CONTENTS

1. 2. Introduction Overview of the organization 2.1 Brief history 2.2 Nature of the organization
2.3 2.4 2.5 Business volume Number of employees Product lines

3 6 7 8
10 13 14

3.

Organizational structure 3.1 Main offices 3.2 Comments on the organizational structure Structure of the Finance Department
4.1 4.2 Number of employees working in the Finance Department Accounting and Finance operations

22 23

4.

25 26

5.

Functions of the Finance Department 5.1 Accounting system of the organization 5.2 Finance system of the organization 5.3 Use of electronic data in decision-making 5.4 Generation of funds 5.5 Sources of funds
5.6 Allocation of funds

30 35 38 39 40 41

6.

Critical analysis 6.1Future prospects of the organization

44

7.
8.

Conclusion
Bibliography

46
48

Annexures

50

Objectives of the study:

1

 To get practical exposure to the working environment and functional knowledge  To get experience and practice in accounting functions  To personally benefit from this exposure for future career.

Introduction

Industry Profile

Construction Project Management is the overall planning, coordination and control of a project from inception to completion aimed at meeting a clients requirements in order to produce a functionally and financially viable project that will be completed on time within authorized cost and to the required quality standards. Project management is the process by which a project is brought to a successful conclusion. Construction project management (CPM) is project management that applies to the construction sector (3rd

ForumInternational Construction Project Management 26th/27 June 2003 in Berlin). The Construction Management Association Of America (CMMA)a primary US construction management certification and advocacy body) says the 120 most common responsibilities of a Construction Manager fall into the following 7 categories: Project Management Planning, Cost Management, Time Management, Quality Management, Contract Administration, Safety Management, and CM Professional Practice which includes specific activities like defining the responsibilities and management structure of the project management team, organizing and leading by implementing project controls, defining roles and responsibilities and developing communication protocols, and identifying elements of project design and construction likely to give rise to disputes and claims. Typically the construction industry includes three parties: an owner, a designer (Architect or engineer), the builder (usually called the general Contractor) traditionally, there are two contracts between these parties as they work together to plan, design, and construct the project. The first contract is the owner-designer contract, which involves planning, design, and construction administration. The second contract is the owner-contractor contract, which involves construction. An indirect, third-party relationship exists between the designer and the contractor due to these two contracts. An alternate contract or business model replaces the two traditional contracts with three contracts: owner-designer, owner-construction project manager, and owner-builder. The construction project management company becomes an additional party engaged in the project to act as an advisor to the owner, to which they are contractually tied. The construction manager's role is to provide construction advice to the designer, on the owner's
4

behalf, design advice to the constructor, again on the owner's behalf, and other advice as necessary. Recently a different business model has become more popular. Many owners particularly government agencies have let out contracts which are known as Design-Build contracts. In this type of contract, the construction team is known as the design-builder. They are responsible for taking a concept developed by the owner, completing the detailed design, and then pending the owner's approval on the design, they can proceed with construction. Virtual Design and Construction technology has enabled much of the ability of contractors to maintain tight construction time There are two main advantages to using a design-build contract. First, the construction team is motivated to work with the design team to develop a design with constructability in mind. In that way it is possible for the team to creatively find ways to reduce construction costs without reducing the function of the final product. The owner can expect a reduced price due to the increased constructability of the design. The other major advantage involves the schedule. Many projects are given out with an extremely tight time frame. By letting out the contract as a design-build contract, the contractor is established, and early mobilization and construction activities are able to proceed concurrently with the design. Under a traditional contract, construction cannot begin until after the design is finished, the project is bid and awarded, and the team can mobilize. This type of contract can take months off the finish date of a project. The major problem with design-build contracts is the inherent conflict of interest. In a standard contract the designer is responsible to the owner to review the work of the builder to be sure the products and methods meet specifications and codes. The builder as a construction professional experienced working with many designers is attuned to picking up design flaws which would go uncaught or unmentioned when builder is also designer. The owner may be more likely to get a building that is over-designed in order to increase costs and profits for the design-builder, or built with lesser grade products to maximize profits. If time is of the essence, a design and construction contracts can be awarded separately, with bidding taking place on preliminary plans in a not-to-exceed contract in lieu of a single firm design-build contract.

Overview of the organization

Company Profile
History:
Formed in the beginning of 2003, Synergy was the launching platform for a group of enterprising engineering and architectural professionals with diverse experiences in real estate projects in India and abroad. Although Synergy started its operations from Bangalore, today it has spanned in almost all the cities in India, and also been working on overseas Projects with offices in Kuala Lumpur (Malaysia) as well as Dubai (UAE). What started in early 2003 as a small outfit of about 7 8 people, has grown up in leaps and bound, and today Synergy boasts of a strong team of about 500 people, with its resource pool including talented architects, engineers and project management personnel. The Company recruits its resources through thorough selection procedures and makes their engineers get groomed through continuous on-the-job training and hand holding. Today Synergy has inculcated a discipline where systems and internal procedures are followed consistently across all projects, and have introduced patented software programmes for project monitoring, which is probably one of the first in the country. The Organization has a full-fledged design management wing, Project Control wing, Building Services wing, along with a full strength of a construction team. A very capable and strong quality and safety team which carries out internal audit also contributes towards the process of obtaining a better product. Be it a premium hotel project, or a complicated and vast hospital project, or a large infrastructure development for a business park, Synergy excels in turning a discerning Clients dream into a reality. Synergy started its operations in Bangalore. Presently has expanded into a PAN India presence Delhi NCR, Mumbai, Pune, Hyderabad, Chennai, Trivandrum and Kochi, etc. Also has presence in Kuala Lumpur and Dubai. The Organization has a full-fledged design management wing, Project Control wing, Building Services wing, along with a full strength of a construction team.

Nature of organization:
Synergy is a Project Management Company.
y y y y

Synergy believes in a first-to-last approach Understanding of the entire development process with respect to the Indian context Practical and hands-on approach to manage the project Comprehensive set of procedures that has streamlined the process, especially when it came to fast-tracking the project

Some of their esteemed Clients are Deutsche Bank, Goldman Sachs, IBM, Embassy Group, Select Infrastructure Services and the Indian Express Group, US Technology, Divyasree Developers.
y y y y

Synergy believes in a first-to-last approach Understanding of the entire development process with respect to the Indian context Practical and hands-on approach to manage the project Comprehensive set of procedures that has streamlined the process, especially when it came to fast-tracking the project

Synergys key commitment to operate as a Single Point of Contact on behalf of the Client makes itself responsible for the development process in its entirety, starting from design management, budgeting and scheduling, procurement process, construction management and finally Project Closeout management.

Although Synergy started its operations in Bangalore, the Organisation has expanded to other major cities like Delhi / NCR region, Mumbai, Pune, Hyderabad and Chennai, and recently became International with its Malaysia operations. Each of these cities is offices, each headed by a senior member of the team

The Organisation has full-fledged development management wing (for design management, budgeting, scheduling, tendering), Project Control wing (cashflow management, contract management, billing, cost reporting and process auditing), Building Services wing (design audit for all services packages), along with the full strength of construction team. With this collective experience in virtually all aspects of Project Management, a detailed value engineered approach is undertaken at each stage of the Project.

Business volume:
Architectural Design Interior Design Project Management Shell & Core (Retail, IT Campus / SEZs, Hotels, Hospitals, Residential) Interior Total : : : 44 11 64 million sqft million sqft million sqft : : 5 4 million sqft million sqft

Present Work load

Architectural Design Interior Design Project Management Shell & Core

(Retail, IT Campus / SEZs, Hotels

: :

8 3

million sqft million sqft

Hospitals, Residential) Interior Total

: : :

89 4

million sqft million sqft

104 million sqft

10

Projects management By Synergy in different Part of the Country

y y y y y y y y y y y y y y y y y y y y y y y y y y

Golf Links Business Park (5 Million sq ft IT Campus) Manyata Business Park (11 Million sq ft IT Campus, with 45% being SEZ) Brigade Gateway (tallest building in Bangalore) Grand Mall & Tower, Bangalore Hilton Serviced Apartments, Bangalore Swiss hotel, Bangalore Campus Development for Huawei Technologies Campus Development for Divyasree Group Neomall Bangalore Select Citywalk Medicity - 2000 bed hospital at Gurgaon Triton Mall at Jaipur for Zee Group Capitol Mall Salcon Rasvilas City Emporia Mall, Chandigarh Runwal Town Center 247 Park - IT Business Park for HCC Upgradation of domestic and international airports in Mumbai Residential Development for IVIL Residential Development Palm Meadows IT SEZ Campus for Divyasree Group Mixed Use Development for NSL Group. BVR Mall - Vijayawada Park Hyatt - 204 key hotel at Raj Bhawan Road, Chennai Ambit IT Park 4.3 million sqft of residential development at Chennai and Phase 1 construction is in progress

y y

Interior for Vasan Eye & Dental Care Park Hyatt - 204 key hotel at Raj Bhawan Road, Chennai
11

y y

Ambit IT Park 4.3 million sqft of residential development at Chennai and Phase 1 construction is in progress

y y

Interior for Vasan Eye & Dental Care 120 acre permanent campus for Rajiv Gandhi Indian Institute of Management at Shillong

y y y y

DB Mall - Bhopal Mixed Use Development for Saffron Advisors - Indore 275 keys of Novotel Hotel - Ahmedabad IT / ITES Buildings for MKN in 1.4 million sqft at ZON Teknologi Campus Cyberjaya, Malaysia.

y y

The Chedi - 200 Acres of Residential & Villa Development, Kuala Lumpur, Malaysia IT Park for Embassy in 3,76,736 sqft at Indija, Serbia etc..

12

Number of employees:
Synergy has 550 Employees with the following skill: The organization has employees with the following skill base: Architects + Project Management Engineers - Civil & Structural Engineers - MEP Construction Management Professionals

Total strength Senior Management Mid level management Remaining technical staff Support Staff

= = = = =

550 47 72 345 85

13

Product line:
Synergy is Construction and project management company, its mainly a service based company with its presence in major cities if India. They have handled wide number of projects which include either Architectural Design , Interior Design and also Turnkey Projects where from the start to the end the company will design and handover the project. The Organization has a full-fledged design management wing, Project Control wing, Building Services wing, along with a full strength of a construction team. A very capable and strong quality and safety team which carries out internal audit also contributes towards the process of obtaining a better product. Be it a premium hotel project, or a complicated and vast hopital project, or a large infrastructure development for a business park, Synergy excels in turning a discerning Clients dream into a reality. They are also known to deliver the projects on time, which makes clients more attracted towards them. Project Start-up and Concept Finalization Stage Setting up concept finalization and Review Sessions with all Consultants Review design efficiency and value engineering options Instigate a project start-up programme and organize concept approval sessions

14

Design Management and Coordination Evolve the system of regular design team meetings where all Consultants are made mandatory to attend. Prepare and issue design review checklists to ensure critical issues not overlooked. Monitor strictly designs progress through design schedules and drawings logs.

Procurement Management Stage Tendering conducted on package basis. This enables a smooth overlap of design, procurement and construction. Structure package made first priority, to enable project to hit ground early.

Packages having higher lead times are given next priority to finalise. Lift, Curtain glazing, DG and Chiller Packages are some examples

Schedule Management Overall detailed baseline schedule prepared in Suretrak (Primavera) and distributed to team. Construction programme gets evolved by reviewing optimum formwork deployment and by preparing detailed pour schedules. These get agreed with Contractors Emphasis given to expedite construction of building footprint area.

Schedule Management If tall towers, lift shaft areas also given priority. Slip forming in one way where we recommend faster and independent progress of the lift core. For faade packages, we schedule them to commence early. Necessary decking, etc and logistics formalised to start early. Services packages also planned to start moment basements are ready.
15

Construction Management Det iled weekl and mont l const ction schedules, resource plans and material

procurement schedules are monitored regularl with Contracto rs. Material logs are prepared and updated regularl and checked directl with factories to ensure long lead packages are not delayed. Micro schedules and progress updates are prepared by project team. In case of slippages, recovery schedules are prepared.

Contractors are made contractually bound to provide and cooperate on all these through stringent conditions that are part of Synergy tenders.

When multiple packages progress, weekly services coordination meetings are held at site, chaired by Synergy PM, to sort all interface issues.

Synergy Senior Management will be involved.

16

All critical meetings, design presentations and review sessions will be chaired and attended by respective heads.

Synergy heads are experienced professionals who have handled similar or bigger demanding projects.

Project Phasing will be worked out and signed off as a part of Development Strategy Report

Synergy will prepare detailed Site Logistics showing construction phases

material and visit access points and zones of segregation location of material storage (shuttering and reinforcement yards), batching plan location, etc.

Agreed Site Logistics gets signed off and also is displayed at Project Office for everybodys perusal.

Stage 2: Design Coordination and Procureme nt Stage

Gets conducted under full-time coordination of Development Management team. The team involved in procurement planning, design audits, schedule, backing information management and finally cost audits.

Project specification review, compliance to codal standards, scope documents, etc are all reviewed

17

Stage 3: Construction Management Project Manager and his team of engineers full time available on site. he PM comes on board around 15-21 days prior to actual start on site. he PM has approx 10 years experience. he remaining team is also deputed based on capability to handle similar projects.

Periodic audits are held by Synergy echnical Audit (Quality and Safety) team who visit all projects throughout country, and who report only to Directors.

Projec s By Sy ergy In Different cities

18

Key Projects in Bangalore / Mysore

Golf Links Business Park (5 Million sq ft IT Campus) Manyata Business Park (11 Million sq ft IT Campus, with 45% being SEZ) Brigade Gateway (tallest building in Bangalore) Grand Mall & Tower, Bangalore Hilton Serviced Apartments, Bangalore Swisshotel, Bangalore Campus Development for Huawei Technologies

Campus Development for Divyasree Group Neomall Bangalore

Key Projects in Delhi / NCR

Select Citywalk Medicity - 2000 bed hospital at Gurgaon Triton Mall at Jaipur for Zee Group Capitol Mall Salcon Rasvilas City Emporia Mall, Chandigarh. Projects in Hyderabad

Residential Development Palm Meadows IT SEZ Campus for Divyasree Group Mixed Use Development for NSL Group. BVR Mall - Vijayawada

Key Projects in Chennai

Park Hyatt - 204 key hotel at Raj Bhawan Road, Chennai Ambit IT Park

19

4.3 million sqft of residential development at Chennai and Phase 1 construction is in progress Interior for Vasan Eye & Dental Care .

20

Organization structure

21

22

Comments on the organization Structure:

Synergy mainly Has a managing director and the Chairman who Directs all the activities in the organization then It is later sub divided based on the functions to be carried out Like, Fitout, Procurement, Design, The Organisation has full-fledged development management wing (for design management, budgeting, scheduling, tendering), Project Control wing (cash flow management, contract management, billing, cost reporting and process auditing), Building Services wing (design audit for all services packages), along with the full strength of construction team. With this collective experience in virtually all aspects of Project Management, a detailed value engineered approach is undertaken at each stage of the Project. The Company has a very systematic Organization structure it a structure which helps each and every person know their responsibilities and also they follow the vertical structure where the lower level employee is answerable to his senior which is very important in the construction industry since day to day progress in the project must be known and immediate action must be taken if there is any error.

23

Structure of the finance department

24

Primary Data:
PRIMARY DATA is data that has not been previously published, i.e. the data is derived from a new or original research study and collected at the source. During the course of the internship there was a lot of information which I could collec t by observation and by the interactions which I had with the employees in the org anization.

Number of Employees Working in the finance Department:

Synergy has 9 Employees working in the finance Department and the finance director heads the finance Department Senior Manager Accounts and Costing: The main responsibility of this employee is to decide the cost centre of a particular transaction to prepare the financial Statement ,Profit And loss account of the company.\

Manager Of Accounts and Taxation The main responsibility of this employee is paying the Service Tax ,VAT ,ESI, TDS Etc..

Accounts Executive:He is responsible For Maintaining all the the books of accounts and to check if error has happened during the recording.

25

Senior Manager Finance: His main role is to Collect Money from the Debtors Follow up with them and to collect funds which would be helpful in Maintaining the day to day expenses of the business. He also has to raise the Invoices According to the agreement between synergy and the client.

Manager Treasury and Banking: The main role of this Employee is to have interaction with the bank executives to see that all the deposits are getting the right interest and he also conducts the bank reconciliation.

Manager Human Resource: This employee mainly manages the paying of salary, the deductions to be made, the entry of the new joiners, the deletion of the employee who left he organization their full and final settlement of the employees.

Accounts Assistants: Their main function is to provide a helping hand to the employees in the finance department they carry on activities like deposit of cheques in bank, sending of courier(DD to different branches), filing the Statement Etc..

26

Finance Operations:
Preparation of monthly MIS reports: These reports are mainly prepared so that the directors can evaluate the current financial position of the company. It mainly includes the balance sheet, profit and loss statement, the collection from the debtors, the new order book. Pipe line orders, orders achieved during the month, Cash flow, Consolidated Order books. Invoicing: The main source of funds for synergy is its debtors who are liable to pay them. So based on the agreement which the company has had with its clients, invoices are raised And the payment is collected this is a very important operation of synergy. Taxation: The Service tax ,TDS, ESI needs to be paid to the government which requires through analysis and day to day checking of bills Order book: Another important finance operation which takes place is maintaining order book. Every agreement needs to be filed this agreement mainly has the time period of the agreement and the amount to be raised every month b y the company. This is a important function as it is the main source for the funds company. Bank reconciliation: Bank reconciliation statement is prepared and the reason for error is found so that there is no problem during the closing of books and the company has the correct record. This operations helps them to have proper supervision of their cash flow.

27

Accounting Operations:
Synergy Follows Centralized System of accounting which is handled by its head office in Bangalore. The Accounting operations which are carried on in synergy are the following: Recruitment: One Important operation carried on by the Manager HR is preparation of offer letter to the potential employees of the company. All the branch managers will send in the Bio Data of the concerned employee after he is selected by them, then the head office would prepare the offer letter to the potential employee who needs to send back the date of joining to the head office.

Reimbursement of expenses: All the expenses which are occurred by the employees in the organizations needs to reimbursed and this is done twice a month. All expenses like travel, conveyance, food etc are reimbursed.

Maintenance of Books: Another important function of the accounting department is the maintenance of the journal vouchers, reimbursement, agreements, and order books.

Pay roll: The Manager HR also has to pay the salary to the employees every month, after monitoring their attendance.

28

Cash Disbursement: Synergy Follows Centralized System of accounting which is handled by its head office in Bangalore. All the money needs to paid by the head office based on the expenses incurred by the branches. E-transfer: The transfer of money through DD for those employees who do not have a bank account is done. Cheque Payment: All payment which the company needs to make to its vendors is also done by the finance department after they receive the invoices from the concerned party. Routine Payments: All the routine payments which need to be made, are made after receiving the invoices and after a thorough analysis Either by cheque or by DD.

29

Accounting system of the organization:

Synergy started its operations in Bangalore, the Organisation has expanded to other major cities like Delhi / NCR region, Mumbai, Pune, Hyderababad and Chennai, and recently became International with its Malays ia operations. Each of these cities is

operated through fully functional offices, each headed by a senior member of the team.

The Organisation has full-fledged development management wing (for design management, budgeting, scheduling, tendering), Project Control wing (cash flow management, contract management, billing, cost reporting and process auditing), Building Services wing (design audit for all services packages), along with the full strength of construction team. With this collective experience in virtually all aspects of Project Management, a detailed value engineered approach is undertaken at each stage of the Project.

Some of our esteemed Clients are Deutsche Bank, Goldman Sachs, IBM, Embassy Group, Select Infrastructure Services and the Indian Express Group, US Technology, Divyasree Developers. The accounting system consists of the following:

30

Petty Cash Expenses :

Vouching the statement as well as vouchers received from branch offices of Synergy Chennai, Delhi, Pune, Mumbai, Hyderabad and Coimbatore. etc., Vouching of Head Office expenses - Bangalore. Posting of various expenses like conveyance, printing and stationary, postage, travel, staff welfare, rent, maintenance, assets, marketing expenses, mobile bills, payments etc., Reconciliation of branch office expenses to the Head office books. When errors found due to various reasons like wrong accounting heads, amounts, bill numbers, etc these errors are reported to the Finance Manager for initiating corrective action to send a mail to respective division and to rectify mistakes and instructing to send revised statement. More exposed and specialized & gained confidence on preparation of the expenses statement.

REIMBURSEMENT EXPENSES: Checking the employee reimbursement bills and vouchers. Checking and computing the amount as per the company norms. Segregating expenses according to respective account heads/debit. Computing and checking conveyance voucher based on bills attached & price per kilo meter. Breaking of official & personal usage of mobile and telephone bills, computed call charges, rents, service tax etc for official use. Preparing the format of reimbursement contains serial numbers, account heads, payees name, bill number, amounts.

31

BANK PAYMENT VOUCEHER: Bank Payment Voucher is passed while cheque or bills are passed. Bank Payment can be to various banks like ING Vysa, AXIS and HDFC. Bank Payment is credited on various accounting heads like rent, maintenance and salary. Bank Payment is paid through different branches of Synergy. Bank payment vouchers enclosures all expenses. The enclosures include service tax, travel and tour, salary, rent, telephone charges. Expenses and bank charges are accounted in the ledger and posted to profit and loss account. Segregation of official and personal usage of mobile & telephone bills, computed call charges, rents, service tax etc as per usage Preparing reimbursement statement contains serial numbers, account heads, payees name, bill number, amounts.

FIXED ASSETS: The asset which adds value to the company is called fixed asset. Some of the fixed assets are computers, furnitures and fixtures, computer parts and equipments. Value of the asset will come down or may be zero value depending on type of usage. Depreciation on Assets provided during the year end. Asset purchased value less than 5,000/- 100% depreciation allowed to Finance, Commercial, Taxation, knowledge. Administration etc due to lack of time and technical

32

HR RELATED WORK: Adding of Newly joined employees names in Attendance and Salary sheet. Deleting of Left employees names from attendance and Salary Sheet. Attendance. Preparing Increment Letter. Checking of Salary calculation. Preparing Transfer letter to Bank. Checking employees Bank account number in transfer sheet. Taxation,

Administration etc due to lack of time and technical knowledge.

JOURNAL VOUCHER: Checking of bills. Obtaining authorization from the authorized signatory. Calculation of TDS Arranging vouchers in serial number order and date sequence. Finding the supporting for the vouchers. Comparing with supporting whether amount, date and debit all are in order.

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TRAVEL EXPENSES:

Checking travel expenses bills Allocating Expenses according to line of business, such as, Architect, Fit out, Project Management and Construction Management. Accounting the Expenses division / city wise. Checking of arrival and departure date, time, place, passenger traveled with related tickets and bills. Segregation of bills according to the places Crediting the amount to various accounts Viewing travel bills in tally operating system with physical bills

34

TAX DEDUCTION AT SOURCE: Tax Deduction at source is applicable on Contract, Subcontract, Profession, Commission, Rent and Salary. Tax rates will be based on nature of services. Attached TDS Tax Slabs applicable. TDS will be deducted while making payment or booking the bill, whichever is first. Last date for remittance of TDS is on or before 7th of every month. Quarterly (E-TDS) returns should be submitted on or before 15th July, 15th October, 15th January and 15th May. To submit TDS return PAN numbers are compulsory for all type of services. After completing financial year, TDS Certificate will be issued to all vendors and salaried employees and consultants. TDS is calculated based on the payment/ credit amount whichever is higher. Not exposed to Finance, Commercial, Taxation, Administration etc due to lack of time and technical knowledge. All invoices are generated from the head office and is collected in the centralized bank account which is in the Axis Bank. Cheques are collected from various branches and the same are deposited to the centralized bank . All recruitment is handled by manager hr who takes care of payment of salary. Issue of offer letter etc. All reimbursement, salary are transferred to the respective bank account of the employees. Turnkey job, taxation is handled by a separate division.

35

Finance system in the organization:

Monthly MIS reports are prepared which consists of Pipeline orders Order achieved during the month Order book P&L account Balance Sheet Cash Flow Above reports are prepared monthly, quarterly, half yearly and yearly. These reports are then reviewed by the board of director every quarter.

Invoicing: Synergy depends on its debtors for its working capital management. The main source of funds for synergy is its debtors who are liable to pay them. So based on the agreement which the company has had with its clients, invoices are raised And the payment is collected this is a very important operation of synergy.

Order book: Another important finance operation which takes place is maintaining order book. Every agreement needs to be filed this agreement mainly has the time period of the agreement and the amount to be raised every month b y the company. This is a important function as it is the main source for the funds company.

36

Taxation: The Service tax, TDS, ESI needs to be paid to the government which requires through analysis and day to day checking of bills. This is done by the manager finance who needs to pay the service tax on or before 5th and the TDS on or before 7th of every month.

37

Use of electronic data in decision making:

Electronic systems which have been used by synergy have made their work easier and also free from errors. The main electronic systems they use are Tally and Relyon. Relyon is software for assessing Salary; it will help the Manger HR to know how much salary the company has to pay during the month. This software is used for computation of the Tax i.e.., TDS which has to be paid by every individual employee working in the organization. It has the salary structure of each and every employee the bank account number, their designation etc... This software also can generate salary slip to each employee so that they know the reason for deductions in their salary. Tally: This system is used in the finance department for day to day recording of the transactions, Preparation of cheques, journal entries. Tallying whether the entries have been previously Made or not. This system helps the department to keep a track of the amount paid etc... Its helps the management in decision making since the with the help of tally we know the Cash flow in the organization. The Profit and Loss Account, the balance sheet, ratio analysis, Sale of services Etc... Are known which will help in decision making in the company.

38

Mobilization of Funds:
The Organisation has full-fledged development management wing (for design management, budgeting, scheduling, tendering), Project Control wing (cash flow management, contract management, billing, cost reporting and process auditing), Building Services wing (design audit for all services packages), along with the full strength of construction team. With this collective experience in virtually all aspects of Project Management, a detailed value engineered approach is undertaken at each stage of the Project. The main source of funds that synergy gets is from the clients to which it renders the services. There is agreement which is prepared which consists of name of the client and Synergy, This agreement also has the total amount of the project, the services which are going to be rendered, the duration of the project and the amount which has to be raised by the company. The funds are used mainly for the following purposes: Payments of salary Day to Day transactions Travel Expenses Conveyance Expenses Petty cash maintenance Staff welfare Printing and stationery Procurement of fixed Assets for the company Also to pay tax to the government These funds are got by raising the invoices to the debtors, there will be a cash flow which are the funds used by the company.

39

Sources of funds:

The main sources of funds are: Collection from debtors (clients) Direct Sale of services Tender sales Sale of fixed assets Redemption of mutual funds and FD These are few of the sources of funds of the company which they use for the day to day working of the company.

40

Allocation of funds:
The funds which the company mobilizes is used for various purposes like Payments of salary Day to Day transactions Travel Expenses Conveyance Expenses Petty cash maintenance Staff welfare Printing and stationery Procurement of fixed Assets for the company Also to pay tax to the government Running expenses (bills) Reimbursement of the expenses incurred Bank charges Insurance Capital item procurement Branch transfer Petty cash

41

These funds are got by raising the invoices to the debtors, there will be a cash flow which are the funds used by the company. There is agreement which is prepared which consists of name of the client and Synergy, This agreement also has the total amount of the project, the services which are going to be rendered, the duration of the project and the amount which has to be raised by the company.

42

Weakness of the accounts department:

Retaining the employees is one of the weaknesses in the company. Each function is handled by one concerned person so there are chances of error in accounting. Absence of one person may lead to prolonging work or delay in the work which will affect the other department in the organization. Less manpower in the accounts department. Due to centralization of the accounts it may take long time to reimburse the expenses, Payments of bills etc...

43

Future prospects of the company:

Synergy is looking for globalization it has already made its presence in few countries and wants to expand its operation to many more developing countries.

y y y

Diversification & Expansion Company is looking for diversification to power projects, infrastructure(road, bridges) Expanding its business operations.

44

Conclusion

45

This whole internship has been a wonderful learning experience, I would like to say that this was one of the most interesting experiences that I have had in all the projects that I have been given before. This internship has provided me the opportunity of being an intern in SYNERGY PROPERTY DEVELOPMENT SERVICES PVT LTD, in the accounts department. During this internship i mainly handled the reimbursement, preparing cheques, and site visits. The interaction with my company guide also gave me some knowledge about the kind of targets, level of pressure and stress, deadlines, etc. they had to face. This experience has helped to enhance my computer skills, I had to work on tally for bank payments and journal which helped me know about the software . I overall had a complete office and on site experience.

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Bibliography

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Sources Used Are:

y y y y

www.google.com www.synergyind.com www.wikipedia.com www.yahoo.com

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ANNEXURES

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