• Posted on November 9, 2020
• Unique Submission Team

Reflective Journal

Assist with the preparation and production of weekly, monthly & quarterly reports

Situation

In last week, I assisted with the preparation and production of weekly, monthly & quarterly reports in Visa Edge Australia as an intern. It helped me to develop practical understanding of preparing and producing the reports on weekly, monthly and quarterly basis.

It is important for each firm to develop financial reports fairly and timely basis. I found that Visa Edge also adopts good practices in reporting the financial transactions and develops the financial reports on time on different periods.

At the same time the company also prepares these reports on different periodic basis and also integrate them effectively to present the yearly results.

Effect

It was good to work in Visa Edge and learn different aspects related to the reporting within the organizations. Before job participation, I had theoretical understanding of the different financial statement including balance sheet, cash flow statement and income statement.

During this job participation, i came to know how these statements are prepared. I also came to know how these reports are prepared and developed on different time basis and can be helpful for the management to make decisions.

The concept of the financial reporting was no new for me because I had learned about this in academics. But in this job, i knew that how these reports can be prepared on weekly, quarterly and monthly basis and provide accurate and timely financial and statistical information needed to make day-to-day and short-term decisions.

However, it was challenging for me to compile all information and report them. I was given the task to compile the information date-wise in different statements including income statement, balance sheet and cash flow statement. Really, it was a labour intensive task that made me tired.

Interpretation

Previously I was afraid of managing these reports properly class assignments, but after this internship, I am confident as I can apply this understanding while working for other companies in my professional career.

Even, my understanding related to ethical reporting and fair reporting can also be beneficial for me in my future career to adopt professionalism in preparing reports for any company.

This internship enabled me to develop my communication skills in different setting and modes with my group mates. It also helped me to learn good teamwork to complete the group assignment.

Apart from this, it also helped me to improve my thinking and problem-solving skills. For instance, I faced some problems while solving the reciprocal calculation but at last I became successful to solve it through effective problem solving tactics.

Decision

This job during internship was great for me in perspective of contributing to growth of future career. But at the same time, in next placement, I will try to learn more aspects related to reporting even yearly basis too. I will help me to integrate all the reports based on weekly, monthly and quarterly and develop yearly basis reporting.