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Structure and the Functions of Accounts and Finance

Categories: BankBusinessFinance

Structure and the Functions of Accounts and Finance Department

Cash Management

· Apna Micro Finance Bank Limited offers full range of product and services to enhance client’s liquidity. These services broadly include making collections and payments for the companies, liquidity management, providing information (MIS) and controlling commercial electronic banking activities.

Working capital efficiency:

Apna Micro Finance Bank Limited provide following services for working capital efficiency.

Payables Management

  • · Cheque/PO/DD Payment Solutions.
  • · Dividend Payment & processing.
  • · Payroll Management.
  • · Easy Pay (Payable Management Solution).

Receivables Management

  • · Collection.
  • · Right Allocation Letter (RAL) Services.
  • · Cash In Transit (CIT) Services.

Financial Institutions.

Financial Institutions is focused on providing a wide range of correspondent banking services customers through their strong relationships with global financial institutions, ensuring customers access to all the major global financial hubs. This arrangement ensures most efficient settlement of import, export & remittance payments and foreign receipts/ payments of customers. In addition to these global correspondent banking relationships. Following are some Nostro accounts holding banks for bank of Punjab.

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· Standard chartered bank USA.

· Habib Bank ltd. N.Y London

· United national bank London

· Standard chartered bank London. Etc.

Chapter:03

USE OF ELECTRONIC DATA

The various kinds of programming being utilized by association.

APNA microfinance bank is using all new technology devices upgraded windows and PC systems are provided to the staff members they make sure their clients are well aware regarding the information customers need, thorough it’s own website and on phone banking as well. The Information department said they have been using there own software they didn’t shared any information further regarding it.

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The different programming including Employees fortunate store, Assets accounting, etc has likewise been changed over and new reconsidered programming bundles are running easily. Proper training sessions are also taken to make the staff train regarding new technology and devices being used by the bank.

The archived courses of action are similarly being asked to use electronic mail office available through Internet. An internal mail server and intranet site is made for Branch information. Intranet web application contains the portions like daily transactions and customers information who have availed loans and how many receipts they have paid and rest how much are remaining which is the basic motive of APNA Microfinance bank to provide financing at small scale businesses, home loans etc. mentioned in products and services section above.

The acronym SWOT stands for a firm is internal Strengths and Weaknesses and its external Opportunities and Threats. The purpose of such analysis is to build on company’s strengths in order to exploit opportunities and counter threats and to correct company’s weaknesses. SWOT analysis is based on the assumption that if managers carefully review such strengths, weaknesses, opportunities, and threats, a useful strategy for ensuring organizational success will become evident.

STRENGTH

The Strengths of APNA Bank on the basis of internal Analysis. Current Government of PML-N is considerably the current strength of this bank. It has made many of governmental processes easier for banks. It owns quality management, marketing innovation in products and services. Good Reputation in Banking Marketing. It owns the Standards of highly corporative and professionals ready to serve you with maximum zeal and zest.

Furthermore strength after industrial analysis of a APNA Bank

  • i. S- Customer Loyalty
  • ii. S- S- Size of the Balance Sheet
  • iii. Low Cost Of Capital
  • iv. S- Leader in RTCs Market
  • v. S- Largest ATM Network
  • vi. S- Huge Branch Network
  • vii. S- Low Forex; Account to total Deposits
  • viii. S- Liability Advantage
  • ix. S- Highest Deposit Base
  • x. S- Per Party Exposure Limit
  • xi. S- Trade Financing Advantage
  • xii. S- Loan Recovery
  • xiii. S- Diversified Product Range

WEAKLINGS

The weaklings of APNA Bank on the basis of internal Analysis. MCB advertising factor is not as strong as its competitive banks have, Facilitates well established, rich and educated ones. Customers from below sector doesn’t get the luxury of this good behavior. They have a weaker organizational culture. Interdepartmental politics. HR policies (appraisal, compensation, career planning). Networking problems regarding ATM. Weak MIS interconnectivity among the division. Due to the lack of advertisement majority of the people are not well aware about the products of APNA Bank. There is lack of specialized skill because of rotation policy of human resource management. There is lack of skills and training of employees. APNA Bank have to give attention to improve the skills and abilities of the employees according to modern banking requirements.

Furthermore Weaklings after industrial analysis of a APNA Bank

  • i. W- Over Staffing
  • ii. W- Un-banked Areas
  • iii. W- High Administration Cost
  • iv. W- Low Investment in Research
  • v. W- Under-Capitalization
  • vi. W- In-efficient Top Managers
  • vii. W- Low Revenues to Assets

OPPORTUNITIES

The opportunities of APNA Bank on the basis of internal Analysis. They can build a more feasible information technology (MIS). They can establish more foreign branches local setup should be expanded. The factor Internet banking can be improved. Some more innovative products and services should be introduced. APNA Bank can capture big portion of the market by expanding their branches and ATM network to other countries. APNA Bank have to launch some new product or services like tale bank and internet banking etc. Media is powerful tool of communication. APNA Bank have to use it for advertisement of new product and severs provided by APNA bank. By adverting APNA Bank can create more new customers.

Furthermore Opportunities after industrial analysis of a APNA Bank

  • i. O- Low Awareness
  • ii. O- Un-banked Potential
  • iii. O- Long Term Relationships
  • iv. O- Potential in Foreign Operations
  • v. O- Potential in Joint Ventures
  • vi. O- Rupee fixed-deposit schemes

THREATS

The threats of APNA Bank on the basis of internal Analysis. Changes in Governmental Policies may cause some damages. There is a high compaction level in banking sector. Downsizing is potential threat for APNA Bank employees and they are losing their confidence towards bank performance. Economical political conditions are great threat as well. In Pakistan the banking sector is growing rapidly and it has attracts the business men to enter in banking sector. Some foreign banks have started their business in Pakistan. Now APNA Bank has to compete with great effort by giving superior services. From few years Pakistan is facing a lot of problems like energy crisis, rising prices of product. Govt. of Pakistan is borrowing money from State Bank of Pakistan and from commercial banks also and due to lack of money to give to depositor many banks can cause to bankrupt. Foreign banks are increasing in Pakistan. Foreign banks are providing attractive and new services to APNA Bank customers.

Furthermore Weaklings after industrial analysis of a MCB Islamic Bank

  • i. T- Political Turbulence
  • ii. T- Narrowing Spreads
  • iii. T- Bad Loans
  • iv. T- Forex Control
  • v. T- Political Interference
  • vi. T- Unstable Government Policies

Chapter:06

Learning as a Student Intern

Duties

1st Week Learning by Ms. Momna Butt (CRM)

In the first week I learned about

  1. Basic Banking Rules and regulations by State Bank of Pakistan for conventional Banking.
  2. Different Rates of the APNA Microfinance BANK interest as per conditions applied
  3. How to do Biometric recognition
  4. Account opening procedure
  5. 2nd week Learning by Operations Manager(Mr. Faraz Ahmed)
  6. They taught me how to check Vouchers of daily transactions
  7. Stamp checking
  8. Signature checking
  9. Amount checking in figures and words on cheques
  10. 3rd week Learning by Operations Manager(Mr. Faraz Ahmed)
  11. Difference between different cheques practically
  12. How to convert an account to Term Deposit Account
  13. How customers are dealt in APNA BANK
  14. Opened an account of a customer
  15. Documents collection by customer

4th Week Learning by Ms. Momna Butt (CRM)

  1. Stamping on documents
  2. Depositary slips filling
  3. Withdrawal cheques checking by a Marker either they are fake or original
  4. How their Credit officer works to allowance loans to customers

5th week learning under Operations Manager (Mr. Faraz Ahmed)

Checked out Banks previous 5 years

· 5 Financial Statements

  • Statement of Financial Position
  • Income and expenditure Statement
  • Cash Flow Statement
  • Statement of equity
  • Notes Forms ( Detail from mean disclosure)

6th week learning by CRM (Ms. Momna Butt)

  1. Acquired Information of Branch Members
  2. Their designation and working
  3. Passed a test by them of overall experience in bank
  4. Improved communications skills under such professional staff members
  5. Called defaulters for reimbursement of loan payment

Chapter: 07

Conclusion & Recommendations

Conclusion

As a whole, the first thing I found and liked about APNA BANK was its culture. The working environment that APNA BANK has created for its employees is very comfortable where one can work in and this somehow adds value to the employees. Later on, I got aware of the hierarchy, their grading criteria, designations, functional titles and I was given the task to update the organizational charts. In qualitative approach of banking an environment of highly responsible people, APNA BANK is preferably the first. Deeply studying the processes of this Bank makes us understand that the success behind APNA BANK is their employee who have spent years in the service of this bank and gave it the position where every bank wants to stand as its competitor. The Higher management and the policy makers have highly contributed to set the standards. The role of HRMG is the core supportive area of this bank. This department is strong and always ready to serve 700 employees all around the Pakistan. Without HR support, this bank wouldn’t have been at the position where it is now.

Recommendations and Suggestions:

Every year some of the employees should be sent for training to other countries and employees from other branches should be brought here. Some more reading material should be provided the purpose should be to educate the employees with the advance studies in their field

INCREASE SALARIES

APNA Bank is making good profits but giving less pay to their employees as compared to their competitors. So their salaries should be increased.

NATURE OF THE WORK

Most of the bank employees are sticking to one seat only with the result that they become master of one particular job and lose their grip on other banking operation. In my opinion all the employees should have regular job experience all out-look towards banking. Their promotion policy should be adjusted accordingly.

INCENTIVE TO EMPLOYEES

Bank should give some more incentive to its employees in order to remove the conflict between lower and higher officers and should try to improve the working condition of the bank. Such system should be designed that every employee who has some problems with his officers can communicate to the higher management and some steps must be taken to improve that.

PERFORMANCE AND REWARD

Smart, educated, skilled, well-spoken and well versed staff personals should be rewarded and appreciated, while on the other hand lazy, lethargic, heard, rough-dealers and ill-mannered must be warned and penalized but this all should be on merit and considering the policy of honesty is the best policy and not due to some personal liking, disliking prejudice and patrimonial. It is therefore suggested certain schemes and checks may be introduced in banks to increase efficiency through reward and punishment system.

OVER EMPLOYED

During my internship period I felt that at some place the APNA Bank is over employed which is causing in expenditure. I think that the best way out for this problem is to pen new branches.

PROMOTION AND ADVERTISING

Bank must let potential customers know that all attractions for banking exist. This is done by advertising on television and obtaining press coverage, in conjunction with direct mail, window displays, leaflet in branches and in appropriate other locations (such as hotels, shops, etc.) and including leaflets in statement of accounts sent to existing customers in the hope that they will tell potential customers about the services provided by our bank.

Objectives of Internship

There are some major objectives are appended below:

To fulfil the requirement of academic course;

To know organization behavior during accomplishment of different tasks;

To examine myself in practical life how do I response regarding my duties at workplace; ?

To enhance the competency and prowess;

To enhance my sense of responsibility.

To participate in routine work of professional life;

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Structure and the Functions of Accounts and Finance. (2019, Dec 09). Retrieved from http://studymoose.com/21-structure-and-the-functions-of-accounts-and-finance-example-essay

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