Accounting Outsourcing and Reporting

We offer accounting outsourcing and reporting services in Turkey. Our employees are highly
professional experts with specific accounting knowledge from different industries. Request an
individual offer for accounting outsourcing services now.

“Business Partners in Turkey” offers you the possibility of outsourcing your entire accounting
(bookkeeping) in Turkey. Especially for smaller and medium-sized enterprises, the accounting
outsourcing will lead to higher cost efficiency and will enable you to focus on your core business in
Turkey. The outsourcing of your finance in Turkey, especially the Turkish accounting includes daily
bookings and preparation of documents and reports for the Turkish tax- and social authorities.

A challenge in finance in Turkey is that the Turkish accounting and reporting is highly formalistic and
bureaucratic. Besides, tax regulations are much more relevant in Turkish bookkeeping and finance
system in whole than in Western. Combined with the obligation to file complete reports quarterly,
the effort, that needs to be put into accounting (bookkeeping) in Turkey is much higher than in
Western countries.

Conducting all daily bookings,
Accounting of fixed assets,
Salary accounting,
Quarterly reports to Turkish tax authorities, including preparation of all relevant closings and reports
to social funds
Calculation and reporting of all types of taxes,
Preparation of all bookkeeping documents for monetary transactions,
Filing of bank reports, e.g. for currency control,
Consulting on Turkish finance, daily accounting and taxation matters,
Preparation of all HR documents demanded by Turkish law.

Appraisal of Turkish payroll accounting and salary in Turkey
Payroll accounting in Turkey is an integral part of the accounting and tax system. The Turkish payroll
accounting outsourcing includes the generation of various extensive documents about the salary and
personnel administration such as monthly overviews of working hours and diverse internal
adjustments.

Even in standard cases the complexity of the Turkish payroll accounting astonishes most Western
investors.

Calculation of payroll (according to Turkish law)
Calculation and declaration of contribution to social funds
Calculation and declaration of withhold personal income tax for each employee, residents and non-
residents
Calculations of payroll taxes and social taxes for preparation of payment orders (monthly)
Calculations of payments for sick-leave
Calculations of payments for vacations
Monthly calculation of unused vacation reserve
Data on personal income, personalised pension fund report Preparation of pay slips with details
about salary calculation
Monthly preparation of overview of bookings related to payroll accounting
Management reports on payroll accounting tailored to your needs
Preparation of all salary / tax / pension payment orders
Annual overview of vacation of all employees
Annual preparation of the list of staff members, changes in the list of staff

Taxation and Reporting System in Turkey
Reporting in Turkey, as well as taxation, is very complex because Turkish accounting is not
predominantly influenced by commercial law, but by tax regulations. Turkish accounting is thus
extremely formalistic, and the legal requirement to a quarterly reporting system, including the
balance sheets and profit and loss statements, leads to an enormous amount of work.
Our accounting services help you to prepare all necessary reports (e.g. company tax reports) as
required by the taxation and reporting system in Turkey. Apart from compiling reports for Turkish
authorities in Turkish, we can also prepare summaries for you in English.

Differences between Turkish accounting & IFRS / US GAAP
In Turkey, accounting standards are dominated much more by tax regulations than by commercial
standards. Hence, the focus is on ensuring accurate tax calculations rather than having useful data
that shows the full economic picture of the company. Furthermore, the rigid tax regulations exclude
many transactions either due to non-deductibility, insufficient documentation standard or for other
reasons which will, in contrast to IFRS and US GAAP standards, not show up in the accounting and
thus the full economic view of the company will be distorted.

The most important differences at a glance
Turkey is making a consistent effort to migrate towards IFRS, but this will take many years.
Types of IFRS financial statements we provide:
Preparation of full scope IFRS and US GAAP financial statements, including Balance Sheet, Profit and
Loss Statement, Statement of Changes in Equity, Cash Flow and Notes.
Preparation of limited scope, pro-forma financial statements under IFRS or US GAAP.
Preparation of management reports under IFRS and US GAAP.

To understand better and use your Turkish accounting data, they should be converted or
transformed to Western accounting standards and often, this is simply unavoidable. Our financial
experts are knowledgeable and have the right certification to complete transformations to IFRS, US
GAAP or to your specific corporate reporting standards.

As Turkish accounting regulations are very formalistic and consequently have very little economical
significance, it is often recommendable to prepare additional reports based on Western accounting
standards.
As experts in the field of financial analysis we will generate various types of management reports for
you:
Management reports according to your requirements. You might have Excel-Standards, which are
already used monthly in other countries. We can adopt these to Turkish accounting.
Simple Aggregate Amount and Account Balance, supplemented with comments on balances, which
would be different according to the Western understanding.
Reports with cost centers
Short summaries in English about the numbers, which result from the reports for the Turkish
authorities.
We are aware of your need to receive a report shortly after the end of the reporting period.

how can we help you?

As Business Partner, we are always open for talk.
Please, feel free to contact us.

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