Chinamora R1710148 - Attachment Report

UNIVERSITY OF ZIMBABWE
Bridging the gap between university education and industry
Industrial attachment report submitted
By
MERCY N CHINAMORA (R1710148)
In partial fulfilment of the requirements of Bachelor Honors Degree in
Accountancy
Period
01 AUGUST 2019 – 31 JULY 2020

STUDENT DETAILS
NAME MERCY N CHINAMORA
REG NUMBER R1710148
PROGRAMME BACHELOR OF ACCOUNTANCY HONOURS
YEAR 3 (THIRD YEAR)
COURSE AC (380)
INSTITUTION UNIVERSITY OF ZIMBABWE
NAME OF COMPANY CASSAVA SMARTECH ZIMBABWE
DEPARTMENT FINANCE
INDUSTRIAL SUPERVISOR T MHANGAMI
ACADEMIC SUPERVISOR MR MUSHURE
PERIOD OF ATTACHMENT 01 AUGUST 2019 – 31 JULY 2020
MERCY CHINAMORA-R1710148
DEDICATION
Firstly, the author dedicates this report to the males of her life. First she dedicates to her,
father, she would not be the person she is today without him. Second she dedicates to her
boyfriend, Nyasha, (for among other things) his unfaltering support and advice. The friends
who through thick and thin have been there for her not forgetting her associates who made
the adventure of learning very special. It's her pleasure additionally to devote this report to
the entire Cassava Smartech Zimbabwe family for giving her the help and learning she
urgently required and needed.
ACKNOWLEDGEMENTS
I would want to convey my special thanks towards God Almighty who through his
adoration has enabled me and made everything conceivable till this far. I might want to
thank my mother with true appreciation for her unlimited moral support.
Uncommon appreciation goes to the foundation of perfection, UZ, for awarding me the huge
learning opportunity and academic resources to nurture the author’s intellectual capabilities.
I want to set aside this effort to offer my genuine thanks to Cassava Smartech, my
supervisors in particular Mr Mhangami, Mr Panganai and my fellow interns and all the staff
at Cassava for the one of a kind experience they gave me through my relationship with them.
I am happy to state that indeed it was an immense experience.
LIST OF ABBREVIATIONS
EWZ : Econet Wireless Zimbabwe
CSZ : Cassava Smartech Zimbabwe
VAT : Value Added Tax
ES : Econet Services
ISA : International Standards on Auditing
POTRAZ : Post and Telecommunication regulatory Authority of Zimbabwe.
PPE : Property, Plant and Equipment
IAS : International Accounting Standards
IFRS : International Financial Reporting Standards
EWCH : Econet Wireless Capital Holdings
JNSF : Joshua Nkomo Scholarship Fund
IPEC : Insurance And Pensions Commission
VAS : Value Added Services
GPRS : General Packet Radio Service
BRM : Business Risk Management
EWZL : Econet Wireless Zimbabwe Limited
PTC : Post and Telecommunications Corporation
CCPT : Christian Community Partnership Trust
HR : Human Resources
AP : Accounts Payables
OPEX : Operating Expenditure
YTD : Year to Date
TABLE OF CONTENTS
DEDICATION.....................................................................................................................................ii
ACKNOWLEDGEMENTS................................................................................................................ii
TABLE OF CONTENTS....................................................................................................................v
CHAPTER ONE:................................................................................................................................1
INTRODUCTION...........................................................................................................................1
1.1. ABOUT CASSAVA SMARTECH ZIMBABWE..........................................................1
1.2. CASSAVA SMARTECH ZIMBABWE OPERATING ENVIRONMENT...............19
1.3. CORPORATE SOCIAL RESPONSIBILITIES..........................................................21
CHAPTER TWO:.............................................................................................................................23
THE FINANCE DEPARTMENT................................................................................................23
2.1. Financial Reporting.......................................................................................................24
2.2. Accounts Payable...........................................................................................................27
2.3. Treasury.........................................................................................................................32
2.4. Revenue Section.............................................................................................................33
2.5. Fixed Assets....................................................................................................................37
2.6. Management Accounting...............................................................................................42
PERSONAL DEVELOPMENT AND CHALLENGES..............................................................44
3.1Benefits to the Student..........................................................................................................45
3.2Benefits to the host company...............................................................................................49
CHAPTER FOUR:............................................................................................................................50
RELEVANCE OF THEORY TO PRACTICE...........................................................................50
4.1. Financial Accounting.....................................................................................................50
4.2. Auditing..........................................................................................................................52
4.3. Management...................................................................................................................53
4.4. Communication skills for business...............................................................................54
4.5. Information systems and information technology.......................................................54
4.6. Company Law................................................................................................................55
CHAPTER FIVE:..............................................................................................................................56
RECOMMENDATIONS TO IMPROVE THE INDUSTRIAL ATTACHMENT PROGRAM
.........................................................................................................................................................56
CHAPTER SIX:................................................................................................................................61
CONCLUSION..............................................................................................................................61
REFERENCES………………………………………………………………………….....61
EXECUTIVE SUMMARY
This report gives summary of the practical experience of a student in the work space at
Cassava Smartech Zimbabwe LTD during the period of their industrial attachment from the
1St Of August 2019 to 31 July 2020.Overrally, the report will serve to mirror my studies at
UZ and the relevance to the finance industry. Hence, a detailed script showing the practical
experience gained by the student under the finance department wing at the apex of the
report, evaluation will be given with reference to what the student encountered and observed
whilst performing their duties.
CHAPTER ONE:
INTRODUCTION
ABOUT CASSAVA SMARTECH ZIMBABWE

Cassava Smartech is a diversified Smartech group that seeks to use digital solutions to drive
socio-economic development, and to improve the overall quality of life for all Africans. It is
a result of a demerger from Econet Wireless Zimbabwe therefore its history and background
cannot be divorced from that of Econet
ABOUT ECONET WIRELESS ZIMBABWE

Econet Wireless Zimbabwe is Zimbabwe's largest provider of telecommunications services,
providing solutions in mobile and fixed wireless telephony, public payphones, internet
access and payment solutions.
Econet launched its network on the 10th of July 1998 and listed on 17th September 1998. It
is one of the largest companies on the Zimbabwe Stock Exchange in terms of market
capitalization.
In 2009, the network became the first operator in Zimbabwe to launch data services under
3G technology. The company's key infrastructure at the start of 2010 included three
switches. In 2009, Econet began building an extensive fiber optic network, and also
commenced an accelerated rollout of other key network infrastructure.
Key subsidiaries and associates of Econet are Liquid Telecom, the largest internet service
and access provider in Zimbabwe, and Transaction Payment Solutions, a leading provider of
financial transaction switching, point-of-sale and value-added support services.
In line with its Christian-based vision and mission, Econet has a broad strategy for social
and community investment, run under the "Econet in the Community" banner. Through
these programs, Econet supports a diverse range of charitable causes, which include children
orphaned by AIDS/HIV, religious and church organisations, as well as an annual scholarship
program that provides financial assistance to the brightest students selected from schools in
the country's 10 provinces under the Joshua Nkomo Scholarship Fund (JNSF).
(https://www.econet.co.zw/about-us/history)
BRIEF HISTORY AND OVERVIEW OF THE COMPANY.
Econet Wireless Zimbabwe was founded by Dr. Strive Masiyiwa. Dr. Strive Masiyiwa
worked in Germany where he acquired knowledge in technology and wireless
communication. He then made his way back to Zimbabwe, and joined Tel-One, then
Zimbabwe Post and Telecommunications (ZPTC) in 1989. Mr. Masiyiwa envisioned the
massive potential for wireless telephones in sub-Saharan Africa and approached ZPTC with
a sublime idea about forming a mobile telephone network in Zimbabwe, proposing to the
then sole communications company in the country, the Posts and Telecommunications
Corporation (PTC), a 50/50 deal on establishing a cellular network with funding from the
World Bank in which the PTC would pay for its share from operations. The PTC rejected
the offer however, saying it had a monopoly on communication services in Zimbabwe and
that cell phones had no future in the country.
Dr. Masiyiwa decided to single handedly create a cell phone network and as such, applied
for an operating license, the application of which met with rejection from the Ministry of
communication and transport .The rejection thereof subsequently ignited a four year legal
battle as Mr. Masiyiwa felt the monopolization was unconstitutional. While the courts battle
continued, Masiyiwa waiting to gain the Government's approval for operations in
Zimbabwe, he was able to start a cell phone network in Botswana. He sold Retrofit
Engineering in 1994 and started to finance Econet Wireless through his family company, TS
Masiyiwa Holdings (TSMH).
As a Christian, Mr. Masiyiwa could not opt for, bribes and kickbacks to government
officials. He purposed it in his heart to pursue his case through the Courts and so he did.
Fabulous stories are told of Vigils that were mounted in prayer for the granting of the
license. The dream came true in December 1997, after a landmark four-year legal battle that
went all the way to the nation's Supreme Court. Finally, Econet won a license to provide cell
phone service(s) in Zimbabwe. The court declared that the government monopoly on
telecommunications had violated the constitution's guarantee of free speech and ruled that
Econet was to be deemed licensed after government awarded a second mobile operating
license to Telecel ahead of Econet.
Econet launched its network on the 10th of July 1998 and listed on 17th September 1998.
The telecommunication service market is an oligopoly market with just handful of
participants who are highly sensitive to each other’s pricing and marketing strategies despite
governance by POTRAZ. Participants in this sector include Telecel, Net one, Africom and
others.
Key subsidiaries and associates of Econet are Liquid Telecom, the largest internet service
and access provider in Zimbabwe, and Transaction Payment Solutions, a leading provider of
financial transaction switching, point-of-sale and value-added support services.
In line with its Christian-based vision and mission, Econet has a broad strategy for social
and community investment, run under the "Econet in the Community" banner.
Among the vast of its innovative accomplishments was the remarkable launch of a
distinctive service that offers two cell phone numbers on one SIM card called Excel, thus
smashing new unbroken grounds and becoming the first mobile operator in Africa and
second in the world to launch such. This service stretched well enough to embrace other
local and inter regional radio stations, such as the SABC.
Econet brooded over Net one’s One-Wallet and Telecel’s Skhwama conceived and delivered
EcoCash, a mobile money transfer service which since became a common place to the
masses gin the cash liquidity dilemma Zimbabwe is faced with. Logically speaking, it was
not the first of its kind in Zimbabwe as it trailed Net one’s One-Wallet.
With the growth of Ecocash and its wide spread popularity brought about the growth of
Cassava Smartech which was listed on the ZSE on the 16Th of December 2019 in an attempt
to increase value for the shareholder. Cassava entered into the stock exchange being the
third largest company after Econet Wireless and Delta thus the success of the shareholder
growth in value. (https://pindula.co.zw/Econet_Wireless_Zimbabwe)
Econet Wireless listed

on ZSE Cassava Smartech
Listed on ZSE
Econet
wireless PVT Ecocash
cellular
network
Mars
Ecosure
Liquid
Econet Ownai
Insurance
EW Capital
Holding
Limited
Steward Bank
Transaction
Payments Edutec
Solution On demand h
Services
Enda
Mutare Bottling
Company Healthtech
Cassava Smartech
Cassava Smartech is essentially a technology platforms business that uses the mobile
network to deliver services in almost every sector of the economy including financial
services, health, agriculture, media, transport and logistics, and education.Cassava Smartech
is a diversified smartech group, which seeks to use digital solutions to drive socio-economic
development, and to improve the overall quality of life for all Africans..
(https://cassavasmartech.com/)
Cassava Business Pillars
 Fintech – Ecocash, Steward Bank and Cassava Remit
 Insurtech - Ecosure, Moovah, Enda
 On demand Services – Vaya, Cleancity
 E-Commerce – Ownai
 Edutech – Ruzivo, Akello, Muzinda,
 Healtech – Maisha
 Agritech – EcoFarmer
Fintech:
Under the Fintech wing includes mobile money tailor made to suit the banked, underbanked
and unbanked segments. Offered are rich pipe line innovative cases including micro plans,
micro savings, mobile business wallets, international remittances and merchant payments
solutions. This is facilitated via Ecocash which provides the below services:
Digital banking solutions enable customers to access the full suite of banking
services via their mobile device This model is designed to unlock the value that sits
at the nexus of mobile money and banking. Steward follows a transactional banking
model, with the following as key offerings: Micro-loans, Savings, Agent Banking
(designed to reach the previously excluded), Device Financing and Diaspora
Banking. The Digital Bank’s flagship platform is branded “Square”. The Square
Mobile App is an integrated mobile banking solution that gives customers the ability
to transact wherever they are, on services such as bill payments, funds transfer,
banking services, Nano loans, airtime and so forth. In line with our Diaspora thrust,
Square App was launched targeting diaspora customers anywhere in the world,
offering remittances, and other suite of services as if they were back home.
https://cassavasmartech.com/data/2018/10/SQUARE-Infographics-03-1.jpg
Cassava offers payment solutions and services targeting financial and retail sector players,
and merchants operating in Africa. Payment collection and processing is facilitated through
the pan-African Cassava Payment Gateway. Typical customers for such services include Pay
TV operators, retailers, billers and e-commerce players.
Insurtech:
 Econet Life – Ecosure is affordable funeral cover for all Zimbabweans directly you’re
your mobile phone.which pays a funeral benefit upon death of the insured life. Ecosure
provides innovative insurance solutions directly from your mobile phone, app or web to
ensure a decent funeral. Being a micro-insurance product, our funeral cover is low-cost,
with premiums starting as low as 50 cents per month, and designed to attract the
previously excluded. Our funeral product has received awards in some of our markets.
 Moovah
Auto insurance product, providing cover against injury or damage in a motor vehicle
accident. It is one of the first mobile phone based auto insurance products in Africa, with
a value proposition based on flexible payment terms, convenience, ease of use (digitized,
and available via Mobile App), and 24 hour claims pay out.
 Enda - Life term insurance product whereby an education benefit payout is made for the
duration of a child’s primary or secondary school education (or both) in the event of the
death of a parent or legal guardian. Designed for the pre-tertiary education phase, the
educational benefit is paid in the form of school fees directly to the beneficiary school.
On Demand Services
Vaya - This is a Ride Hailing solution that moves people from one point to another through
the use of cell phone based App that links the drivers and the clients. Our solution is an on-
demand mobile and web application focusing on moving goods and people from one point to
another. Requests are paired with the most suitable driver taking into account distance to
customer as well as driver rating.
 (https://cassavasmartech.com/cassava-on-demand-services/)
E-Commerce:
 Online Classifieds – Ownai as we term is an online marketplace for buyers and sellers,
with a strong focus on promoting small businesses and growth of the informal sector.
Our value proposition is supported through the provision of a platform that allows
buyers and sellers to transact in a safe, secure and convenient manner.
Edutech:
 Ruzivo
 - Ruzivo Digital Learning offers an online interactive digital learning platform targeted
at primary and secondary students. All our content is aligned to the national school
curricula and offered in conjunction with Ministries of Education in the different
countries.
 Akello
 - Akello Books is an eBook store platform that provides academic and non-academic
affordable and reliable access to world-class content. The platform goes beyond simply
making books available at a cheaper price, but is part of a larger strategy to help
Africans gain access to current educational materials and specialised content from across
the globe.
HealthTech:
Agritech:
Provides a connected platform for farmers to use technology to aid farming with tips about
the weather being sent. Also provides financial services like Nano loans, trading platform.
1.1. CASSAVA SMART E CH D E PARTM E NTS
The company is made up of various departments which work together to ensure goal
congruency and achieving of the overall company goal. The company follows a hierarchical
structure with respective departments operating in autonomy with department heads
reporting to the CEO. In summary there is the Finance department, Risk, Sales, Marketing,
Business operations, Human resources, Customer services, Business development, Legal
and Corporate affairs,
Finance
Focused on all the financial issues of the company and it houses 8 interdependent sections
namely:
 Finance planning, fixed assets and Projects accounting.
 Procurement, shipping and logistics.
 Revenue.
 Accounts payables.
 Treasury.
 Finance reporting.
 Tax
Information Syst e ms
This department is responsible for designing, planning, implementing and support of
hardware, software and network system(s) of the company. It is also responsible for the
network server that controls all the electronic communication internally and externally. The
department is made up of several sections which include Operations, Information system
security, Application systems, and billing.
Custom e r S e rvic e s and Billing
The customer services department is comprised of several sections which include the
following:
Call Centre, Customer Care Consultants, Provisioning and Billing. Customer care
consultants deal with clients on a one to one basis while call operators from the Call Centre
interact with clients over the phone. Simcard does all replacement of faulty or stolen lines
while Provisioning, Activations and Billing are responsible for activations of new and
replaced lines, airtime accreditation and /or billing of contract subscribers. The customer
services function is shared between Econet and Cassava.
Sal e s and Mark e ting
Their mission is to delight customers, by pioneering, developing and sustaining reliable,
efficient and high quality telecommunications of uncompromising world class standards and
ethics. The department is responsible for developing effective partnerships with the trade
channels (dealers, franchisees and Econet Service centers) and implementing strategies that
ensure that products and services are readily available to customers throughout Zimbabwe.
The department is also responsible for developing marketing strategies to counter
competition and ultimately increase company market share. The Marketing division is
therefore responsible for communicating the presence of the organization into the market
and to build and maintain customer loyalty through brand management, advertising and
promotions. It promotes company products through promotions such as Chaka Chaya
Ecocash promotion.
Busin e ss D e v e lopm e nt
The objective of the department is to conceive, develop, deploy and manage the delivery of
new services to the market using existing and new technologies. This encompasses product
development, research, m-commerce and data services. The department therefore ensures
that the organization upholds its pioneering value by constantly searching into new markets
and products that are vital for the business growth and success
L e gal and Corporat e Affairs
This is the regulatory arm of the organization as it relates to all departments in the
organization. The division has a number of roles which include Regulatory role, Overseer
role, Negotiating role, Legal advisory role, Law interpretation and Litigation. However
Cassava does not have a separate legal division hence shares the function with Econet.
T e chnical
The department is made up of two divisions which are Network Services and Projects
Division. Network Services is the engineering department of Econet, which is responsible
for the designing, planning, implementing, maintenance and operating the hardware and
software entities that constitute the ECONET GSM cellular network. On the other hand the
Projects division is responsible for site acquisitions, civil and structural work as well as
installations of equipment.
Busin e ss Risk Manag e m e nt (BRM)
The main objective of the department is to manage overall business risks by ensuring that
the business operates profitably. It outlines systems, processes and procedures that minimize
the loss of proceeds to the business. Thus encourages governance and risk awareness culture
within the organization.
Its prime duties include the following:
 Safeguarding the company’s assets.
 Revenue assurance and fraud management systems to shield ensure the business
from any anticipated fraudulent activities and/or revenue leakages.
 Auditing all compliance related issues as well as rendering recommendations to
ensure compliance.
 Recommending on new product development assurance and verification.
Human R e sourc e s and Administration
This department deals with all the issues that affect the employees of Econet. The HR
department devises and implements the macro human resources management strategy and
recruitment policies of the organization. The HR department draws up compensation
packages, benefit programs, incentive policies, health care insurance, and all employee-
related packages. With the coming of technologies and continuously evolving business
practices, training and development initiatives form a key component of the HR department.
The department plays a key role in devising, coordinating and conducting training programs
for employees as well as inductions.
MISSION STATEMENT( CASSAVA SMARTECH )
VISION
To provide digital solutions to the people of Africa.
MISSION
To use innovative digital solutions and disruptive approaches to drive financial inclusion,
development and improve the quality of life.
VALUES
Cassava SmarTech holds three values in common which are as follows;
 Experimental
Experiment and explore, venture outside the boundaries of the familiar.
 Disruptive
Actively seek to disrupt and question the status quo.
 Perceptual
Envision the future. Sensitive to external realities in light of this networked global world.
1.1. CASSAVA SMARTECH ZIMBABWE OPERATING ENVIRONMENT
Operating Environment
Businesses do not operate in a vacuum and Cassava is no exception .Below are some of the
challenges and opportunities that Cassava faces in the Smartech Sector.
Opportunities
A fairly penetrable banking sector to support the Ecocash Initiative
Supportive regulatory environment and government policies
Access to Optic Fiber provides opportunities for expansion
Challenges
Costly and regular power cuts
Bureaucracy on decision making exposes Cassava to loss in potential revenues.
Regulatory Authority
1. Reserve Bank of Zimbabwe (RBZ)
The Reserve Bank of Zimbabwe mainly affects Ecocash. Since Ecocash is a mobile money
transfer it is governed by the RBZ like any other financial institutions for example banks.
Ecocash is therefore obliged to abide to RBZ regulatories.
2. Insurance And Pensions Commission (IPEC)
The Insurance and Pensions Commission (IPEC) is a regulatory body established in terms of
the Insurance and Pensions Commission Act [Chapter 24:21], to regulate the insurance and
pensions industry with the objective of developing the industry for the protection of
insurance policyholders and pension fund. IPEC mainly affects Econet Insurance. Econet
Insurance is therefore obliged to compile statutory reports which are submitted to the IPEC
on a daily, weekly and monthly basis,as well as Quarterly payments to IPEC.
1.2. CORPORATE SOCIAL RESPONSIBILITIES
The company over and above performing in its core business areas it has also gone further to
invest in the welfare of the community in which it operates. Cassava in the Community is
going to be explained below in detail.
Capernaum Trust
Capernaum Trust is a social vehicle which was formed in 1996, to transform the lives of
orphaned children in economically destitute situations, to help them to become self-reliant
individuals. Under the Trust’s Scholarships Program, educational support is provided. Over
50000 students are supported by the trust.
Christian Community Partnership Trust – CCPT
This is a partnership between Econet Wireless Zimbabwe Private Limited, Kingdom
Financial Holdings Private Limited and Renaissance Merchant Bank. It's key organizational
objectives include providing grants, capacity building facilities and training materials to any
church based, charitable and civil society organization or institution whose object is
evangelism.
Joshua Nkomo Scholarship Fund
This is a pan-African scholarship fund for academically gifted Zimbabweans to pursue their
high and tertiary studies at local secondary schools and universities. The fund is run as an
independent institution from Econet with its own General Manager who reports to a board of
trustees. The program was inaugurated in Zimbabwe in 2005 and is being expanded to other
countries in Africa where Econet is operating for example Burundi and Lesotho.
The Zimbabwe National Health Care Trust
The NHTZ was established as part of the organization’s emergency response to the 2008/9
cholera outbreak. The trust continues to implement a proactive and sustained strategy for the
rehabilitation and long-term maintenance of Zimbabwe's health sector. The trust's immediate
task was im procurement of essential medicines and equipment needed for basic delivery of
health services. The Trust stepped up programs to raise awareness on public health, also
hosted the first of a series of public lectures on community health issues. The trust seeks to
build and mantain capacity, training healthcare workers.
COVID 19
The cassava Smartech family and econet family took a
stance to assist with the Covid 19 pandemic in the country by donating towards the covid 19.
Moreover, the company created a merchant for all well wishers to donate towards the Covid
19.
CHAPTER TWO:
THE FINANCE DEPARTMENT
Cassava Smartech Finance department handles all the business pillars of namely Fintech,
Insurtech, On Demand Services, Edutech, E-Commerce, Agritech, Healthtech. The student
was attached under Ecocash (fintech) in the finance department and therefore she is going to
place more concentration on the prior mentioned division. The major focus of this
department is to design and prudently implement a comprehensive monetary and fiscal
policy that will make funds available.It is a digital payment system including Mobile
Money, Digital Banking, Payment Services and International Remittances. The finance
department is divided into several sections as outlined below:
Accounts payables
Finance Reporting
Finance planning, fixed assets and Projects.
Treasury
Revenue
Tax
2.1. Financial Reporting
Financial reporting is a process of producing statements that disclose an organisation’s
financial status to management, investors, government and other users of the information.
The purpose of financial reporting is to provide users with the information they need for
decision making. Being part of the Econet Insurance finance team, the student was mandated
to produce financial reports on a daily, weekly and monthly reports. Daily Econet Insurance
reports included the following:
1. Daily Key performance Indicator (KPI) - this report shows the volumes and values
for transactions performed on a daily basis. It also sums up the new customers
acquired within the period being evaluated and the balances they hold.
2. Daily revenue tracker- the report basically shows the amount of fee which was
generated from the transactions performed via the Econet Insurance platform.
3. Daily flash revenue- the daily flash revenue mainly shows deviations between the
actual revenues and forecasts or budgeted figures. It is a report that prudently shows
the performance of the business day by day.
The student was responsible for producing the above mentioned reports
The Financial Reporting Section is responsible mainly for the preparation of both interim
and year-end financial statements for external purposes as well as internal monthly or
quarterly statements for internal use by management. The section produces a full set of
accounts in compliance with International Financial Reporting Standards comprising:
Statement of Profit or Loss and Other Comprehensive Income.
Statement of Financial Position.
Statement of Cash flows
Statement of Changes in Equity.
Notes to the Financial Statements.
At the end of each month financial statements were compiled and uploaded into the
organisation’s reporting system Hyperion Financial Management (HFM). The financial
reports from various divisions of the group were later consolidated at group level at the head
office at the end of each month. These monthly financial statements are also crucial in the
preparation of the yearend financial statements.
Process to Extract Financial Reports from the system
2.2. Accounts Payable
The AP Section is responsible for all payments to suppliers, donations; Government
Agencies such as ZIMRA and any other expense incurred by the company. I have acquired
detailed knowledge in this section. The procedures followed in the Accounts Payable section
are outlined below:
After incurring an expense the user department forwards the invoice to the AP
section.
On receiving the invoice the filing clerk checks for VAT compliance, purchase order
where applicable and any invoice which does not meet the above requirements will
be sent back to the user department for regularization.
The filing clerk then distributes the invoices to the portfolio holders for posting as
well as payment .The different portfolios include utilities, main creditors, foreign
creditors and cash on delivery creditors.
The invoice will not be processed if it is not signed or authorized by the Head of
Department (Finance managers)
The portfolio holders will then post the invoices into the system to various accounts
depending on the nature of the expenditure. There are two types of posting invoices
into the system;
a. Direct posting of invoices- this is done for invoices from sundry suppliers where a
requisition cannot be raised due to failure to predict the expense, invoices are posted
directly.
b. Three way matching- upon receiving goods from a supplier, the respective
department must receipt the goods in the system as a way of acknowledging that the
goods were received. Three way matching involves matching the invoice to the
receipt and purchase order.
When posting the invoices the person captures the invoice, validates it, and waits for
approval by the Accountant.
A payment will be generated from the system depending on the availability of funds
in the different bank accounts.
A remittance advice is printed from the system.
The portfolio holder will prepare a physical payment instruction (RTGS). The
payment is then logged in the payment requisition voucher and checked by the
accountant before being authorized by the Financial Controllers. The CFO also needs
to authorize the payment if it is greater than $10,000.00. Paid invoices should be
stamped paid to avoid duplicate payments. Payment schedules and paid lists should
be prepared to keep track of all the invoices that were processed. After the payment
process is done, the proof of payment together with the remittance advice are sent to
the supplier.
On posting the payment, a payment number is generated by the system as a form of
identification code. This code is used for filing and retrieval of documents. The
number is recorded on the payment schedule maintained by an accounts clerk.
1.2.1. Invoices specifications
For an invoice to be accepted and processed for payment it has to follow a stipulated criteria/
meet specified requirements. Invoices ought to be VAT compliant and an acceptable or
VAT compliant invoice has the following features.
It must be written “TAX INVOICE” on the top.
The Cassava VAT registration number as well as the supplier’s should be
present as well.
The VAT amount should be stated together with the percentage applied in
reaching to that figure.
A purchase order must be attached to the invoice as well.
Before invoices are processed for payment, they should be authorized by the heads of the
departments from which the goods/services were received.
1.2.2. Payments
Cassava usually pays its financial obligations via electronic transfers, Real Time Gross
Settlement (RTGS) and sometimes on cash bases. The following documents are supposed to
be attached to the RTGS when sent for signing by authorized signatories,
A reconciliation of the suppliers’ account approved by the supervisor
A system generated report showing the balance in the suppliers’ account.
Authorized tax invoice
An Authorized purchase order
1.2.3. Petty Cash Reimbursement
When the Petty cash holder has used more than 80% of their petty cash they can request for
a reimbursement. The Accounts Officer has to prepare a schedule of how the petty cash has
been used. The petty cash voucher and receipts or invoices of the expenses are used as
supporting documentation for the expense. The accountant will check if the supporting
documentation aligns to the schedule. The Accounts Officer will then prepare a payment
voucher and cash withdrawal slips.
Duties performed in Accounts Payable Section
Posting invoices and processing payments for the invoices that would have been
approved by the Finance Controller.
Liaising and attending to supplier queries. The student liaised with suppliers for
example when requesting for supplier statements, tax clearance certificates and
banking details should they not shown on the invoice. Suppliers also contacted the
finance team should they want to enquire anything with regards to their payment
Preparing payment schedules and paid lists to keep track of all the invoices that were
processed.
Preparing payment instructions for petty cash, travel allowance claims and other cash
expense claims which came through the AP section.
Reconciling supplier’s accounts on a month basis.
Preparing payment instructions to pay foreign suppliers such as Tial Technologies
and GCR
Preparing and Processing Business Travel Allowances and petty cash
Preparation VAT and withholding tax schedules.
Cassava products are not subject to Vat hence does not claim Vat. However Econet is an
agent of Zimra hence can withhold Vat on Zimra’s behalf. On foreign supplies however,
Cassava submits to Zimra 15% as Vat being VAT on foreign supplies.
2.3. Treasury
The treasury section is responsible for applying policies and procedures in the timely
deposit, handling, processing and deposit of cash receipts from all centres and petty cash
custodians. This section also supports the Accounts Payable specialist as needed.
Duties carried out in the treasury section-cash management
Reconciling payments to the cash management module.
Monitoring daily bank account activities which include transfers to suppliers, biller
and merchant withdrawals, fee and airtime withdrawals, commission funding, etc.
Confirming bank deposits from customers.
Funding remittance partners and making sure that their wallets are adequately
funded.
Liquidating trust accounts to manage risk.
Funding Swipe Into Ecocash
Bank reconciliations
Bank reconciliations are prepared every month end. Reconciliations involve making
comparisons between the cashbook values/ amounts and those showing on the bank
statement. It encompass making assessments between the cash clearing account and those
showing on the bank statement. For a reconciliation to complete the balance as per bank
statement should be the same as that on the cash clearing account. Reasons why the bank
statement balance may differ from the cash book balance:
Cash withdrawals not journalised.
Bank charges which should be journalised.
Bank errors that encompass making payments to Econet for transactions intended by
the depositor to other parties.
Payments made outside the system. (These should be journalised.)
2.4. Revenue Section
International Accounting Standard 18 (IAS 18) forms the back bone of all revenue
accounting. Econet Insurance revenue is mainly generated from Insurance Premiums and
Zinara Licence sales. Econet Insurance Purchase Zinara licence discs at a discount and in
bulk to re-sell to clients and make a profit of it.
Stock Management
Every month there is a stock take of all inventory and petty cash. The writer was involved in
both of the activities.
Stock Take
This refers to the physical counting of stocks or inventory to check for consistency between
systems reported values and those obtained from the retail outlets. After thoroughly counting
the inventory, team leaders submit their findings to the Inventory Stores team staff for safe
keeping and further processing of the acquired information. Stocks counted during stock
takes include Zinara papers, stationery and goods-in-transit among many others. Cassava
subscribes to International Accounting Standard 2 (IAS 2) which is the backbone of all
inventory accounting and it applies the FIFO (First in First Out) method of stock valuation.
Stock take material preparation
This encompasses printing, arranging and sorting stock sheets according to locations. After
the sheets are sorted, they are delivered to stock take team leaders who will use them during
stock take.
Econet Insurance sheets are also delivered together with the stock sheets and they will be
delivered in two sets.
Stock take procedures
Stock counts were done in pairs in the presence of the stock custodian and the counts
were done sequentially in order to avoid omissions.
Each product was counted twice and recorded before moving to the next product.
For every product counted, the team leader would record the count and sign the bin
card.
All the counted figures were inputted into the oracle system after which a variance
analysis report was printed.
If there are any variances the custodian would write a report to explain the cause.
Blank space on the stock sheet was crossed out before signing by the team leader
stock custodian and the person who participated in the stock count.
A petty cash count was conducted and a stock take count on the Econet Insurance
was recorded
Stock Reconciliations.
This is the management of opening, issued and the closing stocks .This process comprises
entering stock values obtained from the physical counting of stocks at various Econet shops
across the country in to the system and establishing whether the values on the ground tally
with those reported in the system. A physical adjustment report is run from the system so as
to compare the physical stock count values and those shown on the report. Variances may
arise in some instances, and may indicate errors in capturing stock movements, shady stock
movement or even theft. When variances arise, investigations take place to ascertain the
cause.
Remittances.
When sales are made by retail outlets, the money they get is not directly put into the main
bank account. It’s put in the cashier’s bank and remitting becomes necessary when deposits
will have to be moved to the main account. This is the process of transferring money from
the cashier banks to the main company bank account. Shops use POS system where as the
Econet Group use Oracle. Remitting is done via the accounts receivables.
Petty cash count
At the every of month petty cash should be counted. The balance obtained from the physical
cash count should be equal to the balance shown in petty cash account in oracle. The
accounts officer counts the petty cash count.
Spot-checks/Spot audits
This is an activity involving visits to petty cash custodians and retail shops, the visits of
which are not announced as to when they happen, they are of a surprise nature. The spot
audit entails a detailed counting of stocks to confirm whether the stocks on hand do tally
with the values reported in the system. This is done to check for consistency, accuracy and
to establish whether any shady transactions are taking place.
The audit also examine the controls set in place to safe guard cash and stocks, records are
checked to confirm whether they are maintained properly as they are expected to be up to
date and correct. The analysis book plays a major role as it shows in a snapshot, the stock
movements. Ways of improving the controls are suggested as and where necessary. After a
spot audit visit, a report is written and submitted to authorize personnel detailing the
findings of the visit.
2.5. Fixed Assets
Fixed Assets section is a facet that is embedded in the Finance department and is primarily
responsible for the proper accounting of the entire fixed assets under the auspices of IAS 16.
Fixed assets are derived from two sources namely:
 the projects section
 Direct acquisition of ready fixed assets.
All resources controlled by the firm or merely fixed assets are kept in a register and the
consequent register is divided into categories/classes to effectively capture all the various
assets belonging to the entity in a more logical manner. Principal asset categories found in
the fixed asset register are Buildings, Motor vehicles, Computer hardware, Computer
software, Switching equipment, Networks software, Base stations, Office equipment and
Office furniture. The fixed assets section however works more intimately with the payables
and projects section. The student had an opportunity to work in this section.
Duties and Processes in this section.
i. Invoice Capturing.
This is merely entering the information on invoices in to Oracle SOZ accounting
package using the accounts payables module. The system automatically enters
journal entries as part of the double entry system of accounting as well as tax
accruing to various transactions. Upon capturing, validating and posting the invoices,
copies are made and filed whilst the original one is surrendered to Accounts Payables
section for payment.
ii. Asset Clearing Account Preparation.
An asset clearing account is created whose ultimate balance has to tally with the GL
balance reflected in the system. This is principally a holding account in which asset
related invoices are posted awaiting receiving them. At month end, the balances of
the two are reviewed for consistency and they have to tally if things were done
properly.
iii. Asset Confirmation Preparation.
Assets awaiting capitalization have a schedule prepared for them. These assets are
captured/ grouped in a logical order and upon receiving information of their delivery
and in some instances installation or inspection they qualify for capitalization.
Confirmation letters are prepared and sent to respective persons. When they are
signed, capitalization can then take place.
iv. Capitalization.
This means to recognize an asset as an asset in the system. Capitalization involves
allocating an asset number, location as well as a category to an asset. Thus ultimately
registering an asset for depreciation and inclusion in the fixed asset register. All
assets follow a precept and are recognized using a set depreciation policy.
v. Asset Register Maintenance.
As part of the asset register maintenance, assets are periodically checked to ascertain
existence. A movement of assets to and from warehouses is captured in the system
and new locations are allocated to the various assets which may have undergone
transfers or movements. Receiving warehouses or stations are credited with the
assets transferred to them where as relevant deductions are effected in the accounts
of the giving warehouses or stations.
This is all affected in the Oracle ERP system.
vi. Asset Tagging
This is another integral part of asset register maintenance involving putting tags on
assets and taking detail of the serial number, name as well as the manufacturer of the
respective assets. After tagging, a schedule is prepared and the very information is
also effected in the system through the asset accountant. This serves to ensure that
the asset tags also have corresponding correct serial numbers and asset descriptions.
This is done to enhance accuracy of the register.
vii. Projects Capitalizations
It’s an exercise involving dealing with projects and assets supplied from the projects
section. The information in this area is captured by means of preparing mass
additions, posting mass validation of the work by submitting request to create
accounting.
Journals of the work done are entered as a result and double entry is thus completed
accordingly in the ledger as well.
viii. Stock taking.
It’s an exercise that involves physical counting of items of stock and checking to
ensure whether conditions on ground do tally with what is recorded and is showing
in the system.
After the physical counting, the values obtained are entered in the system against the
ones reflecting there in and variances are calculated and shown in units as well as in
monetary terms.
A snapshot is also taken to show the state of the affairs as at the end of the month.
ix. Updating the Asset Register by Categories Analysis Report Monthly.
It involves finding new assets that were acquired / purchased in a certain month from
the register and adding them to the monthly Asset Register by Categories Analysis
Report. The process also involves effecting add on cost to the respective assets. The
total of the Analysis should tally with the register balance as the analysis is extracted
from the register.
x. Updating the Asset by Minor Categories YTD.
Monthly analysis feeds into the Year to Date report and the only difference is that the
YTD is cumulative in nature.
This report gives all the assets of an entity in a snapshot
xi. Add On Costs Capturing
This is a task involving capturing of upgrades, additions and modification to already
existing assets. It is effected through preparing mass additions, posting mass,
validating through submitting requests, creating accounting and finally entering as
well as posting journals
The tasks of this section are routine and they make a cycle which is repeated on a
monthly basis.
2.6. Management Accounting
The main role of the Management Accounting Section in the organisation is to foster
competitive decision making by collecting, processing and communicating information that
aids management planning, control and evaluation of business processes and company
strategy.
The section is a link up as it promotes the flow of the organisation blood through
department(s) coordination and discussion of the needs of each particular department in light
of the other so as to align them all to the business plan as well as to the strategic objectives
the company.
The Management Accounting Section is responsible for the preparation of budgets,
Operational Reports, Financial Forecasts, Finance Report, POTRAZ license fees return and
CEO`s weekly Dashboard.
This section is responsible for all the management accounting and cost control related
activities. Below are the core activities that are performed by the section.
Budgeting and budgetary control: Annual business plan preparation
a. OPEX (Operating Expenditure Budgets)
b. CAPEX (Capital Expenditure Budgets)
c. Business Plan (Consolidated)
Operating Expenditure Budget (Opex) - is a budget detailing the operational
expenditure plans of the business for the 12 months in advance. All departments
participate in the making of the budget by submitting their operational expenditures for
aggregation, processing and inclusion in the ultimate business plan.
Capital Expenditure Budget (Capex) is a budget that details capital expenditure of the
business for the next financial year. All departments likewise, participate in the making
of the budget by submitting their operational expenditures for aggregation, processing
and inclusion in the ultimate business plan.
Business Plan- it is the master budget which combines/integrates both CAPEX and
OPEX to produce one whole. The business plan goes on to highlights Key Performance
Indicators (KPIs) of the business.
Routine Management reports.
The management section is responsible for furnishing management with information
sufficient enough to make informed decisions and to have a better understanding of the
business operations and performance.
To achieve this, the management section produces a number of reports namely:
Monthly Operations Report
It’s an operational report detailing organizational performance for the past month. Like the
dashboard all the departments of the organization submit their monthly performance reports.
All this is again incorporated into the report.
Finance report
Much like the prior mentioned report, this report is a monthly one and is submitted to the
company directors. The report differs from the monthly operations on the area of emphasis
as it centers on the financial performance of the organization as a complete unit.
Board Packs
It’s basically an amassing of the above mentioned management reports and other
information. The board pack comes in handy at directors’ board meetings, the meetings of
which are done on a quarterly basis.
The management accounting section has an obligation to prepare/compute these business
statistics almost on a daily basis.
CHAPTER THREE:
PERSONAL DEVELOPMENT AND CHALLENGES
The understudy profited broadly from the respectable game plan as much as the association
did. Industrial Attachment is an organized, credit-bearing work involvement in an expert
work setting amid which the understudy applies and obtains information and aptitudes. On
account of the essayist, the mechanical connection maintained its dear importance. The
understudy obtained important aptitudes, experience and presentation.
3.1Benefits to the Student
Teamwork and Networking: Teamwork implies combining efforts of many people
to achieve one common goal. In a setting involving groups and departmental
interdependence, interaction and teamwork was key to seeing tasks through. The
student learnt how to be respectful, understanding, tolerant and patient when working
with others. Honesty and living one’s word smoothens all relationships, including
work related ones. Networking was nurtured too in the process.
Etiquette and grooming:
The student improved significantly on professionalism and developed exceptional
situation handling skills. Being constantly exposed to situations where one has to use
intuition and being given the autonomy to exercise action also stimulates confidence.
However there are times when consultation was necessary and the supervisors are
also welcome to assist.
The author learnt to apply theory to practice. The writer was able to relate concepts
learnt to the reality in the business world. In a way, this will come in handy to the
author in the fourth year of learning to respect such issues as accuracy and time
management the same way they are required in practice.
Time management was key in ensuring that work was completed on time. The need
to meet deadlines and timeous reporting upgraded the writer`s overall time
management skills. The author learnt to be time mindful and to strike a balance
between speed and accuracy. In doing the accounting degree the importance of time
management is emphasized and this is also reflective in the field where deadlines
have to be met hence you work speedily with great efficiency.
Accountability
With respect to accountability the writer learnt to:
Take full responsibility for own work and performance
To query when and where necessary.
Acknowledging how things could have been done
Communication
It’s a tool used to establish understanding and people (colleagues, superiors, suppliers or
customers) spend most of their time communicating, interacting and coordinating to get
things done at the work place. Constant Interaction with a varied workforce and clients paid
dividends as it improved my interpersonal skills.
Drive and Resilience
I learnt to constantly remain calm and focused on key objectives and responsibilities given
by the superiors even under pressure. The ability to shake off pressure and challenges was
propagated and successfully became a part of the student. Most importantly, being part of an
organization that is driven and controlled by Christian ethics, I grew spiritually with
continued stay at the workplace.
Confidence
The student is now capable of articulating his views confidently when communicating with
people from different backgrounds. The way that employees communicate with clients
depicts the level of service excellence and therefore the strength of the brand.
Ability to deal with confidential information
Most of the issues that the writer dealt with needed high levels of confidentiality, the likes of
financial reports among other sensitive organisational issues.
Responsibility:
The industrial attachment imparted a responsible oriented mind in the student. With the
organisation’s daily finance reporting section reporting relying entirely on the student, the
student learnt to be responsible. The student learnt to be reliable doing every assigned task
to the best of his abilities to make the company’s vision a reality.
Prioritisation
The corporate environment is sometimes demanding hence required the student to rank
tasks according to their importance. This implies that tasks that are considered urgent and
important should be accomplished first followed by those which are urgent as well but of
less importance.
In a nutshell, the attachment program effectively afforded the student an opportunity to:
Learn about different work culture
Establish industry networks and contacts
Develop social soft skills as well as work-based skills
Contribute to local telecommunication and mobile money industry
Establish industry networks and contacts
Develop social soft skills as well as work-based skills
Learn about different work culture
Find out what it's like to work in a potential career
Gain valuable experience to build resume
Learn more about accounting career
3.2Benefits to the host company
The writer gave his level best for the success of the organization. Being goal oriented, work
was esteemed to a level of undisputed priority. That, in one way or the other enriched on the
success of the company.
Value addition
New ideas brought in starting from simple transaction processing to even high levels
collectively improve and foster company growth and efficiency in operations.
Business Focus
The author built his understanding of the client’s business operating environment and
controls in place to mitigate business risk. He also operated within the budgeted time frame.
CHAPTER FOUR:
RELEVANCE OF THEORY TO PRACTICE
This section of the report is going to center its focus on the relevance and application of
theory to practice .It covers the theory learnt in the first two years at College. The industrial
attachment seeks to bridge the gap between theory and practice.
3.1. Financial Accounting
Financial is of much relevance to the business as witnessed by the transactions encountered
by the student during the attachment period.
Bank reconciliations
At University, the student learnt bank reconciliations on a theoretical platform and
knowledge of this aspect came in handy in actual practice. As is the case at the revenue
section, after remitting one has to go through the process of ticking the bank statements
against the remitted receipts as well as the transfers to the main account. The remitted
receipts amount is reconciled with the bank statement amount and any variances/errors are
duly corrected. This internal control measure effectively works to ensure that the amounts
reflecting in the bank account in the system (Oracle) are a true reflection of actual bank
account balances. All this is done within a stipulated timeframe so as to effectively meet
company deadline i.e. (System period closure).
IASs and IFRSs
The presentation of final accounts as given in IAS 1 was respected and applied with Econet
Over and above that, an appreciation was given to the accounting concepts like the
prudence, accruals and going concern. The writer had much exposure to fixed asset
accounting, in this, applying the requirements of IAS 16, Property, Plant and Equipment.
IAS 2, Inventory- the student was a stock custodian and was directly involved in the
inventory valuation process at the end of each month.
Accounting Concepts
At university the student learnt about accounting concepts on a theoretical platform but had
the opportunity to apply these on a practical basis.
The Accrual-basis of accounting recognizes the accounting matters when the
transaction occurs rather than when cash is paid or received. The organization
operates on the basis of accrual accounting in the payables department. Transactions
are accounted for as they happen or occur and payments to suppliers are settled later
after transactions have already been accounted for.
The dual concept- is central to all accounting issues in dealing with the financial
aspects of the business. This concept recognizes that for every debit entry a
corresponding credit entry simultaneously arises. This is a concept that occurs in
every transaction. For example, a transaction to record a purchase of goods from a
supplier:
DR: Accrued Purchases (SPLCI) xx
CR: Supplier (SFP) xx.
Prudence concept -seeks to ensure that revenues are recorded when they are
realized o assured and liabilities as soon as they occur. This is practiced in the
organization, revenues are recorded when they have been confirmed whilst all trade
payables are recorded as they happen to give an accurate view or picture of the
organization’s finances.
3.2. Auditing
The student managed to put directly to practice various audit assertions in carrying out his
duties.
As is the case with the double entry system, when receipting the following were given their
due.
Occurrence: - it was always thoroughly verified that transactions actually occurred by use of
bank stamps on deposits and mostly month-end bank statements in processing deposits
rather than stewards’ returns, Point-of-Sale and expense invoices, as well as the TPS report
to verify sales of electronic airtime.
Cut-off:- every single month there is an input period closure date within which monthly
transactions should be entered into the accounting system which is strictly adhered to.
Moreover there are deadlines with respect to submission and review of bank reconciliations,
cash sale account reconciliations and stock reconciliations.
Existence: - This applied more dearly to items of stock such as physical recharge cards,
handsets and accessories when carrying out month-end stock-counts. These stocks takes are
done to confirm that stock quantities reported by shop stewards tally with actual quantities
on hand in the shops and to deter theft and shady dealings.
3.3. Management
Team working was constantly a theme of the day. The author was sometimes required to
join groups to do certain tasks depending on how they were allocated. The author very well
appreciated the need to sacrifice personal desires for the common good.
Corporate social responsibility was found critical within Econet as it invests much for the
betterment of the communities they are privileged to serve.
3.4. Communication skills for business
Through knowledge acquired during the first two years at college, the student was able to
express himself clearly and properly.
3.5. Information systems and information technology
This module furnished the student with magnificent knowledge of the Microsoft office suite.
Most correctly, the student acquired computer literacy and this came in handy as much of
the assignments were done on computer. Being computer literate, the student had no trouble
in using the Accounting Package employed at Econet (Oracle – SOZ and HFM).
Information Systems and Accounting Information Systems have proven to be the most vital
courses during the attachment period. On attachment it was not difficult to relate the theory
learnt to the real practice. The use of Oracle system helped the student to understand the
transaction processing systems learnt at university and with the summarised detail of
information as the level of authority increased help the student understand the different
information systems for differing levels.
3.6. Company Law
Knowledge of this came in handy the very first day in understanding, interpreting and
comprehending the contract of employment. Signing the employment contract rendered the
student bound to the company. Through the above mentioned module, the student grasped
the meaning of a signature in business terms.
CHAPTER FIVE:
RECOMMENDATIONS TO IMPROVE THE INDUSTRIAL ATTACHMENT
PROGRAM
The student feels highly honored to have had such impeccable time with the inspired family
(Cassava Smartech). The organization has been performing remarkably with an amazing
back up of excellent, innovative, professional, highly motivated, and diligent teams. The
student extols the integrity, transparency and professionalism with which daily
chores/commitments are undertaken. The author hereby humbly submits for the
consideration of the Company a number of recommendations intended to add oil up the
already performing company.
Communication
It’s a vital part and parcel of any organization, and Cassava is no exception. The nature of
information varies considerably with some being perishable, thus requiring quick and timely
communication. Communication is responsible for the organizational success and guided
progress, as it motivates and directs employees accordingly. Communication in most
departments and subsequent sections needs to be standardized and channels at the lower
levels more formalized to prevent the unfavorable grapevine dependence. Presently there is
use of email and telephone to give direction which is noble, but however inadequate and
therefore requires perfection.
Responsiveness
Cassava should improve on its responsiveness to issues as they come. This is in light with
the IS department, it took the student more than a month to get an Oracle account. Delays in
processing account requests by users’ retards production as labor stays unutilized, and may
ultimately lead to unnecessary costs to the company in the name of overtime costs.
In this respect, the student would want to point out improvement on payment procedures for
creditors. They payables section is flooded with requests and complaints of suppliers in line
with payment of their debts.
Online receipting
This is in line with Econet retailing shops. The company ought to employ online receipting
for all shops to boost up efficiency and eliminate unnecessary costs. Efficiency is boosted in
the sense that numbers of customers served by cashiers increase and clerical workload is
thus lightened. Manual work is criticized for human error, therefore online receipting would
reduce errors of calculation. Time spent on posting manual receipts could be used to do
other duties; hence, it will be easy to meet deadlines.
Employee Log Book
The Company should consider putting in place an Internal Control System for the employees
aimed at managing their productive day time. This may come in handy in analysis of how
best employees can utilize their time.
Effective use of internet banking
The rapid advancement of technology has brought about convenient ways of doing business,
making issues like funds transfer and balance enquiries doable even in one’s office. A click
of the mouse may transform costs into no costs as unnecessary transport costs are wiped.
Internet banking subsequently calls for strict anti-fraud deterring conditions internally; this
therefore means that the system may have to be implemented in such a way that most
comprehensively prevents internal fraud.
System upgrade
The accounting package used should be upgraded in some specific areas for the efficient
posting and updating of the accounting records. Challenges are still faced in:
1. Posting of offline receipts: the system allows the posting of back office receipts
for a future date outside the current accounting period (in this case monthly) and
the same receipt will not be available for bank reconciliations which will call for
the receipt reversal. Such an error is normal and the system should not allow such
posting as it does in posting in a closed accounting period.
2. The speed of oracle should be improved as this directly affects the efficiency of
staff in meeting deadlines. The system need to be upgraded regularly. Sometimes
it won’t be the problem of the system but of the servers. The company should
purchase new and bigger servers to accommodate all users as the system speed
drags during busy periods like month ends.
Students Rotation
The writer was attached to the Econet Insurance Finance section. The student would like to
encourage rotation of students on attachment across different companies for example
Ecocash to ensure students are exposed to all departments during the attachment period. The
attachment reports are submitted at the end of the academic semester and usually by that
time students may not have rotated to all sections of the finance department.
5.2 Recommendations to the University
As was highlighted earlier in the report, industrial attachment is crucial as it bridges the gap
between what was learnt and what takes place on the ground. It is in light of this very fact
that the reporter would like to express thanks to the University for presenting such a
program; it has been very worthwhile. Nevertheless, for the process to mutually benefit the
institute in the very same way it does to the student and the company there are some areas
that need to be addressed. The writer wishes to suggest the following areas for improvement
on the part of the University:
Attachment reports.
A report being requested by the university in May means that the report presented won’t
detail all the work done by the student. The institution may address this by asking for reports
near end of the attachment period. I therefore recommend that reports be submitted to the
university at the end of the attachment period to effectively get a compressive and
exhaustive report.
Pre-attachment preparations
The University should set up more seminars specifically for students due for attachment to
equip and furnish them with the knowledge of the industry and insight on how they
generally have to work and present themselves. Industry based professionals may as well be
invited to make some presentations.
Introduction of the Taxation Module at second year
The writer encountered a lot of tax related aspects during the attachment period. The
introduction of tax at second year would equip the student of tax related issues and the
statutory implications if these are not followed up.
Proper learning and use of Accounting packages and Excel
The university should focus on improving the practical aspect in terms of the use of
Information system packages used in accounting. The university primarily focuses on
teaching the student the theoretical aspect which however does not fully equip the student
with the practical aspect. A hands on approach on with packages such as Pastel and Oracle
would yield benefits to the student saving time on training during attachment.
CHAPTER SIX:
CONCLUSION
The Industrial attachment with Cassava Smartech Zimbabwe under Econet Insurance has
afforded me an opportunity to apply theory to practice and I worked hard to deliver what I
have acquired to the best of my potential, therefore the Industrial attachment was indeed an
eye-opening exciting adventure. This report is not exhaustive on the practical experience the
Author acquired at Cassava, but a summary of the major aspects the author came across. The
noble program enabled the reporter to appreciate the interdependence of theory and the
practical work. During the placement, an invaluable understanding and appreciation of the
work environment was acquired.
I interacted with the best professionals in the finance profession-To all this amazing learning
experience and time I owe a debt to CSZ for making me a star in the profession that’s
already shining its way to a successful career. I also understood the three ideologies to
succeed in whatever I do thus proficiency, urgency and competency.
In a nutshell, I would say, the reality of attachment program was better than the product of
my dreams. Hopefully, skills acquired and experiences gained are very well usable in my
future business and school endeavors.
LIST OF REFERENCES
I. (https://www.econet.co.zw/about-us/history)
II. (https://pindula.co.zw/Econet_Wireless_Zimbabwe)
III. https://cassavasmartech.com/data/2018/10/SQUARE-Infographics-03-1.jpg
IV. (https://cassavasmartech.com/cassava-on-demand-services/)
THE ABOVE PROVIDED INFORMATION IS TRUE TO THE BEST OF MY
KNOWLEDGE:
Student’s Name: …………Mercy Chinamora
Signature: ………………………………… Date…………………
SUPERVISOR FROM CASSAVA SMARTECH ZIMBABWE
Supervisor’s Name: …………Tinashe Mhangami
Signature: ……….…………………………. Date……………………
CASSAVA SMARTECH LTD STAMP :
UNIVERSITY OF ZIMBABWE
CSZ: INDUSTRIAL ATTACHMENT 2019-2020

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Chinamora R1710148 - Attachment Report

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UNIVERSITY OF ZIMBABWE

Bridging the gap between university education and industry

Industrial attachment report submitted

MERCY N CHINAMORA (R1710148)

In partial fulfilment of the requirements of Bachelor Honors Degree in

01 AUGUST 2019 – 31 JULY 2020

NAME MERCY N CHINAMORA

REG NUMBER R1710148

PROGRAMME BACHELOR OF ACCOUNTANCY HONOURS

YEAR 3 (THIRD YEAR)

INSTITUTION UNIVERSITY OF ZIMBABWE

NAME OF COMPANY CASSAVA SMARTECH ZIMBABWE

INDUSTRIAL SUPERVISOR T MHANGAMI

ACADEMIC SUPERVISOR MR MUSHURE

PERIOD OF ATTACHMENT 01 AUGUST 2019 – 31 JULY 2020

urgently required and needed.

I am happy to state that indeed it was an immense experience.

EWZ : Econet Wireless Zimbabwe

CSZ : Cassava Smartech Zimbabwe

VAT : Value Added Tax

ISA : International Standards on Auditing

POTRAZ : Post and Telecommunication regulatory Authority of Zimbabwe.

PPE : Property, Plant and Equipment

IAS : International Accounting Standards

IFRS : International Financial Reporting Standards

EWCH : Econet Wireless Capital Holdings

JNSF : Joshua Nkomo Scholarship Fund

IPEC : Insurance And Pensions Commission

VAS : Value Added Services

GPRS : General Packet Radio Service

BRM : Business Risk Management

EWZL : Econet Wireless Zimbabwe Limited

PTC : Post and Telecommunications Corporation

CCPT : Christian Community Partnership Trust

OPEX : Operating Expenditure

YTD : Year to Date

whilst performing their duties.

ABOUT CASSAVA SMARTECH ZIMBABWE

cannot be divorced from that of Econet

ABOUT ECONET WIRELESS ZIMBABWE

access and payment solutions.

commenced an accelerated rollout of other key network infrastructure.

financial transaction switching, point-of-sale and value-added support services.

orphaned by AIDS/HIV, religious and church organisations, as well as an annual scholarship

BRIEF HISTORY AND OVERVIEW OF THE COMPANY.

worked in Germany where he acquired knowledge in technology and wireless

that cell phones had no future in the country.

continued, Masiyiwa waiting to gain the Government's approval for operations in

Masiyiwa Holdings (TSMH).

license to Telecel ahead of Econet.

The telecommunication service market is an oligopoly market with just handful of

financial transaction switching, point-of-sale and value-added support services.

local and inter regional radio stations, such as the SABC.

growth in value. (https://pindula.co.zw/Econet_Wireless_Zimbabwe)

Econet Wireless listed

 Fintech – Ecocash, Steward Bank and Cassava Remit

 Insurtech - Ecosure, Moovah, Enda

 On demand Services – Vaya, Cleancity