Internship report on “Analysis of Accounting Information System of Eastern IT

Abstract

My internship was from May 3 to July 30 of 2015, at the company known in Bangladesh as one of their largest licensed IT service companies, "Eastern IT". My internship report, titled "Analysis of Accounting Information System of Eastern IT", will demonstrate the skills gained through my 3-month internship with the Company. The main project of the internship is to analyze how well the company does business on an ongoing basis by gaining an overall understanding of their company Accounting Information System and assess how well the company utilizes their financial resources to carry out their daily activities of running the company via the use of accounting information as it relates to the carrying out of business transactions. During my three-month internship, I completed a variety of different kinds of work as stated in the above paragraph. I had the opportunity to prepare bank cheque payments, reconcile cash and bank accounts, record cash transactions for payments by Eastern IT to purchasers, maintain documentation regarding purchases, and also have the experience of completing a large volume of monthly transaction data and become proficient using QuickBooks and Tally accounting software programs used by Eastern IT to enter transactions and prepare monthly and annual financials. I had the opportunity to use what I had learned in class with regards to preparing accounting entries to produce financials and am now competent in both technical accounting skills and analysis, and to develop a professional business appearance through my internship experience.My evaluation of Eastern IT's AIS concluded that it certainly added timeliness, efficiency, and accuracy by using computerized methods for the processes, however, overall the manual processes I contributed to created some inherent lag in time of the processes because part of the process were completed manually and also not integrate the systems together (QuickBooks and Tally). Despite the challenges of integrated technology methods, Eastern IT maintains its internal controls and produces accurate financial statements. In the end of this report, I provided several recommendations that I believe would assist in improving their processes further by integrating their accounting systems together and developing digital approvals, train staff and improving communication. Overall, my internship experience was invaluable to my learning curve and deepened my interest in the accounting practice and I believe as a function has greater prospects for my future goals and career.