INDUSTRIAL ATTACHMENT REPORT AT SEED CO LIMITED

by Monica Makelo

UNIVERSITY OF ZIMBABWE

FACULTY OF BUSINESS MANAGEMENT SCIENCES AND ECONOMICS

FINANCE DEPARTMENT

STUDENT NAME :MONICA MAKELO

REGISTRATION NUMBER :R206720M

PROGRAM :ACCOUNTING AND FINANCE

PERIOD OF ATTACHMENT :01 SEPTEMBE 2022 TO 31 JULY 2023

HOST ORGANISATION :SEED CO LIMITED

INDUSTRIAL SUPERVISOR :MS R GOREDEMA

DETAILS OF THE EMPLOYING ORGANISATION

Seed Co Limited

1 Shamwari Road

Stapleford

Telephone: +263242308881/8,308127
SwitchboardCell: +2638677020255
Email: [email protected]

SUPERVISOR’S SIGNATURE

STUDENT’S SIGNATURE
DEDICATION

ACKNOWLEDGEMENT

My deepest gratitude goes to Jehovah, the Almighty Lord for having sustained me during the
journey of my studies up to this point.

I would also like to express my gratitude to the staff at Seed Co Limited for affording me an
opportunity to apply my theoretical knowledge into practice.

Special thanks to my family and friends for their unwavering support and encouragement,
they were a source of inspiration and a fountain of wisdom. I thank them for their love and
support they made in this academic journey I undertook.

TABLE OF CONTENTS

CHAPTER 1

1.0 INTRODUCTION

1.1 COMPANY BACKGROUND

1.2 VISION AND MISSION OF SEED CO LIMITED
1.3 CORE VALUES AT SEED CO LIMITED
1.4 CORPORATE STRUCTURE

CHAPTER 2

2.1 PRODUCTS OFFERED

CHAPTER 3

3.1 DUTIES, TASKS AND RESPONSIBILITIES

CHAPTER 4

4.1 EVALUATION OF THE INDUSTRIAL ATTACHMENT

CHAPTER 5
 5.1 ANALYSIS OF THE RELEVANCE OF THE THEORY TO PRACTICE

CHAPTER 6

6.1 RECOMMENDATIONS, SUMMARY AND CONCLUSION

ACKNOWLEDGEMENT

My deepest gratitude goes to Jehovah, the Almighty Lord for having sustained me during the
journey of my studies up to this point.

I would also like to express my gratitude to the staff at Seed Co Limited for affording me an
opportunity to apply my theoretical knowledge into practice.

Special thanks to my family and friends for their unwavering support and encouragement,
they were a source of inspiration and a fountain of wisdom. I thank them for their love and
support they made in this academic journey I undertook.
EXECUTIVE SUMMARY

The objective of this report is to give a detailed account of the practical experienced gained
by the student in a professional working environment at Seed Co Limited in relation to the
theoretical knowledge gained in the first two years of study. The report will outline what the
student went through from the 1st of September 2022 to date, May 2023.

The first part of the report gives a brief background of the company, its mission and vision as
well as the organogram.

This report will also provide valuable information on the uncontrollable macro environmental
forces in Zimbabwe and their influence on the performance of Seed Co Limited.
Where theory is often taught in the ideal of a vacuum, the practical is learned through the
reality of life. The write up also captures the extent of theory application in work
environment and new skills acquired during the period of attachment.
This report was also designed in such a way to bring out the practical experience gained in
various functions, moreover as expected, experience during attachment was not always juicy
therefore challenges faced are also incorporated in the report. Suggestions of improving
industrial attachment were encompassed in the report to enhance the University of Zimbabwe
industrial attachment curriculum.
The write up concludes that the attachment was worthwhile as the student gained valuable
experience in the working environment.
Introduction
This report was prepared as a partial fulfilment of the requirements of the Bachelor’s Degree
in Accounting and Finance at the University of Zimbabwe .Work related learning is a
prerequisite to every program and it is crucial as it gives students an opportunity to apply the
theory learnt into practice
CHAPTER 1

1.0 INTRODUCTION

About the firm.

The writer got an opportunity to be attached at Seed Co Limited in Stapleford. Seed Co

Limited Zimbabwe division is one of the companies in the Seed Co Group. The Group
comprises of 15 countries such as South Africa where the Head Offices are, Zambia,
Botswana, Tanzania and Nigeria, to mention a few. Seed Co Limited was formed in 1940 as
the Seed Maize Association of Zimbabwe. In 1983, it merged with Crop Seeds Association to
form Seed Co and has since grown throughout Africa by breeding, producing and marketing
hybrid field crops and vegetables.

Seed Co Limited is the leading producer and marketer of certified crop seeds in Zimbabwe,
supplying hybrid maize seed to commercial farmers as well as wheat, soya bean, barley,
sorghum and ground nut seed. The seeds is grown from parent seeds under contract by an
established network of seed producers. Innovation and pioneering breeding methods drive the
Seed Company’s success; having successfully developed hybrid crop seed varieties in
Zimbabwe that are recorded as the highest yielding varieties in their class. The Seed
Company has a dedicated research team; producing hybrid crop seeds and non-hybrid cereals
and oil crop seed varieties that are suitable and adaptable for Zimbabwe’s ecological
conditions.

The company is the leading certified seed company authorized to market seed varieties
developed by itself, government and other associated seed breeders in over fifteen (15)
African countries. It had managed to maintain a strong market share among communal and
commercial farmers from years of intensive investment in Research & Development. The
company has research centres such as RARS where various researches are done in seed
production. SCL is involved in the breeding, multiplication and distribution of mainly hybrid
seed varieties for the following crops: maize, wheat, soya beans, sugar beans, cowpeas,
sorghum and vegetables.

The company recently moved its headquarters to South Africa. Limagrain holds is the
majority shareholder of Seed Co.

1.1BACKGROUND OF THE COMPANY

Founded in 1940 by a Cooperative of Zimbabwean farmers, Seed Co is now a Pan-African

producer of field crops seeds, as well as vegetable seeds that are adaptable and purpose-bred
for the various ecological zones in Africa. The company got corporatized in 1983 when the
then Seed Maize Association of Zimbabwe merged with Crop Seeds Association. In 1996,
the business started being listed on the Zimbabwe Stock of Exchange (ZSE). A year later,
Seed Co Zambia started operating, followed by Seed Co Botswana in the year 2000. From
there, other Strategic Business Units (SBUs) where opened in various countries like Malawi,
Kenya, Tanzania, Nigeria and Ghana.

Seed Co has registered operations in the following countries:

✔ Botswana
✔ Ghana
✔ Kenya
✔ Malawi
✔ Nigeria
✔ Rwanda
✔ South Africa
✔ Tanzania
✔ Zambia
✔ Zimbabwe
In addition the products are also currently being distributed in:
✔ DRC
✔ Ethiopia
✔ Lesotho
✔ Swaziland
✔ Uganda
 Highlights over the years:

1940- Born as Seed Maize Association (SMA)

1949- Rattray and Arnold produced 1st hybrid for sale
1957- Crop Seeds Association formed (CSA)
1960- SR52 (1st commercial hybrid) released
1970 - Rattray and Arnold Research station purchased
1983- CSA and SMA merged to form Seed Co-op
1991- Stapleford facility opened
1991-Kadoma Research Station acquired
1996- Floated on Zimbabwe Stock Exchange
1997- Acquisition of Semoc- Mocambique
1998- Seed Co Zambia established
2000- Seed Co International- Botswana
2000- Seed Co Malawi established
2004- Kenya Trading office
2005- Business right sized
2006- Quton acquired
2010- Search for new Horizons intensifying
2010- Tanzania SBU established
2015- Successfully concluded an equity partnership with Limagrain
1.2 VISION, MISSION AND CORE VALUES

Our Vision

To dominate the Agro industry in Africa.

Our Mission

We breed seed, feed and lead in Africa.

Our Brands

Specially bred for Africa hence assuring farmer’s highest yield.

Core Values

 Farmer Centricity: Putting customers at the centre

 People Our Pride: Results through people with passion
 Knowledge: Information advantage
 Teamwork: Work and win together
 Quality Focused: Drive for quality and value
 Innovation: Learning and applying

1.3 CORPORATE STRUCTURE

The corporate structure of SCL is illustrated in the chart below:

 Seed Co Limited (Zimbabwe
incorporated & ZSE listed)

Seed Co International
Quton Prime Seed Co
(Botswana
Seed Co Zimbabwe incorporated) (BSE Zimbabw Zimbabwe
(Division) primary & VFEX e (40% (51%
secondary listing)
27.30% associate subsidiary)
)

ORGANISATIONAL STRUCTURE
CHAPTER 2

PRODUCTS OFFERED

Seed Co Limited offers seed varieties that are specially bred for various ecological regions
across Africa, assuring quality, certified seeds and high yields for a bumper harvest. The
seed crops produced by SCL include maize, wheat, soya, sugar beans, groundnuts, sorghum,
cowpeas with rice having been recently added onto the list. Vegetables are also part of the
product basket.

The certified maize seed that Seed Co produces comes in five different varieties, with each
variety being denoted by an animal, from a hare to an elephant. A hare represents the SC300
series, a monkey SC400 series, a zebra the SC500 series, a lion SC600 series and lastly,
SC600 series which is represented by an elephant. Some maize varieties are yellow maize
which is used for livestock feeds. Each series usually has more than one variety under its
label. These maize seed varieties differ mostly in the maturity periods, from ultra-early
maturity hybrids to late maturity hybrids. The varieties also differ in yield potential.

These maize varieties are performing very well in terms of market share because they are
specifically made for all our natural farming regions here in Zimbabwe. Farmers are afforded
an opportunity to choose from a basket of varieties, a variety that is most appropriate for their
farming regions. Also, producing a variety of certified seed maize has allowed Seed Co to
break the norm which many people were accustomed to that no growing of maize is done in
areas that receive low rainfall. Farmers in such areas are afforded an opportunity to also grow
maize and feed their families by growing any SC300 series maize variety that is a very early
maturity hybrid.

To achieve its vision of being the dominate the agro business in Africa, Seed Co has ensured
the development of crop varieties that are better suited to new and ever changing climatic
conditions. The organisation have released varieties that have tremendous adaptation. Climate
smart adaptation can be in the form of the 1) A reduction in the days to maturity of the new
varieties which include the ultra-early maturing varieties SC 301 & SC 303 and Very early
maturing varieties SC419 and SC 437 these varieties can mature before the onset of mid-
season dry spells and be established late in the summer seasons they require 90 to 120 days to
reach maturity (reduced time to accumulate biomass and yield). 2) Drought tolerant varieties,
these varieties have the ability to withstand long periods of moisture stress (adverse weather
conditions) that include mid-season dry spells this trait is found in different varieties that
include SC 555, SC 659, SC657, SC 719 & SC 727. The process of breeding, delivery and
adoption of new maize varieties in Seed Co is an on-going process aimed at availing and
adopting new innovative seed technologies that are aligned to the farmers’ needs even in the
face of adverse weather conditions.

Even those commercial farmers in the natural farming regions that receive good rains have
also benefitted from a wide range of seed maize varieties that Seed Co has. Commercial
farmers have managed to maximize on their yield by choosing the variety that best suits their
region, for example, SC 719 has a yield potential of twenty-one (21) tonnes per ha. Farmers
are able to maximize their yield and enjoy more profits.

The entity boasts a great market share because over the years it has managed to create a
strong brand that is accepted in the market. Also, the company has partnered with over a
hundred (100) traders nationwide who sell the seed on behalf of the company. Most of the
traders are big brands which are trusted by farmers and anyone who would want to buy seed,
for example Farm and City, Farmbiz, TM Pick n Pay. The traders are conveniently located
throughout the country closer to the farmers. That is one of the competitive advantage that
Seed Co Limited has that has helped it stay relevant in the farmers’ minds and remain a brand
of choice.

Also, the success of SCL maize seed is also attributed to the company having being able to
partner and work well with the government as a stakeholder. The government is the major
customer of the business that buys seed from Seed Co Limited for its various programs such
as Command Agriculture, Pfumvudza program and the Presidential Input Scheme. These
various programs are always a major a sell for the maize seed thereby attributing to the
success of the various seed varieties as well as continued market share dominance.

SCL also produces certified wheat seed. The wheat comes in three different varieties which
are SC Select, SC Serena, SC Nduna and our newest variety SC W9101. Basically, all the
wheat varieties are medium to late maturity varieties and their yield potential is between 10.4
and 10.5 tonnes per hectare with the newest variety SC W9101 having produced 11093 kg
per hectare during the research and development trials in 2019. All these wheat varieties have
a very good resistance to diseases like leaf rust and powdery mildew. Also, all these wheat
varieties are suitable for bread baking.

All the three wheat varieties which were already in the market are doing well. SC Select has
proved to be the farmers’ favourite because it requires less chemical application than other
varieties. Regardless of this competitive advantage of SC Select, SC Nduna has somehow
managed to remain relevant because the sales of the variety have kept on growing over the
past two years regardless of competition from the other variety. Seed Co’s wheat varieties
success in the market is mainly attributed to the consistence of the brand in producing and
delivering to the market the product. Seed houses in Zimbabwe mainly produce maize seed
and SCL is among the few that produce wheat, hence the success of the seed in the market.
Also, government is one the major customer that buys wheat seed from Seed Co resulting in
the company dominating the industry.

In SCL’s product basket is also soyabean which comes along in four (4) varieties which are
SC Safari, SC Serenade, SC Spike and SC Status. These soyabean varieties are tolerant to
diseases like frog eye, leaf spot and red leaf blotch. Seed Co was again the first to release
varieties that are resistant such as SC Signal, SC Saxon and SC Sentinel. The various
varieties of soyabean that Seed Co produces are all doing well in the market because they are
a valuable cash crop, required for cooking oil production and making of animal feed.

The organisation also offers certified sorghum seed that comes in two varieties which are SC
Sila, SC Smile and SC XH102. The sorghum varieties are grown for both human
consumption and livestock feed. The sorghum used for brewing, making sadza as well as
porridge. The seed can grow well in areas that receive low rainfall such as natural regions 3,
4 and 5.

Despite the good qualities of the hybrid sorghum seed, its performance on the market is
relatively low as compared to other products in the SCL basket. This is mainly because
farmers in other regions that receive good rains like region 1 and 2 focus on growing crops
like maize, wheat and soyabeans. Only those in the arid and semi-arid regions grow sorghum,
with some of them having substituted sorghum with maize varieties which can also grow in
dry regions like SC301.

Apart from cereals and legumes, Seed Co Limited’s product basket also has vegetables. The
vegetable basket has fourteen (14) different vegetables which include rape, cabbage, carrots,
cauliflower, fine beans, onions and watermelon. Some of the vegetables come in more than
one variety, for example, cabbage has varieties such as majesty, Fabiola and delight while
ada, regent, dina and neptune are varieties for onions. These vegetables are doing well in the
market because they are hybrid varieties and also because of the brand they represent.
The success of the Seed Co products in the market is mainly attributable to the brand that the
company has managed to create over the years. The entity has managed to keep on producing
seeds that meet the expectations of the customers. This is due to intensive investments that
the organisation has managed to put towards research and development. And due to that, the
entity has managed to do various innovations such as producing hybrid varieties and produce
varieties which are diseases tolerant as explained below.

Maize
In 1994-1996 Grey leaf spot disease (GLS; caused by Cercospora zeae-maydis Tehon and
Daniels) which affects maize spread to Zimbabwe from South Arica KwaZulu Natal. Maize
is predominantly grown by small-scale farmers without fungicides; hence, there was need to
develop GLS resistant hybrids. Seed Co became the first company to come up with SC 709 a
single cross variety which was resistant to the GLS. There is limited information about the
mode of inheritance for GLS resistance in regionally adapted germplasm.
Soya Beans

Soybean rust is potentially one of the most significant diseases of soybean. It can spread
quickly and cause leaf spots and defoliation of soybean plants. Under favourable conditions,
the pathogen can cause yield losses greater than 50%. Soybean rust was first found in the
continental United States in the South in 2004. Since then, the disease spread and became a
global outbreak however Seed Co was again the first to release varieties that are resistant for
example SC Signal, SC Saxon, and SC Sentinel.
CHAPTER 3

DUTIES, TASKS AND RESPONSIBILITIES

Seed Co Limited is an Agro business and hence, finance department is among other
department that provide a supportive role to the business. The finance department has various
functions which are Information, Communication and Technology (ICT), accounts payables,
accounts receivable, purchasing, treasury, growers, sundry stores and stocks. The writer got
an opportunity to be working from one function to another over the period she has been at
Seed Co Limited.

Organogram of the Finance department

Sundry payables is the first function I got introduced to upon joining Seed Co Limited. The
major function of sundry payables is making payments to suppliers who supply the business
with various items and services such as packaging materials for seeds, chemicals for treating
seeds and servicing of company vehicles. The payments are normally done upon receiving of
an invoice though there are times when prepayments are done especially to those suppliers
who are the sole supplier of the product or service and would require payment before
products or services are rendered.

The accounts payables function work interrelated with the purchasing function. Before any
products or services are supplied to the business, the purchasing function provides the
supplier with a purchase order except for those suppliers who have a contract to supply to the
business. When a supplier supplies goods, they do not go directly to the department or the
person who requested for the products but they are received by the sundry stores department.
The sundry stores department only receives the products and then send the invoices for the
goods received to the sundry payables department.

Upon receiving the invoices from the sundry stores, the sundry payables is responsible for
posting the invoices in the system. When posting an invoice, a purchase number for that
invoice is one of the major requirements that have to be put. That is the reason it is
mandatory for a supplier to have a purchase order first before supplying goods. An invoice
records as a positive in the ledger of the supplier whilst a prepayment is shown as a negative
in the ledger account of the supplier. Payment for the goods delivered is then made to the
supplier after delivery of goods and posting of the invoice in the system. The writer got an
opportunity to post various invoices into the system and to also facilitate payments for
various suppliers.

Payments at Seed Co Limited are mostly always done by bank though there are a very few
instances where payment is done on cash. Paperwork is done for each and every payment
done. There should be the purchase order from the system showing the supplier’s name and
the total amount of goods to be supplied by the supplier, the fiscal tax invoice if the supplier
charges VAT showing the company details correctly as well as the VAT number, the printed
ledger form the system and the remittance advice from the system also showing the total
amount being paid. The amount in the ledger should be the same amount being paid on the
remittance advice. For example, suppose a supplier supplies goods worth ZWL 516 000. That
will be the amount being shown in the ledger of supplier as a positive. The remittance shown
also be of the same amount and the payment will reflect as a negative in that ledger to bring
the closing balance to ZWL0.00.

For those suppliers whom prepayments are made, the accounts payable is responsible for then
asking responsible persons from the department whose payment has been made to make a
follow up for the products to be delivered or service to be rendered. In the event that the
supplier can no longer supply the products or render the service due to various reasons, the
sundry payables function is responsible for facilitating a refund and making sure the supplier
refunds the business the payed funds. The writer also took part in asking for refunds from
suppliers and making sure the suppliers process the refund. For example, a refund from a
certain hotel that the business had paid for accommodation and meals but then the event was
held at a different venue. A refund was done for the payment made. However, when the
supplier then supplies the products they are received at the sundry stores and then the invoice
posted to clear the negative balance in the ledger account of the supplier.

The accounts payable keeps an excel schedule for the suppliers they transact with showing
when each of their tax clearance certificates are due. Also, when transacting with a supplier
for the first time, a tax clearance certificate is also requested. The tax clearance certificates
are also printed and kept in a file. A new tax certificate is requested from the supplier upon
expiring of the old one. ZIMRA requires 30% to be withheld on a payment made to a supplier
without a valid tax clearance certificate. The function is responsible for deducting that 30%
when making a payment to a supplier without a valid tax certificate and then remit it to
ZIMRA on the 25th of the month whenever they withhold.

Besides suppliers, accounts payable function is also responsible of paying depot commission
to various depots that sell seed on behalf of the company. To do this, the accounts payables
work with input from the accounts receivables as well. Whenever a depot makes a payment,
those in the account receivables function are the ones to know. They then communicate with
the account payable to pay the depot a commission. They depot also send through its invoice
for payment.

The accounts payable is also responsible for preparing a Value Added Tax (VAT) schedule
and filling the VAT return and submitting it to ZIMRA every month. VAT has an account in
the accounting system, Sage 300, where all transactions having VAT are shown. Invoices for
the month are spooled from the system for that month. The information spooled from the
system shows the vendor name and code, invoice number, date and VAT amount. All this
information is put on an excel sheet. The person preparing the VAT schedule should then find
the physical copy of the invoice and fill the respective information as required by each
column also adding the description of the products purchased, amount before VAT and
amount inclusive of VAT. Finding the physical copies is made easier by maintaining a tray
where invoices containing VAT are put every month. After having completely done filled all
the information on the schedule, the excel schedule is then submitted for review to the
financial accountant. The financial accountant writes comments on the invoices that fall short
as per the ZIMRA standards such as those where the entity’s name is wrongly spelt. If there
are no corrections to be made, the financial accountant gives permission to process the VAT
return. The writer got an opportunity to prepare the VAT schedule for since the first month
she joined the function. She also got the opportunity to fill the VAT return and uploading it
on the ZIMRA portal. The sundry payable also does the Withholding Tax and submit it to
ZIMRA.

The writer worked under the accounts payable function for five consecutive months and
moved to the purchasing function in March. The purchasing function is responsible for
mostly processing requisitions for the finance department and all other departments within
the organisation. The purchasing accountant has an approval console in the system that shows
all the list of the requisitions put in the system by various requisitioners. The purchasing
accountant is responsible for looking for quotations for anything that any department needs to
buy. The quotations should be from suppliers who are from the approved list of suppliers.
Upon receiving the quotation, the head of department for which the purchase is intended to be
made signs the cheapest quotation of the three. The purchasing accountant then processes the
requisition and upon approval of the requisition by the assigned authorizers, a purchase order
for that requisition is then system generated and sent to the supplier to deliver the goods or
render the service. During the time that the writer worked under this function, the writer got
the opportunity to process requisitions in the system by following all the control measures put
in place and also giving the purchase orders to various suppliers.

The function is also responsible for making sure that the supplier who was given a purchase
order delivers the goods or renders the service. The purchasing accountant makes
arrangements with the supplier regarding delivery of the goods. Most suppliers deliver the
goods though some suppliers ask the business to collect depending on the quantities it has
purchased. For those suppliers which does not deliver, the purchasing accountant
communicates with the department that made the requisition to make arrangements to collect
the products. When the goods are finally delivered, the purchasing accountant is also
responsible for reminding the accounts payables to make the payment for the goods
delivered.
The same function is also responsible for communicating with the supplier in the event that
the supplier just delivered goods or rendered a service but did not bring the invoice. The
purchasing accountant communicates with the supplier to bring the invoice. Communication
is also made to the supplier in the event that an invoice needs correction. For example, some
suppliers might write the name as Seed Co Zimbabwe instead of Seed Co Limited. The
purchasing accountant communicates with the supplier to correct the details and gently
reminds them to write the name and other details as they appear on the purchase order given
to the supplier.

The other responsibility of the function is also responsible for looking for new suppliers of
certain goods or services. The prospective supplier sends through their company profile as
well as its tax clearance certificate. The purchasing accountant also run a background check
for the prospective supplier. The accountant also goes on site to see where the business
operates from and see if it means the requirements to be taken in as one of Seed Co Limited’s
suppliers. The writer also got the opportunity to meet prospective suppliers who came
looking for business at the workplace. The writer even went through the company profiles of
the prospective suppliers and also giving due consideration whether the prospective suppliers
adhere to the laws and regulations put in place especially by ZIMRA.

From the above function, the writer moved over to the accounts receivables. The function has
three credit controllers who are Vanessa, Mr Marange and Mr Madzivire. Vanessa helped the
writer to understand the function a bit more. The business has various customer groups which
include traders. The traders sell the company’s products on behalf of the company. The
function is responsible mainly for making sure those traders who are given seed by the
business pays back all their dues. The function is not only just concerned with the payment
but most importantly the timing of the payment. The functions maintains records of all the
traders and monitors the transaction history for every trader.

The function is also responsible for constantly communicating with traders reminding them to
make payments as they become due. Communication is mainly done from the office using
telephone calls and emails. However, the credit controllers sometimes drive to the physical
address of those traders who would be failing to pay their dues on time now and again. The
credit controllers are also responsible for initiating the process of suing those traders who
would be misusing the business money realised from selling the seeds but not remitting it to
the business as per the contract agreement.
Apart from the responsibilities stated above, the function is also responsible for revaluing
traders’ invoices due without payment. Since the function maintains a record of the payment
history for every trader, it is then easier to identify those traders who have not yet paid for
their invoices which are due. The function revalue those invoices using the current prices
obtained from the sales department. This is done so that the business does not lose value for
its money from the traders who are not paying as per the agreement. The writer got an
opportunity to participate in the process of revaluing invoices due for certain traders.

The writer moved to the treasury function from the accounts receivables. That is the function
where the writer is working under at the time of submitting this report. This function is
interlinked with every department because it is the department that avails funds for use by
every department. The function accounts for all the banks and other payments methods that
the business uses. The function communicates with the accounts payable function on a day to
day basis, telling the function how much to take from which bank for making payments to
suppliers. The function also communicates with the growers function on the same note,
telling the accountants who manage the growers to use how much from which bank (s) for
making grower payments. The function also communicates with the accounts receivables to
communicate and confirm payments coming into the bank from the traders.

The function is also responsible for going to various banks looking for loans should there be
the need. The function does so with the authorization from the finance director and managing
director. The same function is also responsible for making sure the business pays back the
interest on the loan and eventually the loan back on the agreed due time by the bank.

The writer is yet to complete her time under the treasury function and move on to stocks
where trading accounts are prepared then work with the management accountant who
prepares management accounts.
CHAPTER 4

EVALUATION OF THE INDUSTRIAL ATTACHMENT

Evaluation of the industrial attachment programme

The industrial attachment programme played a major role in the writer’s professional and
career development. Despite the numerous drawbacks encountered during the duration of the
programme, the writer strongly feels that the benefits derived strongly outweighed the
drawbacks encountered.
The writer believes that she got a valuable opportunity to apply the theory learnt in the first
two years of her degree programme into practise during industrial attachment. Areas learnt at
university were put to a stern test by commerce and industry and exposed the weaknesses
whilst highlighting the strengths of the Bachelor of Accounting and Finance Honours degree.
Benefits of the Industrial attachment programme
 The writer gained the exposure of operating in a real life work environment as she
was treated as a fulltime employee and was required to follow the firm’s
organisational culture. This gave the writer the chance to carry herself around the
workplace as one of the employees there who has responsibilities and at the end of the
day, accountable to the results for the assigned tasks.
 On commencement of employment, the writer signed an employment contract, which
governed her employment relationship with the firm. This helped the writer to feel
included as one of the employees of the organisation and feel naturally obliged to do
all that the firm’s employees are expected to do, including attending meetings and
briefings scheduled for the organisation’s permanent employees. Signing the
employment contract gave the writer a full sense of belonging.
 Being attached to a registered business organisation that has been operational for over
80 years gave the writer good grooming on professional dress codes, workplace
manners and professional etiquette.
 The writer’s supervisor rotated her around all the functions in the finance department.
This gave the writer an opportunity to enhance her knowledge on the operations of the
finance department as a whole through various functions that support the department.
The writer enhanced her knowledge on taxation, credit controlling, purchasing and
sundry payments. The rotation system also allowed the writer to apply knowledge
gained in one function to other functions as the functions in the department are
interlinked. This enabled the writer to gain holistic knowledge and improved the
writer’s contribution to the firm.

 The writer gained exposure on the business and various requirements needed for the
business to keep on growing and the impact of the finance department on the overall
performance of the business operations.
 Since the writer worked under the direction of qualified and experience immediate
supervisors, her training requirements were well catered for enabling her to assimilate
knowledge from different experts.
 A personal mentor who is an experienced accountant was assigned to the writer upon
commencement of the industrial attachment programme. The mentor provided
guidance to the writer and helped in solving problems encountered during the duration
 of the attachment programme. The mentor also provided periodic evaluations on the
quality of the writer’s work thereby allowing for opportunities for constant
improvements.
 After the completion of every work assignment, the writer was required to sit down
with her superiors and complete a job appraisal form after some discussions with the
superiors. This allowed for direct and instant feedback on the writers work and
highlighted areas that needed improvement. The appraisal system allowed the writer
to get a feel on the emphasis on quality that industry and commerce place on their
employees.
 Industrial attachment enhanced the writer’s computer literacy skills, as he would
perform several assignments on the computer and as the writer’s supervisor always
made it a point that an accountant does not write anything on paper but manipulates
data on the excel sheet. The writer also learnt to use office equipment such as printers
and photocopying machines.

 The author spent most of her time working under pressure especially during the times
as the business prepared for external audit in trying to meet strict deadlines. This
sharpened the writer’s pressure management skills and strengthened her character.
 During the attachment period, the writer got an appreciation of the importance of
properly filing documents in a modern work environment. The writer was also
exposed to different filing and data preservation methods for example filing by date
order, filing by supplier/customer name and filing by cheque number. The writer also
appreciated the concept of saving every work done in the google drive as a way to
preserve the information and also as a backup. The writer would share access to the
documents with other employees so that they too can have access to the information
in the event that the writer is not instantly available.
 Industrial attachment enabled the writer to interact with commerce students from
other universities. This enabled the writer to share experiences with a diversified
number of people thereby enhancing his knowledge and scope.
 When searching for a place for industrial attachment, the writer was able to get a
practical feel of the job searching process. The writer had to submit curriculum vitae
to several organisations and also attended a number of interviews before being
attached to Seed Co Limited. The skills gained during this job searching process will
be valuable to the writer upon completion of his degree programme.
Challenges faced and rectifications taken
 The writer did not receive constant visits and check-ups from the faculty authorities.
This made it difficult for the writer to constantly gauge her performance against the
department’s expectations. The writer therefore had to rely on the evaluations and
appraisals performed by her superiors
 During the initial stages of the attachment programme, the writer faced some
resistance from some members of staff who were unwilling to freely impart their
knowledge to the writer. The problem was ironed out through establishing proper
communication lines with the seniors who later on proved to be very cooperative.
 The harsh economic environment facing the country posed some great financial
constraints to the writer in trying to meet daily expenses like accommodation, food
and transport. The writer had to resort to receiving handouts from family members.

CHAPTER 5
ANALYSIS OF THE RELEVANCE OF THEORY TO PRACTICE.

Introduction
Industrial attachment is a chance me for students to test the real waters by working in
recognized companies and evaluate their careers as well as to assess the relevance of theory
to actual work. The writer will analyze the relevance of the following courses learnt at
college so far to the real work environment in the following section.

The Analysis of the Relevance of Theoretical Courses to Practice

i. Introduction to Financial Accounting and intermediate Financial Accounting;
(a)Accounting cycle
During the writer’s attachment period at Seed Co Limited, the writer observed that all the
stages of the accounting cycle were being followed. These include;
Identification of financial transaction using source documents for example receipts, invoices,
Record transaction in books of original entry for example cashbook
Posting of transaction to the general ledger,
Preparation of trial balance
Preparation of financial statements in accordance with International Accounting Standards
such as IFRS 1, 7 and 16.

(b)Double entry Concept

The writer observed every debit entry had a corresponding credit entry that is each
transaction should have two legs. An example is goods purchased on cash basis from
FoodWorld Supermarket,

Dr Purchases xx
Cr Cash a/c xx

(c ) Accruals Concept

This entails matching expenses and revenue in the year incurred regardless whether cash has
been paid or received. This was observed as all expenses were matched with revenue in
financial statements.

(ii)Auditing and Assurance

(a)Integrity
This helped he writer carry herself well in the professional environment and conduct herself
well adhering to the conduct of ethics. The writer noticed other employees as well being
integral in the workplace by not by-passing internal control measures put in place.

(b)Financial Statement Assertions

These are existence, rights and obligation, occurrence, completeness, valuation,
measurement, presentation and disclosure, cut-off, accuracy and classification. The writer
encountered this whilst performing various tasks assigned from various functions such as
Cash and Bank
Receivables,
Payables

(c) Internal controls

The writer witnessed various internal controls, which were learnt at the University of
Zimbabwe. The business has various internal control measure put in place in the system and
outside the system. One of such control measure is segregation of duties in the expenditure
cycle for example the person who signs cheques should not post payments to the ledger so
that controls are not overridden and also that an expense should be approved by a person
higher in authority than the one making the requisition neither can a person approve his or her
own expense.

(d) The audit of transactions

When auditing each transaction had to be traced to source documents for example tracing
recorded invoices in the sales ledger to the actual invoice.

(iii)Accounting Information Systems 1 & 2

The work done in the various functions of the finance department relied heavily on using
various software such as the company’s accounting software, Sage 300 and the Microsoft
office. Due to the knowledge acquired from this module, the writer was able to use the
software in performing various tasks such as posting invoices in the system, spooling and
analyzing various expenses accounts as well as preparing cost comparison schedules for
various items.

(iv)Cost and Management Accounting

This module taught the writer to always account for costs properly in the periods when they
are incurred. The writer saw these concepts being done at Seed Co Limited. There were
periods when the management accountant would ask the writer to spool certain costs
accounts from the system and analyze to see if all that was posted in those costs accounts are
really expenses for the that expense account.

(v) Student Development and Life Skills

Communication is vital in every aspect of life and this also includes the business set-up. As
such the theory learnt on communication was very relevant and the writer was able to apply it
successfully on daily basis. Life skills especially soft skills were also learnt and the writer
was able to appreciate the importance of such skills. Being at Seed Co Limited allowed the
writer to develop such skills better in the professional working environment, including good
communication skills.
The means of communication that were noted at the host organization, Seed Co Limited
encompass the following;
E-mail
Grapevine
Telephones
Interpersonal communication
Meetings.
Seed Co Limited has an open door communication policy. Employees at all levels, from the
highest down to the lowest level can openly and freely communicate. As a result, various
goals are achieved which range from personal development goals and business development
goals because of this relationship between efficient communication and goal achievement
within an organization.
(vi) Quantitative Methods for Business

Statistical concepts such as sampling were often used by the writer in test of transactions.
Factors such as risk attached to the exercise, amount of time at the disposal of the audit
programme often. Sample sizes to be tested from the population of selected items. In most
cases the writer applied value sampling, which is selecting high-valued items/transactions for
substantive testing.

(vi) Business and Corporate Law

The various concepts in Contract law, leases, and types of business ownership were the ones
which were more applicable to the real work environment. The writer got to appreciate the
business environment better and certain regulations that the business has to adhere to. The
writer had an opportunity to participate in certain processes of making sure the business
comply with the laws and regulations as the writer got the importance to fully understand the
impact of not adhering to the rules and regulations put in place for the businesses.
OVERALL ASSESSMENT
About 70% of the theory learnt at the University of Zimbabwe was relevant and applicable to
the real work environment while the complementary 30% appeared to be abstract and of little
use in real world.

CHAPTER 6: RECOMMENDATIONS, SUMMARY AND CONCLUSION

Recommendations
6.1 Recommendations to the University of Zimbabwe

(i)Observation
The writer observed that there was no supervision of students on attachment by University
authorities. The writer was not visited at her place of work at all by the time this report was
submitted as stated by accounting department staff.
Recommendation
The University authorities should conduct quarterly visits so as to assess the progress and
performance of students during the attachment programme.
Benefits
The University will be able to assess the performance of students and students will get a
platform to air problems during the duration of the attachment programme and get solutions
from University authorities.
(ii)Observation
Students are expected to have submitted their attachment reports by 15 May irrespective of
when they would have started their attachment. This greatly disadvantages those who would
have started their attachment late as they will be having little to report on.
Recommendation
The deadline set for producing the attachment report should depend on when the student
would have commenced his/her attachment.
Benefit
This would allow students who would have started their attachment late adequate time to
compile their reports based on their experiences at the company.

(iii)Observation
Most students where not adequately prepared for the job hunting process of writing
Curriculum Vitae and preparing for interviews as the university curriculum did not place
much emphasis on these practical issues.
Recommendation
Students should be taught job-hunting techniques and be equipped with modern day
expectations by the employeers.
Benefits
Students will become more competitive when searching for industrial attachment places.

(iv)Observation
The writer observed that most of the students mainly studying Accounting and Finance
degree at the institution do not have any idea of the professional bodies underlying the
accounting degree hence a few only get to understand and appreciate the degree and the
future prospects in line with the profession.
Recommendation
Seminars and career guidance meetings, especially those involving professional Board such
ICAZ, ACCA, involving all students in the department should be part of our degree program
as this helps to gain more insight about the profession
Benefits
The Industry will have a larger and different pool of students to study towards Articles of
clerkship in order to be chartered accountants especially from my university.
Recommendations to Seed Co Limited
(i)Observation
The writer spent about 4 months working under one function. She had to ask to be moved
over to another function herself. This reduced the time she had to work under the other
functions as the writer was then assigned to spend at most 1 month working under other
functions. This made the writer have limited time to learn from other functions within the
department.
Recommendation
The firm should stick to the initial training programme and not spent too much time on one
function at the expense of other departments.
Benefit
Students will broaden their skills base by moving around different functions within the
department.

(ii)Observation
Planning for tasks to be done was not done on time sometimes. The writer would be assigned
tasks and be told that they are due on that day yet the immediate supervisor knew about the
task prior. The writer would then complete the tasks hastily thereby compromising the quality
of the work being done.
Recommendation
Planning for tasks to be done should be done on time and communicated to give the assigned
person ample time to take all necessary steps in completing the tasks without compromising
quality.
Benefit
Assignments will be of a very good quality, meeting all the expectations of the users of the
information.

6.3 Summary and Conclusion

The writer greatly appreciated the benefits derived from industrial attachment programme for
the past six months that she has been at Seed Co Limited. The industrial attachment
programme afforded the writer an opportunity to apply the theory learnt in the first two years
of her studies. The career perspectives of the writer were also broadened as she interacted
with different people in commerce and industry.

The decision making and problem solving techniques of the writer were sharpened by the
tests the writer experienced in commerce and industry. By working under pressure in trying
to meet strict deadlines, the writer’s character was developed whilst his pressure management
skills were boosted.
The writer was also able to evaluate the relevance of the theory learnt thus far and identified
areas that needed improvement. By working in teams of highly experienced accounting
professionals, the writer learnt valuable important aspects of the accounting profession such
as integrity and meticulous attention to detail. The firm also afforded the writer an
opportunity to get a feel of the operations of most of its functions within the finance
department namely accounts payables, accounts receivable, purchasing and treasury.

Despite all the benefits derived from the attachment, the writer also faced some challenges,
which were however overcome by liaising with superiors and colleagues. Teamwork, hard
work and effective communication turned most of the challenges encountered into learning
opportunities.

We the undersigned, confirm that the information contained here is true and conforms to
Seed Co Limited

Student Signature Date 10/05/2023

Monica Makelo
(Student)
Comment----------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Supervisors Signature. Date 10/05/2023
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------