A COMPREHENSIVE WORK RELATED LEARNING EXPERIENCE REPORT

COMPILED BY BELINDAJ

AN ATTACHMENT REPORT SUBMITTED IN FULFILLMENT OF THE

REQUIREMENTS OF THE REQUIREMENTS FOR HACC DEGREE

FROM SEPTEMBER 2017- AUGUST 2018

AT TATU HOLDING

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DEDICATION

To my aunt and uncle (Mr. and Mrs. Murombedzi)

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PREFACE

The industrial attachment report is a crucial piece of evidence which summarises the experience

of the student with the business world and it highlights the degree to which the theory leant

during the first two years at University can be applied in the real business world. This work

related experience is a requirement of the department of Commerce at the University Of

Zimbabwe. The evaluation forms, log book and the lecturer visits combined helped in partially

fulfilling the requirements of a Commerce Department.

Work related learning enables the University Of Zimbabwe a chance to assess the understudy's

capacity to communicate effectively, the ability to do team work, show diligence, consistency

and application of theory leant. It is basic for each student to experience this kind of leaning

since it enlarges the understudy's frame of reference. It additionally gives the student the

opportunity to select a carrier path whilst considering the diverse industries we have in

Zimbabwe. The opportunity offered to students during work related learning helps them to

develop relevant and essential skills in order to become a more competent business personnel

as well as gauging the relevance of courses offered by the institution in the industry. It is also

a stepping stone for the students as it enables them to master and identify areas of specialty.

FOREWORD AND ACKNOWLEDGEMENTS

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Firstly l would like to thank the TATU Holdings family for giving me this special opportunity

to be part of their association and thereby enabling me to proceed in my studies as this is partial

fulfillment of my degree program. Thank you for introducing, exposing and enhancing my grip

in the financial environment.

Secondly, my humble gesture of appreciation goes to my work supervisor Mr. T Rukodzi for

his unwavering support, valuable guidance, coaching and equipping me with skills which are

relevant in me becoming competent in business environment. I also extend my deepest

gratitude to Mr. and Mrs. Magwizi for allowing me to work in their organization

Thirdly, I would like to thank my work mates especially Sisa Matshazi for her assistance during

the entire work related process .The assistance of the other employees was of paramount

importance in grasping the work related concepts and molding the writer’s skills .Through their

assistance I was able to carry out assigned duties and tasks.

Above all I would like to give due thanks to the Almighty who made everything possible for

me up to this day of my life. I give him praise for granting me such an opportunity to pursue

my dream.

Last but not least I would like to thank the faculty of Commerce, all the commerce lecturers

namely those in the Accounting department, all my friends and fellow colleagues at the

University Of Zimbabwe.

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TABLE OF CONTENTS

DEDICATION………………………………………………………………………………………………………..... I

PREFACE………………………………………………………………………………………………………………… ii

FOREWORD AND ACKNOWLEDGEMENTS………………………………………………………………… iii

TABLE OF CONTENTS……………………………………………………………………………………………… iv

LIST OF TABLES AND GRAPHS…………………………………………………………………………………. vii

ABBREVIATION OF TERMS……………………………………………………………………………………… viii

ABSTRACT……………………………………………………………………………………………………………… ix

CHAPTER ONE: INTODUCTION AND COMPANY BACKGROUND

1.0 General introduction……………………………………………………………………………………....... 1

1.1 Background of TATU Holdings…………………………………………………………………………….. 1

1.2 Company Vision………………………………………………………………………………………………….. 3

1.3 Company Mission……………………………………………………………………………………………….. 3

1.4 Company Values…………………………………………………………………………………………………. 3

1.5 Company Beliefs …………………………………………………………………………………………………. 4

1.6 Organisational Structure ……………………………………………………………………………………… 4

1.7 Conclusion …………………………………………………………………………………………………………… 6

CHAPTER TWO :EVALUATION OF THE COMPANY ACTITIES

2.0 General Chapter Introduction ……………………………………………………………………………. 7

2.1 PRODUCTS OF TATU HOLDINGS

LFP……………………………………………………………………………………………………………………. 7

TATU Multimedia……………………………………………………………………………………………… 9

TATU Advertising ……………………………………………………………………………………………… 11

2.2 Internal departments of TATU Holdings……………………………………………………………….. 13

2.3 Conclusion…………………………………………………………………………….……………………………… 19

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CHAPTER THREE : AN INDEPTH STUDY OF THE FINANCE DEPARTMENT

3.0 General Chapter Introduction……………………………………………………………………………… 20

3.1 Functions of the Finance department………………………………………………………………….. 20

3.2 Duties of the finance department……………………………………………………………………….. 21

3.3 Relationship between finance and other departments……………………………………….. 25

3.4 Procurement process of TATU Holdings……………………………………………………………….. 28

3.5 Conclusion……………………………………………………………………………………………………………. 29

CHAPTER FOUR: MARKET ANANLSIS OF THE COMPANY

4.0 General Chapter Introduction……………………………………………………………………………… 30

4.1 PESTEL Analysis……………………………………………………………………………………………………. 30

4.2 SWOT Analysis……………………………………………………………………………………………………… 33

4.3 Ways of addressing the weaknesses and the threats…………………………………………… 34

4.4 Conclusion………………………………………………………………………………………….………………… 35

CHAPTER FIVE: PERSONAL EVALUATION OF THE INDUSTRIAL ATTACHMENT

5.0 General Chapter Introduction…………………………………..…………………………………………… 36

5.1 Duties carried out during the attachment ……………….…………………………………………… 36

5.2 Personal strengths and weaknesses …………………………………………………………………….. 40

5.3 Personal Developments…………………………………………………………………………….………….. 42

5.4 Problems faced during attachment……………………………………………………………………….. 44

5.5 Conclusion………………………………………………………………………………………………….…………. 45

CHAPTER SIX :CRITICAL ANALYSIS OF THEORY TO PRACTICE

6.0 General Chapter Introduction…………………………………………………………………….………… 46

6.1 APPLICATION OF THEORY 46

6.2 Conclusion…………………………………………………………………………………………..………………… 50

CHAPTER SEVEN : RECOMMENDATIONS AND CONCLUSION

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7.0 General Chapter Introduction…………………………………………………………………………….. 51

7.1 Recommendations to TATU Holdings ……………………………………………… ………………… 52

7.2 Recommendations to the Faculty of Commerce……………………………………………….. 54

7.3 Recommendations to students………………………………………………………………………… 54

7.4 Conclusion………………………………………………………………………………………………………… 55

REFENCES…………………………………………………………………………………………………… 57

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LIST OF TABLES AND GRAPHICS

FIGURE 1.1 _______ Organogram of TATU Holdings

FIGURE 2.1 _______ Billboards produced by LFP

FIGURE 2.2 _______ Motor branding by LFP

FIGURE 2.3 _______ Signage by LFP

FIGURE 2.4 _______ Corporate Gifts and Corporate Wear by CGW

FIGURE 3.1 _______ Flow chart showing TATU Holdings purchasing system

FIGURE 3.2 _______ Workshop Processes

TABLE 4.1 _______ Table showing SWOT analysis

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ABBREVIATION OF TERMS

CGW _______ CORPORATE GIFT WORLD

LFP _______ LARGE FORMAT PRINTING AND BRANDING SOLUTIONS

NSSA _______ NATIONAL SOCIAL SECURITY AUTHORITY

QPD _______ QUARTELY PAYMENT DATE

VAT _______ VALUE ADDED TAX

ZIMRA _______ ZIMBABWE REVENUE ASSOCIATION

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ABSTRACT/ EXECUTIVE SUMMARY

This report summarises the work related experience of the student during the attachment period

at TATU Holdings. It chronicles and covers the background of the organisation, the products

and services which are offered as well as the how the organisation operates. The report also

highlights the lessons learnt and the experience acquired by the student during the period she

was in the real accounting world attached to a corporate organisation as partial fulfilment of

the department of Commerce under the University Of Zimbabwe. The first four chapters of the

organisation focus mainly on the activities of TATU Holdings .The last three chapters focus

mainly on the student’s assessment of the industry attachment

The writer took a critical analysis of the organisation she is attached at and also outlines the

various activities that she carried out in the finance department of TATU Holdings and goes

into analysing the relevance of theory to practice. The writer also indicates the various

constraints and makes recommendations. The training itself is rigorous and hands-on oriented

thereby enabling the writer to think on a wider dimension.

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CHAPTER ONE
INTRODUCTION AND COMPANY
BACKGROUND

1.0 General chapter introduction

This chapter serves to highlight and show the origins of Tatu Holdings, from the day it opened

its doors to the public to its business activities and to how it does business with other

organizations. It is very important to have a principal outline of the organization as a whole, so

that the information is clear to any individual who assesses this data.

1.1 Background of Tatu Holdings

TATU Holdings is a private limited company which is located in the southern part of the Harare

at number 10 Orange Grove Drive, in the Highlands area. The company comprises of three

subsidiaries which are TATU Multimedia, TATU Advertising and Large Format Print &

Branding.

Tatu Multimedia is the oldest subsidiary of TATU Holdings and was formed in the year 2004

after the directors discovered a niche in the media industry. In 2004 a multi-media production

house was formed with its main purpose being to carry on business in communication, public

relations and as a marketing consultancy. More business opportunities were discovered in the

market area around TATU Multimedia. With an increased market share Tatu Multimedia was

able to penetrate the market and to maintain their quality products they decided to split the

company into subsidies hence the formation of TATU Holdings. After the split Tatu

Multimedia became a household name trading under the name Corporate Gift World

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specializing in corporate wear and gifts. The other subsidiaries are Tatu Advertising and Large

Format Printing & Branding Solutions which were formed in 2011 and 2012 respectively.

Tatu Advertising is a subsidiary of TATU Holdings which was formed in 2011.It has over the

years evolved to constantly create synergies in integrated marketing communications. The

company offers a number of marketing communication solutions including media placements,

media monitoring, outdoor advertising, branding, and television, radio and public relations

campaigns. It is also an advertising consultancy which deals in media bookings, television,

branding and other promotional services. It was formed after the realization that the success of

a marketing campaign was not in how beautiful or fancy the products were, press coverage or

the amount of money spent but it was in the returns of an advertising investment. As Tatu we

understand that clients want sales and they want their products to be known in the market hence

our team is there to give solutions that work. We have not only built and managed brands but

we give them a head start.

Large Format Printing & Branding Solutions is a large and grand format digital printing

company which prides itself in providing excellent services which matches with their highly

competitive pricing. The company/ subsidiary was formed in the year 2012 and its specialties

include billboards, vinyl and banner printing, vehicle branding, office signage and many other

services. This is the biggest subsidiary of TATU Holding despite the fact that it was last to be

formed. It makes about half of TATU Holdings total profits and more employees compared to

the other subsidiaries.

1.2 Vision

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TATU Holdings vision is to be more than just a global supplier of promotional material but a

strategic partner, partnering the success of our clients’ promotional strategy by providing

products and services that are seen by our customers’ customer as valuable in creating value

adding relationships.

1.3 Mission

The mission statement of TATU Holdings is to create stakeholder value through cost effective,

market driven communication strategies which build our client’s brand equity and also to offer

the highest levels of customer satisfaction to our clients offering technology based solutions

that keeps them miles ahead of competition.

1.4 Values

 Team work – We are committed to common goals based on honest and open

communication. We value showing concern and support towards each other.

 Quality work - we pride ourselves in providing high quality and competitive products

which can be recognised even on an international level

 Integrity- Business is conducted in accordance to the highest standards of professional

behavior and ethics. We are honest, ethical and transparent in all our interactions with

employees, clients and all the other stakeholders

 Customer responsiveness –The organization listens to the customers and improves its

services so as to meet their present and future needs. We are fully committed to

understanding, appreciating and meeting all of the customer needs.

 Innovation - The best way to ensure survival in this creative environment is to

challenge the existing practices through continuous reinventing of ourselves. Because

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 everyone has a different way of thinking we strive to find a way to continuously

improve and develop ourselves.

1.5 Beliefs

TATU Holdings does not believe in talking, we believe that a brand should speak for itself. We

believe we are where we are today because we have made the provision of quality products for

our clients. We believe in team work, by closely understanding our clients’ needs. We believe

that we will grow not only to become the number one brand adored by many but to be a giant

in the promotion industry.

1.6 ORGANISATIONAL STRUCTURE

The directors are in charge and on top of the organizational organogram and they formulate

strategic decisions for the organization.in each of the departments’ is a departmental managers

who execute and in most cases, delegate duties in accordance to their set objectives to lower

level workers. However, department managers ensure that their departments’ work is

dovetailed towards the attainment of the overall objectives of the organization. The organogram

of TATU Holdings is shown on the next page.

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 Figure 1.1 Organogram of the TATU Holdings

BOARD OF DIRECTORS

CEO

FINANCE DEPARTMENT

TATU MULTIMEDIA TATU ADVERTISING LFP HOD

HOD HOD
hod
\

ADMIN GRAPHIC GRAPHIC

PRINTING SALES AND WORKSHOP
DESIGNING DESIGNING
PLANNING P

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1.4 CONCLUSION

It is fair to state that the first chapter has highlighted what TATU Holdings is all about, its

background and the ideology behind it going forward .The chapter has also highlighted the

products and services which are offered by Tatu Holdings, their organizational belief and

values. The following chapters have an in depth study of the organization.

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CHAPTER TWO:
EVALUATION OF THE COMPANY
ACTIVITIES

2.0 GENERAL CHAPTER INTRODUCTION

As has been shown in the past section, TATU Holdings has got three subsidiaries which

provide different products and services countrywide, however, this chapter is more focused on

articulating to what extent we are satisfying our endorsed products and services. The

organization offers different and unique services yet from a subjective perspective, this chapter

provides a critical analysis of what is really on the ground. This chapter covers the products

offered by TATU Holdings and the internal departments of TATU Holding.

2.1 PRODUCT OF TATU HOLDINGS

2.1.1 Large Format Printing and Branding Solutions

Billboards

Figure 2.1 Billboard produced by LFP

Large Format printing is highly equipped to tackle any job which has anything to do with

billboards. With the expertise of highly equipped designers and our workshop it ranges from
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the construction of the billboards to mounting them. Our design house on the other hand works

out the designs to give our clients a perfect deal

Point of Purchase displays

When looking for graphic point of purchase displays, Large Format Printing is the right place

to look for. With our ability to print virtually on almost any substrate, you can set your display

apart from the rest.

Vehicle Branding

Large Format Printing has the ability to handle any type of car branding project no matter how

big. Our competitive car branding charges also ensure that even small businesses are also

accommodated.

Figure 2.2 Motor Vehicle branding by LFP

Signage and banners

Our team has a combined experience of over 30 years in the industry giving it the necessary

experience to erect any sign anywhere. In addition we are the only Vista accredited and licensed

organisation in Zimbabwe, giving us a competitive edge in curved sign technology. No matter

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the size or quality a client wants, we print. Our machines are of the latest technology giving

our clients quality prints on a number of materials including canvas, vinyl mesh and standard

vinyl.

Figure 2.3 Tatu employees installing a Sign and a Sakunda Petrol sign done by LFP

2.1.2 TATU MULTIMEDIA (CORPORATE GIFT WORLD)

 Corporate Wear

TATU Multimedia offers a wide variety of quality branded and personalized corporate wear,

ranging from shirts, golf t-shirts, round neck t-shirts, uniforms, soccer kits etc. Our showroom

gives you a variety of options skillfully designed to give to give our clients a solution whatever

their needs are. Our quality systems include exclusive sourcing from quality suppliers which

enables us to be the choice corporate wear supplier and stay above competition

Figure 2.5 showing some of the corporate gifts and corporate wear sold by CGW

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 Corporate gifts

Our vast portfolio of gifts ranges from but not limited to

 Watches and clocks

 Table accessories
 Golf kits
 Ceramic mugs
 Memory sticks
 Pens
 Diaries
 Folders
 Leisure bags
 Hampers
 Leather items

2.1.3 TATU ADVERTISING

Media

With media being the traditional and most common medium of marketing communication,

there is then need to stay ahead of competition by the intelligent use of research

information. Tatu offers these among many other services

 Media bookings and placements

 Media Negotiations

 Media relations management

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Promotional campaigns

As a full service agency Tatu advertising is committed to give its clients unparalled success in

promotional gains. Tatu boasts of youthful and thorough creative individuals who are mature

and able. This great team allows Tatu to come up with promotional campaigns that win.

We offer the following

 New media campaigns

 Corporate campaigns

 New Product Campaigns

 Brand Campaign

Branding

We believe, “a brand can only be as strong as it’s branding”, our team is hence composed of

experts in copywriting, brand management, and marketing, design and many other skills to

make sure your brand is given a giant leap ahead. We offer the following services among many

others

 Corporate branding (vehicle branding, office branding, collateral etc.)

 Brand development

 Brand Manuals

 Brand management

Television and programming and radio

Our television studios are well equipped to tackle any project thus giving our clients a partner

they can trust. We offer these among other services.

 Television programs

 Documentaries

 Live television programs

 Corporate videos

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  Filming (music videos, etc.)

Outdoor media event planning

Maximum brand visibility and market presence is a goal for almost every brand and we strive

to give our clients the best through our strategically positioned billboard sites and street signs.

Through our strategic Business Unit, Large Format Print we are able to take a project from

concept development up to construction of the billboard. Giving our clients flexibility and

value for their investment

Tatu also provides services in planning, organizing and designing all the necessary materials

and tools to accomplish the event of your dreams. You want to make an event and need a

professional team work to design, produce and organize your event? Contact us, and successis

in your hands.

2.2 INTERNAL DEPARTMENTS OF TATU HOLDINGS

Due to the differences in our products and service range, it has been esteemed vital for the

organization to have particular departments which handle our different needs and expectations

.The different departments comprises of the following:

 Finance

 Workshop

 Sales

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  Production

 Administration

 Graphic designers

 Advertising

2.1.1 Administration

This is the department which is responsible for the coordination and implementation of office

procedures. The administration is also responsible for specific tasks and projects hence

indirectly managing the business operations .Without the administration department the

organization may not be able to have the capability to meet the fundamental needs of the staff

..This department provides support to other departments and it is a very broad department

which has a variety of tasks .these tasks include

 Management of office equipment

 Maintaining a clean and enjoyable working environment

 Handling external or internal communication or management systems

 Managing clerical or other administrative staff

 Organizing, arranging and coordinating meetings

 Sorting and distributing incoming and outgoing post

2.1.2 Sales and Marketing

The sales and marketing department is one of the most important departments of Tatu Holdings

as it is the duty of the department to connect with prospects, clients, speculators or potentially

the group. They are responsible for painting a larger picture that speaks for the organization

in a positive light—that is creation of an image and the development of the rapports and with

all existing and new customers to know their future plan as well as co-ordination. TATU

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Holdings has a separate sales and marketing department because in order for a business to be

successful it should have a separate marketing department which executes a myriad of activities

that drives the business forward and yield profits and growth in the end. The sale and marketing

is responsible for the following:

 Managing the sales point -this involves handling of walk in customers’, attending to

the customers inquiries, order processing (generation of computerized and manual

invoices), preparation of quotations or pro-forma invoices upon requests by customers.

They also handle the complains, if any from customers and they always try to resolve

any sale conflicts which may arise due to our products and services

 Technical assistance- the sales reps also recommend products and services which may

best meet the needs of the customers. They know the products better than anyone else

in the organisation and are therefore more suitable for offering technical assistance to

customers.

 Promoting the company and its products-the sales reps also actively promote and

advertise the organization and its products to customers’ .This therefore helps the

organisation to attract more customers and maintain the existing customers.

 Marketing research and intelligence gathering-the internal sales reps also conduct

research and gather marketing intelligence data from the vast of walk in customers

which can be processed into invaluable information for decision making. By engaging

customers and sparking short discussions, reps can probe customers into saying

information pertaining to an organisation’s products, awareness level of an

organisation’s promotional activities and competitor information.

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  Customer visits- These visits were usually done to ensure that the customer is aware

of the TATU products although sometimes they are either done during the delivery of

products .During the visits sometimes they assess how competitors are working in order

to win the same customers. Customer visits enables sales reps to. The major reason for

customer visits is to harness the information about the needs or special requirements of

the customers and try to craft means and ways to satisfy the needs.

 Seeking new business - the sales team is always continuously hunting for new

customers in all segments. They submit tenders and at times physically visit customers

to discuss business deals as well as finalizing contracts.

 Planning and the Implementation of the marketing plan-under the instruction of the

sales and marketing manager, external sales reps work together in implementing

marketing plans of the organization. This is where the marketing manager can delegate

tasks to reps for execution.

2.1.3 Graphic Designers

The graphic designers department comprises of graphic designers who are responsible for the

creation of visual concepts, using computer software or by hand, to communicate ideas that

inspire, inform, and captivate consumers. This department is responsible for all the printing

and designing of logos, brochures, advertisements and all of the billboard art. They develop

and design the overall layout of a job

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The first thing the graphic designers do is to understand the customers’ needs, expectations and

requirements about the items to be designed. After the process the graphic designing begins,

first with a sketch and then on to the computer .They use computer applications such as Corel

and even Photoshop to design their logos, signage and present visual concepts.

After a sample has been produced, it is presented to the client. If the client approves the designs

he signed under the sample if the client does not approve the design he then it is back to the

drawing board for the designers.

After the design has been approved, it is printed using different equipment such as the Mutoh

Velvet Jet Printer. It is printed on either vinyl or tarpaulin depending on the location onto which

the vinyl is going to be printed.

 Corel Draw - this is the major graphic designing tool which provides users with

different tools enabling them to create original images and drastically edit them. Corel

drawing is mainly used to create logos, signs and edit images

 Creative Cloud

 Photoshop –It is used for image editing and composing

 Light room – this is the application which is used for editing , organizing , storing and

sharing photos from any computer source

 Illustrator - it is used for Vector Graphics and illustration

 InDesign – page design and layout for print and digital publishing

 Dimension – it creates realistic 3D images for branding , product shots and package

design

 Adobe after effects – creates cinematic visual effects and motion graphics

2.1.4 Workshop

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This is the department which consist of people whom are responsible for doing the manual

labour .They are responsible for the production of billboards , application of vinyl , vehicle

branding and installation of the billboards . They are the ones who go on the ground and do

all the physical work and hence they are the most important department as they determine the

final outcome of a project. The workshop processes can be classified into four processes which

are:

 Fabrication - Metal fabrication is the building of metal structures by cutting, bending,

and assembling processes .Galvanized sheets are usually used in the TATU Workshop

and they can be turned into the shapes which meet the customers’ requirements and

needs. This ranges from billboards to banners.

 Painting - Before the application of Paint the painters ensure that the surface is clean

and check if all foreign materials have been removed and this is done using either

thinners or paint remover. When the surface is clean then they can apply the Paint. The

process requires skill for example to understand the application when you are using

either spray paint or a brush.

 Vinyl Application – this is the most important task as it partly determines what the

client sees. The vinyl application part involves attaching the printed copies onto the

metal sheet in order for it to be to show the message that the customers wants.

 Rigger - most of the workshop stuff are riggers. These are the personal that are

responsible for the moving, lifting and installation of extremely heavy or large objects.

These are the guys who install of the billboards and banners, car branding, de-rusting

the materials and almost any the jobs which might pop up, whether planned or not.

Figure 2.6 showing the workshop processes’ workflow

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 FABRICATING

PAINTING

VINYL APPLICATION

RIGGING (INSTALLATION)

2.1.5 Finance Department

The finance department is the backbone of TATU Holdings, and it manages all of the monetary

issues of Tatu holdings. All of the subsidiaries of Tatu Holdings are merged into one through

the finance department as one department handles all the monetary issues of the subsidiaries.

This includes tasks which affect the day to day running of the business such as book keeping,

financial reporting and control, Tax and Compliance of the entire department are done by one

department .the finance department of TATU Holdings is also responsible for tasks that affect

the future of an organization such as capital budgeting, strategic planning, financial Planning

and working Capital Management. Apart from the normal finance functions .The finance

department is also responsible for some HR tasks such as recruitment and payroll management

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CHAPTER 3
AN INDEPTH STUDY OF THE FINANCE
DEPARTMENT

3.0 INTRODUCTION

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This is the chapter that highlights and shows an elected aspect of the organisation which is the

finance department. It highlights how the finance department operates and functions,

objectives, its duties and responsibilities. The chapter will also highlights the relationship

between the finance department and other departments.

3.1 FUNCTIONS OF THE FINANCE DEPARTMENT

The main functions of the finance department of TATU Holdings are as follows;

 Preparation and presentation of financial statements

 Ensuring that the financial statements comply with the International Accounting

Standards, procedures and processes

 Capital requirements and Funding operations

 Managing the information systems

 Monitoring the overall business financial performance

 Budget Preparation and monitoring

3.2 DUTIES OF THE FINANCE DEPARTMENT

This refers to the obligations and responsibilities of the finance department. These include

preparing financial statements, presentation, coordination and control of budgets, payroll

management, complying to statutory obligations, managing accounts payable and accounts

receivable, asset management, accounting for all projects (long term and short term and

statutory payments

3.2.1 STATUTORY REQUIREMENTS

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One of the tasks of the finance department is to ensure that the business is a going concern and

the best way of ensuring is complying with all statutory obligations. This means paying the

Income tax, NSSA, PAYE, ZIMDEF and VAT when they are due.

Income Tax - All of the businesses within Zimbabwe are mandated to pay income tax to

ZIMRA from generated profits . Income tax is paid in provisions which are called QPD’s and

a company is expected to pay four QPD’s during a financial year. These payments are to be

paid as follows

 1st payment ( 1st QPD ) = 10 % of the annual profits due on 25 March

 2nd payment (2nd QPD ) = 25 % of the annual profits due on 25 June

 3rd payment ( 3rd QPD ) = 30 % of the annual profits due on 25 September

 4th payment ( 4th QPD) = 35 % of the annual profits due on 20 December

Value Added Tax (VAT) - VAT is paid on a monthly basis for Tatu Multimedia and on a bi-

month basis for LFP and hence every month a Vat Computation is carried out by the finance

department. All of invoices for a particular period of the suppliers (purchases) whom are

registered for VAT are captured into an input schedule. The invoices which the company would

have issued (sales) are captured in the output schedule. If the output schedule is more than the

input schedule then the difference is tax payable by the company. However if inputs are more

than output then ZIMRA is obliged to refund the company the difference after carrying out

assessments and in this case ZIMRA is the one which owes money to the company .

Pay As You Earn –PAYE - Every business person who becomes an employer is required to

apply to the Commissioner General for registration within 14 days of becoming an employer

so that the employer can pay government taxis to ZIMRA (Zimra.co.zw, 2018).The finance

21
department is supposed to remit the PAYE within 10 days after the end of the month during

which the amount was collected. The finance department must also submit the ITF 16 return

which contains details on annual earnings, deductions, credits and PAYE for each employee

within 30 days after the end of the year.

Customs and Duty - Since TATU Holdings imports most of its raw materials it is expected

and required by ZIMRA to register with ZIMRA. This is to ensure that your BP number will

be registered as an importer .A clearing agent who is approved and registered with ZIMRA is

also required to handle all of the importations.

NSSA - NSSA payments are paid on a monthly basis. It is the responsibility of both the

employer (the finance department) and employee contribute an equal amount of 3.5% of an

insurable earnings ceiling of $700. The employer deducts the contribution due from each

employee’s salary and also contributes an equal amount for each Employee per month.

3.2.2 Preparing financial statements

Financial statements are the summarised data of the company operations and hence are largely

depended on data capturing and recording before the financial statements are prepared. The

first step is to capture data through the journals into the accounting package which is

QuickBooks .Since each of the subsidiaries is registered separate legal entities it therefore

means there is more to be captured in three different companies and most of the transactions

are intercompany accounts which makes data capturing more complex.

22
The finance department mainly the senior accountant have to come up with accurate data using

accounting judgements and conclusions. In preparing the financial statements for the company

the following needs to be abided with

• International Financial Reporting Standards (IFRS)

• Public finance management act

• Income Tax Act

• Companies act 24:01

3.2.2PAYROLL MANAGEMENT

The finance department is responsible for overseeing that the employee payroll is prepared on

time. They are responsible for making necessary deductions and calculations of basic salaries,

overtime and bonuses .The basic deductions are NSSA, PAYE and ZIMDEF.

3.2.3 PREPARATION, COORDINATION AND CONTROL OF BUDGET

A budget is a plan of action expressed in quantitative form over a period of time (Borrington

and Stimpson, 2006). At TATU Holdings the budgets are prepared before the period they are

intended to cover usually six months and broken down into monthly budgets.

The finance department is responsible for forecasting the financial obligations and incomes of

the organisation. At TATU Holdings there is practise of bottom up budgeting where lower

managers can forecast their material requirements and the expected results from their

operations. The finance department will then be responsible for analysing and reviewing

departmental requirements and preparing a budget from the information provided.

They also offer their opinions with relation to the capacity of the organization for that given

period. The Information used to prepare the budgets is gathered from all operational

23
departments. It is also important to note that TATU Holdings uses budgetary control as an

important internal control tool. Budgeting is implemented at TATU Holdings by preparing both

revenue and capital budgets in the form of;

 Income and expenditure

 Cash flow budgets

 Capital expenditure budgets

At TATU Holdings the budgets are reviewed on a monthly basis by comparing the budgeted

performance against the actual performance and doing a variance analysis.

3.2.4 ASSET MANAGEMENT

Asset management involves the monitoring of all the fixed assets and current asset. The major

assets that need to be monitored are the accounts receivables, fixed assets and the inventory.

Accounts Receivables - The monitoring of company debtors is of vital importance to the

organisation as it largely affects the liquidity of a company. The finance department has to

make sure that the company has minimum debtors and this is attained by collecting payments

early from the debtors .The department has to determine which customers to give the products

and services on credit and also do follow ups on those debtors when the payment is almost due.

When collecting debt one has to be firm and polite at the same time so as maintain the

relationship between the customer and the company.

Fixed Assets - The finance department is responsible for the safe keeping and updating the

company asset register. The register shows the various assets in their different classifications,

the date onto which the asset was purchased, the cost price and the expected useful life. For

proper management of fixed assets the department is governed by the IAS 16 which states that

an asset is initially measured at cost and subsequently it will be valued using the cost model.

24
Inventory Management - TATU Holdings is guided by IAS 2 in its stock valuation processes

which states that stock is valued at cost or net realizable value, whichever is lower. Stock

management is very easy since the company hardly keeps any stock since it uses the Just -In

Time system. Raw materials are acquired as per customers order and no stock is kept in hand

and this helps the organisations to avoid having cash tied up in stock.

3.2.5 Accounting for all projects (long term and short term)

The finance department is responsible for doing all of the costings and budgeting for both long

and short term projects .the finance department purchases all of the materials which are

required for a project as it also acts as the procurement department.

3.3 RELATIONSHIP BETWEEN THE FINANCE DEPARTMENT AND OTHER

DEPARTMENTS

TATU Finance Department cannot afford to carry on its operations without other departments

therefore it has a correlation relationship with the other departments. This enables it to achieve

optimum results for the organization as a whole. The department relationship with other

departments is explained below

3.3.1 The finance department and the marketing department

The finance department is responsible for funding all marketing activities. At TATU Holdings

the marketing department is responsible for sourcing out new customers and promoting our

goods and services .Periodically the marketing department comes up with a marketing budget

which is approved by the finance department .In compliance with set sales targets, allocation

of funds to the department is then done by the finance department. The sales / marketing

25
department also prepares quotations for the customers and the finance department reviews the

quotations before they are issued out to the customer or an invoice is prepared and hence

showing the relationship between the marketing and finance department.

3.3.2 The finance department and administration department

The administration is responsible for running all the minor duties such as ensuring that daily

activities and operations are well administered .The administration also ensure that the

company activities are not affected by minor issues. They source out what is needed by the

business and make requisition and the finance departments then makes those payments. Most

of the customers are attended to by the administration stuff and hence they handle all the

finance visitors.

3.3.3 The finance department and the advertising department

The finance prepares the quotations and invoices of the advertising department. They are also

responsible for doing the costings and the budgetary control of the advertising department.

3.4 PROCUREMENT /PURCHASING PROCESS OF TATU HOLDINGS

TATU Holdings has a very simple purchasing cycle or payment process since it is a small

organisation. The cycle applies to all the three subsidiaries and each of the subsidiaries submits

the final requisition to finance department. Below is a diagram which summaries the

purchasing and payment process of TATU Holding.

26
Figure 3.1 Flow Chart showing the purchasing process of TATU Holdings

27
 IDENTIFY SOURCE OUT
SUPPLIERS QUOTATIONS

COMPARATIVE
BIDDING

MAKE A REQUISITION

ORDER AND RECEIVE GOODS

MAKE PAYMENT AND

RECORD INVOICE

INVOICE FILING

CONCLUSION

28
According to the above information it shows that the accounts department is very important

and affects the operations of the company. How an accounts department is operated may

determine the outcome of an organisation and hence and effective and efficient finance

departments ensures the profitability of an organisation. The chapter also highlighted how the

accounts personnel are also able to do tasks for other departments such as payroll

management which is traditionally done by the Human Resource Department.

29
CHAPTER FOUR
MARKET ANALYSIS OF THE COMPANY

4.0 INTRODUCTION

Blythe (2010) stated that all organizations in the world are affected by a brew of external factors

such as technology, government regulations, competition and the obtaining economic

conditions. This chapter covers the market analysis of the TATU Holdings through the

PESTEL Analysis and SWOT Analysis.

4.1PESTEL ANALYSIS

4.1.1POLITICAL ENVIRONMENT

The political environment refers to the degree into which the government intervenes in the

economy and hence affects the organisational operations. This includes the government

policies, political stability or instability in overseas markets, foreign trade policy, tax policy,

labour law, and environmental law and trade restrictions. It is clear from the list above that

political factors often have an impact on organisations and how they do business.

Since Tatu Holdings is a private limited organisation most of the decisions that are made by

the government do not directly affect Tatu Holdings .however since most our clients are

government parastals and public companies the decisions tend to affect TATU indirectly.

4.1.2Economic environment

30
This refers to the macro and micro economic factors that have a significant impact on how

profitable an organisation is .this factors include the economic growth, inflation, disposable

income and exchange rate. Since most of the resources and materials especially those which

are used by CGW are imported from South Africa , exchange rates tend to affect Tatu Holdings

to a larger extend .The exchange rate have got a direct and indirect impact on the company .

They affect the purchasing power of consumers and they affect the demand and supply models

of a company. Exchange rates determine the cost of production and there consequently affect

the pricing of the corporate gifts and corporate wear.

Monetary policy which is presented by the Reserve bank Governor also tends to affect Tatu

Holdings in the sense that it will be quite expensive for the company from local banks if the

interest rates are high and if low interest rates are being offered then the company can easily

borrow.

4.1.3 Socio cultural environment

The socio cultural environment shows the shared attitudes, beliefs and culture of a population.

Most individuals believe that if an organisation has got a good corporate image , it is most

likely to be successful .this is where Tatu Holdings comes in as it can build the company image

by designing a company logo that speaks to the public , corporate gifts that improve relations

and even advertise the company so as to attract more clients

Tatu Holdings has got a direct impact on the socio cultural beliefs of some of the population as

it produces banners, billboards and press adverts that portray a certain culture.

4.1.4 Technological Environment

This covers the innovations in technology that affect the operations of the business. Tatu

Largely depends on large machinery which is used for printing banners and vinyl which is used

for billboard printing.

31
The company has got a Mutoh Printer which is our most advanced printer but still it is not

enough to match with the ones that is used by some of our competitors that when we have got

a large project we have to outsource so as to maintain the quality .In terms of computers Tatu

has the most advanced computers as the graphic designers require high technological

machinery to produce quality designs.

4.1.5 Ecological environment

This refers to the relationship between human beings and the physical environment (soil, air,

water). The world is revolving and fast moving towards a green environment and consumer

attitudes towards green products are high. This means that there have to be the least pollution

and destruction of the physical environment. Tatu Holdings is not affected to a great extend

with ecological environment because it does not directly manufacture any products .But

however it does partake in increasing media coverage of environmental issues about the type

of materials used by our suppliers and also deal with pollution issues .

4.1.6 Legal environment

This deals with legislation. Although most the legal factors are interlinked with political

factors, they include more specific laws such as discrimination laws, antitrust laws,

employment laws, consumer protection laws, copyright and patent laws, and health and safety

laws(P. Kotler 1967). It is clear that companies need to know what is and what is not legal in

order to trade successfully and ethically. If an organisation trades globally this becomes

especially tricky since each country has its own set of rules and regulations making TATU face

a small issue as it trades across different countries.

32
4.2 SWOT ANALYSIS

SWOT is an abbreviation which stands for strengths, weaknesses, opportunities, and threats. It

is a process which involves the identification of the strength and weaknesses of the organisation

as well as the opportunities and threats present in the market environment in which the business

operates. Therefore, strength and weaknesses are deemed to be internal factors whilst

opportunities and threats are regarded as external factors.

TATU HOLDINGS SWOT ANALYSIS

Figure 4.1 showing the SWOT Analysis of TATU Holdings

STRENGTH WEAKNESSES

 Loyal Customers  limited market penetration

 Advanced Machinery  Small staff
 Fair remuneration  High operational costs and overheads
 High Quality Designs  over reliance on one customer
 Good customer relationship  poor marketing and branding
 Limited competition
 loyal staff

OPPORTUNITIES THREATS

• competitive advantage  lack of foreign currency

• liberalization of markets  high exchange rates
• partnerships  new technologies
 cash shortages/ use of plastic money
 low entry barriers/imports

33
4.3 WAYS OF ADDRESSING THESE WEAKNESSES AND THREATS

• develop new markets

Developing new markets and penetrating into the new markets which are not aware of

our products will help to curb the overreliance of the company on few loyal customers

that TATU HOLDINGS has .Aggressive marketing strategy can be used to achieve

penetration into both the domestic and regional market.

• Upgrade equipment

TATU Holdings can move along with technological developments and buy the most

advanced material to make sure that they are more competitive in the printing industry

.This includes having the most advanced computers , printing machinery , designing

material and even small machines such as helium pumping machines for the balloons

which are a major product sold by CGW.

• Use of local suppliers

Since the country does not have any foreign currency and importing the raw materials

is very expensive it is better for TATU to make use of local products since they are by

far cheap and readily available .Most of our products are very expensive because of the

cost of buying foreign currency and hence buying local products will reduce the cost

and attract more customers.

34
4.4 CONCLUSION

According to the SWOT Analysis, TATU Holdings has quite a number of strengths which

guarantees its survival for a period which is to come. They also have more opportunities such

as the need for more signage as almost since the business world is becoming more competitive

and hence the need for more marketing .However the organisation also needs to address its

weakness and keep their staff highly motivated for better results.

35
CHAPTER 5
PERSONAL EVALUATION OF THE
INDUSTRIAL ATTACHMENT

5.0 INTRODUCTION

This chapter covers the experience and views of the student in relation to the industrial

attachment. It covers the duties which were carried out by the student, the student’s strength

and weakness and the personal developments during the attachment period. It also covers the

problems which were faced and the solutions which were applied by the student so as to achieve

an attachment period which is more beneficial and educational.

5.1 DUTIES CARRIED OUT/KEY RESULT AREAS

5.1.1 Data capturing

Data capturing involved the recording of transactions into the QuickBooks Accounting

package. It was very important to ensure that all the transactions were correctly captured and

the task had to be done on a much more frequent basis so as to eliminate any room for error.

This was one of the important tasks, as the accuracy of all of the financial statements largely

depends on the quality of the data that has been captured .The bank accounts are the backbone

of all transactions and hence these were the most frequently captured accounts, almost all of

the transactions were linked to the bank accounts. This is due to the cashless economy adopted

within the Zimbabwean business sector

36
5.1.2 Intercompany accounts

These are procedures which were used by the parent company ( TATU Holdings ) to eliminate

transactions which occurred between the subsidiaries for example when LFP offered a service

to Tatu Advertising, this is not a valid transaction since the transaction has occurred internally.

When preparing the consolidated financial statements the sale had to be removed from the

books.

5.1.3 Attending to accounts payable queries

After the goods have been supplied, the creditors would be expecting their payment. How the

creditors are treated can affect the relationship between the creditors and the company and

hence the task needed a lot of skill in handling it. Handling creditors was one of the duties

which were assigned to the student. During the process there was need for effective

communication skills because some of the accounts payables would be very impatient and there

is need to represent the good corporate image of the company. There was need to convince and

persuade the supplier that payment will be made. This was not a very hard task to handle for

the attaché because of the Communication skills which were acquired in the communication

skills course.

5.1.4 Managing the accounts receivables

Debt collection involved calling customers and following up on the payments which were being

owed to the organisation. This was a very important task as all of the company’s activities were

largely depended the financing from the accounts receivables. This task required the student to

be a bit more aggressive and at the same time trying to maintain the relationship between the

company for future business purposes.

37
5.1.5 Materials Procurement

During the materials procurement process the student had to request for different quotations

from different suppliers. After the quotations, comparative bid is carried out so as to determine

the company providing the required goods at a favourable price. A purchase requisition is then

prepared are passed on to the supervisor, the senior accountant, who was responsible for

making

5.1.6 Statutory payments, VAT, NSSA & PAYE

TATU Holdings has three companies which are registered as individual entities under it and

two of the entities are registered for Vat. The VAT for TATU Multimedia had to be calculated

on a monthly basis whilst that of LFP had to be calculated every two months. This means that

the student had to prepare the VAT Output and Input Schedules on a monthly basis. The student

had minimum involvement in the computation of the PAYE and NSSA payments. Her task

involved mostly just filing out bank payment vouchers and ensuring that the money is paid.

5.1.7 Billing and Filing

This was everyday task for the writer as each and every day there were bills which were

incurred and needed to be entered into the system. The first step was to capture the bill and

then file the invoice in the appropriate file.

Filing was however much more broader than just filling the bills , it included filing all of the

payment vouchers from Ecocash , cash to bank accounts .the process required great care as any

mistake would affect the paper trail of the company.

5.1.8 Maintenance of fixed asset register

38
Maintenance of the fixed asset register entailed the extraction of the assets from the register at

its cost value plus the cost of any improvements or addition done to the asset since the date it

was entered in the register. TATU asset registers included vehicles, land and buildings,

Furniture, networking equipment and computers.

5.1.9 Preparing quotations and invoicing

The organisation used Activity Based Costing, which identifies activities in an organization

and assigns the cost of each activity with resources to all products and services according to

the actual consumption by each. Whenever a customer requires a quotation the costing have to

be done basing it on the job and the material consumption and a mark-up is added to the

material cost. Preparing quotations was one of the day to day activities of the student

5.1.10 Follow up on receipts

Most of the stuff was more reluctant when it came to providing receipts hence making the

organisational paperwork unreliable. The student had the task of collecting and ensuring that

all of the receipts were collected.

5.1.11 Reconciliations

Bank reconciliation – due to the cash crisis in Zimbabwe the company made use of the plastic

money on a much more frequent basis hence the bank statements needed to be constantly

reconciled to check if the balance per bank statement is corresponding with the cash balance

and also to review the transactions. The bank reconciliation is a report which reconciles the

bank balance as per company's accounting records with the balance stated in the bank statement

General reconciliation - these were to review allocated funds to employees for several

expenses such as trip expenses and matching them with the payments which were done with

39
the employee. Since the company had lots of jobs which were done in areas outside Harare,

these reconciliations were done much more frequently.

5.1.12 Preparation of financial reports

This task was not allocated to me until later on during the attachment. Since we had an

accounting system which prepared the statements for us it was not that completed. On a

monthly basis three financial statements were to be prepared and the most complicated part

was converting them into a format which is recognised by the International Accounting

Standards.

5.2Personal Strengths and Weakness

The industrial attachment period enabled the student to have the opportunity to experience the

accounting environment and witness all the situations that can arise in a work environment.

The attachment had opportunities and challenges which gave the student a foundation for self-

evaluation. This therefore means the student was able to identify his strengths and weaknesses.

The strengths represent principal areas of achievement by the student during her work period,

whilst the weaknesses are areas or aspects which hindered production for the student. These

strengths and weaknesses were however greatly affected by time and resources.

5.2.1 Strengths

40
  The major strength is that the student managed to apply into practice some theory learnt

in class during his tenure at college. This was observed by achievements and

compliments from the work supervisor, department and other organisational members.

 Ability and competence in performing appointed tasks. This is evidenced by the

student successfully and timeously producing accurate and reliable reports,

reconciliations and maintaining updated records like the Petty cash book... The student

worked in some sections where there was minimum supervision or no supervision.

5.2.2 Weaknesses

 Fear – the student had fear of whether she would be able to carry out assigned tasks

and at the same time comply with international accounting standards. Guidance and

training made it easy to carry on the assigned duties because the student had gained a

little bit of confidence in that short period In addition the worked related learning

period addressed this challenge and the student is now confident that he can work

competently in the industry given the knowledge and skills endowed to him during this

period.

 Time management

5.3 PERSONAL DEVELOPMENTS

41
During the industrial attachment the student was able to acquire and enhance her personal skills

as she was exposed to a work environment. The student gained and developed the following

skills

 Good Communication Skills

Interacting with the workmates and management improved both the formal and non-formal

communication skills of the student. She was able to enhance her oral and writing skills. This

was through attending formal and non-formal meetings. There was also a team building

exercise which was carried out within the organisation which enabled the student to do some

personal behaviour development which enable one to identify their best work traits and use

them to produce more profitable results. The student improved on professional conduct and

effective meeting skills which lead to the achievement of the organisational goals and personal

development.

 Good Time Management

Time management is one of the most important aspects in any organisation but sometimes

ignored. The student managed to improve the speed, accuracy, neatness and skilfulness in duty

execution. The student developed scheduling and prioritising skills in order of importance and

due dates so as to meet deadlines. Most of the assignment had to be completed within the

stipulated time period, of which the student developed good time management skill which

included doing scheduled tasks within the intended deadlines through prioritising work duties.

 Teamwork Spirit

42
Teamwork played a pivotal role in the execution of duties which were correlated. The output

of one section was the input of another section, so the student learnt to accept input from other

department and produces defect free output to the next department on time since any delays in

one section would also inconvenience the receiving section. The student benefited from

teamwork spirit during his industrial attachment.

 Technical Skills

The student developed technical skills; theoretical practice was moulded to match to technical

experience thus linkage between theory and reality. The student gained hands on experience in

several accounting aspects. In addition skills in solving and dealing with technical problems

applying the knowledge acquired during the past two years at college was also gained.

 Speed and Accuracy.

The student developed the skill of doing delegated work on time, meeting deadlines, accurate

data inputting and accurate reporting.

 Exposure to the working environment

This was the biggest and yet priceless skill which was attained by the student during the

attachment period at TAT Holdings .In the field of attachment the intern learnt how the working

environment is and what is required in order to have your set goals accomplished. This boosted

the understanding which was mainly theoretical to be practical

 Decision Making Skills

43
Departmental meetings where held every month and during these meetings the student

participated in making constructive decisions through suggestions. The student also gained

skills in making situational decisions for problems at hand without supervisor’s input through

understanding all functions of all departments

5.4 PROBLEMS FACED DURING INDUSTRIAL ATTACHMENT

A number of challenges were faced by the student in the execution of attachment duties.

Responding to those challenges required the application of the lessons learnt in the past and at

work. Some of the challenges faced during attachment are as follows.

 Adopting to the work environment and Culture - the student faced the problem of

having to understand the business environment of TATU Holdings , its competitors ,

suppliers and customers .this was because all of the components seemed interlinked and

connected to all three subsidiaries of TATU Holdings. Also understanding the systems,

ethics, conduct, and industrial language was also a bit of a challenge during the early days

 Poorly defined lines of command - Poorly defined lines of command resulting in clash of

assignments on the student receiving instructions from different personnel at the same time

hence faced a challenge in prioritising the work delegated to her.

 Lack of Proper job rotation - Lack of a proper job rotation scheme to enable the writer to

be exposed to different functional areas of host Company.

 More of working than learning - There was at times lack of proper training in some of

the tasks such that it would take long to grasp some of the concepts as well as apply them.

44
 Restricted access to some Documents and Accounts – they were some documents and

files which had information which was classified as private and confidential which the

student wanted to use but was unable to due to the restriction. The student was unable to

access the bank accounts and was therefore unable to generate Proof of Payments which

slowed down progress when doing assigned tasks .the student was also not permitted to

attend management meetings and getting access to certain vital documents because of the

confidentiality requirements.

 Time management - The pressure of work was consistently high throughout the

attachment period and the student was left with little time for learning purposes, the student

would have to create own time of learning new concepts.

 Manual filing - The student was expecting a more computerised filing system but this

became a challenge as the manual system was involved .it included bulky information

which took more time to be

5.5 CONCLUSION

Despite facing some problems during the attachment period the writer had more to learn and a

lot of skills to acquire which is the most crucial thing during the work related learning process.

CHAPTER 6

45
CRITICAL ANALYSIS OF THE
RELEVANCE OF THEORY TO PRACTICE

6.0 INTRODUCTION: IS THEORY LINKING WITH PRACTICE?

It will be said that accounting theory links with practice in some various areas. Theory requires

all financial transactions to be recorded in their books of accounting

It is the hope of every student that the theoretical knowledge acquired during the first

two years at the university will provide a great foundation, upon which a successful

attachment period can be built. This therefore serves to analyze the extent to which the

theoretical courses where applicable to the realities of the business world.

6.1 APPLICATION OF THEORY

6.1.1 Communication Skills

Communication occurred to be one of the most relevant and important demands of the

organization and the accounting industry at large. It was the most relevant course as l had to

constantly engage is effective verbal and non- verbal communication throughout the entire

attachment period.

The verbal communication aspect played a crucial role when interacting with the fellow

employees, clients, negotiating with the suppliers, participating in meetings and most

importantly during the interview process for which l had to attain an attachment place in the

organization. Nonverbal communication was also important to meet the need of the

organization. It was very effective when writing internal Memos, emails, drafting reports and

when writing minutes of the meetings.

46
They were other skills which l attained from communication skills such as handling yourself

professionally, etiquette, considering the feeling of others thus empathy and even appreciating

the different cultures which are in the organization. The student managed to easily cope and

resolve conflicts during the attachment period through the skills he learnt in the communication

skills course since conflict in an organisation is inevitable.

6.1.2 Intermediate Financial Accounting

In order for an Attachee to carry on an assigned task she has to have knowledge about the

International Accounting Standards hence the Intermediate financial accounting course was

very relevant in my industrial attachment. From the preparation of financial statements to the

day to day activities, the course provided important information. However lack of other aspects

such as taxation and its treatment was a disadvantage. The Attachee was not aware of statutory

charges that had deadlines such as payment of QPDS and PAYE payment which is payable to

ZIMRA by the 16th day of every month. To a greater extend the course was very relevant

during the attachment period.

6.1.3 Corporate finance, Business Mathematics and Business Statistics

These modules were very important when doing computations, considering investment

decisions and also considering whether to acquire assets or not.

6.1.4 Accounting Information Systems and Information Processing

47
This was a very important module as all the financial accounting tasks revolve around the

accounting package and hence being computer literate was very important. Being computer

literate helped the author to be very effective, both in the speed and accuracy in the

capturing of data to process financial transactions. The finance department used the

QuickBooks accounting package and although it was not very complicated it required a certain

level of computer literacy hence proving that the theory was very relevant.

Apart from the accounting package I had to be equipped with enough knowledge about

computers understanding both the hardware and software part. This was not a complicated task

due to the theoretical knowledge acquired during lectures and the practical knowledge which

had been acquired during the practical tutorials. However more needs to be added to the

practical aspect of the Accounting Information Systems so as to equip attaches to be able to

operate any accounting packages without any difficult.

6.1.5 Business Law

Business law is the root of all business operations as all transactions. The importance of

commercial law was realized just as soon as l began my attachment as l was expected to sign a

contract of employment. There was need to be fully aware of the terms of the contract before

appending his signature to make it legally binding .The course equipped the researcher

with more information about applying for tenders which were being offered by other business

and when doing normal business transactions business law played a very important

6.1.6 Business Administration

48
Working in a structured business environment enabled the author to have better

appreciation of the concepts learnt in Business Administration and The principles of

micro and macroeconomics .during the lectures there are some aspects were over looked such

as the span of control and chain of command which rather seemed to be very important within

the organizational structure and hence the theory was very relevant . A clear hierarchy and

chain of command was clearly visible in the organization.

The author now has a more prominent valuation for the cooperative energy impact of groups

as he saw that groups accomplish more than the joined impact of individual endeavors. The

organizational culture was also a more interesting and relevant aspect of the theory to practice.

The author got to observe leadership functions and roles as well as the management style which

were noticeable since she had the theoretical knowledge.

6.1.7 Cost and Management Accounting.

The author was involved in Job costing and she noted the application of Activity Based Costing

into which activities in an organization were identified and the cost of each activity was

assigned according to the actual consumption by each service or job. These costs were

Absorbed into cost units on the basis of benefits received from the particular service cost

centres. This method showed product costs and the activities that cause them which are in line

with the theoretical aspects.

Apart from the costing the student was involved in forecasts and budgetary control and hence

the theory was relevant to practice. Variance analysis was also a very important aspect of

regular activities .The author now has a more prominent valuation for the cooperative energy

impact of groups as he saw that groups accomplish more than the joined impact of individual

endeavors.

49
6.1.8 Principles of micro and macro economics

There were many factors which affected the organization on a micro and macro scale, foreign

currency shortages, cash crisis, exchange rates and government policies. The author was able

to handle some of the problems caused using the theoretical information acquired during the

lectures hence showing the relevance of theoretical information.

6.2 CONCLUSION: TO WHAT EXTENT IS THEORY RELEVANT?

In conclusion theory was very relevant during the entire attachment period .This is because the

student had to apply the theory acquired from the lectures during the interviews period , which

marks the beginning of the attachment period , and up to the last day of attachment she was

still applying the theoretical skills acquired from lecture .The student was fortunate enough to

learn new concepts and to acquire a set of new skills during the attachment period but all the

process of acquiring that information required the student to have a background which provided

the theoretical knowledge beforehand proving that to a greater extent theory is very relevant.

CHAPTER SEVEN

50
RECOMMENDATIONS

7.0 INTRODUCTION

This chapter covers recommendations which the student has for the company, other students

and the University. If all of these recommendations are taken into account the student hopes

that the attachment period would be a better experience for the other students whom are to

follow. Also the recommendations to the company may improve the operations of the company

and may increase efficiency and effectiveness.

7.1 RECOMMENDATIONS TO TATU HOLDINGS

7.1.1 Proper Induction/Orientation to new employees and students - TATU Holdings

should provide students or new employees with orientation that highlights the code of conduct,

dressing and particular areas they will be working on. The company should come up with a

detailed orientation program on basics, safety precautions and hazards which one can come

across on the organisations environment.

7.1.2 Improvement of job designs and staff training that will motivate workers – the

organisation must improve the job design into a much more flexible and motivating design.

This hugely applies to the workshop area as there is no policy for job enlargement , job rotation

and job enrichment due to lack of job analysis .There is boredom and monotony at the

workplace .although the organisation does carry out team building exercises to enhance the

skills of the employees , it is not enough to increase their skills . I would recommend the

organisation to invest in small technical programmes which can increase the skills of the

employees.

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7.1.3 Performance appraisal –TATU Holdings management should adapt performance

appraisal techniques such as management by Objectives (MBO), Behaviourally Anchored

Rating Scale (BARS) and Critical Incident Method. This is so as to evaluate the performance

of the employees and reward the employees whom are performing more exceptional compared

to others. The performance appraisal techniques will also be used to motivate workers towards

the attainment of the organisational goals.

7.1.4 facilitating an open communication channel - the employees must be able to

communicate their issues without any fear

7.1.5 Promotion of corporate social responsibility- TATU Holdings does not take part in any

social and corporate responsibility activities and l would recommend it to actively participate

in social responsibility activities in order for them to create awareness of its existence and

services to the general public

7.1.6 Use of cost benefit analysis - Management should use cost benefit analysis in certain

critical decisions. In the acquisition of stocks management should first of all analyse whether

it is beneficial to buy stocks locally or abroad as this has resulted in increased costs due to the

duty, clearance fees, storage costs and time , thus heavily impacting on the costs and

competitiveness of TATU Holdings .

7.1.7 Formulation of a credit management section in the accounts department- the

accounts department should have a clear policy and structure to enable it to be fully geared to

manage debtors.

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7.1.8 Perform audit on a more regular basis – During my attachment period on TATU

Holdings, the company did not carry out any audits and hence there was no one to check if the

financial statements were prepared in accordance to the international accounting standards. I

would recommend the company to carry out maybe just annual Audits at least so as to give

an opinion to the shareholders on the truth and fairness of the financial statements, whether

they have been properly prepared in accordance with the Companies Act or not .

7.1.9 Updated to a more secure and advanced accounting package – the accounting package

which the accounting department uses is not as advanced as the other accounting packages

which are available on the market such as Pastel and BIQ. I would recommend the company to

upgrade to a much more advance accounting package which provides much stronger internal

controls and hence secures the accounting information at a much more advanced level.

7.1.10 Asset management- I would recommend proper management of the assets register,

constant updating of the asset register and frequent checks on the existence of the assets

7.2 RECOMMENDATIONS FOR THE FACULTY OF COMMERCE

The Faculty of Commerce is the one we are answerable to as Honours in Accounting Students

(HACC) and I acknowledge the work they put in to ensure our Industrial Attachment goes on

smoothly. However, I feel there are a few aspects they can improve on to make the whole

attachment process seamless and they incorporate the following:

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  Checking the appropriateness of the placements

 Guaranteeing students experience their Industrial Attachment as per the

characteristic scopes.

 Increasing the number of assessments carried out by the University Supervisor to a

minimum of at least two assessments per student.

 Refreshing the compilations of potential attachment placements to make it easy for

students to apply.

 Conveying the Industrial Attachment briefing before the semester close.

7.3 RECOMMENDATIONS TO THE PROSPECTIVE INTERNS/OTHER STUDENTS

7.3.1 Bigger does not always mean better – during the rush to find a suitable company to be

attached most students tend to focus on being attached at much bigger institutions. However

what they do not realize is that bigger does not always mean better. Most of the small

organizations provide the student with first-hand experience and a chance to understand the

major concepts which are to be covered during the industrial attachment period unlike bigger

organizations which already have a large team of employees excluding the attachees covering

tasks and hence an intern has less to do.

7.3.2 Integrity at work - As a student you ought to practice integrity and professionalism in

your respective placement so as to set a good standard and recommendation .This is because

most companies may probably consider re-employment of the student after she has attained her

degree. This therefore means that the intern need to stick to work hours, approaches, strategies

and the code of conduct of the company. Understudies ought to use a gracious, energetic,

receptive, and basic way to deal with arrangements and systems inside the organizations.

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7.3 CONCLUSION

After everything has been said and done, it is fair to say that with TATU Holdings, my

expectations of Industrial Attachment were largely fulfilled. Attachment period at TATU

Holdings was an immeasurably valuable experience, which natured the student, which is me,

with a more capable professional experience. The attachment also added the ability to visualize

and see the importance of delegation and team work within an organization .During the

attachment period, the student was also enlightened on some of theoretical situations that she

is bound to come across in the final year of academic learning. This is going be an added

advantage to the student and learning is going to be much easier.

Attachment at Tatu Holdings provided the student with a sudden realization and understanding

onto which to improve on areas of incompetence. The student was able to develop her

confidence as a professional as she got to apply theoretical concepts acquired during lectures

and matching them with practice.

The experience gained , information procured and as well as the knowledge that the student

acquired during the stay at TATU Holdings and in preparing this report is a treasure that is

worth remembering for a lifetime .The author would, once again, like to thank all the people

that have been instrumental in the accomplishment of the business related learning. The most

memorable experience of attained during the attachment period is the genuine fellowship and

friendship communicated by the staff that is depicted as a culture in the TATU Holdings family.

Finally, I appreciate the friendliness and benevolence of the entire TATU Holdings staff, for

the support and guidance to achieve my personal objective of making it to the top of the

proudest industrial attachment period.

In spite of all that, it was equally important for me to offer recommendations to the company,

prospective interns and the Faculty alike on how to make the Industrial Attachment a

worthwhile adventure. To TATU Holdings, my indebtedness is immense as they offered me a

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platform to exhibit my qualities, and along these lines, the company deserved my

recommendations for its overall betterment.

REFERENCES

1. Tatuonline.com. (2018). TATU Holdings. [online] Available at:

http://www.tatuonline.com/ [Accessed 24 May 2018].

2. Kotler, Philip (1967). Marketing Management: Analysis, Planning and Control.

Englewood Cliffs, N.J.: Prentice-Hall.\

3. Borrington, K. and Stimpson, P. (2006). IGCSE business studies. London: Hodder

Education.

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 4. Zimra.co.zw. (2018). 2018 Tax Rates | Zimbabwe Revenue Authority (ZIMRA).

[online]Availableat:http://www.zimra.co.zw/index.php?option=com_content&view=a

rticle&id=1611&Itemid=70 [Accessed 20 Jan 2018].

DECLARATION

This industrial attachment report was prepared by JONGA BELINDA H at the time she was

attached at TATU HOLDINGS. The student declares that he has not used any information

considered confidential to the organization of placement.

SIGNATURE OF STUDENT …………………………………

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DATE ………………………………….

WORK SUPERVISOR’S NAME ………………………………….

WORK SUPERVISOR’S SIGNATURE ………………………………….

COMPANY STAMP

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