Finalization of Accounts
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
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
4.3 Bank Payment vouching
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
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
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
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
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
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
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
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
coordination with bank regarding company related matters or transaction.
Confirmation from bank regarding payment cheque or recovery cheque clearance.
4.14 Orix Leasing
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
list from accounting software and make it reconcile with physical stock in warehouse
and resolve if any discrepancy.
4.16 Assets Verification
Fixed Assets register for all company’s assets. Then make it reconcile with
actual physical available assets. If any discrepancy, then resolve it timely
4.17 Internal Audit
arrangement Internal Audit with coordination with internal auditor on monthly
basis. Discuss and make rectification if any issue arises in financials
4.18 Record Purchases
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
4.19 Debit Note
note regarding any discount or stock return to supplier and dispatch to
supplier and make entry in accounting software
4.20 Other Managements
any other management reports as when management required. Make Management cash
flows, Monthly budgets, Difference group wise sales and recovery report
5.1 S.W.O.T Analysis
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.
analysis that highlight its key strengths, weaknesses, opportunities and threats
of the FAPL.
is considered as one of the leading Pharmaceuticals Distribution Company in
Lahore Because of its Performance
Suppliers are included in Top ten Pharmaceuticals companies of Pakistan
Capable and honest workforce
has intense demand of their Product which helps them to inflate their Business
Considerable financial resources to grow the business
of the Company
training and development activities for employees
supply chain Network
has an excellent product portfolio and high quality offerings brands
Relation with Pharmacies
of Office and warehouse
equity Finance firm
Experience Staff in field of Distribution
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.
Dependent on Suppliers
Decision Maker (SDM)
Controlled on Expenses (Expenses are greater)
regarding issue of safety of drugs affect company’s image
expiry for a number of block-buster product
chances of promotion
of innovative marketing practices
check & balance on field staffs
Funds available for expansion of Business
awareness regarding health care needs
great chance to cash its name by lunching chain Pharmacies
increase in demand of Medicine
growth and significant increasing in purchasing power
Taxes on Pharmaceuticals Industry
response to Pharmaceuticals Industry in Punjab
Expanding its business such as entering in FMCG Distribution Industry
the product line by attracting other Pharmaceuticals companies
demand for quality Health care solutions
competition from its rivals
of new Entrants
condition of Pakistan
of drug price control order
of counterfeit medicine in Pakistan
changes in legislation
of cheap Substitutes
quality of drugs staining image of Industry
6. CONCLUSION AND RECOMMENDATION
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
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
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
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
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
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.
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.
is seen that there is no proper communication in the organization upward.
do not have realistic approach in target setting and facing difficulties in
have been facing problems in the execution of planning.