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ACKNOWLEDGEMENT
This internship without the help and guidance of several individuals will surely not
end up with a feeling of success and new knowledge earned. They are these individuals,
whom I came to know and in one way or another have contributed in the completion of this
training. This internship would really not be a great journey without the following persons.
Firstly, I would like to thank Mr. Warley L. Concepcion and Mr. Noel Puno for
accommodating and providing me this training opportunity, without them this On the Job
training would not be accomplished. Second, I also like to acknowledge all the Staff of Puno
Ortaleza Associates and Company; namely Ms. Betty E. Peralta, Ms. Hazel J. Amoroso, Ms.
Madeleine R. Agustin, Ms. Angela M. Sto. Domingo, Ms. Jasmin Bernardo, Ms. Remylinda
Fabian and Mr. Gracito Lising for being a great company, a mentor, a guardian and a friend
for my 320 hours stay in the company. Third, to my co-interns, who has been my constant
companion in accomplishing every tasks assigned to me, who in the end of this endeavor
had been a great friend of mine.
To Mr. Ronald S. Leabres, our practicum adviser, thank you for being an inspiration
to us in this worthwhile journey as well as to the guidance you have given us in the whole
duration of this endeavor. Especially I would like to express my utmost gratitude to my loving
parents for their moral and financial supports, who, with all their best, has been working hard
to provide for my education.
Above all, to Almighty God, who has given me the strength, knowledge and specially
wisdom to accomplished this training with success, without Him this internship would not be
possible. Indeed, this initial experience of success opens a greater avenue for me to step up
toward greater victories I am yet to gain in the future.


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CHAPTER ONE

COMPANY PROFILE
Company Background
PUNO ORTALEZA ASSOCIATES AND COMPANY was earlier established as a
single proprietorship entity on June 15, 1999. It was converted to a company in May 2004
comprising of three contributors. The company was primarily conceived to provide quality
accounting, audit, bookkeeping, tax consultancy and other related services to businesses
located in Nueva Ecija, Tarlac, Pampanga, Bulacan, Metropolitan Manila and other
provinces in the country. Manpower complement for the organization includes a managing
consultant plus seven and able competitive personnel with sufficient educational credits,
proficiency and experiences.
The firm caters to a number of business enterprises engaged in the fields of
trading/merchandising of different commercial/industrial products on wholesale/retail basis,
motor vehicle sales & services, manufacturing, tolling, agri-ventures, lending investors,
financing companies, hotel and restaurants, real estates, professional, community and
management services, educational institutions, review centers, cooperatives, companies,
private corporations, foundations and associations. As of December 2013, there are 20
active client companies and corporations, and 180 individual entrepreneurs being handled
by the company on a regular retainer basis.



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Company Mission
Our mission is to enhance our clients quality of life by following our basic goals to:
Maintain a firm philosophy of professional independence and absolute integrity.
Practice at the highest possible level of professional expertise.
Help our clients with the ever-increasing compliance demands in both tax and other
financial reporting areas.
Serve small and mid-sized businesses and their owners, high net worth individuals
and other taxpayers.
Provide our services in a timely and efficient manner.
Provide an environment for our employees in which they can flourish while improving
themselves and the services they provide.
Make a contribution to improving our profession by serving on professional volunteer
organizations.
Company Vision
Our primary purpose as an organization is to deliver high quality financial products
both in appearance and content. We will continue to be known as the firm where personal
attention will never become obsolete. We want to employ people who are extremely
satisfied and who go the extra mile for clients. We want a culture of growth, profitability and
enthusiasm throughout the firm.




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Managing Consultant
- Obtain and maintain relationship with clients and attend clients meetings.
- Have final say on accounting and auditing issues
- Sign the reports and approve the billing for fees
- Have a line authority to all of the companys staff
Accounts Consultant
Technical / Operations
- Perform detailed audit work, preparation of financial statements, and income tax
returns.



NOEL B. PUNO
Managing Consultant














WARLEY L. CONCEPCION, CPA
Accounts Consultant -
Technical / Operations



BETTY E. PERALTA
Accounts Consultant -
Admin / Finance































HAZEL J. AMOROSO
Accounts Officer - PAG-
IBIG/PHIC


MADELEINE R. AGUSTIN
Accounts Officer -
Permits


ANGELA M. STO
DOMINGO
Accounts Officer - SSS/SEC

















JASMIN BERNARDO
Liaison Officer

REMYLINDA FABIAN
Liaison Officer

GRACITO LISING
Liaison Officer





Figure 1: Company Organizational Chart
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Business Practicum


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- Assume over all responsibilities on his issued financial statements
- Have a line authority to the Accounts and Liaison Officer and a staff authority in
regards with the Accounts Consultant for Admin and Finance
Admin / Finance
- Accept phone calls and clients payment
- Over all in charge in the distribution of payroll
- Maintains companys financial records
- Have a line authority to the Accounts and Liaison Officer and a staff authority in
regards with the Accounts Consultant for Technical / Operations
Accounts Officers
- Officer in charge with transacting to different government services in performance of
the services of the company other than tax consultation and preparation.
- Have a line authority over the Liaison Officers
Liaison Officers
- Receiving the tax returns to the BIR and paying these to the banks.
- Filling and Sorting of companys files
- Assists all other companys staff




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Business Practicum


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Services Rendered
PUNO ORTALEZA ASSOCIATES AND COMPANY offers the following services.
TAX PREPARATION & CONSULTATION
Register business with the BIR.
Register and maintain Books of Accounts of the business.
Securing an authority to print receipts/invoices (ATP)
Data encoding for BIR requirements.
Withhold taxes on compensation of employees and on payments subject to final
and expanded withholding tax and remit the correct tax as withheld
File the necessary returns and pay corresponding correct taxes promptly at the
time/s required by law.
Assist and help taxpayer in any audit or investigation necessary to determine any
delinquent or unpaid tax liabilities.
Be available for consultation with directors, officers and staff.
BUSINESS PERMITS AND OTHER SERVICES
Securing business name with the Department of Trade and Industry.
Securing business/municipal permit and license to operate a business in city
and/or municipality.
Registration of corporations and partnerships at the SEC.
Reportorial requirements of corporations registered with the SEC i.e. hard
copies/diskette of General Information Sheet (GIS) and Audited Financial
Statements (AFS).
SSS, Philhealth and Pag-Ibig monthly remittance and quarterly reporting.
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BOOKKEEPING AND AUDITING
Installation of accounting system and procedures using computerized and/or
manual accounting system.
Yearly, quarterly and monthly audit of the books of accounts in accordance with
the Philippines Standards on Auditing.














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CHAPTER TWO
WEEKLY TASK REPORT COMPILATION

Weekly Task Report

Student Name:
PATRICIA JOIE M.
CLAMONTE
Period Covered: April 1 4
Course &
Section:
4BSA-1
Partner
Company:
PUNO ORTALEZA
ASSOCIATES & COMPANY


DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
WEEK 1
April 1 - 4 2014
Familiarization of different jobs in the office.
Fill up UCPB BIR deposit slips for the payment of
clients tax returns
Photocopying of clients tax returns that is to be
retained by the firm.
Fill up and printing of monthly value added tax
returns forms.
Submission to the BIR of clients tax returns that is
to be received rather than paid.
Filling of the returns photocopies into clients
respective folders
Summarize clients purchases in preparation of
income tax returns
Sorts new clients files retrieved from their office
Check and look for tax liabilities and discrepancies
34.17 hours






Mr. Warley L. Concepcion, CPA
College of Management and Accountancy
Business Practicum


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Weekly Task Report

Student Name:
PATRICIA JOIE M.
CLAMONTE
Period Covered: April 7 - 13
Course &
Section:
4BSA-1
Partner
Company:
PUNO ORTALEZA
ASSOCIATES & COMPANY


DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
WEEK 2
April 7 - 13
2014
Arranged alphabetically SSS, PHIC and Pag-ibig
receipts. File these receipts into the clients
respective folders.
Fill up UCPB BIR deposit slips for the payment of
clients tax returns
Fill up registration form and documentary stamp
tax form for new clients
Summarize clients sales invoices in preparation
of income tax returns
Sort clients document
Submission to the BIR of clients tax returns that is
to be received rather than paid
Fill up annual income tax return or 1701
49.25 hours






Mr. Warley L. Concepcion, CPA



College of Management and Accountancy
Business Practicum


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Weekly Task Report

Student Name:
PATRICIA JOIE M.
CLAMONTE
Period Covered: April 14 - 18
Course &
Section:
4BSA-1
Partner
Company:
PUNO ORTALEZA
ASSOCIATES & COMPANY


DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
WEEK 3
April 14 - 18
2014
Fill up annual income tax return known as 1701
Fill up annual income tax return for corporation
known as 1702
Pay the annual income tax returns through bank.
Summarize clients expenses from monthly to
yearly by line item
Preparation of income tax return of various
individuals, corporation and association that will be
filed to BIR.
Photocopied income tax returns for filling and for
distribution to clients.
23.75 hours






Mr. Warley L. Concepcion, CPA




College of Management and Accountancy
Business Practicum


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Weekly Task Report

Student Name:
PATRICIA JOIE M.
CLAMONTE
Period Covered: April 21 - 25
Course &
Section:
4BSA-1
Partner
Company:
PUNO ORTALEZA
ASSOCIATES & COMPANY


DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
WEEK 4
April 21 - 25
2014
Submit to BIR form for receiving, those returns
with no payment or tax credits.
Paid clients monthly percentage tax returns
through banks
Released taxpayers copy of income tax returns
filed in the BIR
Photocopied income tax returns for filing and
distribution to clients
File the return of the client to their respective
folder which shall be retained by the firm.
Fill up the certificate of final income tax withheld or
2306
Fill up UCPB BIR deposit slips for the payment of
clients tax returns
44.25 hours






Mr. Warley L. Concepcion, CPA


College of Management and Accountancy
Business Practicum


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Weekly Task Report

Student Name:
PATRICIA JOIE M.
CLAMONTE
Period Covered: April 28 May 2
Course &
Section:
4BSA-1
Partner
Company:
PUNO ORTALEZA
ASSOCIATES & COMPANY


DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
WEEK 5
April 28 - May
2, 2014
Released taxpayers copy of income tax returns
filed in the BIR
Photocopied income tax returns for filing and
distribution to clients
9 hours






Mr. Warley L. Concepcion, CPA









College of Management and Accountancy
Business Practicum


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Weekly Task Report

Student Name:
PATRICIA JOIE M.
CLAMONTE
Period Covered: May 5 - 9
Course &
Section:
4BSA-1
Partner
Company:
PUNO ORTALEZA
ASSOCIATES & COMPANY


DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
WEEK 6
May 5 - 9, 2014
Photocopied income tax returns for filing and
distribution to clients
Filed the income tax returns to clients respective
folders
Submit to BIR returns for receiving or those that
has no payment or tax credits.
Have a document notarized
Deposit companys collection through bank as well
withdraw funds
Prepared clients books of accounts for submission
Have clients book of accounts notarized
Submit notarized book of accounts to BIR
Have a deed of absolute sale notarized for
submission to BIR as well
Released taxpayers copy of income tax returns
filed in the BIR
Sort PHIC, SSS and Pag-Ibig files
43.08 hours






Mr. Warley L. Concepcion, CPA
College of Management and Accountancy
Business Practicum


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Weekly Task Report

Student Name:
PATRICIA JOIE M.
CLAMONTE
Period Covered: May 12 - 16
Course &
Section:
4BSA-1
Partner
Company:
PUNO ORTALEZA
ASSOCIATES & COMPANY


DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
WEEK 7
May 12 - 16,
2014
Photocopied income tax returns for filing and
Released taxpayers copy of income tax returns
filed in the BIR
Fill up payment forms for late registration and
other penalties
Paid income tax returns
Process clients DTI registration
Payment of clients SSS contribution for the month
of April
Submit to BIR returns for receiving or those that
has no payment or tax credits.
Process SSS Payments
Process PHIC Payments
Claimed contribution receipts from SSS
Have some of the documents to be submitted to
SEC notarized
Inquire to DTI about loss of a clients DTI permits
43.42 hours






Mr. Warley L. Concepcion, CPA
College of Management and Accountancy
Business Practicum


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Weekly Task Report

Student Name:
PATRICIA JOIE M.
CLAMONTE
Period Covered: May 19 - 23
Course &
Section:
4BSA-1
Partner
Company:
PUNO ORTALEZA
ASSOCIATES & COMPANY


DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
WEEK 8
May 19 - 23,
2014
Process PHIC contribution payments
Have income tax returns received by the BIR
specially monthly percentage taxes forms
File photocopies of income tax returns to their
respective folders.
Paid monthly percentage taxes through bank
Fill up the deposit slip for the payment of the
return of the client that will be paid at UCPB.
Photocopied Income tax returns for companys
files
Processing of Books of Accounts of Medical
Practitioners client
Submission of 1702Q to the BIR for receiving
Preparation of files to be submitted at SEC
43.33 hours






Mr. Warley L. Concepcion, CPA

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Business Practicum


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Weekly Task Report

Student Name:
PATRICIA JOIE M.
CLAMONTE
Period Covered: May 26 - 30
Course &
Section:
4BSA-1
Partner
Company:
PUNO ORTALEZA
ASSOCIATES & COMPANY


DAYS
SUMMARY OF WORK, DUTIES &
RESPONSIBILITIES
NO. OF HOURS
RENDERED
WEEK 9
May 26 - 30,
2014
Posting companys transactions
Fill up necessary BIR forms for new registrants
Preparation of corporation files to be submitted to
SEC
Submission of 1702 Q to the BIR for receiving
Search for clients files for them to relieved of the
tax liabilities created by the BIR
Sort the SSS file alphabetically and by quarter.
Preparation of PHIC reports in duplicates
Preparation of form 2316
Fill up SSS contribution form
Fill up SSS loan form
42 hours






Mr. Warley L. Concepcion, CPA



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Business Practicum


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CHAPTER THREE
NARRATIVE REPORT
On-the-job training, at first I am really afraid to undergo such thing. I am anxious to
face new individuals other than my classmate and it is also quite frightening that I am to
work with them for at least two months. But I believe that even though I start this training
with a fearful heart, I have come to accomplished it with the help of those people and the
knowledge they have imparted in me which made this training a worthwhile endeavor.
What have I learned from the experience?
Being a trainee teaches me many things, especially things that I am to do in the
future with my chosen career of being a Certified Public Accountant. In this training I have
learned many things about taxation, which I know is one of the major functions of a CPA. I
learned how to prepare income tax returns, starting from the preparation of necessary
attachments up to its payment or submission to the Bureau of Internal Revenue.
In this training, I also become skilled at basic office works including the operation of
common office equipment and other clerical works a worker should really know at first. As
the days passed by I also have been working on improving my skills and the quality of my
works.
Lastly, I learned how to work well with others and build a relationship with them. In
this training I came to met different kinds of individuals and learned to interact with them well
which help me to be more aware of the people around me.
I can say that this training did not just enhance my office skills; it has also enhanced
my communication and person skills. All the knowledge, experience and skills I acquired in
this job will surely be worthy of being treasured for it would be of big help in the near future.

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Business Practicum


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My experiences with the people around me
The first time I entered the office I really think that the staffs were frightening. At first
it is really hard to adapt into a new environment they were really quiet and were serious in
what they are doing. We actually thought that this training will end without being close to
them, but things changes from what you expect them to be.
For two months I really enjoyed working with the people in the office, of course they
were serious but when you came to know them they were really jolly and generous
individuals. They were always concerned on us and they do guide us in every task assigned
to us. They become not just mentors but also a friend to us.
Two months does not just pass with them, there are also my co-interns who were a
stranger at first, but came to be a close friend, and together we learn new things in the
office, deal with different individuals ranging from clients to bankers and even to BIR
collection officer and lastly we came to laugh and learn together with the mistakes we made.
The most memorable event during my practicum
For almost every day in my training, I would always be reminded of what my goal is
in this path I have chosen. My supervisor before we close the door when we are to leave will
always remind us that we are to have an additional three letters in our name letters C, P and
A. His life story has become an inspiration to us, that even when life gives you hardships
you shall never lose hope. He has taken and failed the board exam twice but he never loses
hope and fourteen years after he took and passed the same exam. I really am grateful to
know such kind of person, one that will always remind you of what youre worth and will
inspire you to work harder towards your goal and to never lose hope. Knowing Sir Warley,
his story, his encouragement and concern to us would really be the most memorable
experience in this training.

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Business Practicum


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What I can recommend for the improvement of the Practicum Program?
The practicum program as of now has really been a big help to students in building
up their working skills. It really enhances their skills, talents and knowledge. The program
has really been a big part of students experience towards their future endeavor. The
management should continue to send out students into this kind of trainings, also they
should also continue in finding more partner firm that can cater the number of students so
that every student can really experience the same kind of works.
My advice to those who will take their practicum in the near future
To the students who will take the same program in the future, I advice you not to be
frighten of anything in this training. Always be confident on what you are doing, dont just
wait for your supervisor to tell you what to do, have the initiative on doing the works you
really knew. Treat well the person around you; they will be your companion in your training,
they will be the one you will laugh with especially when you are stressed with works. Learn
as much as you can during your training it will really enhance you as a whole.










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Business Practicum


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CASE STUDY
Statement of the Problem
The company has not been providing enough quality customer service to its clients.
Every now and then there are clients waiting to be assisted in which waste too much of their
time. The company due to these problems can be in distress and can lose a number of
clients they are servicing.

Alternative Courses of Actions
There should be a staff that is in charge majority in the safekeeping of clients
documents, one that is knowledgeable about the files as well as client himself.
Clients documents once received shall be file into their respective folders so that at
the time the clients came for it, the staff will only look at the folder of such clients.
With this action the burden of misplacing documents and having the clients wait will
be lessen, so as to provide a better service.
When receiving a job from the client such as making income tax returns and permit
registrations, there should be a list of work to be done so that clients services shall
be rendered better. Also the company should not ask the client to return in a specific
date when there was no concrete evidence that what they asked for was really
finished. The company once received the job shall do it immediately and once the job
was done a staff shall be assigned to contact such client that what they have asked
for is ready for pick up. With this way clients are being serviced in a more systematic
way, clients burden of going back to the office numerous times will be lessen. Also,
the clients can feel more importance from the company since it takes its efforts to
inform them about the service the requested. This way can help build a better
relationship with the clients.
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Business Practicum


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Lastly, the company shall always take note and take into considerations the BIR
deadlines. Since the company has a large number of retainers based client it would
really take their time doing the clients income tax returns. So to avoid paying
penalties the office shall always remind the clients before hand of what is needed to
have their returns filed. Also the office should fill up forms ahead of time in order to
have it filed in the BIR on time. With this action the company as well as the client, as
long as they become responsible with their actions can avoid paying penalties for
late filing and payment of returns.

Recommendations
For the problem stated above, I will really recommend that they adapt the idea of
informing the clients when their files are ready rather than to ask them to come back
numerous times. Although the entire alternative course would really provide the company an
improvement in regards to client services.
Implementing client informing function would really lead the company to a better
relationship with its clients. With this function the clients would be serviced systematically
and can be attended quickly once they came to the office. The clients would not need to wait
any longer because before they have been asked to come their files are ready.
In most cases the client would feel very satisfied in the fast service that the company
had rendered to them. The clients with the function that informs them will be rest assured
that it will only take them once to have their documents on hand. Also, with the staff
informing them about their documents should also be knowledgeable and ready to answer
and clients inquiry so as to provide a better service.
With this action taken, hopefully the problem regarding the companys slow customer
service and waiting lines will be solved. It is also aimed that with these function a better
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Business Practicum


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client relationship will be built and a better company image as well. With this practice, if
implemented well could bring more clients to the company and as well lessen the burden of
losing a client.
















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Business Practicum


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CHAPTER FOUR