Báo cáo thực tập overview of technical economicmanagement and organizational structure ofcasper electric vietnam

BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ QUỐC DÂN BÁO CÁO THỰC TẬP Họ tên sinh viên: Nguyễn Thị Thu Hà Lớp: Kế Toán Tiên Tiến K62 Mã sinh viên: 11205105 Giảng viên hướng dẫn: Lê Kim Ngọc Địa điểm sinh viên thực tập: Hà Nội Hà Nội, tháng năm 2023 CHAPTER 1: OVERVIEW OF TECHNICAL-ECONOMIC MANAGEMENT AND ORGANIZATIONAL STRUCTURE OF CASPER ELECTRIC VIETNAM 1.1 History of the Establishment and Development of Casper Electric Vietnam - Company’s name: Casper Vietnam Joint Stock Company - Vietnamese name: Công ty Cổ Phần Casper Việt Nam - Abbreviation: Casper Electric Vietnam - Legal Type: Shareholding company - Representative: Nguyễn Viết Chung - Tax identification number: 0107009894 - Address: B12A-12B, Vinhomes Gardenia, Ham Nghi Street, Cau Dien Ward, Nam Tu Liem District, Hanoi City, Vietnam - Founded year: 2015 - Hotline: 18006644 - Phone: +8424-3784-3666 - Email: CSKH@casper-electric.com Casper Electric was established in Bangkok, Thailand on Sep 30, 2015 Main product lines include air conditioners, televisions, refrigerators, washing machines, and water heaters Casper Electric Vietnam is the exclusive representative to distribute and provide services for Casper branded products in the Vietnamese market Casper Electric Vietnam was established in April 2021 with an initial charter capital of 119.76 billion VND Casper Electric Vietnam’s core value is Reputation, focus on the client service and product quality The signed contracts of Casper Electric Vietnam include: supplier of electronic products such as air conditioners, TVs, refrigerators, washing machines for distributors such as Mobile World, Dien May Xanh, retailers In addition, Casper Electric Vietnam also sells its products directly on e-commerce sites such as Shopee, Lazada, Sendo… 1.2 Features of Business Operations 1.2.1 Functions and Responsibilities Casper Electric Vietnam provide environmentally friendly household electrical solutions to improve the quality of life, ensure absolute customer satisfaction and contribute to the prosperity of the community * Company’s business: - Manufacture of electronic equipment components - Wholesale - Retail sale of electronic devices such as air conditioners, TVs, refrigerators, washing machines, air purifiers - The installation of heating, cooling, and water delivery systems - Transport of goods - Provide customer care and warranty services after purchasing Casper branded products 1.2.2 Main Business Activities Manufacturing and assembling electronic parts and tools to create high-quality, reasonably priced household electronics is the core business activity of Casper Electric Vietnam The goods include rice cookers, air conditioners, TVs, refrigerators, washers, dryers, and air purifiers Casper Electric Vietnam has been forming alliances with renowned businesses and businesses with a great track record in the electronics and home appliance industries through joint ventures, sales agents, and economic contracts 1.2.3 Features of Technology and Production Process research and development ⇓ Research and Development ⇓ Production ⇓ Logistics ⇓ Sales and Marketing ⇓ After-sales Service and Warranty The first step of the technology and production process employed by Casper Electric Vietnam is research and development The company constantly innovates and applies new technologies to create products that are more efficient, convenient and userfriendly The second step is production The company produces the products according to the quality standards, optimizing the production process and ensuring the supply chain efficiency The third step of the technology and production process employed by Casper Electric Vietnam is logistics The company delivers the products to the customers according to the delivery schedule, managing the inventory and warehousing system and ensuring the transportation safety The fourth step is sales and marketing The company promotes the brand image and reputation, expands the customer base and increases the market share The company will also provide excellent after-sales service and warranty system to ensure customer satisfaction and loyalty 1.3 Organizational Structure Figure 1: Organizational Structure The organizational structure of Casper Electric Vietnam consists of several departments and divisions, each with different functions and duties The relationship between departments and divisions is based on the principle of cooperation and coordination Here is a brief overview of some of them: • Board of Director: The board of directors is the highest governing body of the company, responsible for setting the strategic direction, overseeing the management and ensuring the compliance with laws and regulations The board of directors consists of the chairman, the vice chairman and other members appointed by the shareholders • General Director: The general director is the chief executive officer of the company, responsible for implementing the strategy, managing the operations and leading the staff The general director reports to the board of directors and represents the company in external relations • Sales and Marketing Department: The sales and marketing department is responsible for developing and executing the sales and marketing plans, promoting the brand image and reputation, expanding the customer base and increasing the market share The sales and marketing department consists of several teams, such as sales management, marketing management, customer service and public relations • Finance and Accounting Department: The finance and accounting department is responsible for managing the financial resources, preparing and reporting the financial statements, ensuring the tax compliance and conducting the internal audit The finance and accounting department consists of several teams, such as financial management, accounting management, tax management and audit management, • Human Resources Department: The human resources department is responsible for managing the human capital, recruiting and retaining the talent, developing and training the staff, ensuring the labor compliance and fostering the organizational culture The human resources department consists of several teams, such as human resources management, recruitment management, training management and labor management • Research and Development Department: The research and development department is responsible for innovating and applying new technologies to create products that are more efficient, convenient and user-friendly The research and development department consists of several teams, such as product development, product design, product testing and product quality • Production Department: The production department is responsible for producing the products according to the quality standards, optimizing the production process and ensuring the supply chain efficiency The production department consists of several teams, such as production management, production planning, production control and production maintenance • Logistics Department: The logistics department is responsible for delivering the products to the customers according to the delivery schedule, managing the inventory and warehousing system and ensuring transportation safety The logistics department consists of several teams, such as logistics management, logistics planning, logistics control and logistics maintenance 1.4 Financial Position and Financial Performance of Casper Electric Vietnam Balance Sheet Document continues below Discover more from: Intership Program Đại học Kinh tế Quốc dân 27 documents Go to course thực tập ngân hàng 73 Intership Program 100% (1) Internship report Intership Program None Internship Report 43 Intership Program None Linh Chi Internship Report IN 39 29 Intership Program None Kỳ-I-2023-2024-Qui dinh thuc tap Khoa NNKT- Dhktqdsinhvien-final Intership Program None [NHÓM 8]-BÁO CÁO THỰC TẬP 46 Intership Program None Item 2020 2021 2022 Assets 105,795,498,528 212,559,650,272 190,089,338,308 Cash and Cash Equivalents 10,924,196 22,587,910,444 Short-term Receivables 85,935,223,468 180,930,810,444 164,804,078,176 Inventories 7,518,650,878 6,227,124,232 5,568,863,434 Other current assets 345,440,468 Long-term Assets 1,071,985,744 2,813,803,926 2,516,348,356 Liabilities 93,654,579,530 199,725,992,774 176,659,947,864 Short-term Liabilities 93,147,172,254 199,255,236,066 176,243,558,144 Long-term Liabilities 507,407,276 470,756,678 410,389,720 Owners’ equity 12,140,918,998 12,833,657,528 13,429,390,444 20,200,075,344 Table 1: Balance Sheet of Casper Electric Vietnam Income Statement Item 2020 2021 2022 Revenues 80,403,392,432 96,413,599,552 80,247,124,246 Gross Profit 74,388,880,724 90,921,348,276 75,655,804,716 Cost of goods sold 6,014,511,708 5,492,251,276 4,571,319,530 Financial Income 330,285,936 374,070,838 311,352,244 Interest Expense 330,285,396 374,076,838 311,352,244 Administrative Expenses 4,883,734,436 4,230,129,468 3,520,828,250 Net Operating Income 804,990,422 894,685,562 654,666,144 Other Profit 28,762,400 Other Expenses 28,762,400 Net income before taxes 804,990,422 865,923,162 744,666,144 Income tax expenses 160,998,084 171,184,632 144,933,228 Net income after taxes 643,990,338 692,738,530 595,732,916 Table 1: Income Statement of Casper Electric Vietnam The enterprise's total assets have progressively grown in size throughout the years in terms of assets, mostly as a result of a growth in short-term assets In particular, compared to 2020, total assets climbed by 105,795,498,528 VND (or approximately 50%) in 2021, with short-term assets increasing by 94,995,586,976 VND and longterm assets increasing by 1,741,818,182 VND Compared to 2021, total assets declined by 22,235,155,982 VND in 2022 Of this reduction, 22,235,155,982 VND was attributed to short-term assets and 297,455,570 VND was attributed to long-term assets In the asset structure, short-term assets make up a significant portion— typically more than 90% of the total assets of the company—while long-term assets make up a smaller share, albeit evolving steadily over time In terms of capital, the size of the business's total capital rose over particular years in 2021 In 2021 compared to 2020, this growth was 106,764,151,744 VND, or almost 50% In comparison to 2021, the enterprise's total capital fell by 22,470,311,964 VND in 2019 The explanation is that businesses' liabilities and equity both rose in 2021 and fell in 2022 Due to the impact of the Covid-19 outbreak, the enterprise's liabilities grew by 106,071,413,214 VND (equal to 52,99%) in 2021 and dropped by 23,066,044,880 VND (equivalent to 14 %) in 2019 The share of liabilities rises as a result of the transformation structure, but equity also rises and continues to make up a large amount of the business's capital in 2021 CHAPTER 2: AN INTRODUCTION TO ACCOUNTING ORGANIZATION AND SYSTEM APPLIED IN CASPER ELECTRIC VIETNAM 2.1 Structure of Accounting Organization The accounting department of Casper Electric Vietnam consists of four positions: CFO, accounting manager, finance manager and treasurer Figure shows the accounting organization structure Figure 2: Accounting Organization Structure • CFO: The CFO is the chief financial officer of the company, responsible for overseeing the financial planning, reporting and analysis of the company The CFO reports to the general director and advises on the financial strategy, budgeting and forecasting, capital allocation and risk management The CFO also ensures compliance with the accounting standards, tax regulations and internal controls • Accounting Manager: The accounting manager is responsible for managing the accounting operations and staff of the company The accounting manager reports to the CFO and supervises the general accountant and the treasurer The accounting manager also prepares and reviews the financial statements, maintains the accounting records and systems, coordinates the external audit and liaises with the tax authorities • Chief Accountant: The chief accountant is responsible for performing the accounting work and organizing the management of the accounting department according to the provisions of law The chief accountant reports to the accounting manager and makes financial statements of the company • Finance Manager: The finance manager is responsible for managing the financial resources and activities of the company The finance manager reports to the CFO and handles the cash flow management, treasury management, financial analysis and modeling, investment appraisal and funding sources The finance manager also supports the business development and strategic planning of the company • Treasurer: The treasurer is responsible for controlling and monitoring the cash inflows and outflows of the company The treasurer reports to the accounting manager and performs the cash receipts and payments, bank reconciliations, petty cash management, cash forecasting and reporting The treasurer also manages and safeguards the cash balances and bank accounts of the company 2.2 Features of Accounting System 2.2.1 General Accounting Policies • Monetary unit: The company uses Vietnam Dong (VND) as the functional currency and the reporting currency for its financial statements • Accounting period: The company's accounting period starts on January and ends on December 31 of each year • Fiscal year: The company's fiscal year is the same as its accounting period, from January to December 31 of each year • Accounting method for cash and cash equivalents: Cash and cash equivalents include cash on hand, cash in banks, deposits with maturity of less than three months and other short-term investments that can be easily converted into cash and have insignificant risk of changes in value • Accounting method for inventories: Inventories are measured at the lower of cost or net realizable value Cost of inventories includes purchase costs, conversion costs and other costs incurred to bring the inventories to their present location and condition • Accounting method for receivables: Receivables are recognized when there is a contractual right to receive cash or other financial assets from customers or other parties Receivables are initially measured at fair value and subsequently measured at amortized cost using the effective interest method, less any allowance for doubtful debts • Accounting method for fixed assets and depreciation: Fixed assets are tangible or intangible assets that are held for use in the production or supply of goods or services, for rental to others or for administrative purposes, and are expected to be used for more than one accounting period • Accounting method for value added tax (VAT): The company applies the tax credit method for VAT Under this method, input VAT paid on purchases of goods and services used for taxable sales is deducted from output VAT collected from customers The net amount of VAT payable to or receivable from the tax authorities is recognized as a liability or an asset in the balance sheet • Accounting method for accrued expenses: Accrued expenses are expenses that have been incurred but not yet paid as of the balance sheet date Accrued expenses are recognized as liabilities in the balance sheet and as expenses in the income statement in order to match them with the revenues generated in the same period • Accounting method for prepayments: Prepayments are payments made in advance for goods or services that will be received or consumed in future periods Prepayments are recognized as assets in the balance sheet and are amortized over the periods that benefit from them • Accounting method for equity: Equity is the residual interest in the assets of the company after deducting all its liabilities Equity consists of share capital, share premium, reserves, retained earnings and other components • Revenue recognition: Revenue is recognized when it is probable that economic benefits will flow to the company and it can be measured reliably 2.2.2 Features of Accounting Documents Casper Electric Vietnam follows the accounting system for small and medium enterprises issued by Circular 133/2016/TT-BTC dated August 26, 2016 of the Ministry of Finance This system provides the guidelines for bookkeeping, financial reporting and financial statement preparation According to this system, accounting documents must comply with the following rules and procedures: • Accounting documents are written in Vietnamese and use Vietnam Dong (VND) as the functional and reporting currency Transactions in foreign currencies are converted to VND at the exchange rate on the transaction date or the balance sheet date • Accounting documents are subjected to internal and external audit and inspection by the company's management, shareholders, tax authorities, auditors and other relevant parties • Accounting documents must be kept for 10 years from the date of preparation or the date of completion of the transactions or events related to the documents Name of accounting documents: I/ Salaries of employees Timesheets Payment table Outsourced payment table The list remitted wages Allocation table wages and social insurance II/ Raw materials Stock received docket Delivery slip List of goods purchased Material distribution table Goods received note Goods dispatched note III/ Selling VAT invoice Economic contracts Record on liquidation of economic contracts IV/ Monetary Receipts Payslip Payment demand letter Debit advice Credit advice V/ Fixed Assets Fixed assets delivery slip Report on the inventory of fixed assets Table of calculation and amortization of depreciation of fixed assets VI/ Other documents Certificate of leave under the social insurance List of employees going on maternity leave 2.2.3 Features of Chart of Accounts Account which Casper Electric Vietnam usually use are 111, 112, 131, 133, 153, 242, 331, 511, 621, 635, 642, 711, 911… and 136, 138, 141, 151 155, 156, 217, 228 , 229, 241, 336, 352, 353, 356, 413, 418, 631… are not usually used because Casper Electric Vietnam is a electronic equipment trading company 2.2.4 Features of Accounting Books The company's accounting books are likely to reflect the following features: • General journal: This is a general accounting book that records all types of economic and financial transactions that occur in chronological order The company use this book to record transactions that are not frequent or regular, such as depreciation, adjustments, or closing entries • Special journal: These are general accounting books that record the types of economic and financial transactions that occur many times during the operation of the company, such as collecting money, spending money, buying goods, selling goods, etc Casper Electric VN uses these books to facilitate the recording and summarizing of these transactions, as well as to reduce errors and save time • General ledger: This is a general accounting book that records and systematizes the economic and financial transactions that occur in the accounting period according to general accounting accounts This book is to show the balance and movement of each account, as well as to prepare financial statements • Subsidiary ledger: These are detailed accounting books that record the economic and financial transactions that are reflected on the general accounting books in detail The company may use these books to meet the management requirements of the units, such as customers, suppliers, inventory, fixed assets, etc 2.2.5 Features of Accounting Reports • Reporting period: Casper Electric Vietnam uses the calendar year to report its financial performance and financial position, as stated in its website • Responsibilities of preparing financial reports: According to the Vietnam Report, the chief accountant of Casper Electric Vietnam is Nguyen Thi Thanh Huyen, who is responsible for preparing and presenting the financial reports of the company • List of financial statements: The financial statements of Casper Electric Vietnam include income statement, balance sheet, cash flow statement, statement of changes in equity, and notes to financial statements These statements are prepared in accordance with the Vietnamese Accounting Standards and Regulations 2.3 Features of Key Accounting Cycles in Casper Electric Vietnam 2.3.1 Features of Accounting Cycle for Raw Material The company uses purchase orders, invoices, receipts, delivery notes, inventory cards, production orders, etc These documents provide the evidence and information for the accounting entries and reports Casper Electric Vietnam uses such accounts as: purchases, accounts payable, cash, inventory, cost of goods sold, etc These accounts reflect the changes in the assets, liabilities, equity, revenues, and expenses of the company due to the raw material transactions Casper Electric Vietnam follows these steps to record and report the raw material transactions in detail: • Identify and analyze the transaction: The company identifies the transaction that affects the raw material, such as purchasing raw material from a supplier, receiving raw material in the warehouse, issuing raw material for production, etc • Record the transaction in the journal: The company records the transaction in the appropriate journal, such as the purchases journal or the general journal • Post the transaction to the ledger: The company posts the journal entry to the corresponding ledger accounts • Adjust the accounts: The company makes any necessary adjustments to the ledger accounts at the end of the accounting period • Prepare a trial balance: The company prepares a trial balance to check if the total debits equal the total credits in the ledger accounts • Prepare financial statements: The company prepares financial statements that summarize and report the financial position and performance of the company for a given period • Close the accounts: The company closes the temporary accounts (such as revenues and expenses) to zero by transferring their balances to a permanent account (such as retained earnings) 2.3.2 Features of Accounting Cycle for payroll and deduction payroll Casper Electric Vietnam uses various documents to record and verify the payroll and deduction payroll transactions, such as timesheets, pay slips, invoices, receipts, tax returns, insurance reports, etc These documents provide the evidence and information for the accounting entries and reports To record and classify the payroll and deduction payroll transactions the company uses accounts such as salaries and wages, bonuses, allowances, social insurance, health insurance, unemployment insurance, personal income tax, etc These accounts reflect the changes in the assets, liabilities, equity, revenues, and expenses of the company due to the payroll and deduction payroll transactions Casper Electric Vietnam follows these steps to record and report the raw material transactions in detail: • Identify and analyze the transaction: The company identifies the transaction that affects the payroll and deduction payroll, such as paying salaries and wages, granting bonuses, providing allowances, deducting taxes and insurance contributions, etc • Record the transaction in the journal • Post the transaction to the ledge • Adjust the accounts • Prepare a trial balance • Prepare financial statements • Close the accounts CHAPTER 3: EVALUATION OF ACCOUNTING ORGANIZATION AND SYSTEM IN CASPER ELECTRIC VIETNAM 3.1 Evaluation of Accounting Organization The accounting organization of Casper Electric Vietnam is based on the qualifications and experience of its three accountants The accounting department is centralized and follows the company's policies and procedures The accountants have performed well in the past, meeting the deadlines and expectations of their superiors They have ensured the accuracy and reliability of the financial information for the production and business activities of the company However, the accounting organization also has some weaknesses that need to be addressed One of them is the lack of standardization and automation of some accounting processes, such as invoicing, inventory management, and tax reporting This creates inefficiencies and errors in the accounting records, as well as increases the workload and stress for the accountants during busy periods Another weakness is the insufficient staff and training for the accounting department With only three accountants, the department may face difficulties in handling complex and diverse accounting tasks, especially when there are changes in accounting standards, regulations, or technologies The accountants may also lack the skills and knowledge to cope with new challenges and opportunities in the accounting field Therefore, some recommendations for improving the accounting organization of Casper Electric Vietnam are: • Implementing an accounting software system that can automate and standardize some of the accounting processes, such as generating invoices, tracking inventory, and preparing tax returns This can reduce the manual work and errors in the accounting records, as well as improve the efficiency and quality of the accounting information • Hiring more accountants or outsourcing some of the accounting functions to external service providers This can help to distribute the workload and responsibilities among the accounting staff, as well as provide backup and support for each other It can also enhance the capacity and flexibility of the accounting department to handle different accounting situations and requirements 3.2 Evaluation of Accounting System Casper Electric Vietnam can apply some recommendations for enhancements or modifications of the accounting system: • Reviewing and updating the accounting policies and practices to ensure their consistency and conformity with the IFRS, especially in areas such as revenue recognition, inventory valuation, depreciation methods, impairment testing, and financial instruments • Strengthening and monitoring the internal control system to ensure its effectiveness and efficiency in achieving the accounting objectives, especially in areas such as segregation of duties, authorization and approval, documentation and record-keeping, reconciliation and verification, and risk assessment and management • Upgrading and integrating the accounting software system to ensure its functionality and compatibility with the accounting needs and requirements, especially in areas such as data security, data quality, data analysis, data integration, and data accessibility