Dubai Refreshments Company

Dubai Refreshments Company (DRC)
Graduation Report Executive Summary
Dubai Refreshments Company is leading company in Dubai, United Arab Emirates. They are dealing with soft drinks, juices, energy soft drinks, ice tea and mineral waters. Their functions are bottling, packaging, distributing, and producing. Dubai Refreshments Company has well established Finance Department and the sections are Coop, Financial Planning, Accounts Receivables, Accounts Payables and Audit. They are managing and handling financial activities and data.
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Graduation Report Acknowledgement
I would like to thank all employees in Finance Department at Dubai Refreshments Company for supporting and helping me having excellent and good work experience along with learning many things within less number of weeks. Many thanks to employees: 1) Coop Section a. Employee name . Continuing adding if there are more 2) Financial Planning Section a. Employee name . Continuing adding if there are more 3) Accounts Receivables Section a. Employee name . Continuing adding if there are more 4) Accounts Payable Section a. Employee name . Continuing adding if there are more 5) Audit Section a. Employee name . Continuing adding if there are more
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Graduation Report Section 1) Introduction
Finance Department is one of the business functions in any company and they are responsible managing financial activities of the company. The graduation report will present information on Dubai Refreshments Companys Finance Department. The purpose is to provide basic and core information on work experienced gained during the six weeks at Dubai Refreshments Company.
Dubai Refreshments Company is one of the well-know companies in Dubai and they have improved Finance Department with contemporary practices. There are systems integration and specialized sections to handle Finance Department and achieve their departmental objectives.
I) Objectives
The objectives of graduation report directly links with objectives of attending work at Dubai Refreshments Company and they are: To identify reputation and opportunities at Dubai Refreshments Company To determine different sections in the Finance Department To identify and analyze Finance Department functions and responsibilities To analyze and determine achievements made To identify appropriate and specific suggestions and recommendations for continuous improvement
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Graduation Report
Section 2) Company Profile
Dubai Refreshments Company is operating in the United Arab Emirates in Dubai. The ownership type of the company is listing publicly and company type is joint stock. Their establishment was in 1959 and they are in the market more than 49 years. The number of employees in Dubai Refreshments Company is around 1000 as of 2009 (ABQ Zawya Ltd., 2009). The principal activities of Dubai Refreshments Company are: Soft drinks bottling or packaging Juice distributing Energy and soft drinks distributing Iced tea and mineral water distributing Plastic bottles producing
The vision of Dubai Refreshments Company is, To be the lower Gulfs leading Beverage Company, driven by top caliber people equipped with the right tools and solid systems.
The components of Dubai Refreshments Company values are teamwork, leadership, service excellence, commitment, effectiveness, winning attitude, integrity, staff wellbeing, respect and result-oriented (Dubai Refreshments (PSC), 2007).
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Graduation Report
Section 3) Organizational Hierarchy
The organizational hierarchy of Finance Department shows that there are personnel responsible for the department and sections ranking. The organizational structure they are following is tall. Finance Department chart is below:
Finance
Department
Coop Section
Financial Planning Section
Accounts Receivables Section
Accounts Payables Section
Audit Section
Section 4) Work Setting / Department
The Finance Department is effectively managing financial activities of Dubai Refreshment Company. They are making sure that their financial positions are suitable, sustainable and healthy. They should analyze that there are sufficient funds in the company to pay their debts and to carry on their business functions.
The sections of Finance Department are Coop Section, Accounts Receivables Section, Accounts Payables Section, Financial Planning Section and Audit Section. These sections are carrying on different functions in Finance Department to achieve their objectives and accomplish their goals.
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Graduation Report
1) Coop Section
Coop Section is providing support for Finance Department to manage and finalize contracts with customers of Dubai Refreshments Company. They will be making sure that clients are following terms and conditions for earning commission and gifts. There are commissions or gifts for purchases that clients make and this outlined by Coop Section. Moreover, Coop Section will be assisting other departments guiding them terms and conditions clear awareness to better dealing and handling customers.
2) Finance Planning Section
Financial planning is the core and essential part of Finance Department. They are responsible to make sure that Dubai Refreshment Company will get enough financial resources so that other departments will be able to carry on their activities. They will be creating financial plans to implement it so that there will be financial success.
3) Accounts Payables Section
Dubai Refreshment Company will be paying and managing their owing cash by Accounts Payable and it is when they are making purchases of products or services from others. They will be managing and handling clearance of unpaid invoices or bills from suppliers, contractors and vendors.
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Graduation Report
4) Accounts Receivables Section
Accounts Receivables at Dubai Refreshment Company will be dealing with accounting billing transactions with individuals such as their customers owing money to pay them. People that Dubai Refreshment Company will be receiving payment can be individual, organization or company that will be paying to Dubai Refreshment Company. They will generate invoices and follow-up with customers or clients to make payment on time as per credit payment terms.
5) Audit Section
Audit Section is an important section in Dubai Refreshment Company. They are checking and reviewing Finance Departments activities and tasks making sure that they working as per set standards, procedures and policies along with meeting their objectives and achievements. The main activity is auditing and verifying Dubai Refreshment Companys financial records.
Section 5) Job Description / Responsibilities
The responsibilities of Finance Department are to oversee activities of sections falling under them along with their objectives achievement to make sure they are performing and working in the right path. The Finance Manager will be responsible to oversee and to check their functions and activities while reporting to management.
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Graduation Report
The responsibilities of Finance Department are:
Collecting funds from income and banks Controlling credit and limiting Paying salaries of employees and wages of workers Making purchases Paying to the suppliers, vendors or others Preparing financial and budget forecasts Researching costs and prices or quotations
1) Coop Section
The responsibilities of people working at Coop Section are managing and monitoring the below information:
Contracts documentation Terms and Conditions clauses Commission and gifts eligibility Purchase statement
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Graduation Report
2) Financial Planning Section
Financial planners lead the responsibilities of financial planning. They will be guiding and supervising Dubai Refreshment Company in generating income and investments making along with possible financial stress they might face.
Moreover, they hire time-to-time consultants to conducted in-dept financial planning and benchmark it with their current financial plans developed. Financial Planning section will be responsible to conduct financial and budget analysis when launching new product or improving current product. They will be examining their short-term and long-term financial needs and situations to make certain that their financial health sounds perfect.
Accounts Payable will be clearing their dues that suppliers or vendors will be waiting for making payment to them and this is on monthly basis after verification on product and specifications delivered. They will be responsible for clearing all dues as per contracts and legal situations for maintaining good relationship with suppliers and vendors. Accounts Payable will be maintaining records of payables to make sure those payments made not more than once manually and computerized. They should make sure that there is control on monthly for payments and purchases and if there is excess there should be coordinator and communication.
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Graduation Report
Accounts Receivables will be responsible for communicating and following up periodically with payments pending from customers.
Accounts Receivables should make sure that overdue amount is not exceeding the amount allotted per client and there should be immediate hold on business transactions with them. They should be able to bill and collect payment without any complications or legal cases.
5) Audit Section
Audit Section will be responsible for carrying on auditing activities and they are responsible to make sure that Dubai Refreshments Company is carrying on activities as per their standards, policies and procedures. They will be auditing periodically and maintaining audit records. Moreover, they will be following up on corrective actions for mistakes that departments do.
Section 6) Work Experience
1) Coop Section
The work experiences gained are learning about process of dealing with customers as per contracts and purchases made. The contracts include following with
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Graduation Report
customers and honouring them with gifts and commissions. The learning were coordinating and following up along with managing list of gifts and commissions. It should follow clear contract terms and conditions. I have spent working in this section for around __ days.
Some of the important learning work experiences are:
Working with __ Managing documents such as __ Planning about __ Analyzing works such as __
2) Financial Planning Section
Financial planning is preparing documents and statements with forecasts as per benchmarking with current and past data. The plans will include determining Dubai Refreshments Companys possible expansion, checking past data, and comparing with current data. I have spent working in this section for around __ days.
Working with Financial Planning team Managing documents such as financial plans, records of past financial
plans and financial plans forecasts
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Graduation Report Planning
teams about financial activities and assisting Financial Planning
Analyzing works such as developed financial plans Assisting in updating financial records and their supporting documents Assisting in past and current financial plans
The work experience is assisting accounts payables team to make payment on time where there is arranging and organizing of invoices and bills and receipts of payment. It is clearing paying amount on daily, weekly and monthly basis. There is record management in computer and manually. I have spent working in this section for around __ days.
Working with Accounts Payables / Purchase team Managing documents such as invoice and payment receipts, payments
record or tracking summary, etc.
Planning about payments made and pending payment Analyzing works such as payments made and payments pending Assisting in Accounts Payables filing and general activities
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Graduation Report Benchmarking with pending payments whether made
They are responsible for receiving amount or payments from customers that are on credit basis or cash payments. There is assisting in coordinating with Coop Section for possible contracts and commission and gifts for customers. I have spent working in this section for around __ days.
Working
with Accounts Receivables and coordinating with Coop
Sections team
Managing
documents such as preparing invoices, billing record and
summary of clients, recording of delayed payments, follow up plans, summary of paid invoices, etc.
Planning and monitoring for excess amount of receivables. Creating list of clients did not pay on daily basis Following
up by calls, emails and faxes for clearing payments with
invoices and bills
Updating records when payment made Reporting and creating list for clients did not pay and exceeded number
of times of delaying payment as per contract specification Page 13 of 19

Graduation Report Updating related accounts receivables records Checking for missing records or details
5) Audit Section
They are responsible for creating records of audits on fieldwork done. They will be auditing all departments and section in Dubai Refreshments Company.
The audit focus will be Finance Department auditing mostly financial transactions and activities whether they are following Dubai Refreshments Company policies, standards and procedures. I have spent working in this section for around __ days. Some of the important learning work experiences are:
Working with Audit team Preparing auditing and corrective documentations Updating records for audit Preparing file for carry out audit activities Preparing
next audit and assisting in documentations of corrective actions for
Preparing list of possible areas and questions during audit Planning with audit team on auditing plans and activities
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Graduation Report Responding to employees for possible questions on next audit
Coordinating for schedule
Coordinating for reschedule Preparing auditing package of documents Taking notes during audits for improvements and corrective actions
Section 7)
Achievements
The achievements were to know and understand the functions and activities of Finance Department along with specialized sections carrying on detailed activities.
It is different to understand Finance Department without getting practical knowledge of applying particular theories in finance. The project and documentation achievements were:
In Coop Section, In Financial Planning Section, In Audit Section, In Accounts Receivables, In Accounts Payables,
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Graduation Report
Section 8) Suggestions / Recommendations
The
recommendations
and
suggestion
for
Finance
Department
at Dubai
Refreshments Company is to bring improvements in personnel qualifications, software, and automation and training and development of employees. This will ensure that activities and functions of Finance Department handled with error free financial data and statements that will provide and maintain their reputation in Dubais market. The absence of these recommendations implementation will result in creating complicated working environment, need for more employees and data inaccuracies.
1) Specialized employees such as having certifications recognized internationally in Finance field to over see and supervise their employees and bringing contemporary practices learned. They will be able to expand and create less complicated working environment where they will be able to supervise effectively. 2) Software and automation will automate and ease the process and activities of Finance Department. This will enable to create financial data and statements that are error and mistakes free allowing making good and effective decisions that will not affect badly on Dubai Refreshments Company. This will ease the process of 3) Training and development is necessary in all organizations. Dubai Refreshments Company should provide courses that are practical and technical rather than theoretical such as on-the-job training or workshops. This will improve practical capabilities of employees and supervisors. This will improve competency level of
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Graduation Report
employees and create financial statements that are shows highly professionalism and accuracy.
Section 9)
Conclusion
Dubai Refreshments Company is leading company in Dubai. They have well established Finance Department with distinguished sections to support their financial planning and activities. Their activities had opportunities to learn in-depth activities and functions of each section. There is lot learned while working for 6 weeks and achievements made was quite positive for Finance Department. There is suggestions and recommendations to take into consideration as continuous improvement.
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Graduation Report References
ABQ
Zawya
Ltd.
2009.
Dubai
Refreshments
Company.
[WWW]
<URL: 7
http://www.zawya.com/cm/profile.cfm?companyid=165577> October 2009.]
[Accessed
Dubai
Refreshments
(PSC).
2007.
Company
Overview.
[WWW]
<URL:
http://www.pepsidrc.com/our-company/company-overview.htm> [Accessed 7 October 2009.]
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Graduation Report
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Dubai Refreshments Company (DRC)

Graduation Report Executive Summary