External and Internal Environment of the Host Organization
The role of accountancy and taxation plays a crucial role in the professional life and in the academic life. The external and the internal environment of the Zollo are the crucial analysis done so that the same can be evaluated as the outcomes and work experience gained. The application of art and skill in the professional life from academy life is crucial. However, it is crucial to note that the theoretical and the practical should be well endorsed within the professional life.
The application of the theoretical knowledge gained should be applied carefully with the proper art and skills and the same was applied by me when I have joined a small accountancy firm Zollo & Co. as a placement opportunity which was given to me. The company Zollo & Co. serves the various accounting and financial services of the industry. Accounting services, Taxation services, financial services, business services are some of the services where the company provides its expertise.
The daily operating work like preparation of Business Activity Statement, determining and calculating individual taxes and the assessment for the same. Pay as you go (PAYG) and Hire Purchase Payments (HP Payments were some of the important concepts learned at the time of placement (Agathee and Ramen 2016). The Zollo & Co. Company was engaged in the business of Accountancy and Taxation and the same was done by our company by catering its services to the individual clients and private ltd companies.
The company provided services in the field of accountancy and taxation and the same was carried on for the big client tale of the company smoothly and effectively (Al-Farah, Abbadi and AL Shaar 2015). The internal operations of the work was dividend by the job and the nature of the work and different divisions were there to handle different level of operations in the company.
Discussion
External Environment of the Host
The Zollo & Co. accountancy firm provides its services in the field of accountancy and taxation and the same was done by the company by catering its individual and group customers (Amilin 2016). The individual customers usually had some basic accounting and taxation work like Business activity statement for determining the tax obligation and calculation of individual taxes and filling for taxes and determine the tax payable for the assessment period. With a view of only earning profit and earnings was not the only motive for the company the company believed in the process of work integrated learning by which the company used to give chance for the young aspirant to work and learn.
The learning process gives an immense opportunity for the employees and the young interns for well integrating the theoretical knowledge and the practice for the same (Ballado-Tan 2014). The company encourages the form of learning and offers various benefits where some of the placement are unpaid and part time, others are full time and paid too which will motivate the young aspirant and the placement would be a helpful for them. The host organization work as an integral service provider which focuses on key accounting and taxation services which would be helpful for the customers at a large (Duff 2017).
Brief Description of the Work
The Host Organization almost tries to cover up all the aspects of the services it caters so that the client base remains good for the company. The company always welcomes new aspirant to be a part of the new evolving era in the field of accounting (Emeka-Nwokeji 2015). The company encourages new ideas and knowledge, culture and the experience which is mapped with the total guidance and support from the organization.
The company has always tried to bring up new ideas and services with the changing business environment and the changing market scenarios. The business is all about providing expertise solution in the varied range of market and industry scenario evolving. The company believes in the policies of providing world class best services which makes it client stand ahead of the market. Some of the services where the company provides its range of expertise are in the field of Agribusiness, Financial Services, Accountancy and Taxation and others (Frandsen 2015).
Internal Environment of the Host Organizations
The organization Zollo & Co. work by providing services in the field of accountancy and the same can be seen by the variety of services it provides. There were different and variety of works and responsibilities where one was assigned with and the same gave an opportunity of learning for each individual in the organization (West 2017). The accountancy and the financial services were the key areas where the company used to focus its big client tale who used to get a lot of their operating work done by the company in these respective fields.
Brief Description of the Work
The placement opportunity in the Zollo & Co. will focus on the Accountancy and Taxation work and the same will be focused for the overall development of the professional life and academic life. The different tasks which were undertaken by me was preparing the Balance of Statement (BAS Statements) the objective for the preparation of the same was to report the tax obligations, that would include the calculation of the Goods and Service Tax, Pay as you go withholding(PAYGW).
The accountancy firm also had defined list of rules and responsibilities, which was linked to the work of the individuals and the same had been well explained (Henry, Davydenko and Dörnyei 2015). The accountancy work included some basic accounting services like reporting and entry of various accounting data and preparation of Balance sheet with the help of accounting software’s and excel. The taxation work included assessment of individual taxes and filling for income tax and the same was done as per the requirement of the client. I used to play an active role in managing both the accounting and taxation services and used to deal with the clients requirements and explaining them the work in which the work will be executed (Mamlok-Naaman et al. 2016).
There were several round of questions and clarifications also required from the client at several times if we used to get clarity on some of the topic that the client demanded. It was all of a step to step process that was flowed in the company from the marketing team doing its work to the customer support and service department to the execution group working as per the demand of the client.
Description of Event using the STAR (L) Method
The primary method which I used to follow in the preparation of the Business Activity Statement was first accounting of the relevant data provided to us, Assessing and classifying the data into the Accounting and the Taxation software so that the output of the data is available (Martins and Sá 2015).
The output data helped me in the assessment of client’s requirement and recording the same into separate file as per the needs and demand of the clients. Addressing the requirement of the client was the top most priority and strict adherence to that was the basic principle I was told to follow at the time of the placement in the company. There often used to be changes and escalation of work as per the accounting data and other tax related data and facts we used to get from the clients I have always tried to readdress the same with the facts provided and thus bring out an effective result for the same (Möhring, Wilhelm and Dög 2018).
Description of Event using the STAR (L) Method
There were certain events and intervention when every employee of the company had to go for a client visit or for a business presentation and other meeting and my company was very keen in sending new young aspirants to be a part of such activities and programmers. The relevant programs and activities undertook by me had given me the chance to learn more about the practicality in working in a corporate environment. Attending Clients visits, business meeting conference and different business and programmers always had given me a chance to represent my organization and learn some interesting facts and ideas (Mates et al. 2016).
There was one such event when I was given the responsibility for attending a business meeting where I have represented my company. The business meeting was addressed to a group of customers for giving them the basic idea about the various kinds of accounting and taxation services our company provides. The Business meeting was two months after I have joined the organization. I was well made aware of the role I have to play while representing the organization and at the same time the responsibly and task for getting more and more clients for the organization was the key role I had to play.
The management and senior employees of the company had well made me aware of the varying questions and discussion points where I would come across at the time of the meeting and so was I provided with the catalogues and various articles of the company to give to the group of customers (Nerland and Karseth 2015). I was very excited and also keen to address the group and I was also well aware of the duty and the responsibility I had. I started addressing the meeting with a brief about my company and the different service the company can provide which could bring the all end solution to daily life corporate problems for every individuals.
From Accounting to taxation to financial services all were some of the crucial points I addressed to the group of customers through which they can take help from our company to ease down there work. I addressed down the meeting well where I tried my best to get best interest of the customers for the type and level of work we used to execute. I was also asked with several questions relating to my company and I was said to address them in the way why the customers should take the services from the company when others firms also provide with the same level of work and associated services.
I tried my best with explaining them for the reason they should go ahead with the Zollo & Co. Company in order to get a varied level of interest and the same would be a customized service for each of the client, which would enhance the type and quality of work provided by us. I tried to apply my best of theoretical knowledge gained at the academic life when I was asked about several basic accounting and tax related problems and the way the company treat them and perceives the same. I finished and wrapped up the meeting with the clients after addressing there key questions about the issues like assessment of individual taxes and the applicability for the same.
The task given to me was addressing all the questions of the clients three were several point of time when the individuals asked me about how does the company interpret the output of the software the data which is provided to the. I explained them after the recording and classification of accounting data is done in the software there are several parameters set up which helps us interpret the output of the data.
The business meeting had a good response and there were several clients who were happy with the customized service they will be getting from the company. I was appraised by the management of the company for giving an outstanding performance in the business meeting and the way I addressed and handled the clients of the company. There were certain challenges and lessons learnt and the business meeting acted as a key support for me for motivating me in my professional life.
Placement Reflection
The placement opportunity helped me develop a key relation which includes the key tasks undertaken and learn from the different tasks and responsibilities assumed. Practical training and learning is an important part of the professional and academic life we adhere to. The theoretical knowledge along with the practical life plays an important role in developing the overall development of professional career (Ngoo, Tiong and Pok 2015).
There were several task and duties allocated to me on a daily basis which helped me always learn the practicality of working in the corporate life and corporate environment. The placement in the Zollo & Co. Company helped me address and learn key issue faced by the organization and every corporates and the way with which the same is dealt with the level of expertise one has in the organization. The placement helped me gain knowledge of accounting and taxation components in the practical life and the application of the same (Panchuk 2015).
The Work Integrated Learning was a crucial step which gave us the opportunity for the exploration and critical learning steps both in theoretical and practical sense. The work integrated learning process followed by me through the placement opportunity given in Zollo & Co. Company helped me learn work through the experience of the management of the company (Plant, Barac and De Jager 2017). The placement acted as a key opportunity for me learn a variety a things which were both curriculum and non-curriculum offers.
The working integrated learning process application is a crucial step for an all-round development in the professional and academic life, which would bring out effective development in the long term. The learning process gives an immense opportunity for the employees and the young interns for well integrating the theoretical knowledge and the practice for the same. The key accounting terms and various components introduced helped me asses the key field of accounting such as use of accounting data with the help of software related and the interpretation for the same (Nerland and Karseth 2015).
Conclusion
The host organization Zollo & Co. placement opportunity and the job role I played were the key components evaluated in the report. The different accounting and taxation related services were the key aspects of the learning at the time of the placement held in Zollo & Co. Company. There were several tasks undertaken under the placement of the Accounting Firm involved understanding of key concepts of accounting and taxation such as Business Accounting Statement, Individual Taxes, Pay as you go (PAYG), Hire Purchase Payment (H.P Payment) and others. .
There were several task and duties allocated to me on a daily basis which helped me always learn the practicality of working in the corporate life and corporate environment. The external and the internal environment reviewed helped us gained a knowledge about the working environment of the organization. The assessment of the internal environment helped us gained an understanding of the various kinds of services provided by the company and the type of exposure I would be able to get by working in the organization.
Reference
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