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Suggested Outline for a Business Report:

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  1. Executive summary: 1-2 pages maximum, optimal is one page only.
  2. Table of Content
  3. Internship Objectives: this section should show 3 levels of objectives to all concerned parties: intern, internship organization and university. What is the objective that each of these parties want to achieve behind this internship.

 

  1. Internship Scope: time (duration from xxx date to xxx date), place and Date of Internship in general as well as time (period of time with specific dates) covered in this report plus the name of department(s) /divisions(s) if any covered in this specific report.

 

  1. Background about internship organizations:

**Provide general info background about the organization. What does it do? Its products and services.

**Mission, vision, objectives, market share or its market size (no of branches, no of employees employed). Some financial information might also be good in this section to give more clear information about the company such as capital, its total assets, profits (if publicly declared) etc.

 

  1. Department in which intern is having her training at:

** Explain what does this department do in detail? This is the most important part of the report that reflects your training and learning experience at real work place.

Include a special section in the report to indicate: challenges faced while work at this department and suggested solutions to that department. Please make sure that your highlighted challenges should highly be related to finance operations as much as possible and not any other management challenges such as long working hours, shortage of employees in department and too much work to be performed by one employee because this is not the scope of our report. Remember that our report is a business report prepared by a BNFN student.

  1. Conclusion
  2. Appendix

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Internship Report 1

Lara Hamzah

1310042

BNFN 4303 Internship Banking and Finance

Instructor: Ms. Dunia Mamlouk

Tuesday, March 12, 2019

 

Executive Summary ( DO THIS)

 

Table of Content(DO THIS)

 

Introduction(Paraphrase and Write it in a different way COMPLETLEY)

Internships offer several benefits to students and graduates. Through training offered in companies,studentsbroadentheir knowledgeandexperienceandgainanupperhanding obtaining employment after school. Internships offer flavor for what to expect in a job situation and trainees build better resumes. It is also an opportunity to interact and meet new people who can act as mentors toward career goals. As such, interns should take advantage of the benefits offered and expand their ideologies in corporate background.

Internship Objectives:

Objectives for The Intern (Paraphrase and Write it in a different way COMPLETLEY)

  • To gain practical knowledge in conducting business activities in an actual working environment so as to be familiar with real job experience.
  • Another objective is to interact with other team members within the financial institution in order to create meaningful relations.
  • To gain better knowledge in analytical skills in a real job environment so as to gain valuable skills in employment such as communications and attention to details.
  • Gain exposure to working environment and employer expectations in professional deal financing and corporate accounts.

 

Internship Organization Objective(ADD MORE)

  • Practical experience in banking and accounting
  • Time management.
  • Meeting the target and setting up goals.
  • Problem solving.

University Objective (Paraphrase and Write it in a different way COMPLETLEY)

  • This course provides the opportunity to gain knowledge through actual job experience in the profession. Internships represent job experience which is aimed at supplementing the classroomlearningprocessandtoallowfamiliarizationwithrealworldexperiences related to the Banking and Finance profession. The internship program period covers 180 hours of working experience applied at a bank or a related financial institution locally or internationally.

Internship Scope

The internship has been placed at Bupa Arabia, Jeddah. Starting from 6th of January 2019 to 30th of March 2019. Daily working hours beginning from 08:30 AM and ending at 05:30 PM, 5 days a week from Sunday to Thursday. In addition, my training role situated in accounts payable under financial control, finance operations department.

 

Background About Internship Organization (Bupa Arabia)(write the answer of each one below AS PARAGRAPH IF NEEDED FROM BUPA ARABIA WEBSITE)

Mission

Vision

Values

Profile

What Bupa Do

Bupa’s People

Achievements

Purpose

Market Share or Its Market Size

Bupa Arabia Branches in Saudi Arabia

Bupa Arabia has 6 branches in Saudi Arabia which located in Riyadh, Khobar,

Madinah, Buraidah, and 2 branches in Jeddah.

 

Employees Headcount of Bupa In Saudi Arabia

 

Financial Information of Bupa (its capital, total assets, profits)

 

Financial Statement of Bupa (include charts and table and comment about it FOR 2018 AND ANALYSE )

 

Services That BupaProvide in Saudi Arabia(write the services in details)

 

Finance Operations Have the Following FunctionsWRITE MORE ABOUT THE FUNCTION

Finance Operations& Reportin

 

Collection Services Credit Control                              Financial Control

 

 

 

SME    Corporate    Lapsed                                         Credit      Allocation    Data                                         Accounts      Financial     Asset

&                                                             Control                        Analysis                                    Payable       ReportingManagement

Broker                                                                                                                                                                    & Staff& bank

Operations

 

  • CollectionServices
  • SME (Small and Medium Enterprise) andcorporate and brokercollect Bupa Funds from the Clients, make Reminder, and following for the coming installments.
  • LapsedManage the lateand unpaid Installments.
  • Credit Control
  • Credit controlmake decision about the late and unpaid contracts.
  • Allocation allocate the receivable funds under the client’s contracts.
  • Data analysisanalyzeall the outcomes from sales and collection to prepare the commotions for the brokers.

 

  • Financial Control:
  • Accounts payable do the payments for suppliers’payments, providers payments, broker payments, refund andreimbursement payments.
  • Financial reportsprepare the financial statement for SAMA (Saudi Arabian Monetary Authority).
  • Staff benefitspay all the internal funds including payroll, expense claim, and travel expenses.
  • Asset management mange and count Bupa Arabia assets and labilities.
  • Bank operations reconcile funds payable and receivable.

 

What Does Finance Operations and Reporting Department do IN BUPA ARABIA?(write it in details)

Control all the funds, operate the financials and cash flow, and report all the financials regarding to SAMA or internal.

 

 

Summary of My Role in Finance Operations and Reporting

 

Finance Operations & Reporting

 

Collection Services Credit Control                              Financial Control

 

SME    Corporate    Lapsed                                         Credit      Allocation    Data                                         Accounts      Financial     Asset

&                                                             Control                        Analysis                                    Payable       Reporting    Management

Broker                                                                                                                                                                    & Staff        & bank

Operations

 

Finance Operations and Reporting à Financial Control à Accounts Payable

Account Payable

 

 

Provider                     Refund and                                Brokers                           Supplier

Payments                  Reimbursement                           Commission                   Payments

 

  • Provider Payments
  • It’s a daily payments function that enable Bupa to process and monitor all various types of provider (Hospital) payments Local and International which impacts medical claims cost.

 

Types of Payment

 

 

Local                                          International

 

Prompt Payment         Full and Final         Signed Statement

Payment                     Payment

 

  • There are three different types of payments which are Prompt payment, Full and Final payment, and Signed Statement payment. These three types it could be local payments or international payments.

Prompt payment: Agreement between Bupa and the provider on a discount if it is paid early on a certain period.

Full and Final Payment: Final settlement to be paid which has multiple batches.

Signed Statement Payment: Final settlement to be paid which has individual batch.

  • Process::( WRITE HERE AS I)
  1. Monitor and control all hospital payment recovery.
  2. Processing of international provider payment through direct bank (HSBCnet).
  3. CEACAR to ACCPAC (Finance Operational Software and Accounting Software) journal mapping process and ensure all the entries are correctly allocated in the GL (General Ledger).
  4. Receive the payments from provider control (commercial actuarial).
  5. Make accounting entries based on the bank statement.
  6. Make the Monthly closing regarding to the bank statement reconciling.
  7. Response all query related to provider payment (Payment Conformation and Transaction Receipt).

 

  • Refund and Reimbursement Payment:
  • Refund: Refund the remaining amount to the client for the canceled contract.
  1. Receive the refund form from account receivable team.
  2. Enter the date in ACCPAC system (Accounting Software).
  3. Release the refund amount in the bank.
    • Reimbursement: It’s a daily payments function that enable Bupa to process and monitor customer medical claims reimbursement payments proceed on time to meet the customer satisfaction KPI (Key Performance Indicator).
    • Process: ( WRITE HERE AS I)
  4. Receive the approve documents from claim department.
  5. Make the entries in the ACCPAC system.
  6. Journalize all claims.
  7. Release the payment in the bank.
  8. Update customer service and claims department rejected EFT (Electronic Fund Transfer) on daily basis.

 

  • Brokers Commission Payment:
  • It’s a weekly payment function that enable Bupa to process and monitor broker payments and proceed on time.
    • Process::( WRITE HERE AS I)
  1. Get the data from data analysis team and release the payment for the brokers.
  2. Receive the invoice from the broker.
  3. Reconcile the invoice with data analysis team.
  4. Confirms broker accounts by reconciling monthly statement and related transactions (monthly closing).

 

  • Supplier Payment (Vendor Payments)
  • The last step in the purchase cycle. When Bupa orders goods and services from the market.

Supplier Payment

Local                International               Utility through SADAD

 

STC          SEC           Jawazat

Process:( WRITE HERE AS I)

  1. Receive the invoice.
  2. 3-Way Matching: Find Approvals from the other department (Marketing, IT, HR, etc.) from the cost center manager or budget owner, link the invoices with the purchase order, and check the purchase order status.
  3. Check the invoice form if it is correct based on GAZT Terms.
  4. Charge expenses to account and cost center from accounting wise.
  5. Reconciliation of Sundry creditors / aged payable.
  6. Analyzing supplier accruals on monthly basis.
  7. Weekly SADAD payments batch closing activity.
  8. Confirms vendor accounts by reconciling monthly statement and related transactions (monthly closing).
  9. Response all query related to supplier payment (Payment Conformation and Transaction Receipt).

Why Finance Department Is Important in Bupa And in Every Company?( ADD HERE MORE)

Finance department report financial transaction and handling confidential and critical data of the company to report financial statements.

 

Challenges That I faced While I am Working at Account Payable – Finance Operations and Reporting Department

  1. Duplicate Payments. Receive the same payment twice from provider control (commercial actuarial), supplier and brokers.
  2. Payments have same batch ID number but different provider ID.
  3. Payments have wrong PPD (Prompt Payment Discount).
  4. Rejected by the bank since incorrect bank IBAN in refund and reimbursement payments.
  5. Received invoices for a consumed purchase order.

 

Solutions for This Challenges

  1. Focus and monitor all coming transaction regarding to our recorded data.
  2. Upgrade the system not accepting same batch ID.
  3. Make a fixed calculation template
  4. Systemize the IBAN entries by clients.
  5. Track the purchase order status before releasing the pyment.

 

Conclusion( ADD HERE )

 

Appendix(Write the references in APA style)

https://bupa.com.sa/en/about-us#branch (branches)

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