Kudakwashe Attachment Report

MIDLANDS STATE UNIVERSITY

Name Of Author Chapanda Kudakwashe Gracious

Registration No. R0645087

Degree Programme BCom (Hons) Business Management

Title A Work Related Learning Report

Period Of Attachment November 2008-August 2009

Placement Company The Wattle Company, Mutare

Academic supervisor Mr Mafuka

This report has been submitted to the Midlands State University in

partial fulfilment of the requirements of Bachelor Of Commerce

(Hons) Business Management Degree

Chapanda Kudakwashe G R0645087 Attachment Report HMAN

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Acknowledgements

My gratitude goes to the Midlands State University academic staff that has imparted their vast

knowledge and has so much assisted me during my industrial attachment. It is through their valued

support that I would be able to get my attachment and enjoy it. Many heartfelt thanks for their

support.

Many thanks go to the management and the rest of the staff at Wattle Company for their unwavering

support and for giving me a chance to be part of the Wattle family. Worth mentioning is the

invaluable support and guidance that I constantly got throughout my industrial attachment from the

operations and manufacturing team. I also want to extent my gratitude to the accounting team.

Special thanks go to Mr Masvore (finance manager), Mr I Tahwa (Operations Accountant), Mr

Mukomberanwa G (Accounting officer), Mr Mafulela T (Accounting officer), Mr Dube T (creditor’s

clerk), Mr Ndekwere C, Mr Madzongwe E, and all the accounts team members for their professional

guidance, supervision and for all the support and ideas that we shared during the course of my

industrial attachment. I owe the successful compilation of this report to all these people who were

constantly beside me, cheering me on and supporting me all the way during my fruitful year at

Wattle Zimbabwe.

I would also like to extent my heartfelt gratitude to my family members for their invaluable support

(moral and otherwise) throughout my attachment. I truly thank the Lord Almighty for the

opportunity of a memorable fruitful year at Wattle Zimbabwe. God bless you all.


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Foreword

The Business Management Department of Midlands State University introduced the attachment

programme in its learning curriculum so as to give students a chance to combine theoretical

knowledge with practical skills in the real working environment. This move requires that a student

go for industrial attachment in his/her chosen field of profession for a period of at least 8 months. At

the end of the attachment programme, the student is expected to compile a report that incorporates

work experience gained linking it to the theoretical knowledge. The following are the objectives of

industrial attachment:

To enable students to marry theory to practice in real world business situations that often

involves decision-making, functional management, and the Accounting function.

To make students develop realistic expectations in respect to the real world of work, playing

the role of being an employee and experience what it takes to work within a generally

structured environment in authority and being held responsible for duties performed

To afford students to test the theoretical tools learned in the first two years of the programme

with the realities of the operations of Accounting systems and running of organizations in the

economy.

To expose the student to the behaviour of organizations both in the internal and external

environments and encourage them to be productive whilst developing future managers.

To afford the student the opportunity to develop hands-on experience in the world of work

and its intricacies, hence making the student employable and become fully productive

immediately after arriving at the work place.

To expose the students to the structures, operations, and integration of different functional

areas such as finance, marketing, research and development. Purchasing etc

To seek industry evaluation of our degree programs in terms of relevance to industry and

commerce.

From the above mentioned objectives it is therefore necessary for one to compile a report that may

act as a benchmark to see if the objectives of industrial attachment are being achieved.


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Abstract

This report summarizes the author’s real-life experiences in a working environment with real

operational structures that he went through at Wattle Company Private Ltd. The duration of the

attachment was twelve months, which were spent in the finance and control department, a service

department to the firm. It is in line with Bachelor of Commerce Business Management Honors

Degree that a report be compiled that summarizes the relation of practical experience gained to

academic education. Therefore, this report is feedback to the Midlands State University.

The author was attached in the accounts department, which is made up of:

1. Management Accounting

2. Financial Accounting

3. Cost Accounting

Data was gathered through carrying out specific tasks, sharing ideas, observation and experimental

work. The main goal behind this report is to give the conceptual view of the department and how it

fits in the overall performance of the firm. It is also an analysis, evaluation and assessment of

whether the department is complying with the recommended accounting practices. On the other hand

it is there to summarize the extensive work experience that he was exposed to during his stay at

Wattle Company and allows the reader to get the real feeling of how things happen in the accounts

department at Wattle Company.

The intention of this report is give a brief background of the industrial attachment programme as

well as to give a report of the host company, its history, core business, present operations and future

business prospects. After the brief background, it will then move on to main findings,

recommendations and conclusions.


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Table of contents

Chapter one

Introduction to the Company 8

1.1 Background of the Wattle Company 8

1.2 Organisational Structure 9

1.3 The Wattle Company’s products and services 12

1.4 the Wattle Company’s corporate culture 17

1.5 The Wattle Company and social responsibility 18

1.6 Nature of industry 20

1.7 Expectations and industrial reality 22

Conclusion 23

Chapter two

Work Related Learning assignments 24

2.1 Accounts Department 24

2.2 Stores Department 30

2.3 Relevance of theory to practice 32

2.4 Recommendations for further learning needs 37

Conclusion 38

Chapter three

Personal and Professional Development 39

3.1 New skills acquired 39

3.2 Personal Development 42

3.3 Strengths and Weaknesses 43

3.4 An assessment of Work Related Learning 45


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Conclusion 46

Chapter four

Challenges and recommendations 47

4.1 Challenges faced during attachment period 47

4.2 Suggestions to improve industrial attachment 50

Conclusion 51

Chapter five

Conclusions 52

5.1 Recommendations to Midlands States University 52

5.2 Recommendations to Wattle Company 53

Conclusion 56

Re-entry 57


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List of abbreviations and acronyms

GRN-Goods Received note

SIV-Stocks Issue Voucher

SR- Stocks Transfer Return

SMB-Small to Medium Enterprise

ERP-Enterprise Resource Planning

RT-Stock Transfer Request

JV- Journal Voucher

HCC-Human Capital Centre

MD-Managing Director

GMF- General Manager Finance

WRL-Work Related Learning


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Chapter one

Introduction to the company of placement

This chapter introduces The Wattle Company and its background. The Company’s vision, mission

and goals are explored. “One’s values and principles guide his or her actions and way of life.” This

remains true for large organizations like The Wattle Company. At the end of this chapter, one should

be able to match the company’s business operations with its vision, goals, values, its sense of social

responsibility and what it hopes to achieve.

1.1 Background of the Wattle Company

The Wattle Company was founded in 1945 as The Rhodesian Wattle Company by the Forestal

Lands, Timber and Railways Company of England (“The Forestal Company”) with the purpose of

developing a wattle extract industry in Southern Rhodesia. Baron Emile Beaumont d'Erlanger

was the founder and financier of the Forestal Land, Timber, and Railways Company that developed

the Wattle extract industries in South Africa, Kenya, and Zimbabwe.

Land was purchased in the eastern districts and the development of plantations commenced. Two

wattle extract factories were commissioned in the mid-fifties at Nyanga and Chimanimani.

Subsequent changes in the demand for wattle extract in the world leather industry arising from the

development of non-leather shoe materials, as well as the development of synthetic tanning agents,

compelled the Company to rationalise its wattle holdings and seek diversification into other

activities. This diversity is the reason for continuing growth and vigour of the Company.


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Today, The Wattle Company Limited is a vertically integrated forest products and Agricultural

company with a superior and diverse range of export products from its 43000 hectares of land

situated in the eastern highlands of Zimbabwe. In addition to wattle extract, the Company is a

leading producer of pine-sawn timber, eucalyptus pole products, Arabica coffee and charcoal. The

Company services both local and export markets.

The company services both local and export markets. The Wattle Company owns five estates/tree

plantations namely Chipinge, Chimanimani, Nyanga, Vumba and Dunsinane (in Penhalonga).

1.2 Organisational structure

The Managing Director is based at the head office and is responsible for daily activities of the whole

company. The Managing Director reports to the board of directors. Five executives report to the

Managing Director and these executives have different roles and tasks.

The Financial Director heads the finance department and is responsible for all financial matters of

the company. He deals mainly with the accounts department. The Financial Director reports to the

Managing Director. Below the financial directors are three accountants, accountant wattle, and

accountant head office and accountant pine division. These accountants deal with the accounts of

their respective divisions. They all report to the General Manager Finance. Below these accountants

are accounts clerks who are responsible for the accounts of the department they fall under. All

accounts clerks report to their respective accountant. They work together to produce financial

statements periodically.

Operations Director is responsible for all operations up to the point when goods are sold. Each

division has a manager who is responsible for all operations. Production managers, foresters, rangers

and factory hand works together under these divisional mangers for the production of timber in

different estates. Factory hand works do the general work like cutting poles and some of them report

to foresters. Each person works towards the production of timber for the department he works for.

The Human Resources Executive deals with labour related activities. He is responsible for recruiting

and retrenching employees and salary related issues. They also keep confidential information like

salary increments, promotions and records of employees of the company. He is based at the head

office since he deals with labour related issues for the whole company. Salaries administration and


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wages clerk are under the Human Resources Executive and they deal with payment of salaries and

wages respectively. Safety, Health and Environment manager deals with safety at work and health

issues.

Supplies Manager deals with the purchasing of the whole company and he is based at the head

office. The supplies manager purchases all materials and goods required by the company after

different managers of the departments requesting them authorize them. He will first have quotations

from different suppliers and compare prices and quality and see if the goods to be purchased are of

use to the requesting department.

Marketing and Sales Manager heads the marketing department. This department is responsible for

marketing and selling products produced. All invoices and orders are processed in this department. It

also deals with transportation of sales both local and exports. This department produces useful

information for report writing.


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Organogram

This organogram was carefully designed to aid effective management within Wattle Company.

Decision-making is decentralised to all the divisions present although overall feedback and reports

on all operational decisions made on the lower levels of the chain of commands are brought to top-

level management. In this way The Wattle Company remains successful as workers at the estates and

factories never experience drawbacks and delays caused by waiting for important decisions to be

made at the Head Office and then passed back to them. Production continues to flow even in times

of crisis as estate managers and divisional managers are on site to play Henry Fayol’s managerial

roles; planning, controlling, leading and organizing. The chain of command is fairly short such that

communication is fast and chances of information distortion are fairly low.


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C O . S E C

A C TS . C L E R K S

A C C O U N TA N TW A TTL E


A C C O U N TA N TH E A D O F F IC E


A C C O U N TA N TP IN E

G M F IN

F IN D IR E C TO R

F A C . H A N D S

P R O D . S U P

P R O D . M G R

S A W M IL L S M G R

F O R . H A N D S

R A N G E R S

F O R R E S TE R S

E S TA TE S M G R

D IV M G RP IN E

F A C . H A N D S

P R O D . S U P .

P R O D . M G R

F A C TO R Y M G R

D IV M G RW A TTL E

F O R . H A N D S

R A N G E R S

F O R R E S TE R S

E S TA TE S M G R

O P S M G RV U M B A

O P S D IR E C TO R

M E S S /D R IV E R S

W A G E S C L E R K

S A L . A D M IN

H R A D M IN .

S H E O F F .

S H E M G R

H R E X E C U TIV E S U P . M G R

C L E R K S

M A R K E T. O F F

C L E R K S

S H IP O F F IC E R

S A L E S M G R

M A N A G IN G D IR E C TO R

1.3 The Wattle Company’s Products and Services

The Wattle Company is divided into three main divisions namely Nyanga Pine Division which

encompasses pine plantations and saw milling, Wattle Division which centres its operations on the

production of wattle extract and charcoal and Eucalyptus Division which is specifically for treated

poles and saw logs.

1.3.1 Products

I. Charcoa l

Charcoal is produced as a by-product from wattle timber in brick and metal kilns. The wattle tree is

an exotic hardwood species and is therefore particularly well suited to the manufacture of charcoal of

a high calorific value. The company has 18 kilns at Chimanimani, 6 kilns in Chipinge and 2 more

kilns located in Vumba that produce eucalyptus charcoal. Charcoal is sold to industrial consumers for

industrial purposes e.g. smelting of silica for the manufacture of silicon .It is also sold under the

brand Vesta Barbeque Charcoal. This charcoal is meant for domestic use like in the heating

barbeques.

The product is marketed locally through poultry farmers and companies like Quest. Internationally

the chief customer of charcoal is Silicon Smelters in Petersburg, South Africa.

The quality of charcoal is based upon density, weight of unit of packaging, and the timber used for

its production. There was once the introduction of pine charcoal due to some fires, which

erupted .The pine charcoal, was however not marketed extensively due to the reason that it is soft.

How Charcoal is produced

Dry logs are brought in from the fields and are fed and stacked into charcoal kilns (clay or steel).

The logs are fired up in the kilns and combustion takes place, in an oxygen-starved environment.

The process is monitored and controlled so that the charcoal does not burn to ashes. Charcoal

undergoes a cooling process (air vents are closed to prevent further combustion). The final product is

packed into standard 30kg bags ready for selling. The whole production process from stacking logs

into the kilns to the packaging takes an average of a week.


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II. Pine Sawn Timber

The Wattle Company is the 3rd largest producer of pine-sawn timber in Zimbabwe. It produces

approximately 20% of Zimbabwe's total annual timber output. Pine plantations are located at Nyanga

and Dunsinane Estates approximately 65kms and 35kms north of Mutare respectively. Logs from

these plantations are supplied to the Nyanga estates Our Pine Sawn timber is marketed locally and

regionally under the brand name Nyanga Pine. Local markets include companies like P.G, T.S

Timber, J.W Johnson and Halsteds Brothers. The quality of the pine timber is based upon the

dimensional accuracy, moisture content, appearance and structural load bearing capacity.

The sawn timber is split roughly 76% industrial grade, 20% structural grade and the 4% appearance

grade. The mill produces timber in thickness of 19.25mm; 3850mm and 76mm.The widths range

from 76; 114; 152 and 228mm while lengths produced range from 900mm and 6.6metres .In addition

to supplying timber the company is able to finger-joint to customers' specifications.

Customers are divided into two main categories. These are structural sawn timber customers such as

builder' merchants and roof trusses manufacturers and the industrial sawn timber customers such as

furniture and door manufacturers and pallet market.


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III. Eucalyptus

Eucalyptus plantations are located at Vumba Estates 30km South East of Mutare. It is a division

comprising of 1900 hectares of Eucalyptus Grandis and Eucalyptus Cloenzia. The eucalyptus

division has restructured in the past, with the exit from treated poles and the consequential 5-8 year

conversion of the estates into a saw log regime. Raw logs, pulpwood, and saw logs are being sold

from the estates. Poles from the estates are treated with creosote preservative at the Wattle Company

Creosote Impregnation Plant in Mutare.

In order to ensure maximum utilization of resources the Vumba estate has 2 charcoal kilns that burn

waste cut-offs from Eucalyptus Cloeziana to make charcoal. The bulk of Wattle Company's products

are exported in order for the company to gain revenue. Most of the company's customers are foreign

based. This is due to the reason that it has a contract to supply its products to these customers

through the company's agencies.

As the resource base matures, it is the company’s intention to establish a state-of-the-art hardwood

sawmill and kilns on the estate to enable us to produce eucalyptus-sawn board as the demand for

exotic hardwoods worldwide increases.


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IV. Wattle extract

The Wattle Company is the only producer of wattle extract in Zimbabwe and also the country's

principal producer of charcoal in Zimbabwe and one of the eight extracts producer's worldwide .It

supplies over 4500tonnes to the world market.

A total of 10690 hectares of wattle plantations are located predominantly in Chimanimani and

Chipinge districts approximately 160 and 120 km south of Mutare respectively.

Black wattle (Acacia mearnsii) is grown on a 9-10 year rotation. The wattle extract is produced at

Silver-stream Extract Factory that is located at Chimanimani Estates. After it has been produced it is

marketed under the "Rhomosa " brand name through the company's agents, Forestal Mimosa (U.K)

Limited. Exports are shipped in containers from stocks held at the port of Beira.

A sustainable 6000tonnes of Wattle Mimosa extract is produced annually at our Silver streams

Factory in both solid and powder (Ordinary Powder and Green Special Powder) form. The principal

properties of wattle extract are high tanning content, its solubility in water and consistent high

quality. These features make it a highly suitable and preferred vegetable leather-tanning agent.

Wattle extract is used for tanning leather, purifying boilers and as an adhesive additive in paints and

glue. The wattle extract is marketed in India and Pakistan (far East region) and the Middle East.

Demand is a derived demand based upon factors affecting demand for leather, mainly fashion trend.

The wattle extract is quality based on moisture content and appearance e.g. colors. Due to the high

quality of wattle extract produce the company has not experienced a single product return in over 60

years.

How Wattle Extract is produced

When mature, the wattle trees are felled and stripped of their bark, which is taken to the extract plant

at Silverstream. The bark is finely chopped and pushed through a series of autoclaves. Tannin is

extracted using heat and pressure. The thin tannin liquor is thickened until it is of a consistency that

solidifies on cooling.


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1.3.2 Services

I. Human Capital Centre

It is responsible for recruiting all the company’s employees both at the estates and the Head

Office. This department deals with all the labour-related issues that arise in the company

including retrenchment and salary/wages negotiation issues. This is a confidential department

since any leak in confidential information can result in a legal action being taken against the

company if charges are pressed.

II. Security and Audit

This department inspects or assesses to see if there are any potholes as far as business procedures

are concerned. This department is also responsible for in-house investigations in cases of illegal

practices occurring within the company like theft of company assets and fraudulent practices of

any other sort.

III. Accounting

The department’s functions include management and financial accounting, credit controlling and

debtors payments. Each division has its accountants, accounting officers and accounts clerks who

are dedicated to their respective divisions.

IV. Purchasing and Supplies

It is responsible for purchasing all the materials, which are deemed necessary for use by any of

the other departments. This department acquires the requested equipment and materials locally,

regionally and at times even internationally.

All these like different parts of a body come together to form a functional body. One department

can hardly do without the other just as none of the department is more important than the other.

Each has its own way of adding value to the company within its specific functions. Heads of

Departments meet occasionally to keep in touch with the company’s goals and remind each other

of the roles to be played by their departments as a contribution to the success of the company.


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1.4 The Wattle Company’s Corporate Culture

I. Professionalism

In all its operations it believes in professionalism, integrity, discipline and honesty. Its

actions, at all times will be ethical, legal and fair. The company’s principles remain

fundamental in all it does and will be constantly applied.

II. Respect for the individual

The Wattle Company believes in and has respect for the individual, be he or she an

employee, a customer, a shareholder or any other stakeholder.

III. Teamwork

The company believes that its goals will only be achieved through teamwork. “WE” and not

“I” will forever guide its actions.

IV. Quality

The company’s success and dominance in the industry has resulted from the quality of its

products and services through efficiency. It is committed to excellence of quality and

services.

V. Continuous Improvement

It believes in the principle of doing better and improving what it is already doing, and with

this it embraces quality management, technology advancement and facility improvement. It

encourages ingenuity and promotes preservation of the environment.

VI. Good Corporate Citizen

The Wattle Company is fully aware of its responsibilities to participate and promote

development in this nation. It is also fully cognizant of its responsibilities to society through

its contribution, sponsorship and caring for the environment.

All in all, Wattle Company has managed to outdo the harsh economic environment and other

limiting factors by continually living and practicing its set values. The values are not just

documented statements can be noted as one moves around the company.


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1.5 The Wattle Company and Society Connection

Social responsibility refers to the idea that businesses should not function amorally but instead

should contribute to the welfare of their communities, hence the need to fund innovative ideas and

improve lives around the business’ society. The Wattle Company is an active player in the

communities in which it operates. Its community activities include sports and recreation, education,

health and safety and community relations.

I. Sport and recreation

The company offers sporting facilities for a number of disciplines such as football, netball, tennis

and squash in all estates. The Wattle Company is the proud sponsor of the Premier League side,

Monomutapa Football Club that has emerged the pride of Mutare and the whole of the province

of Manicaland

II. Education

The Wattle Company runs seven primary schools on all its estates to cater for the learning of

children belonging to its workers. The total enrolment is over 1,500 children and 40 teachers are

employed. The Government of Zimbabwe pays the salaries to the teachers as well as per-capita

grants towards the costs of running the schools. The Wattle Company provides and maintains the

schools’ infrastructure and contributes additional development funds when required.

III. Health and safety

The Wattle Company has a full service Occupational Health and Safety department. Health and

Safety in the workplace is a major priority. Annual Safety competitions are held to ensure in-

house safety practices


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IV. Community relations

The Wattle Company voluntarily ceded 3,200ha of land to the Government of Zimbabwe for the

purposes of resettling landless people. It has also sponsored the education of a number of less

privileged children over the years and has retained them for employment in their relevant

departments after completion of their studies.

The Wattle Company has significantly played its part in terms of welfare of its workers and the

community. However more can be done for the society as the economy gets worse and worse each

day. Families that have lost their heads to HIV/AIDS within the communities could be assisted

regularly with food aid and school fees for the children that are in school. Old people’s homes and

centres for the disabled would also be more than glad to receive donations from companies as big

as The Wattle Company.


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1.6 Nature of industry

The Zimbabwean primary wood processing industry is an oligopoly dominated by five players

namely: Wattle Company, Border Timbers, Allied Timbers, Mutare Board and Paper Mills, and

Hunyani. Each of these companies has its own timber processing facilities and rows timber for

own use.

Competitor analysis

Forest Company of Zimbabwe continues to grow into an empire owning about 40% of the

plantations with mature trees. They are trying to convert their business concept from a 90% local

to 60% export and have incorporated EC Meikle.

Forest Company of Zimbabwe, currently the largest producer is both a retailer and wholesaler who

is slowly moving into hardware and has opened recently in Botswana. It locally operates eight

outlets and two truss plants using a flanking strategy.

Border Timbers is now the second biggest player in the industry but of late experiencing problems

of diminishing resources.

Wattle Company, Forest Company of Zimbabwe, and Border Timbers produce about 89% of

timber in Zimbabwe and 1% is from Bush Millers.

Threat posed by forest fires locally affects output in terms of quality. Recent fires in South Africa

had weakened output prices.

Only Wattle Company and Boarder Timbers are Forest Standard Commission (FCZ) certified

giving Forest Company of Zimbabwe a disadvantage on the international market.

Wattle Company is currently the smallest player in the industry but the most efficient.


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Corporate SWOT analysis

Strengths

Forestry Standard Commission (FSC) certification assists with marketability of pine products

particularly in the export market. It is also used as a forestry standard benchmark.

Since the industry is an oligopoly there are strong barriers to entry thereby protecting profitability

in the industry.

The good reputation of the company with the outside world has made the company to easily access

borrowing.

The company’s staff is competent, loyal and experienced and with this the company has an

advantage over its competitors.

Weaknesses

Gaps in plantation age class resulted in high fluctuation in timber supply. The management should

monitor production target annually to minimise the effect of gaps.

The Wattle Company has one export market destination that is South Africa; this means any surge

in economic activities will affect company profits.

The company’s failure to recognise staff training and development might result in lack of

competence in the future

Wattle plantations were over harvested last years and this may affect supply of wattle in the future.

The management is monitoring and updating harvesting plans

Opportunities

Initiative by government to promote corporate farming provides diversification opportunities

All non-millable baboon and fire-damaged timber can be converted to charcoal.

There is an expansion of plantation resources within Zimbabwe and neighbouring countries like

Mozambique. The company is pursuing arrangements with Chipinge local authority at ST Kelvin

Threats

Aging harvesting equipment. The company is implementing preventive maintenance programs

such as replacing obsolete equipment

Wild plantation fires. The company has implemented in-house training on fire control

Pests such as baboons, myriad and white grubs are a threat to the growth of wattle. There is a

continued aerial spraying programs as well as shooting control


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1.7 Expectations and industrial reality

Expectations

As a student I was expecting that the supervisor would be sitting at my side teaching what to do.

Apart from that I expected to be taken as just a student who would contribute insignificantly to the

organisation.

Further more I thought, though I was just a student my contributions would be needed in some

situations.

I expected to apply the rich theoretical approach I had acquired for two years at college with the

knowledge from different modules.

Expectations versus reality

The working environment was not hostile at all. Particularly colleagues in the accounts department

were willing to help any time the student had a question on some procedures. The supervisor was so

helpful to the extent of making sure his welfare at home was superb.

Besides that, the team helped the student to realize that he was an important figure who was able to

contribute something significant to the organisation. The supervisor would leave him to accomplish

certain tasks without the aid of anyone. Eventually when he had finished these tasks and send them

to the executives he realized he was at Wattle Company for a significant purpose.

However, on decision-making he had no chance to contribute anything. This was mainly at

organizational level. He only contributed with decisions on smaller issues, which were of concern to

his duties.

Though some of the theory learnt at college, could not match precisely with the practical

applications, the student noticed a common approach that was particularly emphasized by the

supervisor. To create effective communication, he was supposed to report to the supervisor on tasks

he had to do.


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Conclusion

The background, mission and values have at the point been explored in great detail. Wattle Company

takes it upon itself to do its best in business and in its social responsibility endeavours in its day-to-

day operations. Chapter two has detailed information of the student’s work related learning

assignments and the personal and professional development of the student being found in Chapter 3.


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Chapter two

Work related learning assignments

This chapter highlights the relevant departments to which the student was assigned. It provides a

brief description of the assignments performed and their relevance to the degree programme. The

Wattle Company finance department is comprised essentially of the purchasing and accounting

functions. All these divisions rely on the head office for their information processing needs. As part

of the orientation process, attachment students are taken on a tour of the company’s divisions.

2.1 Accounts department

There are five sections in the accounts department, which are stocks, cash and bank, creditors,

debtors and management section.

I. Creditors section

The creditors section processes creditors invoices into the system. The main processes involved

include:

Costing of goods received note from the stocks section with invoices received from suppliers.

Quoted prices on orders are compared with invoices

Invoice processing: on receipt of invoices, they are matched with the purchase order and

checks whether the quantities and quoted prices on the purchase orders agree with the

invoices then batch for input. The invoices are then processed.

Batching of goods received notes (GRN)

On receipt of GRN, creditors batch, cost and then process them

Payment of trade creditors and sundry creditors

Creditors reconciliation

Attending to creditors queries

Follow-ups with stores for incomplete documentation and outstanding queries


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Capturing creditors’ invoices, cheque requisitions, credit notes and journals

Withholding tax payments

Preparing withholding tax certificates for suppliers and distribution

Railage recoverable analysis

Matching invoices with goods received vouchers

Checking documents for price variances

Receiving import invoices for input

Foreign creditors reconciliation

Preparing and printing month-end reports that are purchase ledger, credit note daybook, cash

discount daybook, ageing analysis report and check if agreeing

Age debt analysis

Creditors divisionalisation

Nominal ledger analysis

Statutory payment requirements, for example, withholding tax and vat

Creditors input

Creditors account maintenance

Foreign creditors revaluation


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II. Cash and bank

The following duties were performed:

Checking bank and cash input before processing

Input all cash receipts and journals

Travel debtors claims and clearance analysis

Processing foreign payments requisitions

Maintaining all bank accounts in preparation of bank reconciliation

Stale cheques analysis

Input tax schedules local and imports

Reviewing bank, creditors and petty cash reconciliation

Cash and bank account reconciliation

Processing foreign receipts and reallocate to respective foreign current accounts (FCAs)

FCA revaluations


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III. Debtors section

The following duties were performed:

Inputting debtors invoices and cash receipts. Invoices received monthly will be processed

together with cash receipts and this will reduce our debtors in the system

Ageing analysis. Debtors will be ranged according to the number of days they have been

debtors. Those who have been debtors for a long time will be declared bad debts and will be

included in the final accounts

Debtors control to subsystem reconciliation. Value of debtors in the subsystem and nominal

must be the same

Sales volume reconciliation per invoices processed. Total volume of output sold will be

reconciled against receipts received from sales

Process debtors transfer journals

Foreign debtors revaluation. Due to inflation, amount owed to us by our foreign debtors will

be revalued so that they reflect a true and fair value of money owed to us

IV Management section

The following were the duties performed:


27

Input vehicle and chainsaw returns and wage analysis

Job costing and nominal ledger maintenance

Job costing reconciliations. Jobs processed during the month will be checked against

nominal ledger

Preparing notes to the financial statements. Every figure on the final accounts should

have notes explaining how that figure was calculated

Assisting in the preparation of the management accounts that is from trial the balance to

the balance sheet.

Vehicle and chainsaw costs recovery. Costs incurred by the chainsaws and vehicles will

be calculated and apportioned to various jobs done during the month

General estate expenses reallocation to the estates that incurred them and posting

schedules

Plantation reconciliation that is nominal to the subsystem. Plantation nominal code will

be compared with plantation job code and they must be the same

Transport reconciliation to different estates. Nominal code for vehicles will be compared

with job code and they must be the same

Capital reconciliation that is nominal to subsystem. This is for fixed assets where job

codes for fixed assets are compared with nominal codes and must be the same as well

Variance analysis. This involves calculating costs that are directly linked to the plantation

that is direct costs. The costs will then be apportioned basing on wages of the estate

Volume of pine, charcoal, wattle and eucalyptus reconciliations. Sales figure derived

from the reconciliation will be used in the preparation of the trading account

V. Stock section


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This is a department that processes most documents from the stores department. Following duties

were performed:

Processing goods received notes from the stores department in the stock control routine. This

updates the stock file by increasing items in stock, open purchase order file by reducing the

number of open orders and the nominal ledger by debiting stock suspense account and

crediting stock accrual account with the quoted value of goods received

Printing and checking stocks input audit trails to verify accuracy of goods received input

Raising cost adjustment and quantity adjustment to correct any errors. Cost adjustment will

be correcting the average cost to the figure it was before processing. Quantity adjustment will

be adjusting price if wrong price was processed. If there is no mistake, the purchase order,

goods received note, delivery note are then send to the creditors clerk pending receipt of

invoices

Issuing of stock. We processed stock issue vouchers where all issues of stock are recorded.

These stock issue vouchers are coded, checked and then batched before processing.

Processing the stock issue vouchers updates the stock file by reducing items in stock and the

nominal ledger file by debiting expense allocation and crediting stock control account by the

value of stock issued

Raising a stores return voucher if wrong goods are issued to return goods in stock. Goods are

transferred among different depots using a request to transfer document where the issuing

depot, receiving depot, quantity transferred and description of the goods are detailed. It is

processed at the stock section

VI Business information system section

I was involved in the introduction of the new accounting system (ERP) to the accounts department.

The drawbacks of the SMB:


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Because of high inflation figures the SMB could not coup up with changes in the economy

and hence it would drop figures and distort the accounts

The SMB could not process at real time, there was need to wait to process input until the end

of the period, and hence the accounts will be behind by one month in terms of the accounts, it

did not allow to process when things happen, and it could not produce the trial balance it has

to be done manual and hence increase in overheads because many people needed to be

employed.

The SMB was not dynamic to changes in the system thus the changes in inflation and

revaluations. Revaluation had to be done manually and it took 2or more weeks to revalue the

whole system.

The introduced system ERP-Enterprise Resource Planning is a system that integrates or at least

attempts to integrate all data and processes of an organization into a unified system. This meant that

the accounting system, the marketing orders system and all invoicing processes were to be

swallowed up in one system called ERP.

Advantages of ERP

The ERP accommodates more than 50 people at one time log on, and this will be of benefit if

all the estates will be online and input as things happen

The accounts can be run any time and the position of the firm can be seen at the click of a

button.

The system is dynamic and can easily adapt to changes in the economy, thus it can also

report in multi currencies.

It can accommodate huge or big figures and it’s easy to revalue figures at the click of a

button the whole system would be revalued.

.

2.2 Stores department

Rotation of duties carried on and moved to the stores department where buying and issuing of stocks

is done. Below are the movement of documents and different tasks performed.


30

Buying at Wattle Company is centralized. User departments raise RS (requisition to purchase non-

stock items). These RS details the quantity, unit and description of items to be purchased. An

authorized person indicates the account to which the expense should be charged and sign them.

Requisition to purchase stock items (RP) are raised by the stores administrator when stock levels

reach the reorder levels. These RP details the quantity, unit and description of the items to be

purchased. An authorized person signs them and indicates the stores allocation to which the cost

should be charged. RP and RS documents are then send to the buyer by the stores department.

On receipt of an RP and RS, the buyer raises four purchase orders. The top copy goes to the supplier,

the second copy to the record supervisor, third copy goes to the department that requested for the

purchase and the last copy is a fast copy. The record supervisor and his staff batches the purchase

orders and put them in purchase order routine. They are then dispatched to the accounts department

where they are processed. The computer updates the open purchase order file by increasing the

number of open orders and the stock file by increasing the number of items in order. Orders are then

send to the receiving department were they are filed pending receipt of goods.

Suppliers on receipt of order will send goods to the buying company. When goods are received, a

goods received note is raised in the receiving bay. The purchase order and delivery note are signed in

this bay to acknowledge receipt. The GRN, purchase order, delivery note and the goods are passed

on to the dispatches bay. The dispatches bay then send goods to the requesting department

accompanied by an advice of movement, while the goods received note, order, quotation are passed

to the accounts department for processing.

2.3 Relevance of theory to practice

Raw data must be applied in the work environment and put into practice. During the attachment

period, some of the concepts, knowledge, skills and attitudes acquired from MSU were applied to the

working environment. The following are the concepts applied:


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I. General disclosure

The group comprises of The Wattle Company Limited and its subsidiary Nyanga Pine (Pvt) Limited,

both of which are incorporated in Zimbabwe. The main business of the group consists of commercial

forestry. The principal accounting policies of the group for example accounting convention,

revaluation of fixed assets etc have been consistently followed in all material respects.

II. Principles of management

The author noted the clear hierarchy of control and chain of command in the organisation.

Leadership functions and roles as well as the management style were noticeable as one had a

theoretical knowledge to this.

III. Business statistics and corporate finance

Borrowings and investments were regular activities in the firm. Matching borrowings to investments

taking note of interest rates and duration could have been a demanding activity without a sound

theoretical background. Calculation of future values and interest on Productive Sector loans and

short-term investments required a support statistical knowledge thus applying the concepts learnt

from school.

IV. Economics

So many factors affected the firm at a macro and micro scale in its operations. The reactions to this

were observed and the author could share ideas on how to conquer some of the problems from the

theories learnt in school. The major areas were escalating borrowing interest rates, rapid inflation,

and customer’s disposable income.

V. Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and its

subsidiary. The premium arising of the acquisition of the subsidiary is shown as cost of control

and is deducted from non-distributable reserves.

VI. Revaluation of fixed assets

Independent values undertake revaluations of freehold property annually and where the current

carrying value differs materially from the revalued amount the revaluation is reflected in the

financial statements.

Surpluses on revaluation are transferred to a non-distributable reserve while an amount

equivalent to the portion of the annual depreciation charge relating to the revaluation surplus is


32

transferred to retained income each year. Profit or loss on the disposal of a revalued asset is

calculated as the difference between sales proceeds and the carrying book amount at the date of

sale and the appropriate portion of the non-distributable reserve is transferred to retained income.

VII. Foreign currency translation

Transactions in foreign currencies are translated to Zimbabwe currency at rates of exchange

ruling at the time of transaction. Exchange gains or losses arising on the settlement of foreign

currency transactions are dealt with in the income statement.

Assets and liabilities in foreign currencies are translated to Zimbabwe currency at rates of

exchange approximating those ruling at the balance sheet date or rates applicable to forward

exchange contracts entered into. Exchange gains or losses arising on translation are dealt with in

the income statement.

VIII. Depreciation of fixed assets

Depreciation is not provided on freehold land, dams, roads, and capital work in progress.

Depreciation on other fixed assets is provided on the straight-line basis calculated to write of the

cost of fixed assets over their anticipated useful lives, for example:

Sawmill-20 years

Buildings and bridges-40years

Plant and machinery-13-20 years etc

IX. Stocks

Livestock is valued at standard values. Other stocks are valued at the lower of cost and net

realizable value. Cost is computed on a weighted average basis. Trading stocks include a

proportion of overheads where appropriate.

X. Accounting concepts

When preparing final accounts, prudence concept was applied, which states that profits should

not be overstated and losses should not be understated. The matching concept was also applied

when preparing the final account that is matching expenses against revenue that brought it about.

Expenses incurred during the month are recorded in the actual month they were incurred so that

the final accounts reflect a true and fair view of the company. It was also of great importance to


33

apply the going concern concept. When preparing the final accounts, the company will continue

to operate in future. The materiality concept was used to identify transactions that were worth

recording that is those of great importance and those that are to be written off.

XI. Financial accounting

Basic principles of accounts on treatment of assets and expenses were strictly followed and the

author went through this on a daily basis, as this was the department that the author spent most time

in. Since the company is engaged in exporting activities, the author was also involved in foreign

transaction processing.

XII. Management and cost accounting

The author was involved in forecasts that are budgets and was also involved in the budgetary

control. Variance analysis was part of regular activities. Noted the application of Activity Based

Costing (ABC) as most the costs incurred in the service cost centres were greatly unaffected by

production volumes but varied with the range and complexity of products manufactured by the

company. These costs are absorbed into cost units on the basis of benefits received from the

particular service cost centres. This method shows product costs and the activities that cause them

XIII. Auditing

Internal controls imparted in audit lectures were in full force, and strictly monitored within the

organisation. The author also had a chance to work with external auditors as they went through their

audit process for year-end.

XIV. Information systems

The knowledge acquired from introduction of computers course helped a lot in providing with the

basic know how of computers since the working environment involved working with computers.

Most of the tasks, which were done in the accounts department, or any department are done using

computers. It was very easy to adapt because of background of computers acquired earlier at college.

Some of the concepts learnt from information system that were able to applied included keeping

password a secret and logging off each time the office has no occupant so that information is

secured. Information system was applied when filing to keep documents safe and in chronological

order. At the end of each period, all the documents were filed for each period in each respective

department worked in.


34

XV. Human resources management

A positive attitude developed towards teamwork. At college we normally students have study groups

when studying or writing assignments. As a result, working with all people from every department

was easy although difficult at first. In accounts department, for final accounts to be produced,

working as a team is the remedy.

XVI. Communications skills

Communicating with different workmates was easy although at first it proved to be difficult. Later

on the importance of good communication skills at work were applied and everything started

working out.

XVII. Introduction to taxation

i. Deferred taxation

Deferred taxation is calculated on the partial liability basis at the current rate of taxation in

respect of timing differences resulting from the recognition of income and expenses in differing

periods for financial statements and taxation purpose. Amounts that will be deferred in this

manner for less than three years from the accounting date are included within the charge for

taxation and set aside as deferred taxation. Amounts that will be deferred for more than three

years are shown as contingent liability.

ii. VAT

Vat is chargeable only by registered operators. It is paid on the 20th of every month. Items which

are exempted from VAT include medical services, fuel etc. The standard rate of VAT is 15%

except for cell phones that attract 22.5%.

iii. Withholding tax

To make adjustments

Withholding tax is paid on interests and capital gains

ITF 263 is charged on business operators who do not have a tax clearance certificate issued to

them by Zimbabwe Revenue Authority (ZIMRA). Payments to such operators exceeding a

certain threshold are liable to deduction of 10%.


35

2.4 Recommendation for further training needs

The student has never been exposed to meetings where decisions are being made. As a Business

Management student he is supposed to know a great deal of decision making at managerial level. In


36

addition some of the communication skills needed for example the ability to write minutes, notices

and the speech can be gained there.

Wattle Company is a large company with a number of depots. The was based at the head office and

he should have had a tour to all the company’s depots so that he could have an idea on how decision

are being made at operational level. It was going to be an advantage if the student had a deep

understanding of how the company’s deports operates.

Conclusion

All the tasks that the student was exposed to were explained in detail in this chapter. The student was

attached to the accounts department and to his benefit he was exposed to all the sections that include

creditors section, cash and bank, debtors section, management section and stocks section. However

the student wasn’t exposed to some areas like meetings, workshops, which could have equipped him

with other necessary skills.


37

Chapter 3

Personal and professional development

This chapter gives a detail on personal and professional development that the student gained during

his stay with the company. Highlighted are the key skills developed by the student, his strength and

weaknesses and an assessment on the work related learning.


38

3.1 New skills acquired

His stay with the company resulted in the student gaining a lot of skills, which include technical,

skills, communication skills, analytical skills, human relation skills and conflict handling skills.

I. Technical skills

Working at Wattle Company helped the student in acquiring new skills. Prior to attachment little

knowledge about Microsoft Excel was acquired. The student was also introduced to an accounting

package known as SMB (Small to Medium business Accounting Software). At first it was difficult to

use the accounting package. As more exposure was gained, inputting information, producing

different reports, for example purchases ledger report for different creditors became faster and

accurate. Periodic stock counts were carried out. Stock take would mean comparing physical counts

and what will be on the bin cards. After every stock take a report of the proceedings and any

problems that might have risen would have to be reported. Stock variances were also highlighted in

the report.

II. Communication skills

Communication skills were acquired especially when working at the creditors section. One of the

duties on creditors section was to talk to creditors almost on a daily basis to inform them about their

payments and any queries they needed to be attended to. As a result the attachee learnt to be polite,

patient and tolerant with different characters. Good communication improves the company’s image

to its outside world. With particular attention to verbal skills, the student noticed a big improvement.

It was a frightening thing consulting the suppliers whose documents had not been completed. They

would ask a number of questions in a hostile manner. Such a situation helped the student on how to

talk nicely so that they would understand.

III. Analytical skills

Analytical skills were acquired during the attachment period. Accounts must not be analyzed just at

the surface but right from the bottom up to the top. The student was able to analyze things in detail

that is what they brought them about and the consequences. The supervisor played a major role in

instilling this skill in the student. During marketing intelligence findings the student gained a skill of

critically examining the competitors environment in a broad spectrum. Through such analysis the


39

student realized that there are some blind spots, which people may exempt as if they do not affect

them whilst they have significant impact on the organisation.

IV. Human relation skills

The attitude developed towards teamwork improved. In accounts department, it is essential to work

as a team and it helped a lot. Teamwork made work easier if communication with workmates for

better ideas was made regularly. Teamwork improves workers morale and aid in maintaining the

organisational behaviour.

V. Conflict handling skills

Sometimes the attachee’s interests would conflict with those of the company. For instance, just

like any other employee one may need money to survive but sometimes the company may not

have that money. Or the money may be there but for other purposes. Considering the fact that

Work Related Learning is there to arm students with practical skills on what they have learned

theoretically, the student had to concentrate on learning. The more he did the work the more he

learned.

VI. Interpersonal skills

The student interacted with people of different backgrounds and personalities. This improved his

interpersonal skills. The student had to meet the suppliers and deal with their problems. He had to

run around all departments looking for documents, information and sometimes disseminating the

information. Due to these interpersonal skills I began to realize the relevance of teamwork and began

to shun witch hunting. I was prepared to accept outcomes of my actions and admit where negative

results had emerged.

VII. Meeting skills

There were a few meetings I attended and these were only in the department level. Though they were

formal meetings the manager tried to infomalise them so that students could be accommodated since

they were unfamiliar with such meetings. The prominent skill I grasped was that the agenda should

be followed. Whenever one gets the platform to say something he or she should to stick to the

agenda. Failure to do so would lead to stray discussions, which would not accomplish objectives of

the meeting. Apart from that I learnt that for one to contribute meaningful suggestions he should


40

listen when others are passing their own opinions and it is a skill to abide by the chairperson orders

not just uttering when its not called for.

VIII. Self Confidence

During the first I lacked this skill when talking to my supervisor or even to those who would want to

be served. However, later on I became adapted to the working environment. I could even complete

tasks from one department to another under the clear notion that I was doing the right thing. As I

began to settle my confidence got built up and in meetings like those of reporting on marketing

intelligence I became able to say out my findings, explain them in detail and defend them against

criticism.

IX. Self initiative

I had a driving force in me that pushed me to execute my tasks. I would not wait for the supervisor to

coerce me carrying out my duties. In some trivial cases, which needed a quick decision to be made, I

had to pass decisions to avoid curbing the process by consulting my assistant supervisor.

3.2 Personal Development

The four A’s of Steve Pavlina, were part of the way taken in the personal development process.

Assessment of the working environment was done at arrival at Wattle. Adopting the way of life at

the place was next, followed by adaptation to the environment in it. Necessary adjustments to

personal characteristics were made to suit the people at Wattle and the ups and downs found in all

working environments.


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Mastering time usage for extreme productivity and overcoming procrastination of tasks were part of

the learnt tips. Setting of realistic goals, creations of action plans in case of crisis and achievement of

results were not left out either. In times of crisis, there is need to confront and solve hard problems

faced in working situation which is now done with confidence. It was also learnt that to succeed in

any field, personal motivation and cultivating a burning desire to keep moving towards your goals

was vital.

3.3 Strengths and weaknesses

Strengths

I. Adaptation


42

The environment in which the student was working was so complex with ever changing systems that

the student had to be flexible and be able to adapt to some changes. He quickly familiarises himself

with the systems to such an extend that some of the workers had to consult from him

II. Pressure sustenance

The most pressure was experienced at the end of a financial period when all documents had to be

inputted in the system. During such a period the student had to stay at work till late to come back the

following day very early. All these he did willingly without experiencing any stress.

III. Proper communication skills

The student has proved to have good communication skills through his ability to handle any conflict

with the creditors, ability to trace missing documents and communication with the management.

Interaction with different people either over the phone or face to face called for the use of tactics

learnt at college. In most cases the situations called for politeness and cheerfulness in explaining and

asking for certain things.

IV. Punctuality

Work started at 8.00am and most of the time the student would get at work at 6:30am.this enabled

him to counter the pressure he would face if he had to start work at exact times. In that bid I became

so punctual almost every day. And 4.30pm was the dismissal time but the student would go an extra

mile up to 5.00pm.

V. Accuracy

Input of documents in the system need a great deal of accuracy any failure might cause information

distortion. However the student had proved to be very accurate and his supervisors chose him as one

of the team members who helped in input.

Weaknesses

.


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I. Unfamiliarity with some computer functions

The student had to cope with the computer functions such as excel. Excel is widely used in the

accounting department and the student’s little knowledge about excel affected the work progress.

3.4 An assessment of the Work Related Learning

The full year spent at Wattle was not just a formality so as to adhere to the Bachelor of commerce

degree programme. Rather it was a productive learning process that exposed the student to the real

working environment. Practical business situations that are often presented at college were made real

through this process. The working environment was not modified so as to cater for students but it

was a real with clear operational structures. It gave the student the necessary practical experience


44

needed in developing future managers. This was more than a mere academic process as the students

matured in their individuality improving interpersonal communication skills.

Most of the objectives of the WRL were met significantly as the student has now mastered most of

the listed areas in the outline. Some of the topics took longer to be mastered than others. This was

because other tasks were day-to-day happenings like the use of spreadsheets and some were one-off

like data capturing in the system. The other flaw of the outline was that most of the topics were

drafted like they were to be covered in theory. In the end the student had to search the net before

presenting the monthly report and claim that a certain topic was well covered.

The supervisors were also pushed by the student’s drive to learn. Where the student showed no

interest, there was no need for the supervisor to force it on the student as they had lots of other work

to do. The same can be said for any other company with students on attachment.


45

Conclusion

At first the attachment period was not enjoyable since the student had to familiarize with both

workmates and the working environment. As time went by it turned out to be fruitful. So much

experience and skills was gained. There were a lot of things that could not be done before attachment

that can be done now, for example using SMB (Small to Medium Business Accounting Software)

system and working as a team. The student also learnt to appreciate that theory without practice is

dead, to be patient and being tolerant. The student is now a better person due to the attachment

experience both at work and personally


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Chapter 4

Challenges and recommendations

In this chapter challenges faced by the student during his Work Related Learning period are

explained and a highlight of how some of these challenges can be reduced. As a matter of fact

students face so many challenges in their learning on which some are attributed to the company of

placement, some to their learning institution and others to the students themselves.

4.1 Challenges faced during attachment period

I. Applying theory to practice .

At college, theory staff was learnt. It proved to be difficult to put theory into practice since very few

things learnt at college applied to the practical part. Theory is skeletal without any experience from

the working environment. The student had to use that little information to tackle all the situations.

II. Slow adaptation to accounting information system packages .

Accounting information system packages used like the SMB and later on ERP that are custom made

to meet Wattle Accounting System needs were a real challenge in the first days. The student was not

familiar to it and did not know how to use it and was very slow in using at first. As time passed by,

he managed to get used to the system and now using it faster with few or no errors at all. This he

managed through observation whilst others did the data capturing and asking questions for clear

understanding, taking down the procedures for future reference also eased the task

III. Dealing with other workers .

Some of the workmates were very difficult to work with. Some were reluctant to offer assistance in

detail and were rude. Difficulties were experienced in performing some jobs up to perfection at first.

Some people at Wattle Company used to think that attachee students were a threat if they know or

perform better than they do. They had a mindset that they can loose their jobs if that attachee


47

happens to be employed back after graduation since the student would have shown potential during

attachment. The student had to humble himself and show respect to the entire staff member

regardless of their positions.

IV. Changing of duties .

Some new things were introduced very often. It took time to adapt to this rotation system. New

people were met to every department the attachee worked in. It took time to get used to the people

and the duties performed in each respective department. The student had to grasp the concepts

quickly and familiarize himself with the organization.

V. Teamwork problem .

Teamwork was difficult to cope up with at first. Working with many people with different

characters, attitudes, backgrounds and cultures was not an easy task to do. Some people were found

to be very rude and difficult to work with especially at the end of an accounting period. It was

characterized by long working hours almost everyday and working under pressure to meet deadlines.

The student had to be flexible and easily adapt to the team works.

VI. Multiple supervisors .

Since the student was to transfer from one section to the other, he faced a great challenge of being

supervised by different supervisors some of whom were not that cooperative. The teaching

techniques had to differ from one supervisor to the other because of that the student was to be

flexible.

VII. Few resources .

The company had shortage of computers and had to share one computer with other students, which

delayed the basic activities. The company had to increase the numbers of computers to meet one

machine-one user needs.


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VIII. Slow Feedback from other departments .

When it comes to book closing, the accounts department is at the end of the activity as information

required is sometimes an output of other departments. The required reports are usually delayed late.

The student had to regularly prompting the people to impart the information earlier by constantly

reminding them and try to explain the importance of the information required outlining the

repurcations of delays.

IX. Obtaining information from banks -

Some personnel at the banks were reluctant to provide information over the telephone or by a fax

thus posing challenges on meeting the deadline. The student had to apply the communication skills

learnt in college as well as develop interpersonal relationships with the relevant people by improving

on the communication skills.


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4.2 Suggestion to improve industrial attachment

For students to be better prepared for attachment, certain issues must be taken into consideration.

I. Case study of the company .

The student suggested that attachment students must have a case study of a company they work on

from production up to when final accounts are produced. They must get to the final stage of

producing final accounts. This will enable them to see how theory applies in the work environment.

They will be familiar with what takes place in industries.

II. Regular visits to companies .

The student also proposed that students must visit companies after a certain chapter that has

something to do with what takes place in companies. This will make them understand better how it is

done in real life that is putting theory into practice. Students must also visit the company they will be

working for during their attachment period for a week or two so that they get used to the

environment and the people they will be working with.

It is also proposed that the company can revise the supervisor - student ratio so that students can

have enough time with their supervisors. Considering the fact that one supervisor had to take care of

four students, students had to learn through other students.


50

Conclusion

Although the student had these challenge to face he was able to personally deal with some of them

so as to meet the requirements of his programme. Since he had little time with the supervisor, he had

to be the fast learner with the ability to grasp concepts quickly and apply to practice. The following

chapter is the conclusions for this whole report. It’s a summary of weaknesses and recommendations

for both the company of placement (Wattle Company ltd) and the student’s learning institution

(Midlands State University)

.


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Chapter 5

Conclusions

This chapter concludes this report. It makes recommendations on what the university can do to

improve its learning procedures and conditions in order to issue competitive BCom Degree in

Business Management. The same will be done for the student’s company of placement as there are

also areas in which Wattle Company can do better in terms of giving student a chance to learn the

realities of the finance world. The accounts department at Wattle Company also has its weaknesses

that have been observed. Recommendations and ideas will also be given in this chapter to address

those.

5.1 Recommendations to Midlands State University

I. Expose student to practice .

Availability of resources and lack of exposure at the institution made it very difficult for students to

acquire some practical skills. The computer equipment available is to few when it comes to catering

for the number of students there is. The supervisors expected some areas to have been covered

before the student joined the company. For instance excel which is only done in theory on

introduction to information technology. This made the learning process slower than intended by

supervisors. MSU should see to it that it buys more equipment and makes resources available for

students to learn and appreciate stuff.

II. Occasional visits by the college officials to the student’s place of work .

This is beneficial in checking progress with the student and supervisors. MSU lecturers showed up at

Wattle Company only once for a short while which was far from what was required. The college

needs to clarify its requirements and expected results of attachment to the supervisors constantly so


52

that the learning procedure is fruitful. Otherwise it can be said that “baby dumping” is done of

students during the attachment period.

5.2 Recommendations to the Wattle Company

I. Information security

There is no security of computer-stored information. Anyone can access information he wants

anytime and make any changes if he wishes to without any knowledge of other people. Passwords

are supposed to be kept secret but it is not happening. People are sharing passwords and when it

comes to distortion of data, a person would not

easily identify the source because so many people would be aware of the password.

Input controls: because of the phrase “garbage in garbage out” controls are needed for the proper

entry of data into an information system. Examples include passwords and other security codes,

formatted data entry screens and audible error signals. Registering them in a logbook when data

entry personnel receive them can also control input of source documents.

Processing controls: once data is entered correctly into a computer, it must be processed properly.

Processing controls are developed to identify errors in arithmetic calculations and logical operations.

They are also used to ensure that data are not lost or do not go unprocessed. Processing controls

include hardware and software controls.

Output controls: these are developed to ensure that information products are correct and complete

and are transmitted to unauthorized users in a timely manner. For example, output documents and

reports are frequently logged, identified with route slips, and usually verified by input or output

control personnel.

Storage controls: organizational database must be assigned to a database administrator. These

employees are responsible for maintaining and controlling access to the libraries and database of the

organization. Account codes, passwords and other security codes are frequently used to allow access

to authorized users only. A catalogue of authorized users enables the computer system to identify

eligible users and determine which types of information they are authorized to receive.


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II. Improve flow of documents

In most cases the accounts department faces some inconveniences due to missing documents. The

fact that the is a goods received note which was not captured means our closing stock at the end of

the period will be less than the actual balance and the same applies when a stock issue voucher is

missing our stocks will be exaggerated.

The company is recommended to have an undisturbed channel on which the documents are supposed

to flow. If the case is that all goods received notes should move from stores to accounts then that

must be the case. No one should go directly to the stores and collect those documents. Any one who

might need those documents should know the formal channel of getting them. Only those individuals

who are responsible should keep the documents the majority should borrow and return

To avoid loosing the important information when documents are lost the goods received notes

should be processed at the stores department just in time when the goods are received. That means

computerization is needed.

III. Replace poorly performing computers

The company have been doing its best to automate the offices to such extend that almost every

department have got a computer. However some of the computers are of the old models and their

performances are very poor. For instance the student was using one of such computers when he was

at stocks section. At one moment he lost the whole typed document that was urgently needed. This

forced him to extend his working hours. Though the student was patient enough to work with such a

computer but in normal cases the use of poorly performing machine may reduce a worker’s

commitment to his job.

The company is recommended to replace those old model computers with modern ones. Those

computers can be sold on an auction or they can be taken to departments like stores as an experiment

to see how efficient it might be to computerize such departments. Or if the company doesn’t have


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enough funds to purchase some more machines it can send such computers to specialist for a

thorough service.

IV. Cash flow management

1. Adherence to forecasted expenditures and avoiding excess unplanned cash outflows

2. Strike a balance between creditors days and debtors’ day and matching receipts to payments

on a short-term basis

3. Strike a balance between short-term investments and short-term borrowings so as to avoid

borrowings at excess rates whilst waiting for investment maturity.

4. Petty cash reconciliation should be conducted on a weekly basis to control the movement of

money to detect any shortfalls quickly.

5. Regular banking of sundry sales income by a different party instead of the cashier.

6. There is need to optimize internal resources to support the overall sustainability strategy and

create long term value for the company.

V. General Recommendations To the company

1. The Accounts Department should make quick follow-ups on invoices that are not returned on

time from the departments to which they would have been sent.

2. The creditors’ days should be clearly expressed to subordinates who mainly deal with the

suppliers so as to ensure harmony between the company and the suppliers.

3. Delegation of some managerial tasks that are manageable to students so as to give them

exposure and a conceptual view of the whole accounting department.


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Conclusion

The WRL period at Wattle was an immeasurably valuable experience, which nurtured the student

into a more capable professional. Skills have been gained technically, professionally and socially.

These will be used for post-graduation days as he moves into the industry full time. Exposure to

different aspects of finance has helped in choosing an area of specific interest. It has added an ability

to visualise the importance of group work and delegation. Attachment at Wattle was an eye-opener

and a platform to improve on areas of incompetence. This developed the student’s confidence as a

business management professional as theory concepts were all turned into practices.


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Re-entry

My Work Related Learning period at The Wattle Company Limited really transformed me into a

responsible student who is capable of working competently in the industry. It really gave me hands

on experience of the real working environment. I was able to familiarize myself with new ideas and

aspects in the industry.

Now that I m going back for my final year after this Work Related Learning period I will be able to

balance between the theory I will learn at school with the practical experience that I gained in the

industry. The theory that I learnt at school has been transformed to a valuable resource by the WRL

period. I will have a different stance to the modules that I will learn at school because of the

knowledge that I have on the expectation of a graduate in the Industry.

I have also been transformed personally by the challenges that I faced during my WRL period as

well as the responsibilities that I were given during my WRL. I am able to critically analyze

situations and make rational decisions in critical circumstances Faced with a problem I am now in a

good position to analyse it and make decisions. Thus I no longer depend on someone for decisions

especially where ad-hoc decisions are to be made. As a business management student it is very

important to have such a skill since one will be dealing with subordinates

I am now capable of being a leader and this I acquired through being accountable in some tasks,

which the supervisor delegated to me. As I accepted the responsibility, it meant that I would devise

means and ways to accomplish assigned tasks effectively thereby enhancing my leadership qualities.


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Regular reporting to the supervisor, attending general meetings, and communicating with other

workers boosted my communication skills. Apart from that I had to communicate well with the

suppliers during the period when I was working on creditors section. That’s when I gained the

confidence to talk over the phone and to be patient enough and not to lose my temper especially

when the suppliers are angry about late payment.

As a management student I noticed the way my supervisor addressed his subordinates and other

workers. I certainly grasped his methods and I am now able to handle human resources in common

matters, which concern employees from an individual perspective. Still on human resources the

supervisor had his own way of motivating employees, which I think were effective therefore if in

any case I am called to exercise them I am sure I will execute them.

I am now able to carry out duties without constant supervision taking my responsibilities with

caution and perfect ness hence I have become self-initiative. I now know a good employee does not

work to knock off but I give myself a target on day such that even if knock off time I stay behind to

carry out what as been left.

During the WRL period was also groomed to be intuitive. I was trained to be original, creative and

come up with new ideas. This will have a significant impact in my final year studies since I will try

as much to be creative with the knowledge that I will obtain at school.

With the vast technical skills that I obtained during my WRL period I will be able to contribute to

the educational system during the final year in number of ways. I will be able to participate in

lectures giving examples and applying the knowledge that I gained. I will also exchange skills with

my peers.


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Learning Agreement

Work Related Learning Module


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Ogarnisation Details

Name of Organisation: The Wattle Company Limited

Address 3 Durban Road P.O.Box250 Nyakamete Mutare

Telephone numbers: (+263 20) 63821

Fax numbers: (+263 20) 64564

Name of work place supervisor: Mr Tahwa I

Position: Operations Accountant

University Details

Name of Academic Tutor: Mr Mafuka

Telephone Numbers: 023 893 690/0912 632 555

Fax Numbers: 054-260388

Name of Chairperson: Mr Mafuka

Telephone Numbers: 023 893 690/0912 632 555

Fax numbers: 054-260388


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Description of Placement: The student was attached to the accounts department at the head

office of The Wattle Company in Mutare. And his duties were based from all sections of accounts

department that include stocks, creditors, debtors and operations.

Conditions of placement: The student worked five days per week and just like any other

employee he sometimes works during the weekends and holidays. He started attachment on 2

November 2008 on which his contract ended on 31 August 2009.

DATES OF ASSESSMENT

Learning: 27 March 2009

Written evaluation: 27 March 2009

Oral Evaluation: 27 March 2009

SIGNATURE OF PARTIES TO THE AGREEMENT

This document has been completed and agreed by the following

Name Signature Role Date

Chapanda Kudakwashe G Student

Mr Tahwa I Supervisor

Mr Mafuka Academic tutor

Mr Mafuka Chairperson


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Kudakwashe Attachment Report

Documents

Transcript of Kudakwashe Attachment Report