Embed Size (px)
Citation preview
TITLE
“ACCOUNT MANAGEMENT”
PLACE : Malanpur, Bhind Road, Near GwaliorCITY : Gwalior
APROJECT TRAINING REPORT
SUBMITTEDIN PARTIAL FULFILMENT FOR THE AWARD OF THE
DEGREE OF
BACHELOR OF COMMERCE2010-2011
GUIDED BY: SUBMITTED BY: Mr. Raj Kumar Sharma Ashwini Bhargava
B.com Final Year 5th semSUBMITTED TO:Mrs. GOKARNAMALA LENDHE
Submitted To
DEPARTMENT OF COMMERCEJAIN COLLEGE, GWALIOR
(AFFILIATED TO JIWAJI UNIVERSITY, GWALIOR)
STUDENT DECLARATION
I Ashwini Bhargava hereby declare that this project training
report entitled, “ACCOUNT MANAGEMENT” is carried out by
me at JAIN COLLEGE under the guidance of MISS. ANSHUL
SHRIVASTAV for partial fulfillment for the award of the degree of,
Bachelor of commerce at department of commerce Jain College,
Gwalior (M.P.)
DATE: (NAME & SIGNATURE OF STUDENT)
PLACE: Gwalior. Ashwini Bhargava
GUIDE CERTIFICATE
It is certified that the project training report entitled,
“ACCOUNT MANAGEMENT” is submitted by Mr. Ashwini
Bhargava partial fulfillment for the award of the degree of bachelor
of commerce at Department of commerce, Jain College, Gwalior
(M.P.). It is a record of candidate’s own work carried out at
Supreme Industries.
(Guide Name)
Mrs. Gokarnamala Lendhe
(Designation & department)
(Asst. Prof. of Comm. & Mgmt. Dept.)
ACKNOWLEDGEMENT
The completion of project training report entitled “ACCOUNT
MANAGEMENT “gives me an opportunity to convey my gratitude’s to all
those who have helped me to complete this research work successfully and
well within time.
I would like to express my deep sense of gratitude to
give me an opportunity to do my project work at Supreme Industries.
I am sincerely thankful to my guide for his ideas and suggestions during my
project work which inspired me to put in best my efforts in the research work.
I would be failing in my duties if I do not express my overwhelming
sense of gratitude to Mr. Manoj Jain, Chairman, and Mr.Sanjay Jain &
Miss. Mayuri chaudhry, Director, Jain College, and Gwalior (M.P.)
I owe utmost thanks, Miss. Anshul Shrivastav Jain College, Gwalior
(M.P.) for their valuable suggestions and discussions made throughout my
research work.
In the last I would like to thanks all individuals known or unknown
who have helped me directly or indirectly during the research fellowship
period.
I must say that all of these great people have done their social job,
which I will also like to oblige in form of similar or even better support
throughout my life.
(Name & signature of student)
ASHWINI BHARGAVA
PREFACE
True learning is born out of experience and observations; practical
experience is one the best types of learning that one can remember
throughout the life. After four semesters in learning theoretical,
aspects of administration & management the day comes to apply
these in corporate world in content of modern industrial enterprise
that has go through its different phases to achieve that corporate
goals. The main object of practical training is to develop practical
knowledge & experience & awareness about industrial
environment & management in the student as a supplement to
theoretical studies of administration & management in specific
area like ACCOUNT MANAGEMENT .It increases the skill, ability
& attitude of a student to perform specific job in corporate
environment. Fortunately, I got golden opportunity to visit and
complete my two months training at SUPREME INDUSTRIES
Here, I got chance to see the functioning DB Activation and have
lot of learning this subject.
INDEX
Sr. No.
CHAPTER NO. PAGE NO.
1 Introduction of project. 1-2
2 Company Profile. 3-12
3 Training Objective. 13
4 Topic Description. 14-18
5 Data Analysis & Representation 19-22
6 Findings. 23-24
7 Suggestions & recommendations 25
8 Conclusion. 26
Limitations. 27
Bibliography 28
CHAPTERS: - PAGE
NO.
1. Introduction of project. 1-2
2. Company Profile. 3-12
3. Training Objective. 13
4. Topic Description. 14-18
Data Analysis & Representation 19-22
6. Findings. 23-24
7. Suggestions & recommendations 25
8. Conclusion. 26
. Limitations. 27
INTRODUCTION
OF
PROJECT
INTRODUCTION
The field of Accounting Management is concerned with the
collection of resource consumption data for the purposes of capacity and
trend analysis, cost allocation, auditing, and billing. This document
describes each of these problems, and discusses the issues involve din design
of modern accounting systems.
Since accounting applications do not have uniform security and reliability
requirements, it is not possible to devise a single accounting protocol and set
of security services that will meet all needs. Thus the goal of accounting
management is to provide a set of tools that can be used to meet the
requirements of each application. This document describes the currently
available tools as well as the state of the art in accounting protocol design..
A companion document, RFC 2924, reviews the state of the art in accounting
attributes and record formats.
Managerial accounting is concerned with providing information to
managers-that is, people inside an organization who direct and control its
operation. In contrast, financial accounting is concerned with providing
information to stockholders, creditors, and others who are outside an
organization.
Managerial accounting provides the essential data with which the
organizations are actually run. Managerial accounting is also termed as
management accounting or cost accounting. Financial accounting provides
the scorecard by which a company's overall past performance is judged by
outsiders. Managerial accountants prepare a variety of reports. Some reports
focus on how well managers or business units have performed-comparing
actual results to plans and to benchmarks. Some reports provide timely,
frequent updates on key indicators such as orders received, order backlog, 1
capacity utilization, and sales. Other analytical reports are prepared as
needed to investigate specific problems such as a decline in the profitability
of a product line. And yet other reports analyze a developing business
situation or opportunity. In contrast, financial accounting is oriented toward
producing a limited set of specific prescribed annual and quarterly financial
statements in accordance with Generally Accepted Accounting Principles
2
COMPANY PROFILE
Objective
Founded in 1942, Supreme is an acknowledged leader of India's plastics
industry. Handling volumes of over 100,000 tones of polymers annually,
effectively makes us the country's largest plastics processors. Not
surprisingly, we also offer the widest and most comprehensive range of
plastic products in India. Our 18 advanced plants are powered by technology
from world leaders, and complement our extensive facilities for R & D and
new product development. In fact, Supreme is credited with pioneering
several products in India. These include Cross- Laminated Films, HMHD
Films, Multilayer Films, SWR Piping Systems, PP Mats and more. We are
seeking to perform strongly internationally as well. Exports remain a focal
area of our operations, even as we add newer markets to our list worldwide.
2009 will see The Supreme Group turnover touch a projected Rs. 21,000
million (USD 500 million).
3
Vision and Mission:
To conduct business with ethical practices and Walk our Talk.
To offer consistent Products and Services with uncompromising
quality supported by continuous improvements and innovations
thereby exceeding Customer’s expectation.
To ensure the culture of utmost respect and empowerment to
individuals and be a catalyst in enhancing their competencies.
Subscribing to the “one world, one market” view, Supreme's holistic
approach to business is expressed in its global success.
Strategic technological alliances with world leaders reflect our
commitment to making products of uncompromising quality. Products
that, in turn, are well received in the most discerning international
markets.
We are associating with the best in the world on one hand and
embracing new frontiers on the other. With Schoeller Wavin Systems
International Services GmbH & Co. KG of Germany for bottle crate
moulds. And with Rasmussen Polymer Development AG of
Switzerland for cross- laminated films.
Our Plastics Piping Systems, for instance, have garnered a particularly
good response, even from the most demanding customers. UK,
Australia and New Zealand are among the markets that have
appreciated these.
Supreme's Cross-Laminated Films, likewise, have won over clients in
the US and Australia.
Multilayer Films, Material Handling Products, Furniture, Industrial
Moldings, PP Mats, have all made a global mark-- in places as diverse
as South Africa and South America, Russia and Singapore, Cyprus
and Canada, Spain and Bangladesh.
4
CHAIRMAN
B. L. Taparia, Chairman
BOARD OF DIRECTOR E B Desai, Director
BOARD OF DIRECTORS R Taparia, Director
MANAGING DIRECTOR M P Taparia, Managing Director
BOARD OF DIRECTORB V Bhargava, Director
6
ORGANIZATIONAL STRUCTURE AT UNIT LEVEL
\
CIRCULATION PRODUCTION FINANCE HR / ADMINIST.
SMDMANAGER
PRODUCTIONMANAGER
FINACEMANAGER
HR /ADM.MANAGER
STATE OFFICE /NATIONAL OFFICE
STATE OFFICE /NATIONAL OFFICE
UNIT HEAD(GM /DGM)
MARKETING
UNIT HEAD(GM/DGM)
CHIEFMANAGER
7
HUMAN RESOURCE:
At Supreme, we value people as our most prized asset. Nurturing this
resource is therefore a priority with us. By providing opportunities for
enhancement of individual skills and personal growth, we seek Employees at
all levels are encouraged to participate in quality management and
technological update programmes. We reward the spirit of dynamism and
proactive response, across the board, in our 2000 strong organization. to
synthesize motivation of the self with the belief in the larger growth of the
company.
8
PRODUCTION:
Molded furniture
Storage & material handling products
Petrochemicals
XF films- and products
Performance films
Industrials Molded products
Protective packaging
Plastic piping system
9
LACQUER FINISH CHAIRS
CHAIRS WITH ARMS
CHAIRS WITHOUT ARMS
SOFAS
TABLES CENTRE TABLES
CHILDREN'S FURNITURE(CHAIRS)
CHILDREN'S FURNITURE(TABLES)
STOOLS
LACQUER FINISH CHAIRS
CHAIRS WITH ARMS
CHAIRS WITHOUT ARMS
10
SOFAS
TABLES
CENTRE TABLES
CHILDREN'S FURNITURE (CHAIRS)
11
CHILDREN'S FURNITURE (TABLES)
STOOLS
101010 12
TRAINING
OBJECTIVE
To get knowledge and experience in the field of Accounting
Management.
To categorize and compute costs of production which is also known as
cost accounting. Accounting Management gives future prediction for
expenses and profits which is known as budgeting.
Management accounting also helps in seeking opportunities which
could be exploited by the firm.
In short this kind of accounting helps in classifying all the key aspects
on which a company’s decisions are based.
To ascertain the actual importance of Account Management in
Industries.
My main motive is to do this training because if I will do M.B.A. in
Future it will be help full for me in the field of Account Management
and in My Business also.
13
TOPIC
DESCRIPTION
Account Management Description
Account management entails calling on certain accounts periodically.
Significance
1. Account management is highly important to companies because each
account is usually worth a significant amount of money. The account
management professional is the key contact for all his accounts. He must call
on these accounts, analyze their business situation, select the products that
best fit their needs and close the sale. The account management employee
must also be available to answer any questions and technical issues and
ensure complete satisfaction among all their accounts.
Identification
2. Other responsibilities of account management include presenting new
products to all accounts, filling out sales orders or purchase invoices,
collecting payments whenever necessary and making sure customers receive
the exact products and services they ordered. For example, the process for
implementing certain software into a company's system can be very
complicated. Often, a number of steps are required to complete the process.
It is up to the account manager to ensure that the implementation process is
completed for each account.
Function
3. Account management professionals must also make cold calls each
month to offset possible attrition among their accounts. For example, some
14
client companies may go out of business or decide to order from a
competitive company. Though the account manager will likely try to save
that account, inevitably some business will be lost during the year. Because
most account management employees have certain sales quotas, they must
offset their losses with new business.
Education and Skills
4. Because of the technical nature of some clients, most account
management positions require a college degree. Additionally, account
management professionals must be self-driven, well organized, analytical
and have excellent communication and management skills, according to the
article "What Are The Job Responsibilities Of An Account Manager?" at
degreedirectory.com. Account managers must also be trustworthy and
reliable and have excellent computer skills.
Salary
5. The average account manager earns between $38,982 and $65, 409
per year, according to June 2010 compensation data at payscale.com. These
figures reflect both salary, commissions and bonuses
Accounting management of architecture
The accounting management of architecture involves interactions between
network devices, accounting servers, and billing servers. The network device
collects resource consumption data in the form of accounting metrics. This
information is then transferred to an accounting server. Typically this is
accomplished via an accounting
protocol, although it is also possible for devices to generate their own
session records.
15
The accounting server then processes the accounting data received from the
network device. This processing may include summarization of interim
accounting information, elimination of duplicate data, or generation of
session records.
The processed accounting data is then submitted to a billing server, which
typically handles rating and invoice generation, but may also carry out
auditing, cost allocation, trend analysis or capacity planning functions.
Session records may be batched and compressed by the accounting server
prior to submission to the billing server in order to reduce the volume of
accounting data and the bandwidth required to accomplish the transfer.
One of the functions of the accounting server is to distinguish between inter
and intra-domain accounting events and to route them appropriately. For
session records containing a Network Access Identifier (NAI), described in
[8], the distinction can be made by examining the domain portion of the
NAI. If the domain portion is
absent or corresponds to the local domain, then the session record is treated
as an intra-domain accounting event. Otherwise, it is treated as an inter-
domain accounting event..
16
Account management is actually a synonym for account penetration.
Just because you have sold one product or service to one business entity
within an organization doesn't mean your job is done. Think of all the
additional opportunities that may exist in the account! For example:
Does your company offer additional products or services that might be
a "fit" for this customer?
How many other business units, departments, divisions, and
subsidiaries are potential prospects for your company's offering(s)?
Required Skills and Talents
A critical talent for successful account management is the ability to
build relationships, as relationship selling is a very effective way to increase
account penetration. Another critical skill/talent is organization. If you are
going to manage large accounts effectively, you need to be willing and able
to keep meticulous records.
What kinds of records do you need to keep? Picture a large, three-
dimensional spreadsheet in your mind. In the left-hand column is a list of
every product and service that you could possibly sell to a customer. Across
the top of the spreadsheet are all of the business units, departments,
divisions, and other business entities that make up your account's entire
organization. Behind each business entity is every contact you know within
that business entity.
Hopefully your organization has some type of CRM (Client Relationship
Management) software application to help you keep track of your answers to
these questions. If you don't have access to a corporate CRM system, here
are some other options:
You can purchase a software package like ACT! Or Goldmine
17
You can subscribe to an online service like salesforce.com
You can track information using a spreadsheet, database, or e-mail
program
There More to Account Management:
There can be, but activities focused on increasing account penetration
make up the critical core. Account management does become more
complex if a team of people is managing a regional, national, or global
account, but most of the complexity pertains to coordinating the
activities of the team members.
Don't make account management more complex than it needs to be!
The basic goal is to maximize account penetration. Look for
opportunities to sell every product and service in your portfolio
to every business entity (business unit, department, division, etc.) in
the account. Make maximum use of referrals and testimonials to help
you initiate new relationships. Regularly remind all of your contacts
of the full breadth of your portfolio of products and services.
Be organized and keep meticulous records. If you do these things,
you should be amply rewarded for your efforts!
The primary objectives of the accounting function in an organization
are to process financial information and to prepare at the end of the
accounting period. Companies must systematically process financial
information and must have staffs who prepare financial statements on
a monthly, quarterly, and/or annual basis. To meet these primary
objectives, a series of steps is required. Collectively these steps are
known as the “accounting cycle “discussed in this post.
18
GRAPHICAL
REPRESENTATION
Balance Sheet
June Year ending, Rs in croresConsolidated Numbers
Year 2005-06 2006-07 2007-08 2008-09 2009-10
Share Capital 13.8 27.6 27.6 25.4 25.4
Reserves & Surplus 202.4 215.9 242.9 278.7 388.7
Net Worth 216.2 243.5 270.5 304.1 414.1
Total Assets 453.7 471.9 588.1 552.9 643.1
Secured Loans 168.8 201.3 272.3 215.2 190.4
Unsecured Loans 68.7 27.0 28.1 33.6 38.7
Total Debt 237.5 228.3 300.4 248.7 229.1
Net Block 326.8 367.6 489.0 544.3 565.6
Investments 49.6 51.1 53.6 49.6 69.3
Net Current Assets 87.7 14.0 12.0 11.0 65.1
Debt to Equity (x) 1.1 0.9 1.11 0.8 0.6
19
Revenue Break Up
2009-10
Plastic Piping44%
Industrial Products
20%
Packaging Products
24%
Consumer Products
12%
2008-09
Consumer Products
12%
Packaging Products
25%
Industrial Products
20%
Plastic Piping43%
June Year ending
20
Net Sales – Segment Wise
Net Sales (Rs Crore)
217 256 310 381164 149
180212302 321
385
460412
478
682
803
74106
103
165
0
750
1500
2250
2006-07 2007-08 2008-09 2009-10
Industrial Products Consumer Products Packaging Products Plastic Piping Others
2121
Year- Wise Growth in Percentage
PBDIT %
0%
5%
10%
15%
20%
25%
2006-07 2007-08 2008-09 2009-10
Industrial Products Consumer Products Packaging Products Plastic Piping Others
22
FINDINGS
85 people of the respondents are aware about IMP. OF
ACCOUNT MANAGEMENT IN INDUSTRY whereas 15
people are not aware about it.
The analysis on the 85 people of the respondents from the
above graph we conclude that 60 people of respondents
attend the events 1-5 in a month whereas 25 people of
respondents attend 5-10 events.
The analysis on the 85 people of respondents from the
above graph we conclude that 50 people of respondents
thinks that events helps in sales & branding whereas 20
people were not and 15 people can’t say.
The analysis on the 85 people of respondents from the
above graph we conclude that 70 people of respondents
thinks event management is a part of marketing whereas
10 people not in favor and 5 people can’t say.
The analysis on the 85 people of respondents from the
above graph we conclude that 70 people of respondents
think events helps in media whereas 10 people not in favor
and 5 people can’t say.
The analysis on the 85 people of respondents from the
above graph we conclude that 80 people of respondents
think that conference, promotion, launches, road shows etc
are the part of events whereas 5people not in favor.
23
The analysis on the 85 people respondents from the above
graph we conclude that 60 people of respondents think
that Events helps in direct interaction, building
relationship and brand value whereas 15 people not in
favor and 10 people can’t say.
24
SUGGESTIONS
Under the study done in Gwalior region I observed that
Supreme Industries is having good Reputation among many
people but it should work on the Account managing to make
a good stand and not only in the city but also in whole
Nation.
One thing I found that people are not much aware about
Account management properly that’s a part of Industries
which could be in knowledge of people.
Account management should be strong according to the
required Industries Management.
Account management should be kept in various fields of
companies and it is very essential to manage account in
industries according to new creativity.
25
CONCLUSION
The entire project proved to be of immense help in my learning
process. I came across the various practicalities existing in the
performance appraisal system.
During the study of the project I got to know various aspects of the
training & development such as how it helps to get a insight into the strong
and weak areas of the employees in terms of the effective performance of
roles , activities , styles , traits, qualities, competencies (knowledge ,
attitude and skills), impact on others etc. It also helps in performance
Accounting System and preparing action plans accordingly to enhance the
performance of individual or group of individuals.
Hence I would like to conclude by mentioning, that the corporate
experience which I got in SUPREME INDUSTRIES, regarding my project
on “ACCOUNTING MANAGEMENT” shows how much importance is
given to the training and development of employees in SUPREME
INDUSTRIES for enhancing the employee’s skills and knowing their
development needs by the top Accounting management and their
commitment play a very important role in the successful implementation
and use of the system.
26
LIMITATIONS
The Account Management suffers from certain Limitations as follow:
Based on Accounting Information: Account Mgt. is based on data of Financial and Cost
Accounting. Historical data is used to make future decisions. The correctness and
effectiveness of managerial decisions will depend upon the quality of data on which these
decisions are based. If financial data is not reliable then Account Mgt. will not provide
correct analysis.
Lack of Knowledge: the application of Account Mgt. will be useful to person connected
with Decision making process as they have proper understanding of Account Mgt. and
related subjects such as Statistics, Economics, Principles of Mgt, Engineering etc.,
Intuitive decision: In Account Mgt. decision making based on facts and figures, there is
a tendency to make decisions intuitively. Mgt may avoid lengthy courses of deciding
things and may take an easy course of arriving at decision, using intuitive. Iterative
decisions limits the usefulness of Account Management.
Not an alternative to Administration: The tools and techniques of Account Mgt.
provide only information and not decision. Decisions and their implementations are done,
by Mgt. So it has supplementary service function and has no final say in taking decisions
and their implementations.
Top heavy structure: Introduction of this system is costly affair and can be used by big
concerns only. Smaller concerns can’t afford to use this system because of heavy cost.
Evolutionary state: Account Mgt. is only in a developmental stage. The technique and
tools used by this system give differing results. The conclusions taken from analysis and
interpretation are not the same. It will take some time to take a final shape.
Psychological Resistance: The Installation of Account Mgt. involves basic changeless in
organizational setup. New rule and regulations are to be framed which affect a number of
personnel and hence there is a possibility of resistance from some or other.
27
www.google .com
http://en.wikipedia.org
www.Questionnaire .com
AUTHORS:
1. Earl D. Honeycutt, John B. Ford, Antonis C. Simintiras (2003),
Sales management: a global perspective
2. Lynette Ryals, Malcolm McDonald (2007)
28
