I am filled with tasks daily which I definitely have fun doing. Previously, my laptop was unable to connect to the company's printer server. However, the IT specialist Guru, has helped me resolve this issue. Therefore, I was responsible to issue invoices and delivery orders from sales made from the salesperson. As the accounting software SAP is a complex system which does not allow you to make many changes after you have "added" it into the system, a mistake would cause a series of troublesome rectification. If I were to add it in A/R invoices, I would have to do a credit note to revert back the items so that the inventory stock in the SAP system won't be affected. If I were to add it in A/P invoices, I would have to do a debit note to credit back the amount owned to suppliers.
Back to the main point, as adding into SAP was irreversible, I felt that it was a rather heavy responsibility. Therefore, I enjoyed doing it because it requires thinking and familiarization with the process structure of United BMEC. As 7 weeks passed, I became very familiar with the accounting tasks. Each assigned work was a one liner "Do GRN, issue invoice and delivery orders, do A/P payments, invoice financing" and straight away I knew what to do. I feel really satisfied with the workload in the finance department.
Talking about invoice financing, I learnt how to apply for a clean import loan from HSBC this week. United BMEC uses 3 types of loans for invoice financing. Firstly, would be loans from its partners or subsidiaries such as Medisolution and White Rock Medical Ltd. The second method would be receivable finance whereby we loan from customer payments. These payments would be "factored" into banks to offset the bank loans we owe. However, only 85% of the amount is factored in and only a pre-determined number of companies are on the factor list. For example, as NUH is a pre-determined company, if there were too make payment to United BMEC of $10,000, we would factor $8,500 into the bank. The last method is clean import loan. This week, I learnt to apply for a clean import loan from HSBC. A screenshot of the clean import loan form is shown below.
The clean import loan has 2 types. First is post shipment loan. These types of loans are when the goods are already shipped to United BMEC and we have to apply for bank loans to pay back the suppliers. The second type is pre-shipment loan. As some suppliers require us to make payment in advance before they proceed with the order, we need to pay them a certain amount. (25%/50% depending on the terms agreed with the supplier)
This week has been a strenuous yet enjoyable one. I am looking forward to work the following weeks as I am getting used to the working life :) See you next week guys! :)
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