Comsols is a social entity that has a collective goal and is linked to an external environment. The word is derived from the Greek word organon, itself derived from the better-known word ergon which means "organ" – a compartment for a particular task. Our Organization consists of two operational managers with various departments under their supervision carrying out the process to operate for our client –Verizon.
InventoryThis department tells us about how much stock is there in the stores. We come to know how much stock is there by preparing a report called Inventory Availability. The inventory Department consists of some sub departments.
Ordering Department: In this department we order phones and accessories from different vendors based on their availability and pricing. The vendor who has the lowest price among all will get the order.
2. Reconciliation Department: Once we have ordered and we have received the items which we have ordered we need to tally the same with the vendors invoice and reconcile it in RQ4 (Our CRM).
3. Ageing: We make the ageing report which tells us how much payment we need to make to our vendors and the due date for the payment for each vendor is max 30 days.
4. RMA Department: The RMA department is responsible for the phone which are defective during transit or which are not in working condition and are sent back to the vendor so that we can get the credit for them. RMA stands for Return Merchandize Authorization. This is done depending upon the warranty status of the device.
Reporting:This department exists not only to show the financial statements of corporate but it includes to highlight important financial data and to show the application of financial policy. A good financial reporting will show true financial position of company. Company can save from hidden losses, if its accountant highlights critical points in it. In this way, it is helpful tool to investors for better decision making.
Payroll: DM’s send payroll on their employees on Semimonthly basis. We compare their hours and salary from the excel sheet sent by DM’s with RQ4. Enter all the detail regarding payroll in ADP software.
Bank Reconciliation: It’s a multi-part process to learn how to reconcile a invoice. Typically, bank statements get reconciled. Invoices are only reconciled when there is an invoice dispute.
Time and Attendance:-We Check and highlight all discrepancies related with employee schedules, breaks, and their clock in and clock out time etc.
Bank Reconciliation (Cash and Credit Card):-Cash and Credit money is checked and reconciled from RQ4 with the Bank.
Accounts:An accounting department provides accounting services and financial support to the organization it belongs to. It makes a difference to an organization by supplying financial knowledge to decision-makers and by providing managers with financial information to help them make decisions and maintain control over corporate resources. Usually the accounts department does all the stores accounting ensuring a day-to-day working relationship. Accounting Department provides information for major purposes with the help of underlying reports.
Distribution of resources to calculate the profit and loss induced. It helps in analysis of how much Capital is spent by the Company and how much more should be invested for its growth and progress; and where it stands in the given market.
Ageing: Ageing is made for the purpose of vendor payment that how much amount is to be paid to a particular vendor to ensure smoothness in credit system maintained with the vendors.
Bank Reconciliations: Bank Reconciliations are made to keep an eye on every form of payment and deposits within a bank.
Commission’s Summary report to ensure that commission is deposited precisely after adjusting various expenses in between various stores.
Utility Reports: A Utility report is designed especially to confirm if utilities such as rent, electricity bills and telephone bills etc. of a particular store are paid for in time.
The department's accountants review the records of each store to determine the company's financial position and any changes required to run the organization cost effectively. The department acts more as a strategic partner than a section that provides data. It is expected to develop strategies and to provide options and recommendations that increase shareholder wealth and company profitability.
Commissions:The payment of commission as remuneration for services rendered or products sold is a common way to reward sales people. Payments often will be calculated on the basis of a percentage of the goods sold. This is a way for firms to solve the principal–agent problem, by attempting to realign employees' interests with those of the firm.
Employees for corporate Verizon Wireless stores are typically paid on commission. Indirect Verizon stores (Authorized Retailers, Premium Retailers, National Retailers, etc.) are independently owned stores, and pay depends on the company. Most typically, though, employees of indirect Verizon stores are also paid on some type of a commission structure.
To evaluate commission of each Sales Rep. on the basis of sales in the Store.
To ensure whether the devices that are sold on contractual basis have a proper record in RQ4 or not.
To maintain that the commission is diffused to the correct Store.
Filing discrepancies for not found cases.
Churn Control:The very high costs associated with customer/client identification and acquisition is widely recognized today. Most companies experience what is labeled “churn”, losing customers only to replace them with new customers. Companies can often experience churn in excess of 50-90%, yet do little or nothing about it. Such companies maintain volume and revenues by paying the costs necessary to constantly acquire new customers. Some do not even know whether these new customers are in fact returning customers. This will inevitably be a more costly proposition than retaining the same number of existing customers instead of losing them. Retaining customers maintains volume and revenues at lower cost, increases customer lifetime value, and should create loyalty from limited experience and habit. Not spending to recruit new customers saves money. Continuing to recruit while retaining more of the existing customers means increased rates of growth, revenues, and profits. Analyzing customer data and customer behavior is the basis for understanding the needs of our customers. The Churn Control Department is necessary to identify customers that are willing to move to a competitor before they do so. As a conclusion we have to make the right offering to the right customer at the right time. Churn Management helps to increase customer loyalty and to leverage existing customer assets. It includes Billing, resolving queries related to bills, deactivation of services, reactivation of services and maintaining customers for a minimum period of six months.
The backbone of any successful company is the HR department, and without a talented group of people to hire, culture, and inform employees, the company is doomed for failure. Human resource is important to organizations in various areas, ranging from strategic planning to company image. The areas in which HR maintains control can enhance employees’ perception of HR throughout the workforce when they believe HR considers employees to be its internal customers and renders services with that in mind. Importance of HR in building these points of focus:
Recruitment is defined as a process to discover the sources of manpower to meet the requirement of the staffing schedule and to employ effective measures fir meet the requirement of the staffing schedule and to employ to employ effective measures for attracting the manpower in adequate numbers to facilitate effective selection of an effective workforce.
Selection comes into play after identifying the sources of human resources, searching 2. for prospective employees and stimulation helps to apply for jobs in an organization, the management has to perform the function of selecting good recruits for the company.