CHAPTER 44.
PERSONALEXPERIENCE4.1Finalization of Accounts During myJob tenure, I assist to my Manager Accounts for preparation and finalizationmonthly and annual Financial Statements / Accounts which included, BalanceSheet, Profit & Loss A/c 4.2 Wealth StatementWealthStatement prepare for submit the Owner’s Personal financial date to TaxDepartment for Tax calculation. I prepare data for owner wealth statement andsubmit it to our Tax consultant for verification and submission to Taxdepartment.4.3 Bank Payment vouchingBankpayment voucher use for recording the payments which make through bank byissuing company cheque, I collect the cheque copy and record the entry inaccounting software.
4.4 General ledgerGeneral Ledger use to check the financialtransactions relate to any individual or single account which maintain inaccounting software. I use it to collect the data regarding information requireand maintain it properly.4.5 Reconcile the SupplierLedgerReceived the supplier ledger and make itreconcile with our software ledger for match up the financial transaction. Ifany discrepancy identified in ledger, then forward to supplier for resolve it.4.6 Bank Receipts VouchingOur company receives the recovery from ourcustomer against the sale of medicine in our different bank accounts.
I make itverify transaction from bank and record the entry in our accounting software. 4.7 Bank ReconciliationStatementI prepare bank reconciliation statement onmy job.
Bank reconciliation statement make for check the accuracy orcompleteness the bank transactions in company’s accounting software, in whichour bank ledger transaction reconciles with bank statement.4.8 Journal VoucherRecord the Journal voucher in company’sAccounting software.
Journal voucher use to record the financial transactionother than Cash Payment or Receipts and Bank payment & Receipts inaccounting software.4.9 PayrollCollect data for Human Resources departmentand check it for accuracy. Then I make the Salary sheet for all employees anddistribute the salary in employees. Also deduct EOBI and Income tax on salaryand deposit it on relevant Government department.4.10 Withholding tax onpaymentsWhen our company makes payment tosupplier then I deduct Withholding tax (under section 165) on payments whichmake to supplier. Then I make Online Tax challan and deposit it to bank whichrelevant to Tax department.
4.11 Sales Tax ReturnOurcompany sale some medicine products which relate to sale tax law. I calculatethe sale tax amount on sale value of products and submit online Sales taxreturn to Sales Tax department on monthly basis.
4.12 Work on InsuranceMakearrangement Insurance policy regarding company Vehicles and other stocks fromdifference insurance companies which make insurance at best rate and give claimwith good amount if require. 4.13 Bank LiaisonMakecoordination with bank regarding company related matters or transaction.Confirmation from bank regarding payment cheque or recovery cheque clearance. 4.14 Orix LeasingDeal withOrix Leasing Pakistan for lease the company vehicles on Financial Leaseagreement. Then also make coordination with Orix leasing personnel regardingthe vehicles lease installments clearance.
4.15 Stocks VerificationGet stockslist from accounting software and make it reconcile with physical stock in warehouseand resolve if any discrepancy.4.16 Assets VerificationPrepareFixed Assets register for all company’s assets. Then make it reconcile withactual physical available assets. If any discrepancy, then resolve it timelybasis.
4.17 Internal AuditMakearrangement Internal Audit with coordination with internal auditor on monthlybasis. Discuss and make rectification if any issue arises in financialstransaction.
4.18 Record PurchasesCollectGRN from warehouse, receive invoice from supplier and make it reconcile thenrecord Purchase in company’s Accounting software. If any issue arises then makeit resolve.4.19 Debit NoteMake Debitnote regarding any discount or stock return to supplier and dispatch tosupplier and make entry in accounting software4.
20 Other ManagementsReportsPrepareany other management reports as when management required. Make Management cashflows, Monthly budgets, Difference group wise sales and recovery report CHAPTER 55. ANALYSIS5.1 S.W.O.
T Analysis2016and 2017 have been years of financial growth and increase in market share forFAPL. With its large array of brands and products, FAPL is enjoying continuousgrowth and heavy profits.S.W.O.Tanalysis that highlight its key strengths, weaknesses, opportunities and threatsof the FAPL.5.1.
1StrengthØ FAPLis considered as one of the leading Pharmaceuticals Distribution Company inLahore Because of its PerformanceØ 03Suppliers are included in Top ten Pharmaceuticals companies of PakistanØ EfficientCapable and honest workforceØ FAPLhas intense demand of their Product which helps them to inflate their BusinessConsiderable financial resources to grow the businessØ Goodwillof the CompanyØ Goodtraining and development activities for employeesØ Strongsupply chain NetworkØ FAPLhas an excellent product portfolio and high quality offerings brandsØ LargeMarket Share Ø GoodRelation with Pharmacies Ø Locationof Office and warehouseØ Allequity Finance firmØ EffectiveERP systemØ HighlyExperience Staff in field of Distribution Ø ExcellentInfrastructure Ø Cheapwages StaffØ Own vehiclesfor Distribution of MedicineØ Latest Achievement –In2016 FAPL Received Achievement Award from Glaxo SmithKline Pakistan Ltd. ForHighest Sale in Pakistan.5.1.2WeaknessØ TotallyDependent on SuppliersØ SingleDecision Maker (SDM)Ø NotControlled on Expenses (Expenses are greater)Ø Lackof ProfessionalismØ Noonline PresenceØ Controversiesregarding issue of safety of drugs affect company’s imageØ Patentexpiry for a number of block-buster productØ Assetsuse inefficiently Ø HighEmployee turnoverØ Lesschances of promotionØ Lessattractive RemunerationsØ Lackof innovative marketing practicesØ Lesscheck & balance on field staffs5.1.
3OpportunitiesØ HugeFunds available for expansion of BusinessØ Increasingawareness regarding health care needs Ø Havegreat chance to cash its name by lunching chain PharmaciesØ Consistentlyincrease in demand of Medicine Ø Populationgrowth and significant increasing in purchasing powerØ Increasingdifferent diseases Ø LowTaxes on Pharmaceuticals Industry Ø Excellentresponse to Pharmaceuticals Industry in PunjabØ CanExpanding its business such as entering in FMCG Distribution Industry Ø IncreasingGeneric competition Ø Expandingthe product line by attracting other Pharmaceuticals companiesØ Increasingdemand for quality Health care solutions Ø Increasinghealth Insurance 5.1.4ThreatsØ Aggressivecompetition from its rivalsØ Threatof new EntrantsØ Politicalcondition of PakistanØ Newdrug ActØ EconomicSlowdownØ HighlyRisky Business Ø WageInflationØ Expandingof drug price control orderØ Increasingof counterfeit medicine in PakistanØ Futurechanges in legislationØ Availabilityof cheap SubstitutesØ Lowquality of drugs staining image of Industry CHAPTER 66. CONCLUSION AND RECOMMENDATION6.1 Recommendations· Currently FAPL totally depended on Supplier’sproduct.
FAPL should be make plan for manufacture and promote own brand products and supply product by FAPLstrong distribution network for securing company future and depended onsupplier products will reduce.· Currently, CEO have all approval authorityfor manage finance, purchase of medicine and supply chain. System should bedecentralized and all department’s head should be approved and complete theirworking deadlines. So that CEO will be concentrate on top level strategies likebusiness development in own brand product· Company should be managing their expenses forbetter performance. This job will be done by manage internal audit departmentwhich will be monitor expense flow and give better suggestion regarding expenseminimization· 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 tocontrol expenses.· FAPL have leading distribution setup forsupply of medicine in Lahore.
Distribution force is the key of FAPL. FAPL mayeffect in future by change of drug law or regulation which will result indecrease of growth or revenue. Company should be starting other industryproduct by its distribution setup for supply of product which may save companyin future if drug act may affect company.
· Company have large scale of assets whichcurrently underutilization. By proper utilization of assets, company can getmore benefit for their current assets which will improve company overallperformance. · Have a large amount of financial resources isthe strength of FAPL but the usage of this financial resources is inefficient.
Company can use its financial resources properly and make more benefit orcompany can use its huge financial resources for expending its business likemake 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 theiremployees which are the assets of the company· Currently FAPL have large scale ofdistribution network and field force staff but have less check & balance onit. By making an effective check & balance on their field force, companyget better results for their currently field force staff instead of hiring morefield force which will result of company better performance as well as expenseswill also be effectively manage.
· Company has great amount of financialresources and its brand name. Company should be try to expand their currentbusiness in other cities which will result be increase overall performance ofthe company· Company has large scale of distribution setupand reputation. Company management should be tried to connect with othersupplier for their distribution in Lahore city for better future performance.· FAPL should be hire professional marketingstaff for their market which result of better market performance. Better marketwill help full to the FAPL for retaining product distribution for long timeperiod at.
· FAPL currently have large number of financial& other transactions but have not any proper check on it. Company shouldmake an internal audit department to check and monitor all financial and otheractivities and then make suggestion and recommendation to CEO of the companyfor better performance. 6.2 ConclusionDuringthe Job, I have observed that all the departments of the organization doingtheir job in a defined format.
I have observed that there is room for littleimprovement in a few department of the company.· Itis seen that there is no proper communication in the organization upward.· Theydo not have realistic approach in target setting and facing difficulties inachieving target· Theyhave been facing problems in the execution of planning.
