INTRODUCTION

A. NAME AND GENERAL LOCATION

One of the partners of University of Nueva Caceres College of

Business and Accountancy in the internship program is the Fulgentes

& Co., CPAs Accounting Firm. It was in the year 1995 when the firm

was established in Barangay Del Pilar, San Fernando, Camarines Sur.

Right from then, the firm is equipped with adequate knowledge and

uniquely arranged methodology suffice to attract prospective

clients and more than enough to build long-term relationship with

them. The owner’s zeal in the profession paved its way for more

clients, hence the need to operate satellite offices outside the

vicinity of San Fernando. It was in the year 2009 when the first

satellite office was instigated and was strategically located at

Plaza Medica Bldg, Panganiban Drive, Naga City. The continuous

growth of the firm does not only extend to the region, but even

reached up to Northern Luzon and the Visayas Region as well.

B. OBJECTIVE/COMPANY’S PHILOSOPHY

MISSION

“Our mission is to provide exceptional financial, tax, audit

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 VISION

“Our primary purpose as an organization is to deliver high

With further studies in the field and continuous hunger for

learning and experiences, the firm became flexible enough to

complement in every client’s needs; from financial aspects, to

management advisory, and even up to other related regulatory

compliance. Up to present, the firm is known for extending cost

effective yet scrupulously done engagements. Each and every client

is assured that their business is properly taken care of by

professionals committed on their field. Alongside with the business

stability and success, what has been the ultimate objective is to

share this success with their clients

C. OWNERSHIP/MANAGEMENT

Ramon Melvin E. Fulgentes is the owner of the said

accounting firm. He earned his degree of Bachelor of Science in

Business Administration major in Accounting from Ateneo de Naga

University whilst simultaneously working as Court Interpreter of

6th Municipal Circuit Trial Court of Magarao-Canaman, Camarines

Sur. Having been thoroughly committed in studying the language of

business for three decades, given the competition and ever-

increasing demands, the firm can humbly provide various and

continuous services in almost any kind of industry. Such are, but

not limited to the followed

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 Consultancy
Financial Taxation Audit Services
• Preparation of • Computation of • Management Audit • Management
Financial applicable taxes • Systems and Advisory
Statement • Representation Operational Audit •Internal Control
• Preparation of • Forensic Audit System
projected financial •Corporate
statement Planning
• Other allied •Budgeting
Accounting •Reorganization
Services
•Project
•Loan and
investment
Management
• Tax Planning

D. ORGANIZATIONAL CHART

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E. FACILITIES, BRANCHES, NAME AND TYPE

Fulgentes & Co., CPAs accounting firm is located at Plaza

Medica, Panganiban Drive, Naga City and currently has only one

office. The firm uses computers as their primary facility in

rendering services to their clients which are very important in

tax filing, encoding of receipts and preparation of financial

statements.

F. OUTSTANDING CHARACTERISTICS OF THE ESTABLISHMENT

Being calm during deadlines is one of the reason why it is so

easy and fun to work with them. They’ve showed a vast experience

and high level of competence to ensure that every client receives

the best service that they deserve. Most importantly, the good

relationship that they have established inside the office is the

major reason why the accounting firm still exists for more than

20 years.

DISCUSSION OF TASKS PERFORMED

There are various tasks that was assigned to me during the

two hundred hours of internship in Fulgentes & Co., CPAs

accounting firm. This includes, bookkeeping, tax filing, how to

operate and input information in BIR Relief System as well as

securing business permits of the clients of the firm. Bookkeeping

was the task that was given to me during the first week of my

internship. It was not that hard for me, since, they have already

given me the summary of transactions that should be reflected in

the books of the client. The books were not updated, so

information that was given to me must be transferred to the books

especially for the preparation for tax mapping. I was also tasked

to input information relating to VAT-taxpayers using the BIR

Relief System. BIR Relief or Reconciliation of Listings for

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Enforcement supports the third-party information program of the

Bureau through the cross referencing of third party information

from the taxpayers' Summary Lists of Sales and Purchases

prescribed to be submitted on a quarterly basis. They also taught

how to file taxes as well as paying taxes through several banks

such as the Bank of the Philippine Islands. I was also tasked

to secure business permits at City Hall of Naga and their

Community Tax Certificate both for individual clients and

Corporation and paid their Professional Tax for individual

clients. I also visited different barangays with the same tasks

to performed, to secure business permits and other requirements.

We also conducted physical inventory counting at KD Fulgentes

Hardware at San Fernando, Camarines Sur. It was a 3-day inventory

counting which I think is the most difficult part of my internship

journey. It was challenging because considering that it is a

hardware, there are really a lot of items that we need to count.

However, it was a great experience and I was able to meet the

owner of Fulgentes & Co., CPAs and the whole family.

DISCUSSION OF FINDINGS/ANALYSIS/RECOMMENDATION

DEPARTMENT: ACCOUNTING DEPARTMENT

The accountant has a variety of administrative roles

within a company and can also deal with third parties. An

accountant performs financial functions related to the

collection, accuracy, recording, analysis and presentation of a

business organization or company’s financial operations.

Accounting firms offer a myriad of services that help business

owners stay financially organized, tax compliant and that helps

prepare for business grow

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 A. Area of Concern : Status and Analysis

1)ORGANIZATION STRUCTURE

CPA

- Obtain and maintain relationship with clients and attend

client’s meetings.

- Have final say on accounting and auditing issues and

assume the overall responsibility for each engagement.

Audit/Tax Staff

- Performed detailed audit work, preparation of financial

statements, and income tax returns.

Office Staff

- Accept phone calls and client’s payment and maintain

records.

- Receiving the tax returns to the BIR and paying these to

the banks.

- Securing business permit of the clients.

Each position has its designated functions and tasks to

performed. The firm is composed of few people that’s why

there are no any problems in terms of manpower and the

delegation of work.

2)OPERATIONS SYSTEMS AND PROCEDURES

A step-by-step instruction was compiled by the

organization to help the employees and interns carry out

complex routine operations. Our immediate supervisor gave us

a clear instruction before doing any tasks. Day to day tasks

was adequately planned to avoid any inconveniences during the

operation and performance of tasks.

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3)FACILITIES, EQUIPMENT, ETC.

The firm uses computers to facilitate their work

especially in tax filing and preparation of financial statements.

Each employee has its own computers to avoid any interruptions

in their work and to assure that everything is ready during

deadlines. The office is also fully airconditioned to avoid any

inconveniences and to make sure that all employees are

comfortable while doing their jobs. Printer is also available so

that every time that there are documents or papers that are

needed to be submitted or filed there’s no need for us to go

outside to have the documents printed or photocopied. They also

have a comfort room, water dispenser and electric fan which are

needed for personal use. Telephone is also available which is

very important for communication especially with their clients

as well as internet connection for accessing the web to check

emails of clients, BIR online filing and others.

4)MANPOWER-SCHEDULING, WORK METHOD, STYLES OF COMMUNICATION

The office has a limited number of employees but tasks

are properly designated to make sure that everything are settled

prior to deadlines. However, one employee doing several tasks is

not a good idea to have an effective and efficient operation.

Our facilitator has already set a schedule of tasks that we are

going to perform to avoid any interruptions and to lessen the

work that we are going to do within the week. Absences, as much

as possible, should be avoided since tasks are already scheduled

and there are other things that the employees and OJTs will going

to do. When we have any concerns about our tasks we can easily

ask them since they are very approachable and polite. I am also

assigned outside especially when securing business permits and

paying taxes, and when I have questions I can easily reach them

through text messages or phone calls. They are already used to

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their work and they already know what basically the routine or

every process inside the office, so I think there are no any

problems with their work method.

5)WORK ATMOSPHERE, INTER-PERSONAL RELATIONS, LAY-OUT,

VENTILATION, COLOR SCHEME OF OFFICE

I thought that the atmosphere in the office would always

be serious and heavy. That is what I thought but actually it’s

light and happy. I love this office although it is small it gives

us closeness to each and every one. The office is fully air-

conditioned that makes us comfortable when doing our jobs.

Whenever we are tired of our work, Ate Jean is always there for

us to have a fun chat with. Ate Joy is always open for inquiry

and some good chat too. The staff are very accommodating and

helpful. I think these people are some of best people I ever met.

The office has a good environment that you will really feel that

you are already a professional

Layout of the Office

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 B. CONCLUSIONS/RECOMMENDATION

The office has no any major problems when it comes to

their office operations, the facilities and equipment and the

atmosphere or relationship they have with the employees and the

interns. So, the staffs should continue the good relationship with

their interns and provide more tasks that will help them in applying

the knowledge they’ve learned in the classroom.

C. NARRATIVE REPORT ON SELF-EVALUATION AND EVALUATION FOR

For almost three months of internship in Fulgentes &

Co., CPAs, I can say that I was able to do my job very well and

I think I was able to exceed their expectations. It was very

challenging to manage my time working in the office and studying

my lessons in school. However, problems in time management didn’t

affect the quality of service and efforts that I have shared in

the office. There are so many tasks that was assigned to me but

I do not consider those as tasks but learnings. I was able to

know how an accounting firm operates and how to work with other

people.

When it comes to personality and appearance, I think I

was able to exhibit good manners with them because they also

established a good relationship with me. There are times that I

committed errors and their tendency is to be mad, but I still

take their criticisms constructively and I always maintain the

respect they deserve. I think I was also able to follow the dress

code of the office and I always make sure that I wear the

appropriate attire. More than that, as an intern, we should be

aware of our functions and responsibilities and consider its

cognitive aspect. There are so many tasks assigned to me but I

think I was able to follow the instructions of my immediate

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 supervisor because I didn’t see or hear anything negative about

their evaluation to me. It also enhanced my communication skills

both in and outside of the office.

Tasks should be done within an allotted time, so I make

it sure that our daily assigned tasks should be finished within

the day depending on the complexity of the work. Computers and

other tools were easy to operate so I was able to do my work well.

Time is very important so I make sure that I am always punctual

and come to the office before eight o’clock in the morning and

have our break at the exact time.

Our superiors were also able to do their job in

facilitating us and in giving us tasks to perform. They lead us

in every task that we performed. They are approachable and always

willing to impart their knowledge about the profession. They

explained to us the importance of every tasks and how we are going

to do it properly. Other than that, they were able to give us the

things that we need to know especially in accounting.

INSIGHTS LEARNED IN THE JOB

On-the-job training is one of the best training methods

because it is conducted at the employee’s worksite. The students

are given a chance to apply theories and computations that they

have learned from the school. It helps the students to acquire

relevant knowledge and skills by performing in the actual work

setting.

What I learned in this On-the-job training would be a

big help as move to the corporate world. In this training I learned

how to apply the theories that I learned at school, especially in

taxation. I learned how to compute taxes in real world and how to

prepare income tax returns. I also learned how to act properly in

the corporate world like how to greet your clients and how to talk

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to your bosses. I also learned how online systems work such as the

EFPS and other applications that are now being used by most

accounting firms.

I thought that the atmosphere in the office would always be

serious and heavy. That is what I thought but actually it’s light

and happy. I love this office although it is small it gives us

closeness to each and every one. Whenever we are tired of our work

Ate Jean is always there for us to have a fun chat with. Ate Joy

is always open for inquiry and some good chat too. The staffs are

very accommodating and helpful. I think these people are some of

best people I ever met.

My most memorable event during my practicum is when we went

to San Fernando, Camarines Sur to conduct a physical inventory

count at KD Fulgentes Hardware. It was a three-day inventory

counting. We are very much exhausted that time counting nails,

screws, paints and others that you can see inside a hardware.

CONCLUSION AND RECOMMENDATION

I think the 200 hours was not enough to be able to check into

every part of the accounting firm and do all the tasks that an

accountancy student should know. Extending the practicum training

hours would be a good solution to give the trainees more time to

learn and explore more about the things that they need to know

especially in their chosen field or profession. Prior to

enrollment, the partners of the College of Business and Accountancy

in conducting internship programs should already settle the

necessary documents such as the Memorandum of Agreement. Lastly,

the College of Business and Accountancy should look for more

establishments which are really related to our course and will be

able to teach the actual processes that the students need to know

in an entity.

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