On The Job Training Report

College of Management and Accountancy

Business Practicum

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ACKNOWLEDGEMENT

This internship without the help and guidance of several individuals will surely not

end up with a feeling of success and new knowledge earned. They are these individuals,

whom I came to know and in one way or another have contributed in the completion of this

training. This internship would really not be a great journey without the following persons.

Firstly, I would like to thank Mr. Warley L. Concepcion and Mr. Noel Puno for

accommodating and providing me this training opportunity, without them this On the Job

training would not be accomplished. Second, I also like to acknowledge all the Staff of Puno

Ortaleza Associates and Company; namely Ms. Betty E. Peralta, Ms. Hazel J. Amoroso, Ms.

Madeleine R. Agustin, Ms. Angela M. Sto. Domingo, Ms. Jasmin Bernardo, Ms. Remylinda

Fabian and Mr. Gracito Lising for being a great company, a mentor, a guardian and a friend

for my 320 hours stay in the company. Third, to my co-interns, who has been my constant

companion in accomplishing every tasks assigned to me, who in the end of this endeavor

had been a great friend of mine.

To Mr. Ronald S. Leabres, our practicum adviser, thank you for being an inspiration

to us in this worthwhile journey as well as to the guidance you have given us in the whole

duration of this endeavor. Especially I would like to express my utmost gratitude to my loving

parents for their moral and financial supports, who, with all their best, has been working hard

to provide for my education.

Above all, to Almighty God, who has given me the strength, knowledge and specially

wisdom to accomplished this training with success, without Him this internship would not be

possible. Indeed, this initial experience of success opens a greater avenue for me to step up

toward greater victories I am yet to gain in the future.


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CHAPTER ONE

COMPANY PROFILE

Company Background

PUNO ORTALEZA ASSOCIATES AND COMPANY was earlier established as a

single proprietorship entity on June 15, 1999. It was converted to a company in May 2004

comprising of three contributors. The company was primarily conceived to provide quality

accounting, audit, bookkeeping, tax consultancy and other related services to businesses

located in Nueva Ecija, Tarlac, Pampanga, Bulacan, Metropolitan Manila and other

provinces in the country. Manpower complement for the organization includes a managing

consultant plus seven and able competitive personnel with sufficient educational credits,

proficiency and experiences.

The firm caters to a number of business enterprises engaged in the fields of

trading/merchandising of different commercial/industrial products on wholesale/retail basis,

motor vehicle sales & services, manufacturing, tolling, agri-ventures, lending investors,

financing companies, hotel and restaurants, real estates, professional, community and

management services, educational institutions, review centers, cooperatives, companies,

private corporations, foundations and associations. As of December 2013, there are 20

active client companies and corporations, and 180 individual entrepreneurs being handled

by the company on a regular retainer basis.


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Company Mission

Our mission is to enhance our clients quality of life by following our basic goals to:

Maintain a firm philosophy of professional independence and absolute integrity.

Practice at the highest possible level of professional expertise.

Help our clients with the ever-increasing compliance demands in both tax and other

financial reporting areas.

Serve small and mid-sized businesses and their owners, high net worth individuals

and other taxpayers.

Provide our services in a timely and efficient manner.

Provide an environment for our employees in which they can flourish while improving

themselves and the services they provide.

Make a contribution to improving our profession by serving on professional volunteer

organizations.

Company Vision

Our primary purpose as an organization is to deliver high quality financial products

both in appearance and content. We will continue to be known as the firm where personal

attention will never become obsolete. We want to employ people who are extremely

satisfied and who go the extra mile for clients. We want a culture of growth, profitability and

enthusiasm throughout the firm.


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Managing Consultant

- Obtain and maintain relationship with clients and attend clients meetings.

- Have final say on accounting and auditing issues

- Sign the reports and approve the billing for fees

- Have a line authority to all of the companys staff

Accounts Consultant

Technical / Operations

- Perform detailed audit work, preparation of financial statements, and income tax

returns.

NOEL B. PUNO Managing Consultant

WARLEY L. CONCEPCION, CPA Accounts Consultant -

Technical / Operations

BETTY E. PERALTA

Accounts Consultant - Admin / Finance

HAZEL J. AMOROSO Accounts Officer - PAG-

IBIG/PHIC

MADELEINE R. AGUSTIN Accounts Officer -

Permits

ANGELA M. STO DOMINGO

Accounts Officer - SSS/SEC

JASMIN BERNARDO Liaison Officer

REMYLINDA FABIAN Liaison Officer

GRACITO LISING Liaison Officer

Figure 1: Company Organizational Chart


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- Assume over all responsibilities on his issued financial statements

- Have a line authority to the Accounts and Liaison Officer and a staff authority in

regards with the Accounts Consultant for Admin and Finance

Admin / Finance

- Accept phone calls and clients payment

- Over all in charge in the distribution of payroll

- Maintains companys financial records

- Have a line authority to the Accounts and Liaison Officer and a staff authority in

regards with the Accounts Consultant for Technical / Operations

Accounts Officers

- Officer in charge with transacting to different government services in performance of

the services of the company other than tax consultation and preparation.

- Have a line authority over the Liaison Officers

Liaison Officers

- Receiving the tax returns to the BIR and paying these to the banks.

- Filling and Sorting of companys files

- Assists all other companys staff


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Services Rendered

PUNO ORTALEZA ASSOCIATES AND COMPANY offers the following services.

TAX PREPARATION & CONSULTATION

Register business with the BIR.

Register and maintain Books of Accounts of the business.

Securing an authority to print receipts/invoices (ATP)

Data encoding for BIR requirements.

Withhold taxes on compensation of employees and on payments subject to final

and expanded withholding tax and remit the correct tax as withheld

File the necessary returns and pay corresponding correct taxes promptly at the

time/s required by law.

Assist and help taxpayer in any audit or investigation necessary to determine any

delinquent or unpaid tax liabilities.

Be available for consultation with directors, officers and staff.

BUSINESS PERMITS AND OTHER SERVICES

Securing business name with the Department of Trade and Industry.

Securing business/municipal permit and license to operate a business in city

and/or municipality.

Registration of corporations and partnerships at the SEC.

Reportorial requirements of corporations registered with the SEC i.e. hard

copies/diskette of General Information Sheet (GIS) and Audited Financial

Statements (AFS).

SSS, Philhealth and Pag-Ibig monthly remittance and quarterly reporting.


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BOOKKEEPING AND AUDITING

Installation of accounting system and procedures using computerized and/or

manual accounting system.

Yearly, quarterly and monthly audit of the books of accounts in accordance with

the Philippines Standards on Auditing.


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CHAPTER TWO WEEKLY TASK REPORT COMPILATION

Weekly Task Report

Student Name: PATRICIA JOIE M. CLAMONTE

Period Covered: April 1 4

Course & Section:

4BSA-1 Partner Company:

PUNO ORTALEZA

ASSOCIATES & COMPANY

DAYS SUMMARY OF WORK, DUTIES &

RESPONSIBILITIES NO. OF HOURS

RENDERED

WEEK 1 April 1 - 4 2014

Familiarization of different jobs in the office.

Fill up UCPB BIR deposit slips for the payment of

clients tax returns

Photocopying of clients tax returns that is to be

retained by the firm.

Fill up and printing of monthly value added tax

returns forms.

Submission to the BIR of clients tax returns that is

to be received rather than paid.

Filling of the returns photocopies into clients

respective folders

Summarize clients purchases in preparation of

income tax returns

Sorts new clients files retrieved from their office

Check and look for tax liabilities and discrepancies

34.17 hours

Mr. Warley L. Concepcion, CPA


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Weekly Task Report


Period Covered: April 7 - 13

Course & Section:


PUNO ORTALEZA




RENDERED

WEEK 2 April 7 - 13

2014

Arranged alphabetically SSS, PHIC and Pag-ibig

receipts. File these receipts into the clients

respective folders.


clients tax returns

Fill up registration form and documentary stamp

tax form for new clients

Summarize clients sales invoices in preparation

of income tax returns

Sort clients document

Submission to the BIR of clients tax returns that is

to be received rather than paid

Fill up annual income tax return or 1701

49.25 hours



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Weekly Task Report



Course & Section:


PUNO ORTALEZA




RENDERED

WEEK 3 April 14 - 18

2014

Fill up annual income tax return known as 1701

Fill up annual income tax return for corporation

known as 1702

Pay the annual income tax returns through bank.

Summarize clients expenses from monthly to

yearly by line item

Preparation of income tax return of various

individuals, corporation and association that will be

filed to BIR.

Photocopied income tax returns for filling and for

distribution to clients.

23.75 hours



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Weekly Task Report



Course & Section:


PUNO ORTALEZA




RENDERED

WEEK 4 April 21 - 25

2014

Submit to BIR form for receiving, those returns

with no payment or tax credits.

Paid clients monthly percentage tax returns

through banks

Released taxpayers copy of income tax returns

filed in the BIR

Photocopied income tax returns for filing and

distribution to clients

File the return of the client to their respective

folder which shall be retained by the firm.

Fill up the certificate of final income tax withheld or

2306


clients tax returns

44.25 hours



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Weekly Task Report


Period Covered: April 28 May 2

Course & Section:


PUNO ORTALEZA




RENDERED

WEEK 5 April 28 - May

2, 2014


filed in the BIR



9 hours



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Weekly Task Report


Period Covered: May 5 - 9

Course & Section:


PUNO ORTALEZA




RENDERED

WEEK 6 May 5 - 9, 2014



Filed the income tax returns to clients respective

folders

Submit to BIR returns for receiving or those that

has no payment or tax credits.

Have a document notarized

Deposit companys collection through bank as well

withdraw funds

Prepared clients books of accounts for submission

Have clients book of accounts notarized

Submit notarized book of accounts to BIR

Have a deed of absolute sale notarized for

submission to BIR as well


filed in the BIR

Sort PHIC, SSS and Pag-Ibig files

43.08 hours



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Weekly Task Report



Course & Section:


PUNO ORTALEZA




RENDERED

WEEK 7 May 12 - 16,

2014



filed in the BIR

Fill up payment forms for late registration and

other penalties

Paid income tax returns

Process clients DTI registration

Payment of clients SSS contribution for the month

of April

Submit to BIR returns for receiving or those that

has no payment or tax credits.

Process SSS Payments

Process PHIC Payments

Claimed contribution receipts from SSS

Have some of the documents to be submitted to

SEC notarized

Inquire to DTI about loss of a clients DTI permits

43.42 hours



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Weekly Task Report



Course & Section:


PUNO ORTALEZA




RENDERED

WEEK 8 May 19 - 23,

2014

Process PHIC contribution payments

Have income tax returns received by the BIR

specially monthly percentage taxes forms

File photocopies of income tax returns to their

respective folders.

Paid monthly percentage taxes through bank

Fill up the deposit slip for the payment of the

return of the client that will be paid at UCPB.

Photocopied Income tax returns for companys

files

Processing of Books of Accounts of Medical

Practitioners client

Submission of 1702Q to the BIR for receiving

Preparation of files to be submitted at SEC

43.33 hours



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Weekly Task Report



Course & Section:


PUNO ORTALEZA




RENDERED

WEEK 9 May 26 - 30,

2014

Posting companys transactions

Fill up necessary BIR forms for new registrants

Preparation of corporation files to be submitted to

SEC

Submission of 1702 Q to the BIR for receiving

Search for clients files for them to relieved of the

tax liabilities created by the BIR

Sort the SSS file alphabetically and by quarter.

Preparation of PHIC reports in duplicates

Preparation of form 2316

Fill up SSS contribution form

Fill up SSS loan form

42 hours



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CHAPTER THREE

NARRATIVE REPORT

On-the-job training, at first I am really afraid to undergo such thing. I am anxious to

face new individuals other than my classmate and it is also quite frightening that I am to

work with them for at least two months. But I believe that even though I start this training

with a fearful heart, I have come to accomplished it with the help of those people and the

knowledge they have imparted in me which made this training a worthwhile endeavor.

What have I learned from the experience?

Being a trainee teaches me many things, especially things that I am to do in the

future with my chosen career of being a Certified Public Accountant. In this training I have

learned many things about taxation, which I know is one of the major functions of a CPA. I

learned how to prepare income tax returns, starting from the preparation of necessary

attachments up to its payment or submission to the Bureau of Internal Revenue.

In this training, I also become skilled at basic office works including the operation of

common office equipment and other clerical works a worker should really know at first. As

the days passed by I also have been working on improving my skills and the quality of my

works.

Lastly, I learned how to work well with others and build a relationship with them. In

this training I came to met different kinds of individuals and learned to interact with them well

which help me to be more aware of the people around me.

I can say that this training did not just enhance my office skills; it has also enhanced

my communication and person skills. All the knowledge, experience and skills I acquired in

this job will surely be worthy of being treasured for it would be of big help in the near future.


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My experiences with the people around me

The first time I entered the office I really think that the staffs were frightening. At first

it is really hard to adapt into a new environment they were really quiet and were serious in

what they are doing. We actually thought that this training will end without being close to

them, but things changes from what you expect them to be.

For two months I really enjoyed working with the people in the office, of course they

were serious but when you came to know them they were really jolly and generous

individuals. They were always concerned on us and they do guide us in every task assigned

to us. They become not just mentors but also a friend to us.

Two months does not just pass with them, there are also my co-interns who were a

stranger at first, but came to be a close friend, and together we learn new things in the

office, deal with different individuals ranging from clients to bankers and even to BIR

collection officer and lastly we came to laugh and learn together with the mistakes we made.

The most memorable event during my practicum

For almost every day in my training, I would always be reminded of what my goal is

in this path I have chosen. My supervisor before we close the door when we are to leave will

always remind us that we are to have an additional three letters in our name letters C, P and

A. His life story has become an inspiration to us, that even when life gives you hardships

you shall never lose hope. He has taken and failed the board exam twice but he never loses

hope and fourteen years after he took and passed the same exam. I really am grateful to

know such kind of person, one that will always remind you of what youre worth and will

inspire you to work harder towards your goal and to never lose hope. Knowing Sir Warley,

his story, his encouragement and concern to us would really be the most memorable

experience in this training.


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What I can recommend for the improvement of the Practicum Program?

The practicum program as of now has really been a big help to students in building

up their working skills. It really enhances their skills, talents and knowledge. The program

has really been a big part of students experience towards their future endeavor. The

management should continue to send out students into this kind of trainings, also they

should also continue in finding more partner firm that can cater the number of students so

that every student can really experience the same kind of works.

My advice to those who will take their practicum in the near future

To the students who will take the same program in the future, I advice you not to be

frighten of anything in this training. Always be confident on what you are doing, dont just

wait for your supervisor to tell you what to do, have the initiative on doing the works you

really knew. Treat well the person around you; they will be your companion in your training,

they will be the one you will laugh with especially when you are stressed with works. Learn

as much as you can during your training it will really enhance you as a whole.


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CASE STUDY

Statement of the Problem

The company has not been providing enough quality customer service to its clients.

Every now and then there are clients waiting to be assisted in which waste too much of their

time. The company due to these problems can be in distress and can lose a number of

clients they are servicing.

Alternative Courses of Actions

There should be a staff that is in charge majority in the safekeeping of clients

documents, one that is knowledgeable about the files as well as client himself.

Clients documents once received shall be file into their respective folders so that at

the time the clients came for it, the staff will only look at the folder of such clients.

With this action the burden of misplacing documents and having the clients wait will

be lessen, so as to provide a better service.

When receiving a job from the client such as making income tax returns and permit

registrations, there should be a list of work to be done so that clients services shall

be rendered better. Also the company should not ask the client to return in a specific

date when there was no concrete evidence that what they asked for was really

finished. The company once received the job shall do it immediately and once the job

was done a staff shall be assigned to contact such client that what they have asked

for is ready for pick up. With this way clients are being serviced in a more systematic

way, clients burden of going back to the office numerous times will be lessen. Also,

the clients can feel more importance from the company since it takes its efforts to

inform them about the service the requested. This way can help build a better

relationship with the clients.


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Lastly, the company shall always take note and take into considerations the BIR

deadlines. Since the company has a large number of retainers based client it would

really take their time doing the clients income tax returns. So to avoid paying

penalties the office shall always remind the clients before hand of what is needed to

have their returns filed. Also the office should fill up forms ahead of time in order to

have it filed in the BIR on time. With this action the company as well as the client, as

long as they become responsible with their actions can avoid paying penalties for

late filing and payment of returns.

Recommendations

For the problem stated above, I will really recommend that they adapt the idea of

informing the clients when their files are ready rather than to ask them to come back

numerous times. Although the entire alternative course would really provide the company an

improvement in regards to client services.

Implementing client informing function would really lead the company to a better

relationship with its clients. With this function the clients would be serviced systematically

and can be attended quickly once they came to the office. The clients would not need to wait

any longer because before they have been asked to come their files are ready.

In most cases the client would feel very satisfied in the fast service that the company

had rendered to them. The clients with the function that informs them will be rest assured

that it will only take them once to have their documents on hand. Also, with the staff

informing them about their documents should also be knowledgeable and ready to answer

and clients inquiry so as to provide a better service.

With this action taken, hopefully the problem regarding the companys slow customer

service and waiting lines will be solved. It is also aimed that with these function a better


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client relationship will be built and a better company image as well. With this practice, if

implemented well could bring more clients to the company and as well lessen the burden of

losing a client.


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CHAPTER FOUR

On The Job Training Report

Documents

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management services

accountancy business

college of management

great journey

great friend

training opportunity

job training