Issues, Challenges & Opportunities

in my respective job area

FACULTY: MR. M NATRAJAN

SUBMITTED BY: RAKESH PATEL
 Issue & Challenges

 Keeping up to date on day to day changes in Accounting

and Auditing standards (IFRSs and ISAs)

 Technical know how of advance technological

applications for accounting purposes, like SAP, PPT,
Spreadsheets etc.

 Verifying invoice detail and charges against agreement /

PO and checking approval of invoices

 Timely issuing payment (and maintaining Cash

Inflow) without losing the vendor relations would be a
tough task during the financial crisis period.
 Issue & Challenges

 Ensuring Integrity, Honesty and make sure to disclose correct Income as

per Accounting Standard and GAAP.

 Required consistency and accuracy while processing day to day activity.

 Assisting auditor to complete statuary and other internal audit.

 Compiling with various applicable law like ESIC, PF, Factory law etc..

 Maintaining interdepartmental communication.

 Ensure to avail all available tax input credit while processing invoices and
deducting TDS as per Income Tax Law.

 Updating invoice payment status to vendor and user department.

 Recommendation

 Creation of Batch Data Communication (BDC) to process

the transaction from excel data.

 Crating a process to verify and suggest a payment

transaction against due invoices automatically.

 Save soft copy of all documents with the help of DMS.

 Create a macro file that provide payment status of

invoices to user department.
 Opportunity

 Career Growth
 The current job profile can help me to enhance my career in field of
finance & accounting and handle more responsible position.
 Being having knowledge various field like Purchase, Costing, Tax,
Audit, etc.. I can work grow my career as per my choice.

 Learning
 While working I am able to learn lots of new things.
 Learned some valuable skill from my Manager and Team member.
 Opportunity

 Skill Utilization
 My job profile provides the opportunity to use a variety of my
skills including leadership, problem-solving, team-working
and communication skills.
 Accountancy as a route to setting up your own business

 Updated with latest TAX law

 As this is required in my profile I will be more alert with any
updation or changes in Tax and other applicable law.