An integration action research on process improvement for reporting and reconciliation of sales collection of KKK Wellness Company

• Main Author: Liclican, Arnel B.
• Format: text
• Language: English
• Published: Animo Repository 2021
• Subjects: Sales accounting; Business Administration, Management, and Operations
• Online Access: https://animorepository.dlsu.edu.ph/etdm_manorg/3; https://animorepository.dlsu.edu.ph/context/etdm_manorg/article/1023/viewcontent/Liclican2.pdf
• Institution: De La Salle University

The purpose of this research is to establish how the Accounting Department of KKK Wellness Company will improve its sales reconciliation process based on the recent strategic changes caused by the COVID-19 pandemic as well as pre-pandemic difficulties. COSO Internal Control Framework helped in identifying proper actions to be implemented which contributed to the achievements of the three framework’s objectives. Relating the components and relevant principles of the internal control framework resulted in an improved process by addressing the root causes. The improved process was evidenced by the online banking, online dashboard, organized branch data, and formalized reports called Daily Monitoring Report and Monthly Summary Reports of Charges and Receivables. The first cycle resolved the issue generally except for one the online banking of its one major bank. The evaluation resulted in the Reporting Objective remark that pointed out the familiarization of the process flow. Addressing familiarization issues in the second cycle, the written and video job aids were done to serve as the basis for the process flow. The results of the second cycle, which included the major bank’s online banking, written and video job aids were reevaluated using COSO Internal Control Framework. The internal control embedded is to prevent errors in transactions involving cash, card, mobile wallet, and online vouchers. The learnings from the action research include reflective leadership, collaboration, the spirit of inquiry, objectivity, and compassion.