Internship Final Report: Qatari Diar Company - Term Paper Example

? Internship Final Report: Qatari Diar Company Introduction Qatari Diar real e was founded by the Qatar investment ity in 2005 under the Qatar’s state sovereign wealth fund. The company’s was formed with the core objective of supporting the economy of Qatar, as well as to coordinate Qatar real estate development priorities. Diar Company started its first project of constructing Lusail city in December 2005, Qatari Diar is popularly known for its innovative capability in constructing self contained cities. In addition, Qatari Diar initiated the development Lusail Real Estate Development Company in 2008 and Qatar railways Development Company in 2009. Qatar railways Development Company was created to fulfill the country’s vision of having an extensive national rail network. Qatari Diar Estate Company also seeks to enhance the quality of life of Qatar citizens, as well as contribute to the community in an international arena. Currently, Qatari Diar has placed itself as a dependable and reputable real estate corporation in the globe. The company values are commitment to quality, sustainability and partnering with local communities. Qatari Diar market capitalization stood at US$ 4 billion as at January 2012 with around 49 projects in Qatar and other nations across the globe. The estimated value of these projects under construction is US$ 35 billion. Qatari Diar Company acknowledges its human capital as the most valuable resources to help it lead with passion and innovation in the real estate industry. Organization objectives and missions Qatari Diar Company’s vision is to be the global leader in the real estate industry by creating visionary beacons of prosperity and friendship to its communities. Qatari Diar mission is to foster a better life quality to Qatar citizens and the world at large by placing itself as a distinguished developer using the best standards of the industry’s practice. Qatari Diar vision is embodied on objectives of trust and respect, and dedication to quality and sustainability. The company has embarked on signature and vibrant projects as one of the ways to realize its vision. Qatari Diar undertakings seek to nurture the growth of local communities holistically, as well as to offer lasting sustainable economic opportunities. Other objectives of the company are to beautifully preserve and improve the indigenous beauty while at the same time building state of the art modern comforts. To fulfill its partnership objective, Qatari Diar has partnered with Barwa in the construction new Doha convention tower. The Doha convention tower is constructed on the Doha skyline in line with the Lusail project. Some of the countries in which Qatari exercises its growth vision are such as Libya, London, Tajikistan, Sudan, Oman, Egypt and morocco. Qatari Diar determination is to have their undertakings have an impetus influence and significance on the manner in which people around the globe live. The company is also dedicated towards preserving the environment in order to meet the three spheres of sustainability. These are environmental sustainability, economic sustainability and social sustainability. Internship position description As one of the requirements of Qatar University, I had to undertake internship as a finance intern. This was the job title of the position I held throughout the period. For one to be taken in as a finance intern at Qatari Diar Company the following are the duties and responsibilities that he/she is expected to carry out. Interns are assigned numerous activities such as posting transactions into journal entries, assisting in accounts receivable and payable, as well as preparing reconciliation statements for bank. Another duty entailed helping in conducting audit in the company’s books of accounts. Other responsibilities include preparation of annual forecasts in line with the company’s finance team, reconciliation of the company’s balance sheet. The finance intern is also expected to manage the tracking of monthly physical inventory of the company, entre data and credit checks, as well as support the team involved in processing payments. The following are the basic requisites for students wishing to be finance interns at Qatari Diar. One is that a student has to have a major in business and be proficient in Microsoft office applications. Skills and dexterity required for finance intern position are excellent skills in communication, capability to perform multiple functions, excellent organizational skills and ability to think creatively. A finance intern is also expected to be knowledgeable in financial and numerals, fast learner, dynamic, inner drive and motivation and a flexible individual. The reason is that the finance department handles loads of work and dynamism, problem solving skills, creativity and organizational skills are highly called for. Training completed At the starting of the internship period, I met with Qatari Diar finance director who briefed me on the company operations and the finance department in particular. The description included the basic requirements and the operation of the finance departments and the working of the various departments within the finance division. As one of the most pertinent division in the company, the director mentioned of what the roles of each department and the need for me to take the internship seriously. Generically, Qatari Diar finance department is responsible for advancing and communicating financial and operational information for the entire organization. The management uses this information to make strategic decisions for the continued growth of Qatari Diar. Week one: Treasury department In the first week, I started my internship by visiting the web and searching for currency rates in some countries. I learned the currency names and codes for some countries in which Qatari Diar operates in. I checked at some of the transactions from QNB to see whether they match with the transaction in Qatari Diar books of accounts. I also translated the code of charging account of the contract from the old system to the new system that the company has embraced. I learned on how to report QD instructions, as well as how to use the company’s tailor made oracle system. I also learned on how to use the Bloomberg currency calculator and how to check the currency rate by the second. Additionally, I learned on how to work with employees especially working as a team to meet a set deadline. The skills acquired did not however come as easily as I encountered several hurdles in the first week. One of the major challenges to me was the verity that I was shy, but I was able to cope in time and fit well with other workers. Secondly, the workers used some professional phrases that I was not conversant with. Nonetheless, the supervisor and other workers explained the meaning to me. I also had difficulties in finding the right codes in the new system. Week two: Tax Department In the second week, I has adjusted and become familiar with the work environment. During the second week, I received training in the tax field with regard to the rate of tax that Qatari Diar pays and who pays it. I also learned on tax planning ways that the company employs to minimize international tax as much as possible. I also received training on how to prepare a budget and how to reforecast the budget in every quarter year. I learnt on ways of controlling and reporting budget by comparing the budget forecast with the actual budget. Reporting of the budget forecast versus actual was reported using excel sheets. Finally I learnt how to design and develop a presentation in a business context where I prepared a power point to the budget manager for his presentation. Some of the challenges I encountered during week two is how to read the budget report for the first time, using excel sheet while observing the Qatari Diar formula. I was able to overcome these challenges by asking for elaboration from supervisor concerning these issues. Week three: AR department Having become completely familiar with Qatari Diar work environment, I confidently prepared an actual Vs. budget report summary to show legal corporate expenses for the company. I learned how to use the vlookup formula used by the Qatari Diar company to gather information from various files. I learned how to prepare account report where I worked with accounts receivable members to make a statement of account. I also learned on how to enter cheque information in the Qatari Diar oracle system. I printed a receipt for the client, sent the receipt to the treasury and later sent it to the general ledger department for recording. Some of the difficulties I encountered during week three training included entering the wrong details for a client, missing total in the budget report and problems in reporting vlookup formula. To overcome the challenges, the supervisor elaborated on ways to work with the vlookup formula and excel. An employee also helped me to fix the entry error that I made while entering a client details. Week four: budgeting department In the last week, the supervisor took me through the company’s outlook functions dubbed “how to recall the email”. This entailed learning on how to reply emails from other employees. The training also entailed preparation of defaulters’ reports from the Lusail project. I also learned on ways of recording fund requests in the accounts payable department for the Qatari Diar new undertaking that is ongoing in Egypt. I also learned on how to record an invoice without a purchase order for an international project in Tunisia. Finally, I learnt on ways of enhancing interpersonal and organizational communication by communicating properly with other employees via the phone. The main problems I encountered were trouble in writing official email to other workers, sending an email to the wrong person and difficulties in working with the outlook system. However, the supervisor taught me on how to excellently work with the outlook system. In addition, I helped in promoting Qatari Diar repute to other students as I told them of the favorable working conditions at the company. by offering myself and my entire being to work with Qatari Diar is also an immense and priceless contribution to the company. Intern’s contribution to the organization During my entire period of internship, I offered various contributions to Qatari Diar Company. I helped in increasing productivity to the organization by completing duties assigned to me in due time. I also aided the organization to have access to fresh perspective and productive students from Qatar University. I shared the wonderful working environment to my fellow university colleagues and acted as a bridge between the company and other interns. I helped in changing the account numbers to be in line with the new system. Through instruction and constant monitoring of my assignments, I contributed towards leadership development of my supervisor. I made a suggestion to the company on the need to automate some of its procedures such as leqtifya maintenance fees. I contributed greatly in easing workers stress by helping them with overload work, especially during peak periods. Academic training and organization’s expectation comparison One of the notable academic training is to listen carefully as most lectures entail passive participation by students. However, the practical expectation for the organization is for me to be active by asking more questions in order to get optimum output from opportunities. In addition, asking questions helps in getting clarifications so as to reduce errors while making entries in the company books. Transactions with numerous errors attract attention from auditors. The academic training offers minimal time for discussions while practical work situation anticipates one to be involved with others and to be a team player. This is probably the reason I was shy in the first days as I did not have adequate exposure of working in a team environment. Usefulness and merit of internship training The period of internship was essentially useful for my personal and professional development. Internship helped me overcome shyness problem and gather confidence to work with others. Gaining confidence helped me to interact professionally at the work place. The internship offered me an excellent platform to exercise the theoretical skills I learned at the Qatar University in the practical world. I became knowledgeable with up to date business technology and information systems such as oracle and outlook. I gained insight on tax and tax planning that is helpful in minimizing tax obligations for use in core investments. I also became acquainted with methods of budget preparation and how to report and reforecast practical budgets. Organization’s work environment The working environment at Qatari Diar is favorable for workers and interns. The organization has a friendly culture that incorporates values of respect, supportive and helpful. Workers respect each other, mentor interns by motivating and encouraging them to work hard while the managerial staff is supportive to interns. Qatari Diar draws staff from diverse cultural backgrounds and thus respects diversity. The company has weekly breakfast held on Thursdays to help workers to interact more. Some of the notable concerns with regard to the environment are that finance workers offices are portable cabins that do not have windows. This makes the room unhealthy and uncomfortable. In addition, the cabins are made of highly flammable materials and this is a health hazard. The company is located in an isolated area without public facilities like cafeteria. The company does not have a prayer room and workers have to go walk a long distance to the Massjid, which consumes time. Suggestions for program improvement In order to improve the internship program, it is essential for Qatar University to have at least two internship courses to enable learners gain more insight on practical work experiences. In case the university may find it intricate to have at least two internships, it can consider enlarging the period of internship from one month to at least two months. This will enable learners gain more knowledge and expertise on the work environment. On the part of the organization, Qatari Diar needs to devise a policy for governing interns and empowering them as well. For illustration, an employee intruded in my work by ordering me to work on his assignment other than that assigned to me by the supervisor. Conclusion Working as an intern at the Qatari Diar company has endowed me with priceless skills and knowledge. i have gained comprehension of how the practical business field operates. The internship offered me a platform to practically observe issues that I learn theoretically. I observed the work culture and developed interpersonal relationships with employees. Internship has also helped in grounding my theoretical skills in finance and molded me to be a practical team player. I would like to thank the entire Qatari Diar company for giving me a platform to exercise class skills and learn field skills. Particularly, my regards go to my supervisor who helped me to gain confidence, learn new systems and correct mistakes. I believe the skills I have acquired throughout the internship period will continually help me in my personal and professional life. Reference Qatari Diar. (2012). The art of real estate. Retrieved on 19 august 2013 from< http://www.qataridiar.com/English/Pages/default.aspx>. Read More