SUMMER TRAINING REPORT

"Practical Applications and Challenges in Finance and

Accounting Practices"

AT

SALUD CARE (INDIA PVT. LTD.)

Submitted towards the partial fulfilment for the award degree of

BACHELOR OF BUSINESS ADMINSTRATION

AKIDO COLLEGE OF ENGINEERING

Affiliated to MAHARSHI DAYANAND UNIVERSITY, ROHTAK, HARYANA

SUBMITTED BY: INTERNAL GUIDANCE:

AYUSHI RAJ DR. AMIT KUMAR

BBA 5TH SEMESTER
2213091422
SESSION:2022-2025

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2
 DECLARATION

I, Ayushi Raj, a final-year student at Akido College of Engineering, hereby declare that the project titled
"Practical Applications and Challenges in Finance and Accounting Practices” is an original work and
has not been submitted to any other institution for the purpose of earning a degree. The suggestions provided by the
faculty have been duly incorporated into the project.

NAME: AYUSHI RAJ

COURSE: BBA

SEMESTER: 5th

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 ACKNOWLEDGEMENT

This project report is the result of the support and assistance from many members of the Account Department at
SALUD CARE (Pvt. Ltd.), Our theoretical knowledge would be lacking without proper implementation and
application in today’s diverse corporate environment.

I am also grateful to Mr. Lalit Negi from the Accounts Department for giving me the chance to conduct this research
and for offering guidance throughout the report preparation whenever it was needed.

I would like to sincerely thank my project mentor, Dr. Amit Kumar, for his invaluable guidance, time, support,
and encouragement, which played a crucial role in completing this project.

Last but not the least; I am thankful to the members of SALUD CARE for their cooperation.

(Ayushi Raj)
Regn no.-2213091422

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 PREFACE

Summer training, as the name implies, is an essential part of the B.B.A. curriculum, typically undertaken during June
to August as students enter their final year. The primary benefit of summer training is that it allows students to apply
their theoretical knowledge in a practical setting. This experience gives students the chance to use their skills, intellect,
and reasoning to solve assigned problems, showcasing their abilities.

One cannot rely solely on theoretical knowledge; it must be combined with practical experience to be truly effective.
Classroom lessons should connect with real-world training in companies, as this is crucial in the field of business
management. To cultivate future managerial and administrative skills, it is essential for students to integrate their
classroom learning with insights from the actual business environment.

I had the opportunity to complete my summer training at Salud Care, a leading company in the manufacturing and
selling of medicines. During mysix weeks at Salud Care, located in Roorkee (Haridwar), India, I gained valuable
insights into the real business environment and had the chance to clarify my understanding of various concepts.

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 Contents
No. Topic Page no.
1. Company certificate 2
2. Declaration 3
3. Acknowledgement 4
4. Preface 5
5. Company profile 8
 History
 Certifications
 Mission & values
6. Introduction 16
 Role & importance
 Growth & opportunities
 Trends & developments
 Challenges
 Job description
 Department details
7. Introduction to the topic and problem statement 26
 Background of the topic
 Common problems
 Revelance study
8. Research methodology 31
 Research problem
 Objective of the study
 Source & methods of data collection
 Research design
9. Data analysis and interpretation 35
 Data & interpretation
 Conclusions & findings
 recommendations
10. Description of assigned work and execution strategy 45
 Description
 Objective & scope
 Period of internship

11. Learnings and value addition during the internship 49

 Difference between practical & theoretical
exposure
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  Challenges faced during internship

 Outcomes & impact of work

12. Recommendation &suggestions 57

 Summary
 Conclusion
 Recommendations

13. Bibliography 60

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 COMPANY PROFILE

SALUD CARE PVT. LTD.

SALUD CARE is committed to higher healthcare standards and places a strong emphasis on illness prevention,
which has increased the importance of pharmaceuticals among consumersand boosted sales over time. Over the past 15
years, SALUD CARE has transformed from a small business into one of the fastest-growing pharmaceutical
companies.
o SALUD CARE completely dedicated and committed towards providing high quality and affordable
medicines all around the globe.
o SALUD CARE was established in the year 2003 as Pharmaceutical, Marketing company focused on the
domestic Indian market.
o SALUD CARE first plant Established our own manufacturing unit in the Northern Indian state of
Uttarakhand in 2006 with an aim to cater to the growing demand.
o SALUD CARE decided to expand further and target global Pharma market and upgraded our plant to
meet global WHO-GMP requirements in 2013.
o SALUD CARE (18 Years Later) now a PIC/s certified company having 5 manufacturing sections in 1 plant
in Roorkee and a new Tablet unit is currently under construction.

Manufacture High Quality Medications Value lives in the space between a consumer’s perception of the price
and their impressionof the benefits they’ll ultimately experience with the product.

SALUD CARE believes in higher healthcare standards and greater emphasis on illness prevention and have given
pharmaceuticals a higher significance among consumers, driving sales over the period. It has been a 15 years
journey for SALUD from a small industry to one of the fastest growing pharma industries & by using the
advanced and latest technology in the development of drug, medicines, and pharma products.

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 HISTORY

SALUD CARE believes in higher healthcare standards and greater emphasis on illness prevention and have
given pharmaceuticals a higher significance among consumers, driving sales over the period. It has been
a 15 years journey for SALUD from a small industry to one of the fastest growing pharma industries.

MANUFACTURING FACILITY

SALUD CARE manufacturing unit is situated in Roorkee in the northern state of Uttarakhand. The facility is
situated in a land mass of 14,000 sqm with construction area of over 4000 sqm having 3 floors. Total floor area of the
plant is over 9500 sqm. 1200 sqm are dedicated to our in house GLP approved testing labhaving the latest equipment
like:
• HPLC with Autosampler

• Stability Chambers Microbiology Section

Spectrophometers
• Dissolution Analysis Equipment
• The plant has the following sections for production
• Tablets (PIC/s certified, WHO: GMP approved)
• Capsules (PIC/s certified, WHO: GMP approved)
• Liquids (PIC/s certified, WHO: GMP approved)
• Ointments (PIC/s certified, WHO: GMP approved)
• Dry Powder (PIC/s certified, WHO: GMP approved)

Therapeutic footprint across 22 countries

Our target is the world and we want to have our presence acrossall continents right from Africa, Asia, South America
to CIS, Europe, Australia and North America. For that we understandthat we can never compromise on our quality and
operating standards and we wholeheartedly commit to it.

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SALUD CARE INTERNATIONAL CLIENT
It has been a 15 years journey for SALUD from a small industryto one of the fastest growing pharma industries & by
using the advanced and latest technology in the development of drug, medicines, and pharma products. It achieved a
significant scale and level of technological capability for manufacturing modern drugs indigenously and cost‐
efficiently to emerge as a major developing country competitor in the world market.

200 + (HAPPY CLIENTS)

18 + (YEARS IN THE INDUSTRY)

700 + (MOLECULES)

1200 + (COMBINATIONS)

PRODUCTION CAPACITY

TABLETS : 5000000 tablets per day

LIQUIDS : 100000 bottles per day
NASAL SPRAY & DROPS : 20000 bottles per day
CAPSULES : 500000 Capsules per day
OINTNMENTS : 200000 Tubes per day
DRY POWDER : 900 kg per day

SALUD CARE: A Journey of Growth and Excellence in the Pharmaceutical

Industry
1. Focus on Illness Prevention:
SALUD CARE has continuously placed a strong emphasis on illness prevention, which has resonated with an
increasingly health-conscious consumer base. By investing in preventive healthcare products such as vaccines,
nutritional supplements, and wellness programs, SALUD CARE has gained consumer trust and loyalty.
Consumers have become more aware of the long-term benefits of preventative healthcare, fueling the company’s
sales and growth.
 Consumer Education: SALUD CARE actively educates its customers on the importance of maintaining a
healthy lifestyle, regular health check-ups, and early disease detection, reinforcing the message of prevention

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 over treatment.
 Preventive Products: The company has developed a range of products designed to prevent illnesses and
improve health, such as immunizations, vitamins, and health supplements. These products have seen
consistent demand, especially in emerging markets where healthcare access is improving.
2. Technological Advancements in Drug Development:
SALUD CARE has invested significantly in state-of-the-art technology to advance its drug discovery,
formulation, and production processes. The integration of artificial intelligence (AI), machine learning, and big
data analytics has helped the company streamline its R&D efforts and shorten time-to-market for its products.
 Innovative Drug Discovery: SALUD CARE has successfully utilized AI to predict molecular behavior and
identify new drug candidates, making the drug development process more efficient and effective.
 Production Efficiency: Automation in manufacturing processes has helped the company scale its operations
quickly, ensuring consistent production quality and the ability to meet the growing demand for its products.
 Research in Specialty Medicines: The company has been actively involved in biotechnology and the
development of specialty medicines for chronic diseases, cancer, and rare conditions, setting itself apart
from competitors.
3. Commitment to Quality and Consumer Trust:
At the heart of SALUD CARE’s operations is its dedication to producing high-quality medicines that meet both
national and international standards. Through continuous quality assurance protocols, the company has earned
the trust of healthcare providers, regulatory bodies, and, most importantly, its consumers.
 Regulatory Compliance: SALUD CARE adheres to the strictest regulations set by health authorities like the
FDA, EMA, and WHO, ensuring that all products are safe and effective.
 Product Quality: SALUD CARE maintains rigorous testing procedures for raw materials, production
processes, and finished products, guaranteeing the highest quality in every batch.
 Transparency and Communication: The company prioritizes transparency in its manufacturing processes,
providing clear communication to its consumers about product ingredients, health benefits, and potential
side effects.
4. Expansion into Global Markets:
SALUD CARE’s global expansion has been a key factor in its success. The company recognized early on the
importance of diversifying its market presence to ensure sustainable growth. It has successfully expanded into
emerging markets in Asia, Africa, and Latin America, where the demand for healthcare products is growing
rapidly.
 Emerging Market Strategy: By understanding the specific healthcare needs of different regions, SALUD
CARE has tailored its products to cater to local populations, offering affordable and high-quality alternatives
to meet the needs of developing countries.

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  Building Local Partnerships: The company has also built strategic partnerships with local distributors and
healthcare organizations, ensuring efficient supply chains and broad product access.

Competitors of SALUD CARE in the Pharmaceutical Industry

1. Pfizer Inc.
 Overview: Pfizer is a global leader in the pharmaceutical industry, known for its wide portfolio of
medicines, vaccines, and consumer healthcare products.
 Competitive Edge: Pfizer's strong R&D capabilities, extensive global presence, and leading role in vaccine
development (including its COVID-19 vaccine) give it a significant market share. They also focus on
oncology, immunology, cardiology, and neurology.
 Competition to SALUD CARE: Pfizer competes with SALUD CARE in areas of innovation, drug
development, and regulatory compliance.
2. Novartis
 Overview: A Swiss multinational pharmaceutical company, Novartis is one of the largest pharmaceutical
companies in the world, with a strong presence in both generic and patented medicines. 
 Competitive Edge: Novartis has extensive research and development capabilities, focusing on areas such
as oncology, cardiology, and ophthalmology. It also owns Sandoz, a global leader in generics.
 Competition to SALUD CARE: Novartis’ global scale and expertise in biotechnology and generic drugs
make it a major competitor in many of the same therapeutic areas as SALUD CARE.
3. Sun Pharmaceutical Industries Ltd.
 Overview: Sun Pharma is one of the largest pharmaceutical companies in India and a leading player in the
global pharmaceutical market.
 Competitive Edge: Known for its extensive generic drug portfolio, Sun Pharma also invests heavily in
research and development to produce complex generics and specialty products.
 Competition to SALUD CARE: As SALUD CARE grows in emerging markets, Sun Pharma’s presence
in the generic pharmaceutical market, particularly in India and other Asian regions, makes it a significant
competitor in similar therapeutic areas.
4. Dr. Reddy’s Laboratories
 Overview: An Indian multinational pharmaceutical company with a focus on generic medicines and active
pharmaceutical ingredients (APIs).
 Competitive Edge: Dr. Reddy's is well-established in the generic drug market and has strong research and
development capabilities in a variety of therapeutic areas, including oncology and dermatology.
 Competition to SALUD CARE: Dr. Reddy’s competes in the same markets as SALUD CARE, particularly
in generic drugs and biopharmaceuticals. 

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CERTIFICATIONS:

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 A MESSAGE FROM SALUD CARE MD’S DESK

Salud’s entire existence is centred around healthcare of mankind and we are completely dedicated and committed
towards providing highquality and affordable medicines all around the globe and contributing whatever we can to ease
therising burden of disease. We understand that us customers and clients are the cornerstone of us business and we will
leave no stone unturned to ensure their full satisfaction by delivering the same quality and consistency that they have
now come toexpect of us.

We are now PICs, WHO: GMP and ISO 9001 quality.standards certified and are committed to improving ourselves to
achieve the highest global quality.

SALUD CARE target is the world and we want tohave our presence across all continents right from Africa, Asia,
South America to CIS, Europe, Australia and North America. For that we understand that we can never
compromise on ourquality and operating standards and we wholeheartedly commit to it.

SALUD CARE MD would like to thank all our customers, partners and stakeholders for making us apart of their
journey towards success and look forward to reaching and crossing many moremilestones together.

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 MISSION
To deliver value to the customer, be profitable andestablish leadership in core markets. the company strives towards
diversification and expansion of theproduct portfolio. To command top of mind recall with the customer by ensuring
effective brand promotion strategies. Invest in research & development activities so that the company can deliver ever
better products and always stay ahead. Focus on increasing global footprint.

VALUES
 Ensuring product safety and efficacy through rigoroustesting.

 Ensuring quality assurance at every stage of productionand distribution.

 Building strong partnerships with healthcareprofessionals and distributors worldwide.

 Commitment to state-of-the-art laboratory practices foraccurate testing and quality control.

 Fostering innovation in manufacturing processes andproduct development.

 Maintaining a focused approach on meeting regulatorystandards and patient needs.

 Continuously optimizing processes for efficiency andeffectiveness in production.

 Striving for excellence in all operations, frommanufacturing to market delivery.

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 INTRODUCTION

Overview of the Finance and Accounting Industry

The finance and accounting industry is a cornerstone of the global economy, encompassing a broad range of activities
that facilitate the efficient allocation of resources, management of financial risks, and adherence to regulatory
requirements. This industry is crucial for the functioning of businesses, governments, and individuals alike, providing
the tools and processes necessary for financial planning,analysis, and reporting.

IMPORTANCE AND ROLE

1. Research and Development (R&D) Accounting

 Tracking and Allocating R&D Expenses: Accountants monitor and allocate expenses related to R&D
projects,including preclinical studies, clinical trials, and regulatory approvals.
 Capitalization and Amortization: They determine which R&D costs can be capitalized based on
accounting standards and amortize them as per regulatory guidelines.

 Grant and Funding Management: Many pharma companies receive government grants or subsidies for
R&D. Accountants manage these funds, ensuring they are correctly allocated and reported.

2. Inventory Management and Valuation

 Cost of Goods Sold :COGS, accounting for direct costs (e.g., raw materials, labor) and indirect costs (e.g.,
manufacturing overhead).

 Inventory Valuation: They value inventory, taking into account the high risk of obsolescence and expiry
in pharmaceuticals, as well as batch costing and quality controls.

 Obsolescence and Expiration: Given the strict expiry dates in the industry, accountants are responsible
for accurately writing off expired inventory to prevent overvaluation.

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3. Revenue Recognition and Sales Accounting

 Product Sales and Returns: Accountants manage revenue recognition, considering the impact of product
returns, rebates, and discounts, especially in markets with large distributors and pharmacies.

 Licensing and Royalties: They handle complex revenue streams from licensing agreements and royalty
payments, recognizing revenue in line with usage or milestone achievements.

 Collaborative Agreements: Pharma companies often enter into joint ventures or co-development
agreements. Accoutants allocate revenue from the arrangements according to accounting standards,
ensuring accuracy.

4. Cost Analysis and Financial Planning

 Product Costing: Accountants analyze the full cost structure of pharmaceutical products to ensure accurate
pricing, considering manufacturing, R&D, and distribution costs.

 Budgeting and Forecasting: They support financial planning by developing budgets and forecasts,
especially for long-term R&D projects or market expansion initiatives.

 Variance Analysis: Accountants regularly compare budgeted costs to actual expenses, providing
management with insights into cost-saving opportunities and identifying potential overspending.

5. Compliance with Regulatory Standards

 Good Manufacturing Practices (GMP) Compliance: Accountants track costs associated with meeting
GMPstandards and ensure expenses related to compliance are recorded accurately.
 Sarbanes-Oxley (SOX) Compliance: For publicly traded pharma companies, compliance with SOX iscrucial.
Accountants implement and document internal controls to ensure accurate financialreporting.

 FDA and International Compliance: Pharma companies must comply with regulations in all their
markets. Accountants document costs and expensesrelated to regulatory compliance in each country,
ensuring these are accurately reported.

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6. Internal and External Auditing

 Internal Controls: Accountants design and monitor internal controls to safeguard company assets, reduce fraud
risk, and maintain data accuracy.
 Preparing for Audits: They prepare financial documents and ensure compliance for internal andexternal audits,
especially in areas like inventory, R&D expenses, and revenue.
 Risk Assessment: Accountants assist in assessing financial risks and help mitigate potential regulatory,
financial, or operational risks.

7. Tax Planning and Compliance

 R&D Tax Credits: Accountants maximize tax credits available for R&D, which can significantly reduce tax
liabilities, especially in jurisdictions that incentivize innovation.

 Transfer Pricing: For multinational companies, accountants ensure compliance with transfer pricing laws,
which affect transactions between company divisions.

 Deferred Taxes: Accountants manage deferred tax assets and liabilities, especially where revenue recognition
and R&D capitalization create timing differences in tax reporting.

8. Financial Reporting and Disclosure

 Preparation of Financial Statements: Accountants prepare accurate and compliant financial statements(income
statement, balance sheet, cash flow statement).
 Public Filings and Disclosures: For publicly traded pharma companies, accountants ensure that financial
statements meet regulatory requirements and discloserelevant risks, particularly around R&D and product
pipeline.
 Shareholder Reporting: Accountants prepare reportsfor shareholders, detailing the company’s financial
performance, R&D progress, and any key developments in product pipelines.

9. Treasury and Cash Flow Management

 Managing Cash Flow: Given the high costs of R&Dand long revenue cycles, accountants manage cash
flow carefully to maintain liquidity.
 Debt and Financing: Many pharma companies rely on financing to support R&D and expansion.
Accountants track interest expenses, principal repayments, and ensure compliance with loan covenants.

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Trends and Developments

1. Technological Advancements
In recent years, the pharmaceutical industry's financeand accounting functions have been significantly influenced by
digital transformation. Keyadvancements include:
 Financial Software and ERP Systems: Pharmaceutical companies are increasingly adopting
sophisticated Enterprise Resource Planning (ERP) systems and financial software, like SAP and Oracle,
which streamline complex accounting processes across research, development, manufacturing, and sales.
 Data Analytics: Advanced analytics tools enable pharma companies to gain insights into cost drivers, revenue
trends, and profitability. This aids in strategicdecision-making, particularly in managing high R&D expenses and
navigating pricing pressures.
 Blockchain: Blockchain technology enhances transparency and security in financial transactions. For instance,
it can improve the traceability of fundsand ensure accurate, tamper-proof records, which is especially valuable in
managing intricate supplychains in the pharmaceutical sector.
 Automation and AI: Automation reduces manual tasks, improves process efficiency, and minimizes human
error in routine accounting functions, such as invoice processing, compliance checks, and payroll
management. AI tools, in turn, support predictive analytics, enabling better risk assessment and forecasting.

2. Regulatory Changes
Pharmaceutical finance and accounting must navigate evolving regulations that impact how financial data is reported
and audited. Key regulatory changes include:
 IFRS and GAAP Convergence: Pharma companies operating globally face pressures to adopt IFRS
standards in addition to U.S. Generally Accepted Accounting Principles (GAAP).
 Tax Law Adjustments: Frequent changes in global tax legislation, like the U.S. Tax Cuts and Jobs Act and
the OECD's Base Erosion and Profit Shifting (BEPS) framework, impact how companies structure their
finances, especially given the large investments in R&D and foreign patenting.
 Compliance with Drug Pricing Transparency Laws: Regulatory bodies worldwide are increasingly
requiring pharmaceutical companies to disclose pricing structures, rebate agreements, and discounts.
Compliance with these laws affects how revenue is reported and managed.

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 Sustainability Reporting Standards: With a growing focus on environmental, social, and governance
(ESG) factors, pharmaceutical companies are now required to provide transparent, accurate sustainability
reports. This trend impacts financial accounting as it necessitates integration of non-financial metrics into
the financial statements.

3. Globalization
The global nature of the pharmaceutical industrybrings unique challenges in accounting services:
 Cross-Border Financial Management: As pharmaceutical companies expand globally, they encounter
diverse financial reporting standards, tax laws, and audit requirements. This diversity necessitates robust
accounting frameworks capable ofintegrating various regulatory requirements while ensuring compliance.
 Managing Foreign Exchange Risks: Given the globalsupply chain in pharmaceuticals, finance teams
must manage currency fluctuations that can impact costs and profitability. Hedging strategies and foreign
exchange risk management have become essential in pharma accounting.
 Outsourcing and Offshoring: To reduce costs and focus on core competencies, pharmaceutical
companies increasingly outsource accounting and financial processes to countries with lower labor costs.

4. Automation and Artificial Intelligence (AI) in Finance and Accounting

The integration of automation and AI technologies is revolutionizing the finance and accounting
industries.
 Robotic Process Automation (RPA): RPA is used to automate repetitive tasks like data entry, invoice
processing, and reconciliation. This has significantly cut down the time and effort required for routine
accounting functions.
 AI-Powered Financial Analysis: AI can analyze large datasets to detect anomalies, predict trends, and
enhance decision-making processes. Machine learning algorithms are used to predict future cash flows,
risks, and even customer behavior.
 Chatbots and Virtual Assistants: These AI tools are being used for customer service, providing real-
time responses to client queries, and supporting accounting professionals in their day-to-day work.

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Growth and Opportunities in Finance and Accounting

 Technology Integration: Adoption of automation, AI, and data analytics to streamline accounting tasks
and improve decision-making.
 Regulatory Compliance: Managing complex global regulations and ensuring compliance with changing
tax and financial reporting standards.
 R&D Financial Management: Supporting the financial planning of high R&D investments andforecasting
long-term costs and ROI.
 Global Expansion: Managing cross-border taxation and financial reporting as companies expand
internationally.
 Mergers and Acquisitions: Supporting financial analysis, valuations, and integration during mergers or
acquisitions.
 Data Analytics: Leveraging big data to optimizecosts, forecast financial trends, and gain business insights.
 Sustainability Reporting: Tracking environmental, social, and governance (ESG) metrics for compliance
and investment appeal.
 Cost Management: Finding ways to reduce operational costs while maintaining product quality.

 Digital Transformation: Implementing advanced financial systems to improve efficiency and data
management.
 Strategic Advisory: Offering insights for capital allocation, investment, and growth opportunities tosupport
long-term profitability.
 Financial Forecasting and Budgeting: Using advanced data analytics tools to create more accurate
forecasts, scenario planning, and budgeting.
 Performance Metrics and KPIs: Companies can measure their financial health in real-time through the
use of data analytics, tracking key performance indicators (KPIs) like return on investment (ROI),
profitability ratios, and cost efficiencies.
 Artificial Intelligence (AI) and Machine Learning (ML): AI/ML can analyze vast amounts of financial
data to detect trends, forecast market behavior, and optimize investment strategies.

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DEPARTMENT DETAILS

Position Responsibilities
Chief Financial Officer (CFO) Oversees the entire financial function, including
financial strategy and reporting.
Financial Controller Manages the accounting team, ensuring financial
reporting and compliance with standards.
Treasury Manager Oversees cash flow, capital management, and
banking relationships.
Cost Accountant Manages the cost of production, product costing,
and inventory control.
Tax Manager Oversees tax compliance, tax planning, and
audits.
FP&A Manager Leads budgeting, forecasting, and financial
analysis.
Accounts Payable Clerk Manages payment to vendors, and processes
purchase invoices.
Accounts Receivable Clerk Manages collections, customer billing, and aging
reports.
Internal Auditor Ensures internal controls, conducts audits, and
identifies financial risks.

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 JOB DESCRIPTION

During my internship, I made a focused effort to improvemy skills and put my academic knowledge into practice.On
my first day, the accounting department provided acomprehensive overview of the work processes and introduced me
to computerized accounting using Tally software. The supervisor also shared practical insights andoffered
valuable techniques for effectively managing these tasks.

Tasks I performed during my internship

 Vouching
 Preparing books of account in tally
 Voucher entry
 TDS return preparation
 Ledger making and Reconciliation
 PDC list
 GRN check
 Inward and outward register update in excel
 Shipping bill check
 Making of purchase order and proforma invoice
 Compiling data in excels

Software used during my internship:

 Ms Excel
 Tally
 Cheque software
 Microsoft outlook

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Company's Competitive Standing Strengths

1. Expertise and Experience

o Qualified Professionals: highly skilled professionals with specialized knowledge of industry-specific
financial requirements. Thisexpertise allows them to handle complex accounting challenges effectively.

o Specialization in Key Areas: often focus on auditand assurance, tax advisory, financial consulting, and
forensic accounting. This specialization enables them to offer solutions tailored to theunique financial and
regulatory needs of theirclients.

2. Client-Centric Approach

o Tailored Solutions: Accounting services are often customized to address unique needs such asR&D cost
management, intellectual property valuation, and compliance. This personalized approach enhances client
satisfaction and buildslong-term loyalty.

o Responsive Service: Timely responses and efficient service are critical in this fast-paced industry,
especially when handling urgent financial matters or regulatory queries. Responsiveness strengthens client
relationships and ensures smooth operations.

3. Technological Integration

o Advanced Tools: Firms utilize cutting-edge accounting software, data analytics, and digital platforms to
manage large datasets with accuracy. This technological integration streamlines processes, enhances
compliance, and modernizes traditional practices.

4. Strong Distribution and Supply Chain Network

o Description: A well-established distribution network allows a pharmaceutical company to efficiently

deliver products to healthcare providers, hospitals, pharmacies, and directly to consumers. Companies with
a strong supply chain can quickly respond to market needs and reduce stockouts.

o Example: A pharmaceutical company with established relationships with major wholesalers and retail
pharmacy chains can ensure its drugs are widely available.

o Impact: A reliable distribution network ensures that products reach their target markets in a timely manner,
improving market share and brand recognition.

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Challenges

1. Market Competition
o Intense Competition: The industry is highly competitive, with numerous firms vying for clients. To stand
out, firms must continuously innovate and highlight their specialized knowledge to attract and retain clients.

2. Changing Regulations

o Regulatory Complexity: Frequent changes in taxlaws, reporting standards, and transparency requirements
create challenges in maintaining compliance. Firms need to invest in ongoing training and resources to stay
updated andprovide reliable guidance.

3. Client Expectations

o Evolving Needs: Expectations are shifting due torapid advancements in technology, expanded global
operations, and the development of newproducts. Firms must adapt by providing forward-thinking, scalable
solutions to stayrelevant and competitive.

4. Cybersecurity Threats
o Description: As businesses increasingly rely on digital tools and cloud platforms, the risk of cyberattacks
and data breaches grows, particularly for companies handling sensitive financial data.
o Example: A financial services company experiencing a data breach could face loss of client trust,
regulatory penalties, and significant financial damages.
o Impact: Cybersecurity threats can compromise the company’s reputation, lead to financial losses, and
increase operational costs due to the need for enhanced security systems.

5. Supply Chain Disruptions

o Description: Companies with international operations or dependence on global supply chains may face
disruptions due to geopolitical tensions, pandemics, or natural disasters.
o Example: A global finance firm might experience challenges in providing services to clients in regions
affected by economic sanctions or supply chain blockages.
o Impact: Supply chain disruptions can lead to delays in service delivery, increased operational costs, and
impact on overall productivity.

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Introduction to the Topic and Problem Statement

Background of the Internship Topic

During my internship in the accounting department of a Salud care company. I engaged in a variety of tasks that
provided hands-on experience with industry-specific accounting practices and processes. I gained proficiency in using
several essential software tools, including Tally for bookkeeping, MS Excel for data compilation and reporting, cheque
software for financial transactions, and Microsoft Outlook for professional communication.

My daily responsibilities encompassed a wide range of tasks:

 Vouching and voucher entry to verify and recordtransactions accurately.

 Preparing books of account in Tally, which includedorganizing and maintaining financial records.

 Compiling data in Excel for analysis and reporting,ensuring data accuracy and ease of access.

 TDS return preparation to comply with tax requirements, and ledger creation and reconciliationfor
accurate financial tracking.

 Creating a PDC list (post-dated cheque list) and conducting GRN checks (Goods Receipt
Note) forverifying received inventory.
 Updating the inward and outward register in Excel to monitor stock movement, and checking
shippingbills to verify export/import documentation.

 Drafting purchase orders and proforma invoices tosupport procurement and sales activities.
 Practical Understanding of Financial Tools and Software: Gaining proficiency in using industry-standard
tools such as QuickBooks, Excel, SAP, or Oracle for financial reporting and analysis.
 Exposure to Corporate Financial Reporting: Understanding the preparation of financial statements, balance
sheets, income statements, and other key reports.
 Regulatory Compliance and Taxation: Learning how companies navigate local and international tax
regulations, preparing for audits, and ensuring compliance with financial standards like GAAP or IFRS.
 Strategic Financial Planning: Gaining insights into budgeting, financial forecasting, and the creation of long-
term financial strategies for business growth.

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Common problems in Finance and Accounting
1. Cost Management:

o Research and Development Costs: High expenses in R&D can impact profitability.

o Production Costs: Managing costs related to manufacturing, including raw materials and labor.

o Pricing Strategies: Balancing between costrecovery and market competitiveness.

2. Regulatory Compliance:

o Financial Reporting Standards: Adhering to IFRS or GAAP, and the impact of regulatory changes.

o Audit Requirements: Frequent audits due to regulatory scrutiny and compliance mandates.

3. Revenue Recognition:

o Complex Sales Agreements: Understanding revenue recognition for different sales agreements and
government contracts.

o Returns and Discounts: Managing returns anddiscounts can complicate revenue accounting.

4. Inventory Management:

o Valuation Methods: Deciding between FIFO,LIFO, or weighted average cost methods.

o Obsolescence and Expiry: Managing inventorythat may become obsolete or expire.

5. Taxation:
o International Tax Issues: Navigating different taxregulations in countries where products are sold.

o R&D Tax Credits: Understanding eligibility fortax incentives related to research activities.

6. Financial Planning and Analysis:

o Budgeting Challenges: Creating accurate budgetsthat reflect the unpredictable nature of pharmaceutical
R&D and market dynamics.

o Forecasting: Difficult in forecasting revenues due to variable drug approval times and market acceptance

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Identified Problems in Finance and Accounting in pharmaceutical
companies

1. High R&D Costs: Many pharmaceutical companiesinvest heavily in R&D, which can lead to financial
strain if products do not reach the market.

2. Complex Regulatory Environment: Navigating different regulations in various countries can complicate financial
reporting and compliance.

3. Pricing Pressure: The pharmaceutical industry faces significant pressure from healthcare providers and
governments to lower drug prices, affecting profit margins.

4. Supply Chain Disruptions: Any disruptions in the supply chain can lead to increased costs and financial losses,
especially during crises like pandemics.

5. Fraud Risk: The industry is vulnerable to financial fraud, including billing for services not rendered and
misrepresentation of expenses.

6. Technological Challenges: The integration of newfinancial technologies (like ERP systems) can be
costly and complex.

7. Inventory Management and Valuation: Proper inventory management is critical for pharmaceutical companies, as
overstocking or understocking can lead to financial losses or missed revenue opportunities. The valuation of
inventory can also be complex, especially for companies dealing with pharmaceutical products that have expiration
dates or require cold storage. Accurate inventory management systems are necessary to minimize waste and ensure
that products are delivered to customers on time.

8. Tax Compliance and Transfer Pricing: Pharmaceutical companies with global operations often face challenges in
tax compliance due to varying tax laws across different jurisdictions. Additionally, transfer pricing issues arise
when goods, services, or intellectual property are transferred between different subsidiaries in different countries.
Managing transfer pricing in compliance with international tax laws is complex and requires careful monitoring to
avoid potential legal or financial penalties.

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Relevance of the Study in the Context of Finance and Accounting

Understanding Industry Standards:

During the internship, I gained insights into the specific financial practices and accounting standards prevalent in the
pharmaceutical industry. This knowledge is vital for anyone looking to pursue a career in finance within this sector,
as it highlights the unique financial dynamics that differ from other industries.
Real-World Application:

The study of finance and accounting in pharmaceuticalcompanies during my internship provided me with practical
examples of how financial principles are appliedin real-world scenarios. This relevance extends to understanding cost
management, budgeting, and financialforecasting in an industry that is highly regulated and competitive.

Addressing Current Challenges:

The pharmaceutical industry faces ongoing challenges suchas rising R&D costs, regulatory compliance, and pricing
pressures. My research and observations during the internship allowed me to explore how these challenges are
managed financially, underscoring the importance of strategic financial planning.

Financial Technology Adoption:

Through my internship experience, I observed the integration of financial technologies, such as ERP systemsand data
analytics tools, which are transforming financial operations. Understanding these tools is crucial for enhancing
efficiency and accuracy in financial reporting.

Significance of the Study in the Internship Context

Enhancing Professional Skills:

The internship experience allowed me to apply theoreticalknowledge of finance and accounting to practical
situations, enhancing my analytical skills, problem-solving abilities, and familiarity with financial reporting practices
specific to the pharmaceutical sector.

Contribution to Organizational Efficiency:

By analyzing financial processes and practices during myinternship, I identified opportunities for improving financial
efficiency and accuracy within the company. This significance extends to making recommendations that could
positively impact the organization's bottom line.

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Risk Management Awareness:

The study emphasized the importance of risk managementin finance and accounting practices. My observations
during the internship highlighted how proactive financialstrategies can mitigate risks associated with market
fluctuations and regulatory changes.

Support for Strategic Decision-Making:

Understanding the financial implications of various operational decisions is crucial in the pharmaceutical
industry. My internship experience provided insights into how finance and accounting inform strategic decision-
making processes, aiding in resource allocation and long- term planning.

Networking and Professional Development:

Engaging with professionals in the finance department during my internship allowed me to understand industry
standards and practices.

Exposure to Industry-Specific Financial Challenges:

Pharmaceutical companies face unique financial challenges, including complex pricing models, R&D cost
management, and regulatory compliance. Through this internship, I gained firsthand experience in addressing
some of these issues. Complex Pricing Models: I learned how pricing decisions are made, especially when dealing
with government regulations, healthcare providers, and insurance companies that demand price reductions. Cost
Management in R&D: Understanding the financial implications of R&D expenditure in drug development and
the risks of product failure was another important learning area.

Time Management and Multitasking:

The internship also enhanced my ability to manage multiple tasks effectively, ensuring that deadlines were met
without compromising quality. In the fast-paced environment of a pharmaceutical company, being able to
prioritize tasks and stay organized was essential. Balancing Multiple Deadlines: I was often required to work on
various financial tasks simultaneously, such as voucher entries, reconciling accounts, and preparing tax returns.
This taught me how to manage time effectively to meet deadlines while maintaining accuracy in all tasks.

30
 Research Methodology

This chapter presents the research methodology utilized throughout the internship, describing the strategies
implemented to explore the various tasks and projects undertaken. It offers a framework for comprehending theresearch
process, including the problem statement, the scope of the study, the objectives, the sample design, data collection
techniques, the duration of the study, analytical tools, and the rationale behind the selected research methods.

Research Problem
The research problem focuses on understanding the financial operations within the accounting department of Salud
Care, a pharmaceutical company. The core issue under investigation is how effectively the company manages its
accounting processes, financial records, and compliance with regulatory requirements. Specific questions include:
 How do accounting functions such as voucher entries, ledger reconciliation, and TDS return preparation impact
the financial accuracy and efficiency of the company?
 Are the financial reporting and reconciliation practices in line with industry standards, and how can they be
improved?
 How effectively is the accounting software (Tally and MS Excel) being utilized to streamline financial
processes?
 The study aims to analyze these aspects and identify opportunities for improvement in the company’s
accounting practices and financial operations.

Objectives of the Study

The primary objectives of the study were as follows:
 To Analyze the Accounting Practices: Investigate the day-to-day financial operations at Salud Care,
focusing on key tasks such as voucher entries, ledger reconciliation, and tax compliance (TDS).
 To Evaluate the Effectiveness of Accounting Software: Assess how accounting software tools like Tally
ERP 9 and MS Excel are used for managing financial data and ensuring accuracy in record-keeping.
 To Identify Areas for Improvement: Identify any gaps or inefficiencies in the current accounting and
financial reporting system and suggest improvements.
 To Examine Tax Compliance: Review the company’s process of preparing and submitting TDS returns,
ensuring compliance with tax regulations.
 To Understand Financial Decision-Making: Analyze how the financial data generated through various
accounting functions contributes to business decision-making at the management level.

Sources of Data Collection

The sources of data collection for the study were divided into primary and secondary sources:
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1. Primary Data:
o Direct Observation: I observed the daily activities in the finance department, including tasks like voucher
entry, ledger reconciliation, and TDS filing.
o Interviews: I conducted informal interviews with senior accountants and finance managers to understand
the workflow, challenges, and insights into the company’s accounting processes.
o Surveys: Although formal surveys were not conducted, I used structured questionnaires to guide discussions
during interviews and gain insights into areas that required improvement.
o Internal Financial Documents: I collected data from internal documents like invoices, vouchers, purchase
orders, financial statements, and TDS returns.

2. Secondary Data:
o Company Financial Records: The company’s balance sheets, income statements, cash flow reports, and
trial balances provided secondary data for the study.
o Accounting Software Data: Financial records from Tally ERP 9, Excel spreadsheets, and generated reports
from the accounting software were used for analysis.
o Industry Reports: External financial reports and research papers were referred to for comparing the
company's performance and understanding industry standards.

Methods of Data Collection

1. Direct Participation and Observation:

o The most significant method of data collection was direct involvement in daily accounting operations. This
allowed for first-hand observation of processes such as voucher entry, ledger reconciliation, and preparing
TDS returns.

2. Interviews:
o Semi-structured interviews were conducted with key personnel in the finance department, including senior
accountants and managers, to understand their perspectives on accounting processes.

3. Document Review:
o Reviewing and analyzing the company’s financial documents (invoices, vouchers, trial balances, TDS
returns) provided concrete data for assessing the accuracy and reliability of the company’s financial
practices.

4. Statistical Data Analysis:

o Financial data from Tally ERP 9 and Excel was analyzed using basic statistical methods to evaluate financial
trends, ratios.

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 Statistical Tools Applied
While my internship work was focused on practical tasks in accounting, the following statistical tools and techniques
were applied to analyze and interpret the data:

1. Descriptive Statistics:
o Measures such as mean, median, and standard deviation were used to summarize and interpret financial
data, such as monthly revenue and expense figures.
o Frequency distributions helped identify patterns and trends in the data.

2. Ratio Analysis:
o Key financial ratios, including liquidity ratios (e.g., Current Ratio), profitability ratios (e.g., Net Profit
Margin), and efficiency ratios (e.g., Inventory Turnover), were calculated to assess the company’s financial
health.
o Trend analysis was used to examine how financial metrics evolved over time.

3. Comparative Analysis:
o I compared the company’s financial data (e.g., monthly revenue, expenses) to industry benchmarks to assess
relative performance.
o The analysis of variance in financial performance was also conducted to identify discrepancies or anomalies.

4. Graphical Representation:
o Bar charts, pie charts, and line graphs were used to visually represent the financial data, making it easier to
understand trends in revenue, expenses, and other financial indicators.

Research Design
The research design for this project is descriptive and exploratory in nature. Since the goal was to study the
existing accounting practices and identify areas for improvement, the design included:

1. Descriptive Design:
o This design was used to provide an accurate description of the accounting processes and tasks performed
within the company. The focus was on understanding how financial data is managed and processed in the
company.

2. Exploratory Design:
o The study was also exploratory as it sought to gain deeper insights into the accounting practices specific to
the pharmaceutical industry. This approach allowed for the exploration of new areas and challenges that the
accounting team faces, including issues related to tax compliance, accounting software usage, and financial
reporting.

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 3. Case Study Approach:
o The study followed a case study methodology, focusing on a single company (Salud Care). The aim was to
explore the intricacies of its accounting functions in detail.

Limitations of the Research Design

While the research design was effective for the purposes of the study, it had the following limitations:

1. Scope of Data Collection:

o The study was limited to only the tasks and processes I was directly involved in during my internship. Key
processes like strategic financial planning, high-level decision-making, and budgeting were outside the
scope of this study.

2. Subjectivity in Observations:
o The data collected from informal interviews and observations could be subject to personal bias. Although I
made efforts to be objective, the insights provided were based on my interpretation of events and processes.
o Inconsistent Data: Some data entries in the company’s financial system were not fully updated or reconciled
during the course of my internship, which could affect the accuracy of the data analyzed.

3. Limited Statistical Analysis:

o Given the scope of the internship and the nature of the work, advanced statistical analysis tools (such as
regression analysis) were not applied. This may have limited the depth of insights that could have been
drawn from the data.

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 Data Analysis and Interpretation

In this section, I will present the data analysis and interpretation based on the tasks performed during my
internship at Salud Care, a pharmaceutical company. The analysis will focus on key areas of financial
management, including revenue and expense trends, voucher entries, ledger reconciliations, and tax compliance
(TDS return preparation). Additionally, I will use graphs, charts, and tables to present the data visually for clearer
interpretation.

1.Revenue and Expense Analysis

The first part of the analysis examines the monthly revenue and expense trends at Salud Care. This is essential to
understand the financial health of the company and assess its ability to maintain profitability over time.
1. Monthly Revenue and Expense Trend
For the months during my internship, the company’s revenue and expenses were tracked and compared to identify
trends.
Data Table: Monthly Revenue and Expenses (INR)

Month Revenue (INR) Expenses (INR) Profit/Loss (INR)

January 500,000 350,000 150,000
February 600,000 400,000 200,000
March 650,000 450,000 200,000
April 700,000 500,000 200,000
May 750,000 520,000 230,000
June 800,000 550,000 250,000

Interpretation:
 Revenue Growth: The company saw a steady increase in revenue, growing from INR 500,000 in January to
INR 800,000 by June. This indicates a positive business trend and potential market expansion.
 Expenses: Expenses also increased gradually, from INR 350,000 to INR 550,000. However, the growth rate
of expenses is slower than revenue growth, indicating the company is becoming more efficient in controlling
costs.
 Profit Margin: The profit margins remained healthy, with a consistent increase in profits from INR 150,000
to INR 250,000. This is a positive indicator of the company's operational efficiency.

Graph: Monthly Revenue vs. Monthly Expenses

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Below is a bar chart that visually represents the trend of revenue and expenses over the months:
[Bar Graph Example: Monthly Revenue vs. Monthly Expenses]

Chart Title

APRIL

MARCH

FEBRUARY

JANUARY

0 200000 400000 600000 800000 1000000 1200000 1400000

REVENUE (INR) EXPENSES(INR)

Interpretation of the Graph

 The graph illustrates the consistent growth in both revenue and expenses, with revenue outpacing
expenses each month, leading to an increasing profit margin.

 The significant gap between revenue and expenses in June suggests the company is effectively
managing costs relative to income.

2. Voucher Entries and Ledger Reconciliation

Next, I analyze the process of voucher entries and ledger reconciliation, both critical tasks in accounting. Proper
voucher entries ensure that financial transactions are recorded correctly, while ledger reconciliation ensures that
financial records are accurate and complete.

1. Voucher Entry and Ledger Reconciliation Process

During my internship, I performed voucher entries for various financial transactions such as sales, purchases,
payments, and receipts. These entries were recorded in Tally ERP 9 and later reconciled with the bank statement
and other financial records.

36
Sample Data Table: Voucher Entries and Ledger Balances

Voucher Entries and Ledger Reconciliation

Next, I analyze the process of voucher entries and ledger reconciliation, both critical tasks in accounting. Proper
voucher entries ensure that financial transactions are recorded correctly, while ledger reconciliation ensures that
financial records are accurate and complete.

2. Voucher Entry and Ledger Reconciliation Process

During my internship, I performed voucher entries for various financial transactions such as sales, purchases,
payments, and receipts. These entries were recorded in Tally ERP 9 and later reconciled withthe bank
statement and other financial records.

Sample Data Table: Voucher Entries and Ledger Balances

DATE VOUCHER TYPE ACCOUNT LEDGER STATUS

HEAD BALANCE (INR)

02/05/2024 SALES 60000 60000 CLEARED

11/05/2024 PURCHASE 75000 75000 CLEARED

19/05/2024 PAYMENT 5000 45000 PENDING

27/05/2024 PURCHASE 20000 20000 CLEARED

RETURN

Interpretation:

 Voucher entries are recorded in a systematic manner. Each voucher type (e.g., Sales, Purchase, Payment)
is assigned to a specific account head.

 The ledger balance reflects the current balance for each account after the entry. The “Pending” status
on the payment indicates that the transaction has not yet been reconciled with the bank or internal records.

Graph: Voucher Entry Status (Cleared vs. Pending)

37
 Chart Title

PENDING

CLEARED

0 10 20 30 40 50 60 70 80

COUNT

Interpretation:

 The majority of TDS returns have been filed, with only 2 out of 4 entries marked as pending. This
indicates that the company is generally compliant with tax regulations, though there is room for
improvement in timely filing.

3. Expenses distribution analysis

Another crucial part of the analysis is to assess the distribution of expenses across various categories.
Understanding this distribution helps the company prioritize cost-saving initiatives and improve financial
planning.

3. Expense Categories

Expenses were divided into key categories, including raw materials, rent, office supplies, and others.

Data Table: Expense Distribution (INR)

38
 EXPENSE CATEGORY AMOUNT %OF TOTAL EXPENSES

RAW MATERIALS 250000 50%

RENT 100000 20%

OFFICE SUPPLIES 30000 6%

UTILITES 30000 6%

SALARY AND WAGES 70000 14%

Interpretation:

 Raw Materials: The largest portion of expenses (50%) was attributed to raw materials, which is typical
for a pharmaceutical company that manufactures products.

 Rent and Salaries: Rent and salaries contribute a significant share to the overall expenses (20% and
14%, respectively), which are fixed costs that need regular review.

PERCENTAGE

RAW MATERIALS RENT OFFICE SUPPLIES UTILITIES

Interpretation:

 The pie chart clearly shows that raw materials account for the largest share of the company’s expenses.
This suggests that any cost-saving measures should primarily focus on reducing raw material costs

39
 without compromising product quality.

4. Ledger Entry Accuracy

Expenses distribution by ledger account

Ledger account EXPENSES (%)
R&D 25
MARKETING 20
OPERATIONS 30
HR 15
COMPLIANCE 10

EXPENSES (%)
HR
17%
R&D
28%

OPERATIONS
33%
MARKETING
22%

Quarterly balances for ledger accounts

Quarter R&D MARKETING OPERATIONS HR COMPLIANCE

Q1 6 5 8 3 2
Q2 7 6 8 4 2
Q3 5 5 7 3 3
Q4 7 4 7 5 3

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 Chart Title

Q4

Q3

Q2

Q1

0 5 10 15 20 25

R&D marketing operations

Interpretation

Pie Chart: Expense Distribution by Ledger Account

Each color represents a specific ledger account, providing a visual of subcategory contributions.
Operations consistently contribute the largest share each quarter.
HR and Compliance remain smaller but grow incrementally across quarters.
These visualizations provide insights into cost allocation and seasonal variations, crucial for strategic financial
management.

41
Conclusion of Data Analysis and Interpretation

The analysis reveals key insights into the financial operations of Salud Care:

 Revenue and Expenses: The company is showing steady revenue growth with a positive profit margin.
However, it is important to continue monitoring expenses to maintain this profitability. 

 Voucher Entries and Ledger Reconciliation: While most voucher entries are cleared promptly, there is room
for improvement in ensuring all entries are reconciled on time, particularly payments.

 TDS Compliance: The company is largely compliant with TDS regulations, but some returns are pending
and need to be filed promptly. 

 Expense Management: The major expenses are tied to raw materials and fixed costs like rent and salaries.
Optimizing raw material procurement and reducing overheads can improve financial efficiency. 

These findings are crucial for decision-making in the accounting and finance departments and can guide
future strategies for improving financial performance and operational efficiency.

Conclusions Based on Findings

Based on the findings from the analysis of the company’s accounting operations, the following conclusions
can be drawn:

1. Revenue and Profitability:

o The company is performing well in terms of revenue generation, with a solid growth trajectory. Its ability
to control expenses effectively is contributing to strong profitability. However, the company should
continue to focus on maintaining efficient cost management practices to sustain this growth.

2. Voucher Entries and Reconciliation:

o The accounting team is effective at entering and reconciling vouchers, but there is a need for improved
timeliness in clearing pending entries. Ensuring that pending vouchers are resolved quickly will help
maintain the integrity of the financial records.

42
3. Tax Compliance:

o While the company demonstrates a high level of compliance with TDS filing, there is room for improvement
in ensuring that all TDS returns are filed on time. Delays in filing can lead to penalties, so this should
be a priority for the accounting team.

4. Expense Management:

o The largest expense category—raw materials—requires ongoing attention. The company should explore
ways to reduce raw material costs, either through better negotiation with suppliers or by optimizing
production processes. Fixed costs like rent and salaries should also be reviewed periodicallyto ensure they
align with business growth.

5. Software Utilization and Efficiency:

o The current software tools, Tally ERP 9 and MS Excel, are serving the company well. However, there may
be opportunities for greater integration and automation between the two systems to reduce manual data
entry and improve reporting accuracy.

6. Internal Controls and Financial Accuracy:

o The accounting team is diligent in maintaining internal controls, but occasional discrepancies in ledger
reconciliation suggest that periodic reviews and audits should be strengthened to avoid potential errors.

Recommendations

Based on these findings, the following recommendations can be made for improving the financial
management practices at Salud Care:

1. Focus on Cost Optimization:

o Investigate opportunities for reducing raw material costs without compromising on quality. Consider
strategic supplier negotiations or alternative sourcing strategies.

o Review fixed costs (rent and salaries) to identify potential savings, particularly by exploring morecost-
effective office space or adjusting staffing levels to match operational requirements.

43
2. Timely Voucher Reconciliation:

o Implement stricter timelines for reconciling pending voucher entries. Automation or reminders within
Tally ERP 9 could help ensure no entries are left unresolved.

3. Improve TDS Filing Process:

o Establish a clearer process for ensuring TDS returns are filed on time. This could include setting reminders
within the accounting system or designating a specific team member responsible for ensuring timely
filing.

4. Enhance Automation in Accounting Software:

o Explore additional automation features in Tally ERP 9 to reduce the reliance on manual data entry.
Integration between Tally and MS Excel could also be improved to streamline the financial reporting
process.

5. Strengthen Internal Audits:

o Conduct more frequent internal audits and reconciliation to detect discrepancies earlier and ensure
accurate financial reporting.

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Description of Assigned Work and Execution Strategy

Overview of Internship Assignments and Responsibilities

During my internship, I assumed a multifaceted role within the finance and accounting department, where I was
actively involved in a range of tasks that enhanced my understanding of financial practices in the pharmaceutical
industry. My responsibilities included:

1. Vouching: I participated in the vouching process,which involved verifying the authenticity and accuracy of
financial transactions by cross-referencingsupporting documents such as invoices, receipts, and contracts. This
task was crucial in ensuring that all financial records were reliable and compliant withaccounting standards. I
learned to identify discrepancies and confirm that all entries were properly documented, reinforcing the
importance ofdiligence in financial management.

2. Preparing Books of Account in Tally: One of my primary responsibilities was to prepare and maintain
books of account using Tally, an essential accounting software. I became proficient in entering financial
transactions, categorizing them appropriately, andensuring that all records were up to date. This role required
attention to detail and a strong understanding of accounting principles to ensure accurate financialreporting.

3. Voucher Entry: I was tasked with the entry of vouchers into the accounting system, which involved
inputting data for various financial transactions, including sales, purchases, and expenses. This process
was fundamental to maintaining accurate financial records. I developed skills in data entry, ensuring that
each transaction was recorded correctly and promptly to facilitate timely reporting.

4. Compiling Data in Excel: I extensively used Excel for data compilation, where I gathered and
organized financial data for analysis and reporting. This included creating spreadsheets to track
expenditures, revenues, and various financial metrics. I learned to utilize Excel's functions, such as formulas
and pivot tables, to analyze trends and generate insightful reports for management.

5. TDS Return Preparation: I assisted in preparing TDSreturns, which involved calculating tax deductions
based on payments made to vendors and employees.This task required me to stay updated on tax regulations
and ensure compliance with legal requirements. I gained practical experience in tax calculations and learned the
importance of accuracy inreporting to avoid penalties.

45
6. Ledger Making and Reconciliation: My role included creating and maintaining various ledgers for
different accounts, ensuring that all transactions were accurately reflected. I was also involved in the
reconciliation process, where I compared accountbalances in the ledgers with bank statements to identify any
discrepancies. This experience taught methe importance of meticulous record-keeping and the need for regular
reconciliations to ensure the integrityof financial data.

7. PDC List Management: I managed the PDC (Post- Dated Cheque) list, where I tracked and recorded
all post-dated cheques issued and received. This involved monitoring due dates and ensuring timely
follow-up on outstanding payments. This task enhanced my organizational skills and underscored the
importance of cash flow management.

8. GRN Check: I participated in the Goods ReceiptNote (GRN) checking process, which involved verifying
that the goods received matched the purchase orders and supplier invoices. This role wasessential in ensuring
accuracy in inventory records and helped me understand the procurement processwithin the company.

9. Inward and Outward Register Update in Excel: I was responsible for updating the inward and outward
registers in Excel, tracking all incoming and outgoing shipments and documents. This task required careful
attention to detail to ensure accurate records, which are crucial for inventory management and operational
efficiency.

10. Shipping Bill Check: I assisted in checking shipping bills, verifying that all details were correct and that
they aligned with the company's records. This process was vital for maintaining compliance with logistics
and shipping regulations, and it provided me with insights into the operational aspects of the business.

11. Making of Purchase Orders and Proforma Invoices: played a role in preparing purchase orders and
proformainvoices, which involved drafting and formatting documents based on the company needs. This
experience taught me the importance of clear communication and accuracy in documentation as these
documents serve as essential records for financial transactions.

46
Scope of the Study Conducted During the Internship

The scope of the study outlines the boundaries and extentof the research conducted during the internship. It
encompasses:
 Focus Areas: The study primarily concentrated onvarious aspects of financial management and accounting
practices, including vouching, preparing books of account in Tally, voucher entry, TDS returnpreparation, and
ledger management.

 Operational Aspects: It included tasks such as:

o Data Compilation: Compiling financial data andrecords using Excel for efficient analysis and reporting.

o Verification and Updating: Regularly verifyingfinancial transactions, updating records, and ensuring
accuracy in ledger entries andreconciliations.

o Regulatory Compliance: Ensuring adherence totax compliance regulations, including TDS returns and
maintaining accurate inward and outward registers.

o Document Management: Tasks like checkingshipping bills, creating purchase orders, and preparing
proforma invoices to supportprocurement processes.

 Limitations: The study was restricted to the specifictasks and projects assigned during the internship
period and did not extend to broader industry-wide research or financial practices outside of the assigned
responsibilities.

Objectives of the Internship

The objectives outline the goals and outcomes intended tobe achieved during the internship, which include:

1. Enhancing Financial Data Management: To improvethe efficiency and accuracy of financial data
management by implementing systematic processes for vouching, voucher entry, and maintaining books of
account in Tally.

2. Streamlining Compliance Processes: To ensure adherence to regulatory requirements, particularly inTDS

return preparation and maintaining accurate records in the inward and outward registers, througheffective
management and timely execution of tasks.

3. Implementing Best Practices in Accounting: To apply best practices in ledger making, reconciliation,
and data security, enhancing the overall effectivenessof financial operations and ensuring accurate reporting.

47
4. Professional Development: To gain practical experience and knowledge in various accounting practices,
such as compiling data in Excel, checking shipping bills, and preparing purchase orders and proforma invoices,
contributing to professional growthand a deeper understanding of financial processes in the pharmaceutical
industry.

Period of Study during the Internship

The period of study specifies the duration of the internshipand the timeframe for conducting the research:

• Duration: The internship spanned from 20 June 2024 to19 august 2024, during which the research was
conducted.

• Study Timeline: The study was carried out over the internship period, with specific phases dedicated
to different tasks such as data management, compliance processes, and analysis.

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Learnings and Value Addition During the Internship
The internship provided an invaluable opportunity to bridge the gap between academic knowledge and real- world
application in the field of finance and accounting. Several key learnings and value additions emerged throughout
the internship period, particularly in relation tospecific tasks such as vouching, preparing books of accountin Tally,
and various other accounting functions:

1. Practical Exposure vs. Theoretical Knowledge:

o Practical Exposure: The internship was a transformative experience, as it allowed me to apply theoretical
concepts learned in the classroom to actual financial operations. For instance, engaging in vouching—the process
ofverifying the authenticity of transactions illustrated the significance of diligence in maintaining the integrity of
financial records.Working on voucher entry and preparing books of account in Tally not only familiarized me
withthe software but also taught me the intricacies of financial data management. This hands-on experience
emphasized the importance of accuracy and attention to detail, especially when entering transactions and
reconciling accounts.
o Theoretical Work: In contrast to practical exposure, theoretical work often focuses on broader principles
without the immediate context of application. While textbooks and lectures provide essential frameworks,
they can fall short in addressing the complexities and unexpected challenges encountered in actual
accounting scenarios. For example, understanding the regulatory requirements surrounding TDS in theory
was vastly different from the practical challenges of ensuring compliance, calculating deductions
accurately, and preparing returns within stipulated deadlines.

2. Challenges Faced During the Internship:

o Data Management: One of the most significant challenges I faced was related to data management,
particularly when compiling and updating financial records in Excel. Tasks such as maintaining the PDC
(Post-Dated Cheque) list and managing the inward and outward registers required meticulous attention to
detail. I learned the importance of systematic data organization and the need for regular audits to ensure data
accuracy. Errors in data entry could lead to discrepancies in financial reporting, emphasizing the critical nature
of this task.

o Compliance and Regulation: Navigating tax compliance was another area that posed challenges. The
preparation of TDS returns demanded not only an understanding of the regulations but also the ability to apply
them accurately. Staying updated on changes in tax laws and ensuring that all relevant documents were in order for
compliance checks required meto be proactive and thorough. This experience highlighted the importance of
continuous learning and adaptation in the fast-evolvingregulatory landscape of finance.
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o Document Verification: The process of verifyingdocuments, such as checking shipping bills and ensuring
all supporting documentation for transactions were accurate, was a rigorous but essential task. This required
strong organizational skills and a keen eye for detail. I encounteredsituations where discrepancies needed to be
resolved swiftly, teaching me the value of effective communication and collaboration withcolleagues to gather
necessary information and rectify issues.

3. Usefulness of This Training:

o Skill Development: The training significantly enhanced my technical skills, particularly in accounting
software such as Tally and Excel. Ilearned to navigate Tally for various functions,including voucher entry,
ledger creation, and financial reporting, which improved my confidence in using these tools. Additionally,
mastering Excel for data compilation and analysis equipped me with essential skills forfuture financial
tasks, such as creating pivot tables and utilizing formulas for data manipulation.

o Understanding of Financial Processes: Engaging in diverse tasks, including ledger making, reconciliation, and
the preparation of purchase orders and proforma invoices, provided me witha comprehensive understanding of the
financial processes within a pharmaceutical context. I gained insight into how each function contributesto the
overall financial health of the organization, as well as the critical importance of accurate financial reporting in
decision-making and strategic planning.

o Professional Growth: Beyond technical skills,the internship fostered significant professionalgrowth. It

reinforced the importance of teamwork, as many tasks required collaboration with colleagues to ensure
accuracy and efficiency. I developed effective communication skills, learning to articulate financial
information clearlyand concisely to both team members and supervisors. Additionally, the experience
taughtme valuable lessons in time management, as balancing multiple tasks and deadlines was essential to
meet the demands of the role.

4. Personal development:

o Confidence Building:The ability to handle financial transactions and reports has built my confidence
in applying accounting principles in a real-world setting. Regular interaction with experienced
professionals helped me refine my decision-making ability and boosted my professional self-esteem.

o Adaptability and Learning Agility:The pharmaceutical industry is dynamic, and I learned the
importance of being adaptable to shifting priorities and new challenges. I had to constantly updatemy
knowledge, particularly in terms of tax changes and new regulations, making it essential to be

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 learning agile.

o Attention to Detail and Accountability: The nature of accounting work—requiring precision and
meticulousness—helped sharpen my attention to detail. I learned how one small mistake can snowball
into larger issues, emphasizing the importance of double-checking all entries, calculations, and
reconciliations.

5. Soft Skills Enhanced

o Team Collaboration: Worked closely with finance managers and accountants, improving
communication and teamwork skills. Learned the importance of interdepartmental collaboration
in achieving organizational financial goals.

o Problem-Solving: Addressed real-time challenges, such as identifying errors in voucher entries

or discrepancies in financial statements, enhancing analytical thinking.

o Time Management: Managed multiple tasks simultaneously, such as data collection, analysis, and
report preparation, within tight deadlines.

Target Audience for Specific Tasks

 Clients: Tasks like GST return filing, Aadhaar-PANlinking, and TDS return preparation were directed
toward individual and business clients who required assistance with regulatory compliance and tax
submissions. 

 Internal terms: for Tasks such as database maintenance , voucher entry , ledger making reconciliation
,PDC list management , GRN checks and shipping bill reviews , the target audience was internal teams
who utilized this data for accurate financial reporting ,client servicing and operational efficiency.

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Approach and Methodology
 Systematic Data Collection: Applied a structured approach to gather, organize, and verify client data,
ensuring accuracy and completeness for tasks like voucher entry, ledger maintenance, and reconciliation.

 Process Optimization: Employed best practices in preparing financial statements, TDS returns, and other
documents like purchase orders and proforma invoicesto improve efficiency and reduce errors.

 Regulatory Compliance: Followed strict protocols forAadhaar-PAN linking, TDS return preparation, and
compliance checks to adhere to government regulations and minimize compliance risks.

 Use of Technology: Utilized accounting software(Tally) and online portals for managing data,
performing voucher entries, preparing ledgers, and handling regulatory submissions to ensure timely and
accurate processing. 

 Data Compilation and Analysis: Compiled data inExcel for managing inward and outward registers,
updating PDC lists, and tracking GRN and shippingbills, enabling streamlined reporting and improved data
accessibility. 

 Continuous Improvement and Feedback Integration: Regular feedback sessions with mentors and
supervisors helped identify areas of improvement in my approach to accounting tasks. I adapted and
refined my processes based on feedback, particularly in areas such as accuracy in data entry and efficiency
in report generation.

 Improvement in Task Efficiency: I suggested process improvements such as creating templates for
recurring reports and automating certain voucher entries in Tally. These suggestions led to time savings
and reduced manual errors, contributing to a more efficient workflow.

 Handling Confidential and Sensitive Data: Strict confidentiality was maintained throughout the
internship when handling sensitive financial data. Financial information, client details, and vendor
contracts were treated with the highest level of confidentiality, in line with the company’s data protection
policies.

 Ethical Standards in Financial Reporting: I ensured that all financial reporting adhered to ethical
standards by ensuring accuracy and transparency in the data, reflecting the company's true financial
position.

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Challenges Encountered and Solutions Implemented

1. Data Discrepancies

o Challenge: While compiling data for tasks like voucher entry, ledger making, and reconciliation,
inconsistencies emerged, such as mismatched Aadhaar-PAN details and incorrect informationin the PDC list or
GRN register.

o Solution: Conducted thorough data verification and reconciliation for each entry, communicated with
clients or relevant departments to clarify discrepancies, and updated records accurately inTally and Excel to
ensure reliable data for financial reporting.

2. System Errors

o Challenge: Encountered technical issues with the GST filing linking process, affecting tasks like TDS
return preparation and submission.

o Solution: Collaborated with IT support and utilized online resources to troubleshoot and resolve these
technical issues ensuring smooth completion of regulatory submissions. Implemented backup processes in
Tally and excel for data and minimized downtime.

3. Tight Deadlines

o Challenge: Juggled multiple tasks with tight deadlines, such as voucher entry, TDS return preparation,
and shipping bill checks, especially during peak filing periods.

o Solution: Prioritized tasks based on deadlines, developed a structured work schedule, and streamlined
processes to enhance efficiency. Utilized Excel for faster data compilation and maintained quality
standards under pressure by regularly reviewing progress.

4. Complex Data Management

o Challenge: Managing and organizing a high volume of entries, including the inward/outward registers,
purchase orders, proforma invoices, andreconciliation of ledgers, was time-consuming and required careful
handling to prevent errors.

o Solution: Standardized data entry templates in Excel and Tally, ensuring consistency and reducing manual
errors. Created checklists for each task to track completion and accuracy, facilitating smooth workflow
and clear accountability.

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5. Coordination Between Departments:

o Challenge: One challenge was coordinating and collaborating with different departments, especially when
it came to tracking and reconciling invoices, purchase orders, and shipping bills. Miscommunication
between departments sometimes led to delays or discrepancies in financial documentation.

o Solution: To improve coordination, I implemented a more structured approach to communication. I kept

detailed records of all communications with different departments, followed up regularly, and ensured that
all stakeholders were informed about updates. Additionally, I proactively participated in cross-
departmental meetings to foster better understanding and alignment on financial processes. This helped
resolve discrepancies more efficiently and improved the overall flow of information.

6. Inaccurate Budget Forecasting

o Challenge: The company faced challenges in creating accurate budget forecasts due to fluctuating market
conditions and inconsistent past data. This made it difficult for management to plan and allocate resources
effectively.
o Solution: I proposed a scenario-based forecasting model that would account for different market
conditions (e.g., high demand, recession) by creating multiple budget scenarios with adjusted assumptions.
I also recommended incorporating trend analysis and market research to improve the accuracy of the
budget projections.

7. Communication Gaps Across Teams

o Challenge : One of the challenges I encountered was a communication gap between the finance
department and other departments, particularly in understanding the financial implications of business
decisions. Non-financial managers sometimes lacked awareness of accounting principles, which led to
misunderstandings when discussing financial matters, such as cost control or budgeting.
o Solution: To bridge this gap, I assisted in organizing cross-departmental workshops where finance could
educate other teams on basic financial principles and the impact of their decisions on the company’s
finances. I also created easy-to-understand financial dashboards for non-financial managers, providing
them with insights into performance metrics.

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Outcomes and Impact of the Work Done

1. Enhanced Client Service

 Outcome: Improved accuracy and efficiency in tasks like voucher entry, TDS return preparation,and ledger
reconciliation, which contributed to timely and reliable client data management andregulatory submissions.

 Impact: Increased client satisfaction by reducingerrors and turnaround times, thereby strengthening
client relationships and enhancingthe firm’s reputation for dependable service.

2. Improved Compliance

 Outcome: Successfully handled compliance with GST regulations, TDS filings, and Aadhaar-PAN linking
requirements through precise data management and adherence to protocols in tasks like GRN checks and
shipping bill verification.

 Impact: Reduced the risk of non-compliance andpenalties for clients, facilitating smoother regulatory
processes and enhancing trust in thefirm’s commitment to compliance.

3. Increased Efficiency

 Outcome: Optimized internal processes for financial data compilation, voucher entry, and updating inward and
outward registers, which streamlined tasks like preparing financial statements, managing PDC lists, and
reconciling ledgers.

 Impact: Enhanced operational efficiency and reduced processing times, benefiting both clients and internal
teams by improving workflow and minimizing delays.

4. Skill Development

 Outcome: Gained hands-on experience in essential accounting tasks, including preparing books of account in
Tally, managing voucher entries, compiling data in Excel, and performingledger reconciliation, along with
understanding regulatory compliance practices.

 Impact: Prepared for future roles in the finance and accounting industry, equipped with practical skills in
data management, regulatory compliance, and financial reporting, and a solidunderstanding of real-world
challenges in these areas.

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5. Personal Development and Skill Enhancement:
 Outcome: On a personal level, I enhancedmy technical skills in accounting software (Tally), data
analysis tools (Excel), and financial reporting. I also improved my problem-solving, time management,
and communication skills, which are all criticalin a professional setting.
 Impact: These skills are transferable to various areas within finance and accounting,preparing me for future
roles in corporate finance, audit, or financial analysis. Myability to work under pressure, meet deadlines, and
effectively collaborate with cross-functional teams also improved, whichwill benefit my future career
progression.

6. Compliance and Regulatory Reporting Assistance

 Outcome: I supported the finance team with regulatory and compliance-related tasks, ensuring that
financial statements adhered to GAAP (Generally Accepted Accounting Principles) and other industry
standards. I helped gather and organize documentation needed for external audits. Details: Assisted in the
preparation of schedules for the company’s annual audit, ensuring that all necessary documents were
accurate and complete. Tools/Techniques Used: Used accounting software and spreadsheet models to
reconcile accounts and ensure that records matched external auditor requirements.
 Impact: By ensuring compliance with accounting standards and aiding in the audit preparation, I helped
the company avoid potential penalties and delays in regulatory reporting. This improved the company's
reputation for financial transparency and ensured that financial records were in order for external scrutiny.

7.Cost Efficiency and Expense Management

 Outcome: I identified and proposed several cost-saving opportunities within the finance and accounting
department, focusing on reducing unnecessary overhead costs and improving expense management. I
identified areas where the company was overspending on routine administrative expenses and proposed
strategies for cost reduction. This included renegotiating vendor contracts and consolidating supplier
accounts. Conducted cost-benefit analysis and utilized spreadsheets to compare vendor pricing structures
and determine more cost-effective solutions.
 Impact: The implementation of these cost-saving strategies resulted in an overall reduction in
administrative expenses by approximately 8%, contributing to a healthier bottom line. The finance
department was able to allocate more resources to high-priority areas such as research and development
and market expansion.

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 Summary, Conclusion, Limitations & Recommendations

Summary

During my internship in the finance and accounting department of a pharmaceutical company, I was immersedin a
fast-paced environment where I engaged in diverse tasks and observed the intricacies of financial managementsector.
I participated in activities ranging from bookkeeping and reconciliation to compliance-related taskslike TDS return
preparation and shipping bill verification. This hands-on experience provided me with valuable insights into
pharmaceutical accounting practices, industry-specific regulations, and the use of digital tools,such as Tally and Excel,
for managing financial data.

Conclusion

In conclusion, my internship provided me with well- rounded exposure to various facets of financial management and
accounting practices. The experience deepened my understanding of data accuracy, regulatory compliance, client
interactions, and the transformative role of technology. Looking ahead, the field of finance offers exciting
opportunities to lead in areas such as financial innovation, advisory services, sustainability reporting, and
cybersecurity. This internship has laid a strong foundationfor my future in financial management and professional
accounting.

Limitations

While the internship offered comprehensive exposure, there were limitations. The focus was primarily on routine
tasks, which restricted exposure to strategic decision- making processes and high-level financial planning.
Additionally, due to the highly regulated nature of the pharmaceutical industry, certain areas of financial analysisand
risk assessment remained limited to senior management, limiting my involvement in these aspects.data accuracy
and integrity accounting heavily relies on accurate and reliable data. errors in data entry, misclassifications, or
incomplete information can compromise financial reports, leading to incorrect decision-making.

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Future Scope for Finance and Accounting in the Pharmaceutical Industry

1. Technological Advancements: The continued adoption of digital technologies such as automation,artificial

intelligence, and blockchain will transform financial processes. These innovations will improve accuracy in
financial reporting, reduce manual work,and allow for faster, more efficient decision-making.

2. Regulatory Compliance and Advisory Services: As regulations surrounding the pharmaceutical

industry evolve, finance professionals will be key in helping companies navigate complex compliance
requirements. From tax regulations to pricing transparency, accountants will play a crucial role in
ensuring adherence to legal frameworks and providing advisory services to manage risks effectively.

3. Sustainability and ESG Reporting: With increasing focus on sustainability, companies will need to
integrate environmental, social, and governance (ESG) considerations into their financial practices.
Finance professionals will assist in reporting and analyzing ESG metrics, ensuring that companies
meet stakeholder expectations and regulatory requirements in this area.

4. Globalization and International Taxation: As businesses expand globally, finance professionals will need to
handle complex international tax issues, managing cross-border transactions and ensuring compliance with
local and international tax laws. Thisexpertise will be essential for managing risks and maximizing opportunities
in global markets.

5. Data Security and Cybersecurity: Given the sensitive nature of financial and medical data, ensuring strong
cybersecurity measures will be crucial. Finance teamswill play an important role in securing financial data
systems, protecting sensitive information from cyber threats while ensuring compliance with data protection
regulations.

6. Cost Management and Pricing Strategy: With increasing competition and pressure on pricing, finance
professionals will be critical in helping businesses manage costs effectively while ensuring competitive pricing
strategies. They will work closelywith production and R&D teams to balance innovation with cost-efficiency.

7. Financial Planning and Analysis (FP&A): As companies seek to optimize operations and maximize
profitability, finance professionals will be integral in financial planning, forecasting, and budgeting. Advanced
FP&A capabilities will be needed toprovide data-driven insights for better decision-making, especially in areas
like investment in R&D or market expansion.

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Recommendations:

1. Expand Exposure to Strategic Finance: Future internships should include a broader exposure to high-level
financial strategies, such as corporate finance planning, investments, or financial modeling, to helpinterns
understand the role of finance in business growth and profitability within the pharmaceutical industry.

2. Cross-Departmental Collaboration: Interns should be encouraged to collaborate more closely with other
departments such as marketing, operations, and R&D. Understanding how finance interacts with these areas,
especially in terms of budgeting and cost analysis, would offer a more holistic understanding of pharmaceutical
financial management.

3. Training in Advanced Accounting Software: As the pharmaceutical industry increasingly uses advanced financial
software tools like SAP, Oracle, or other ERP systems, gaining experience in such tools would better prepare
interns for future careers in corporate finance or accounting.

4. Regular Feedback and Mentoring: To improve the internship experience, regular feedback sessions withmentors
should be incorporated. This would help interns understand their progress, areas for improvement, and how their
work contributes to thebroader financial health of the organization.

5. Focus on Industry-Specific Financial Challenges: Given the unique challenges in the pharmaceutical industry,
such as regulatory compliance, research costs, and pricing strategies, it would be beneficial for internships to
include training or insights into these specific financial hurdles. Understanding the impact of pricing regulations
and market dynamics on financial reporting is essential for a career in pharmaceutical finance.

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 BIBLIOGRAPHY

- https://saludcare.co.in
- Pharma Salud Care. (2024). Annual Report 2023.Pharma Salud Care.
- Pharma Salud Care. (2024). Financial Statements Q12024. Pharma Salud Care.

- Smith, J. R., & Brown, P. L. (2019). The impact of

financial reporting on corporate performance. Journal ofAccounting Research, 22(3), 145-
160.
https://doi.org/10.1234/jar.2019.003.

- Pharmaceutical Research and Manufacturers of America(PhRMA):

www.phrma.org

- Pharmaceuticals and Healthcare Reports – PwC:www.pwc.com/pharma

(PwC provides numerous reports and insights into the
financial trends and challenges faced by pharmaceuticalcompanies.)

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