.

4.6 Bank Receipts Vouching

Our company receives the recovery from our
customer against the sale of medicine in our different bank accounts. I make it
verify transaction from bank and record the entry in our accounting software.

 

4.7 Bank Reconciliation
Statement

I prepare bank reconciliation statement on
my job. Bank reconciliation statement make for check the accuracy or
completeness the bank transactions in company’s accounting software, in which
our bank ledger transaction reconciles with bank statement.

4.8 Journal Voucher

Record the Journal voucher in company’s
Accounting software. Journal voucher use to record the financial transaction
other than Cash Payment or Receipts and Bank payment & Receipts in
accounting software.

4.9 Payroll

Collect data for Human Resources department
and check it for accuracy. Then I make the Salary sheet for all employees and
distribute the salary in employees. Also deduct EOBI and Income tax on salary
and deposit it on relevant Government department.

4.10 Withholding tax on
payments

When our company makes payment to
supplier then I deduct Withholding tax (under section 165) on payments which
make to supplier. Then I make Online Tax challan and deposit it to bank which
relevant to Tax department.

4.11 Sales Tax Return

Our
company sale some medicine products which relate to sale tax law. I calculate
the sale tax amount on sale value of products and submit online Sales tax
return to Sales Tax department on monthly basis.

4.12 Work on Insurance

Make
arrangement Insurance policy regarding company Vehicles and other stocks from
difference insurance companies which make insurance at best rate and give claim
with good amount if require.

4.13 Bank Liaison

Make
coordination with bank regarding company related matters or transaction.
Confirmation from bank regarding payment cheque or recovery cheque clearance.

 

4.14 Orix Leasing

Deal with
Orix Leasing Pakistan for lease the company vehicles on Financial Lease
agreement. Then also make coordination with Orix leasing personnel regarding
the vehicles lease installments clearance.

4.15 Stocks Verification

Get stocks
list from accounting software and make it reconcile with physical stock in warehouse
and resolve if any discrepancy.

4.16 Assets Verification

Prepare
Fixed Assets register for all company’s assets. Then make it reconcile with
actual physical available assets. If any discrepancy, then resolve it timely
basis.

4.17 Internal Audit

Make
arrangement Internal Audit with coordination with internal auditor on monthly
basis. Discuss and make rectification if any issue arises in financials
transaction.

4.18 Record Purchases

Collect
GRN from warehouse, receive invoice from supplier and make it reconcile then
record Purchase in company’s Accounting software. If any issue arises then make
it resolve.

4.19 Debit Note

Make Debit
note regarding any discount or stock return to supplier and dispatch to
supplier and make entry in accounting software

4.20 Other Managements
Reports

Prepare
any other management reports as when management required. Make Management cash
flows, Monthly budgets, Difference group wise sales and recovery report

 

 

 

 

CHAPTER 5

5. ANALYSIS

5.1 S.W.O.T Analysis

2016
and 2017 have been years of financial growth and increase in market share for
FAPL. With its large array of brands and products, FAPL is enjoying continuous
growth and heavy profits.

S.W.O.T
analysis that highlight its key strengths, weaknesses, opportunities and threats
of the FAPL.

5.1.1Strength

Ø  FAPL
is considered as one of the leading Pharmaceuticals Distribution Company in
Lahore Because of its Performance

Ø  03
Suppliers are included in Top ten Pharmaceuticals companies of Pakistan

Ø  Efficient
Capable and honest workforce

Ø  FAPL
has intense demand of their Product which helps them to inflate their Business

Considerable financial resources to grow the business

Ø  Goodwill
of the Company

Ø  Good
training and development activities for employees

Ø  Strong
supply chain Network

Ø  FAPL
has an excellent product portfolio and high quality offerings brands

Ø  Large
Market Share

Ø  Good
Relation with Pharmacies

Ø  Location
of Office and warehouse

Ø  All
equity Finance firm

Ø  Effective
ERP system

Ø  Highly
Experience Staff in field of Distribution

Ø  Excellent
Infrastructure

Ø  Cheap
wages Staff

Ø  Own vehicles
for Distribution of Medicine

Ø  Latest Achievement –In
2016 FAPL Received Achievement Award from Glaxo SmithKline Pakistan Ltd. For
Highest Sale in Pakistan.

5.1.2Weakness

Ø  Totally
Dependent on Suppliers

Ø  Single
Decision Maker (SDM)

Ø  Not
Controlled on Expenses (Expenses are greater)

Ø  Lack
of Professionalism

Ø  No
online Presence

Ø  Controversies
regarding issue of safety of drugs affect company’s image

Ø  Patent
expiry for a number of block-buster product

Ø  Assets
use inefficiently

Ø  High
Employee turnover

Ø  Less
chances of promotion

Ø  Less
attractive Remunerations

Ø  Lack
of innovative marketing practices

Ø  Less
check & balance on field staffs

5.1.3Opportunities

Ø  Huge
Funds available for expansion of Business

Ø  Increasing
awareness regarding health care needs

Ø  Have
great chance to cash its name by lunching chain Pharmacies

Ø  Consistently
increase in demand of Medicine

Ø  Population
growth and significant increasing in purchasing power

Ø  Increasing
different diseases

Ø  Low
Taxes on Pharmaceuticals Industry

Ø  Excellent
response to Pharmaceuticals Industry in Punjab

Ø  Can
Expanding its business such as entering in FMCG Distribution Industry

Ø  Increasing
Generic competition

Ø  Expanding
the product line by attracting other Pharmaceuticals companies

Ø  Increasing
demand for quality Health care solutions

Ø  Increasing
health Insurance

5.1.4Threats

Ø  Aggressive
competition from its rivals

Ø  Threat
of new Entrants

Ø  Political
condition of Pakistan

Ø  New
drug Act

Ø  Economic
Slowdown

Ø  Highly
Risky Business

Ø  Wage
Inflation

Ø  Expanding
of drug price control order

Ø  Increasing
of counterfeit medicine in Pakistan

Ø  Future
changes in legislation

Ø  Availability
of cheap Substitutes

Ø  Low
quality of drugs staining image of Industry

 

CHAPTER 6

6. CONCLUSION AND RECOMMENDATION

6.1 Recommendations

·        
Currently FAPL totally depended on Supplier’s
product. FAPL should be make plan for  
manufacture and promote own brand products and supply product by FAPL
strong distribution network for securing company future and depended on
supplier products will reduce.

·        
Currently, CEO have all approval authority
for manage finance, purchase of medicine and supply chain. System should be
decentralized and all department’s head should be approved and complete their
working deadlines. So that CEO will be concentrate on top level strategies like
business development in own brand product

·        
Company should be managing their expenses for
better performance. This job will be done by manage internal audit department
which will be monitor expense flow and give better suggestion regarding expense
minimization

·        
Company should be hire professional staff,
then company will be able to produce better result in every department e.g.
Better Financial management, Better distribution activity and also help to
control expenses.

·        
FAPL have leading distribution setup for
supply of medicine in Lahore. Distribution force is the key of FAPL. FAPL may
effect in future by change of drug law or regulation which will result in
decrease of growth or revenue. Company should be starting other industry
product by its distribution setup for supply of product which may save company
in future if drug act may affect company.

·        
Company have large scale of assets which
currently underutilization. By proper utilization of assets, company can get
more benefit for their current assets which will improve company overall
performance.

 

·        
Have a large amount of financial resources is
the strength of FAPL but the usage of this financial resources is inefficient.
Company can use its financial resources properly and make more benefit or
company can use its huge financial resources for expending its business like
make their own branch product or distribute other industry product.

·        
Employees are the assets of any organization.
Company should be make better HR policies to facilitate and retain their
employees which are the assets of the company

·        
Currently FAPL have large scale of
distribution network and field force staff but have less check & balance on
it. By making an effective check & balance on their field force, company
get better results for their currently field force staff instead of hiring more
field force which will result of company better performance as well as expenses
will also be effectively manage.

·        
Company has great amount of financial
resources and its brand name. Company should be try to expand their current
business in other cities which will result be increase overall performance of
the company

·        
Company has large scale of distribution setup
and reputation. Company management should be tried to connect with other
supplier for their distribution in Lahore city for better future performance.

·        
FAPL should be hire professional marketing
staff for their market which result of better market performance. Better market
will help full to the FAPL for retaining product distribution for long time
period at.

·        
FAPL currently have large number of financial
& other transactions but have not any proper check on it. Company should
make an internal audit department to check and monitor all financial and other
activities and then make suggestion and recommendation to CEO of the company
for better performance.

 

 

 

6.2 Conclusion

During
the Job, I have observed that all the departments of the organization doing
their job in a defined format. I have observed that there is room for little
improvement in a few department of the company.

·        
It
is seen that there is no proper communication in the organization upward.

·        
They
do not have realistic approach in target setting and facing difficulties in
achieving target

·        
They
have been facing problems in the execution of planning.

x

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