I am undergraduate from Business Administration Course, the College of Business, Universiti Utara Malaysia. I am required to undergo a 4 months industrial training which is my choice to fulfill my Bachelor of Business Administration degree course. Therefore, it is a great honor to carry out my practical training at Hifin Strategik Management Consultants, Perak. I had undergone my industrial training from 1 st June 2010 until 30th September 2010. I had placed at Hifin Strategik Management Consultants under the supervision of Mr. Peter Chee Hin Leong who is the Director of the administrative of Hifin Strategik Management Consultants.
During the 4 months of training program, I have gained a lot of experience and knowledge which I can not get from the books. Besides working for Hifin Strategik Management Consultant, I also help my director to do the audit part for the bills of the client of company. Therefore, with the chances that my director gives to me, I have increased my skills to handle the different task in job.
Besides that, this training program also helps me to create my interpersonal relationship with colleagues in an organization. Through the experiences and knowledge that I get from the training program, it will become my guidance to solve the challenges in my future.
2.0 COMPANY PROFILE - RICHAL RESOURCES
2.1 Organizational Goal
Hifin Strategik Management Consultant's goal is to offer the quality of financial and tax consultant services to the entire customers. Besides that also cultivate a diverse high performing team environment that grows the business through attracting, developing, organizing and retaining people. Moreover, Hifin Strategik Management Consultant provides premier management of accounting consulting services to public and private employers.
2.2 Company Background
Figure : Logo of Hifin Strategik Management Consultant.
Hifin Strategik Management Consultant was establish since 1989, Hifin Strategik Management Consultant is a firm that provide a complete range of professional services which including tax, accounting, financial, audit and also training to all the public. Hifin Strategik Management Consultant is located in 83B (second floor), Jalan Sultan Abdul Jalil, 30300 Ipoh Perak.
The company has clients ranges are from large corporation to small companies in various industries spanning from manufacturing to retail to services. The working hour of the Company starts from 8.30am to 5.30pm every Monday to Friday, and the lunch time break starts at 1.00pm to 2.00pm.
Vision & Mission
Vision - To give our assistance and support to your business through our wide scope of services.
Mission - To build enduring relationships and be always working of our clients, people and society's trust.
Services And Activities Organization
Hifin Strategik Management Consultant provides several types of taxation services for client:
a) Company Income Tax
A company, whether resident or not, is assessable on income accrued in or derived from Malaysia. Income derived from sources outside Malaysia and remitted by a resident company is exempted from tax, except in the case of the banking and insurance business, and sea and air transport undertakings. A company is considered a resident in Malaysia if the control and management of its affairs are exercised in Malaysia.
Following are the form that required to filling:
i) Form C - Return Form of a Company under Section 77A of the Income Tax Act 1967
ii) Form R - Statement of Revised 108 Balance under the saving and Transitional Provisions of Finance Act 2007 (Act 683)
b) Personal Income Tax
All individuals are liable to pay tax on income accrued in, derived from or remitted to Malaysia. Sources of income which can be taxed includes gains and profits from trade, profession and business, salaries, remunerations, gains and profits from an employment, dividends, interests or discounts, rents, royalties or premiums, pensions, annuities or other periodic payments and other gains or profits of an income nature not mentioned above.
Following are the form that required to filling:
Form B - Resident Who Carry on Business
Form BE - Resident Who Does Not Carry on Business
Hifin Strategik Management Consultant also provides accounting services to the entire customer:
Personal Accounting Consultant
Personal Accounting is a complete solution with financial accounting capabilities, the package especially meant for Share Traders. Company is using Peachtree software to calculate all the financial statement for the personal accounting, for example the amount owning to directors and also the total investment that have been invested by the owner.
b) Company Accounting Consultant
Hifin Strategik Management Consultant help the company that help create measurable objectives for the strategic account group and determine the most effective organization and compensation program for the particular company. Moreover Hifin also assist customers in defining and targeting customers strategic accounts and their potential revenue.
Hifin can clearly identify the roles and responsibilities of other departments that interact with strategic account development, and evaluate potential pitfalls.
Then, Hifin will maximize the effectiveness of the client present strategic accounts sales force. Hifin will monitor and evaluate client existing strategies and maximize performance, and also will analyze the client organizational structure, its compensation, and the interaction with internal department. Hifin will identify the roadblocks to success, both internal and external. Hifin will assess the management tools being utilized and the skills of the current strategic account sales personnel.
Hifin Strategik Management Consultant offer accounting training which is instruction in setting up a financial tracking system, monitoring the data-entry process for financial transactions, and the interpret of financial statement for management. There have a little bit different between large business and also small business. For the large business is most often a financial analyst, reviewing the result of operations, interpreting the result, and presenting information to management. Then, small business need someone that can set up a system that will fit their needs and ensure the data is entered correctly, and consult on ideas and strategies that will improve the bottom line.
Next, Hifin will work side by side with the trainee personnel to ensure that the recommendations made are specific for the particular company's success and if desired. Assist in the implementation of these recommendations.
Hifin Strategik Management Consultant also provides information technology services to the customers. The information technology services which Hifin provides are using the computer software to analyze the current situation of the company. Moreover, Hifin will use the Peachtree to help the entire client to analyze the profit and loss of the company in details and show the diagram to the entire client about the company's status and also will clearly identify. This is because Peachtree can provides tools to create invoice, record customer payments, write check, track expenses, produce customer statement, general financial statement and create customizable reports and integrates with Microsoft Excel and word.
RESEARCH AND DEVELOPMENT
Figure: Organizational Structure of Hifin Strategik Management Consultant.
Duties of CEO
a) Managerial experiences of handling direct taxation related matters.
b) Experience of handling government agencies related with indirect taxation related matters.
c) To suggest the new trends of managerial functions that can boost company's profit.
d) Attend and assist at secretarial meetings.
e) Monitor daily assistant and arrange substitute staffing.
f) Oversee supervisor and trainee's workload and utilization, coordinate overflow supervisor assistance.
g) Deal with clients.
h) Approve and sign the secretarial documents.
2.6.2 Duties of Operation Manager
a) Prepare the document for register of business and company.
b) Prepare payment voucher.
c) Maintain work flow, coach staff and keep manager briefed on staff training needs.
d) Train and guide subordinates and trainees.
e) Give feedback to clients.
f) Remind manager about the outstanding job.
2.6.3 Duties of Promotion
a) Provides professional services to the entire clients.
b) Always stay alert with the changing of the media management and keep on receive all the suggestion from the client to make improvement to the company.
c) Make future planning to keep the company have high competency with others.
d) Directs workers engaged in preparing promotional correspondence to the social group and keep in touch with the customers.
e) Confers with others manager to discuss and formulate new plans for the soliciting business.
2.6.4 Duties of Training
a) The manager will make sure that the entire trainee can handle with the task that had given.
b) Always evaluate the acquisition of knowledge, skills, and competencies as a result of the practical skills that the trainee can gain after complete the task given by the manager.
c) Using the tools, equipment. Document or materials that the trainee will use when fully trained, to make sure that the trainee has a good reputation as most effective for vocation work.
d) Training has specific goals of improving the trainee's capability, capacity and performance.
2.6.5 Duties of Customer Services
a) Greeting to the customer by phone or face to face with the customers in the positive language and with the nice voice.
b) Understand the customer's need or problem, listening, confirming, understanding, responding with value, eliminating jargon with the customers with the positive language and positive tone of voice.
c) Demonstrate professional customer service skill which can improve customer satisfaction and customer loyalty. This, in turn, helps the business retain customers and improve profits as it costs less to retain customers than to acquire a new one.
d) Employing good listening skills and questioning techniques can shorten the interaction time with customers. This can allows organization to serve more customers in less time with only fewer staff.
e) Being able to clearly explain next steps in a process and confirming that the customer is satisfied will decrease the number of callbacks or return of goods from customer. This is because; improving first contact resolution is one of the primary drivers of customer.
f) Able to use the common process and language for dealing with customers, and this will allow business to brand the interaction and make excellent services part of their offering to the customer, thereby adding value to company.
g) Make sure employees feel valued and improves motivation from the investment of the company to the employees. In addition, employees will treat customers well by using proper customer service skill, and employee will more likely to be treated well in return. Both these will help to increase employee loyalty and reduce turnover, thereby lowering costs.
2.6.6 Duties of Research and Development
a) Able to make sure company are able to compete with the competitors, and the method are rapidly increasing.
b) Research and Development (R&D) are important in the field of marketing where R&D manager keeps and eagle eye on competitors and customers in order to keep pace with modern trends and analyze the needs, demands and desires of their customers.
c) There, R&D level are very difficult to manager, but HIFIN's R&D manager will make sure that all the R&D teams can work hard together to make sure that more creativity that they invest, more profit or a greater market share can be generate.
2.6.7 Duties of SQL Database (SQL)
a) SQL is Structured Query Language which is a database computer language designed for managing data in relational database management system (RDBMS), and originally based upon relational algebra.
b) SQL manager scope include data insert, query and delete, schema creation and modification, and data access control. Then, the SQL manager also need to make sure that all the data that had been key in are the latest and updated, this can make company become more efficiency and up to date.
2.6.8 Duties of Human Resource
a) Human Resource (HR) is a term that used to describe the individuals who comprise the workforce of an organization, although it is also applied in labor economics to. Hifin's HR manager need to implement the HR strategies and policies to the management of individuals, like places the suitable people in a suitable work place.
b) HR may set strategies and develop policies, standards, systems and process that implement these strategies in a whole range of areas. The strategies are including:
i) Recruitment, selection, and on boarding (resourcing).
ii) Organizational design and development.
Business transformation and change management.
iv) Performance, conduct and behavior management.
Industrial and employee relations.
Workforce analysis and workforce personnel data management.
Compensation, rewards and benefits management.
Training and development.
c) Implementation of policies, process or standards which can directly manage by the HR function itself or the function may in directly supervise the implementation of such activities by managers, other business function or via third party external partner organization.
2.6.9 Duties of Financial
a) The general area of finance is business finance, personal finance, which includes saving money and lending money to the client.
b) The task they have to touch are deals with the concepts of time, money, and risk and also how they are interrelated, which deals with how money is spent and budgeted.
c) Capital budget of Hifin will be calculated by the financial manager to make sure how much of the fixed asset will be financed and also often adjusted annually and it will be part of a longer-term Capital Improvements Plan.
d) Financial manager also need to monitor at all times to ensure that there are sufficient funds available to meet short-term expenses. Normally cash budget include the following sections:
i) Beginning Cash Balance which includes the last period's closing cash balance.
ii) Cash collections which are include all the expected cash receipts, such as all the sources of cash for the counted period.
Cash disbursements is list all planed cash outflows for the period, excluding interest payments on short-term loans, which appear in the financing section, such as depreciation, amortization and others.
Cash excess of deficiency is a function of the cash needs and cash available. Cash need is determined by the total cash disbursements plus the minimum cash balanced required by company policy. If total cash available less than cash need, a deficiency will be exists.
Financing are discloses the planned borrowings and repayments, including interest.
Ending cash balance are simply reveals the planned ending cash balance.
Exeternal environment analysis