Internship reflective essay
Internships help students to integrate theoretical knowledge and its practical applications. It gives the students an opportunity to apply formal classroom learning in a working environment. Beard in his book “The status of internships” listed out a number of opportunities in an internship program which is, “integrate academic knowledge with practical applications, improve career opportunities after graduation, create relevance for past and future classroom learning, Develop work place social and human relations skills, and provide the opportunity for students to apply communication and problem-solving skills” (Beard 1998). It helps to identify a student’s ability and interest to work in a particular field. It gives a professional experience which is an added advantage for seeking employment. The internship programs are beneficial not only to the students but also to the industry .It helps to identify talents for future employment and also increase the image of the organization. Internship for me was very fruitful and rewarding.
My internship in an accounting firm enabled me to enhance my educational experience and made my accounting studies more meaningful. I had the opportunity to work with a full service accounting firm.
It has large scale business operations giving premier quality service to their clients. They have created a working environment which cooperates well within and is responsible socially also. Their work includes creating budgets, perfecting financial statements, preparing tax returns, and business valuation services to the clients. The firm also gives advice on financial strategies to the clients regarding tax and finance management. The management had a competent team and the firm gives due importance to their clients and all the people involved in its operations. It has an obligation to integrity and value added service is given to the clients. Good service and customer satisfaction has helped in the growth of the business. Accounting firms specialize in a range of tax services. They help the clients to determine their tax liability by ensuring that their financial reporting is in accordance with IRS regulations. Sometimes the clients have to be reminded about their deadline for which, the firms have to update and maintain their database. Some specialized services like business valuation which helps to determine the worth and investigation of financial record for fraud is also extended to clients. I learnt the systematic ways to do accounting to meet filing requirements .The business environment and accounting practice in the firm helped me to develop professionally. It helped me to understand the operations of an accounting firm and gain organizational experience. Though I had no earlier exposure to any working environment I felt very comfortable to work in this firm.
CLASSROOM LEARNING AND WORKPLACE
The practical experience gave me a better understanding of what I learnt in the college. Academic Knowledge does not give a clear picture unless it is put to practice.
The concepts used were already taught in the class, but I was able to understand better when I applied it to business. During the first few days I was told to look through the company’s reports to have an understanding about the business operations. After the initial orientation I was given some responsibilities like vouching, preparation of working papers, making reports, filing of e-returns for taxation, sending engagement letters, and assist with preparation of tax returns. I had to do a lot of research to get familiar with all the procedures.
Accounting firms specialize in a range of tax services. Classroom learning has its limitations as some of the business skills cannot be explained in theory. To develop good communication skills interaction with customers is necessary. Customer satisfaction is important in service industries. Customer service skills are required to gain and retain clients. I had to deal with different customers so I was able to improve my communication skills. Interaction and good listening skills can be developed only in a working environment. To practice what is taught in class a working environment is necessary. Ability to communicate well to the clients and satisfy their needs builds trust, making them remain loyal to the firm. I observed that the firm maintained high quality of work .Their actions and decisions are governed by professional ethics.
ACTIVITIES PERFORMED
I had a lot of doubts about accounting as I had to use my theoretical knowledge in applications. Many basic accounting duties were assigned to me. I had to do the tax returns for many clients. I always had the fear of making mistakes. I read the files already done to get a better understanding and also take note of outstanding matters. I worked hard to do my best and gain more knowledge. My duties were diverse and I was keen to take up challenging assignments. I also did tax returns for individuals, corporation and partnership using Lacerte, Salesforce software. It was a valuable learning experience which enhanced my knowledge. During the period I got many opportunities to learn new skills and also develop in many areas. Most of the accounting software they had was new to me .I had to understand its use to apply in my work. I learnt many computer applications which are used at present for tax purpose. As I was proficient with computers I was able to understand the applications and do my work with ease.
QuickBooks helps to manage payroll, sales, inventory of different industries according to their requirements. Lacerte is tax preparation software for accounting professionals. It is said to be a reliable, comprehensive and time saving software. It helps to record and organize the financial data for analysis. It helps to identify mistakes and omissions. Since it works fast it helps to complete maximum number of returns. Good knowledge of computers is necessary to carry out different accounting operations. I sought the assistance of experienced employees to learn more and also prepared myself to carry out new assignments. Having the right attitude and willingness to work is necessary for team work in an organization. As I learned from real life experiences I was aware of the relevancy of what was taught in the class room.
Sending engagement letter to clients was a new experience for me. It is the firm’s contract to clients that states the understanding of professional relationship between them. It defines precisely the work to be performed which includes the client’s responsibilities to provide timely information and to review the compiled data .Details regarding fees and payments are also to be provided in the engagement letters.
It is in short a detail of the services offered by the company which serves as a defensive tool in times of dispute between the firm and the client. I also attended calls from clients regarding tax returns. The customers had to make sure that all their details were well organized before filing the returns. Proper response created customer satisfaction and improved the business of the firm. I had to prepare reports about the details of the business on a day to day basis to the managers. I learnt to do it professionally. I had to collect and record information as per specifications to make the managers aware of all the activities. Recording data systematically is imperative as at present the application of information technology is based on data. It helps to analyze the progress of the firm and find the correct solution for business related problems. It helps to keep a record of all the activities which can be used for future references. It also helps to provide financial advice to the clients.
LEARNING EXPERIENCE
I always used to think about how I was going to make use of my accounting studies. I was not sure if I was going to continue with accounting. The experience I had in the firm made me take the right decision of pursuing my carrier in accountancy. My work experience taught me more about actual business and accounting. This gave me a full understanding of day to day operations. I managed to learn all the work within a short time. Each day I learnt something new as I had the opportunity to meet different customers. I had the support of the managers when I faced difficulties. I am grateful to the staff of the firm for all their guidance and help. I learnt in detail about Tax software, like Quick books, Lacerte, and Salesforce.
My internship experience has given me an understanding about my capabilities, making me more confident to take up accounting. After my internship I became greatly interested in the subject. As I started doing my work I felt that I was not having enough knowledge in some of the concepts that was applied in accounting. I started doing a lot of reading and research to make me equipped with all that I needed to take up accounting as my profession. I was not very outspoken but my present placement required good communication with all the people. As I started working I was able to overcome my fears. My interpersonal skills improved remarkably.
I observed that team work was essential for coordination and also to face operational challenges. Effective communication is very important to create good rapport with people. It includes good listening skills which enable to understand a situation better and get more opinions. I learnt to communicate with my clients and understand their requirements. I was told that quick responsiveness to clients was important. The customers are to be given more valued services to keep them happy and do business with the firm. Special cases and problems have to be responded immediately. The firm takes great care in delivering the work within the stipulated time. I learnt to manage time as I had to deal with many clients .Practical experience improved my efficiency and helped me to work faster. It made me more responsible as I understood that customers expected timely completion of their work. I felt that unless a systematic and orderly way of working is not followed it is not possible to handle the pressure in a busy firm. Hence I started an organized and systematic method of working which was accepted and appreciated by my colleagues.
Sometimes it was difficult to convince customers when there is a delay in completion. It is my observation that customers prefer to get their work completed without having to make frequent visits as it can causes a lot of inconvenience. The details of the clients have to be maintained well. Information should be collected without mistakes.
The customers should be met to collect relevant information for timely completion of work. Therefore it is necessary for continuous customer interaction to carry out the work . I had to get trained for getting the customers respond as expected. They should be made to feel that they are not being questioned for investigation but only to help them. I had an experience where the customer refused to cooperate with some information .My seniors explained the reason to the customer after which he was convinced to cooperate. It is necessary to earn the trust of the customers to do good business. For preparation of tax returns for individuals, corporation and partnership I had to gather the necessary financial information and input it into a software program for tax returns. The software programs are helpful tools which make the work easier. Technology has made it convenient for customers as well as organizations as a large amount of work can be completed online.
I had to attend meetings and in order to be aware of all the rules in tax returns I did a great amount of research. I learnt extensively about tax preparation and have become more efficient in this work. Filing of tax returns need to be perfect .Adequate knowledge regarding all the concepts is necessary to answer the queries from the customers.
I had an open mind to new procedures as it was common to have regular changes in the taxing rules and regulations. I was determined to be successful and the setbacks I faced made me stronger. I was always eager to see my review points and also the mistakes that were noted. It gave me the ability to learn from my mistakes and improve. I was able to identify the areas where I needed to improve. Continuously I worked for my development and my hard work was recognized and appreciated eventually.
OBSERVATION
The employees of the firm were committed and did quality work. During my internship I got good opportunity to learn as the senior employees assisted me and taught me in detail about what was done and the reason for doing it .I found that they were willing to teach me all the work as they assigned diverse tasks. I found it easier to understand the work while it was done more than while being taught in class. The staff was responsible and had the patience to guide me in all my assignments. So I felt comfortable and the working environment was very satisfying. This helped me to overcome my fear and gave me the confidence that even I could do well. Nobody discouraged me nor did they give me any demotivating comments. My work was verified a few times before it was given to the customers. Therefore I learnt from my mistakes and made myself more perfect. The firm had a high number of customers who were loyal because of quality in work and prompt service given to them. The firm valued their customers and gave good quality work .So satisfied customers remained loyal to the firm. The firm had a harmonious and friendly working environment.
I firmly believe that team work is important for all business organizations. It develops social skills like coordination and communication. I have become a better team player as our work is linked and also because we should depend on our team members to finish their allocated task. Another interesting thing I observed with the staff was their effective communication. By asking the relevant questions only information’s can be collected from the clients. I saw that sometimes the customers were questioned repeatedly on some information as it is not recorded well. So I made a systematic approach to collect and record information without repetitions. The customers develop the business of the firm so the management gives competitive value for their service which keeps them from going to other companies. The Firm has a good reputation in the society as it undertakes many social projects also.
The employer gets to see the students in action each day which helps them to judge their performance. It can be rewarding for some students as they stand a chance to get a full time employment, if the employers are satisfied with their work. Other employers also check with the firm about the interns, whether they are efficient and knowledgeable when they attend interviews in different companies. I was very fortunate to work in this firm because it gave me the opportunity to get to know many people, and work in areas which I won’t be able to do anymore. It gave me a transformation and made me determined to strive for greater heights.
Conclusion
Accounting internship is sometimes a stepping stone to earn a good position in accounting. It is a good experience as the student is able to earn as well as apply the concepts learnt in class to the business.
Internship helps in learning faster and gives a better understanding about the theory that is taught in the class. It gives a new understanding to the lessons when they continue their course. It helps to gain more credibility at the time of interview. Internship increases skills and helps to prepare for future employment. It helps students to understand the application of theory into practice. Doing an internship gives an idea about the work environment and how studies can be used in it.
Internship is extremely helpful to enhance the students’ performance in accounting courses as they get an exposure to real job setting. The different assignments done in the program helps in socializing as well as develops personal skills. Training gives confidence to face difficulties. From my experience I would say that internship is necessary for students to improve their performance as well as to achieve positive changes in personal career development. It helped me to develop time management skills and made me competent in team-based work. I developed my interpersonal skills as I had the experience of communicating with the employees, clients and other persons who had business contacts with the firm. I progressed considerably in learning tax software and all other administrative tasks. The experience in my internship which I liked most was the opportunity to work on projects for the clients. I was given exposure to almost all the work that was done in the firm. This gave me varied situations to learn and understand. This gave me the self-confidence to do advance studies in accounting. My internship helped me to make better decisions regarding my career. It was an additional qualification to get better employment opportunity with a high starting pay.
Works cited
Beard, D. F. 1998, The status of internships: cooperative education experiences in accounting education, Journal of Accounting Education, vol.5, no.2/3, 1998, Print.
