Accounting, Bookkeeping and Financial Advising

One of the major issues that a company manager and shareholders have to achieve is the employment of an accounting department personnel and the keeping of the accounts in lieu of the laws. Aren provides its clients with a financial advisor in order to oversee the complete and correct recording of the company's accounts based on the accounting system, tax laws and the Turkish Commercial Code. Our outsourcing services for the keeping of the legal books are:

• Designing of the account charts based on the individual company needs
• Keeping of the accounting records and books in accordance to the Uniform Chart of Accounts
• Monthly cash and bank confirmations
• Completing the monthly closing and preparation of tax declaration
• Aren builds its accounting services with the knowledge of the fastest and most correct way its clients can receive access to information that is crucial in the current competitive environment. We ensure monthly preparation of financial sheets and prepare the end of term proceedings each month in order to be able to provide with our clients the fastest and correct information for their respective requirements.
• VAT and Withholding declarations, Social Security Institute (SGK) declarations, BA-BS (Large Customers -Large Suppliers) forms are checked with the accounting department and submitted to the SGK after ensuring the accuracy of information declared.
• Preparation of the tri-monthly temporary tax and annual corporate tax declarations. The temporary tax declarations are prepared in each three month periods and the corporate tax declarations are prepared annually in lieu with the company legal records and by warning, with suggestions, to our clients in advance for correct tax planning purposes. Finally, the declarations are submitted to the tax department.

The correct evaluation of the financial performances of companies has gained even more importance due to the current growth in business volumes and the highly competitive environment. The basis of a trustworthy financial sheet is the correct confirmation of accounts each month and the correct recording of the account balance on the financial statements.

Ensuring regular confirmation of accounts is an important part of a company's internal auditing system and provides with protection against possible fraud and loss.

We ensure the agreement of accounts by:

• Ensuring the confirmation of the cash balance with the actual company safe
• Ensuring the confirmation of the bank procedures with the account sheets
• Ensuring confirmation of the customer and supplier account sheets with the company records
• Ensuring confirmation of the actual stock count with the company records
• Ensuring the confirmation of the number of actual fixtures and equipment with the company records
• Reporting the differences between the actual count and the recorded amounts
• Follow-up for ensuing terms and determining the reason for differences

As part of the Trade Receivables program, the outsource services provided by Aren are:

• Preparation and sending of invoices (all invoices are to be checked and approved by the client)
• Accounting of revenue and accounts receivables
• Confirmation of customer accounts and records
• Preparation and presentation of financial reports (detailed listing of income, aging of receivables etc)
• Preparation of credit memo
• Preparation of income and receivables sub-accounts
• Recording of collected receivables to the accounting system. Contacting customers who have paid insufficiently and solving the problem.
• Following up on receivables and contacting customers not paying on time
• Coordination of the legal team with experience and knowledge regarding unpaid receivables.

Outsourced services for Management of Commercial Debts include:

• Recording of the supplier invoice to the accounting system
• Management of communication in case of payment requests from the suppliers
• Payment via checks to the suppliers upon confirmation from the client
• Confirmation of supplier statements
• Aging of commercial debts and preparation of financial reports based on requirement of cash

Outsourced services for Management of Commercial Debts include:

• Physical count of fixed assets and confirmation with accounts
• Labeling of fixed assets
• Recording of fixed assets into the accounting system under the accounting fixture and equipment module
• Completion of loss of value and reevaluation tests of fixed assets and reorganization of records based on IFRS and preparation in accordance to IFRS and recording on financial records accordingly
• Calculation and accounting of depreciation based on tax laws, Turkish Commercial Code and IFRS

Outsourced services for Management of Commercial Debts include:

• Physical count and account confirmation of stocks
• Application of a barcode system for stocks (this will be provided from an external source)
• Follow-up of stocks by the stock module of the accounting system and monthly recording of decrease in stock and transferring the data to cost accounts
• Testing of loss of value for stock and rearranging of records based on IFRS and including the data to the financial sheets prepared in accordance to IFRS
• Building the internal control system for stock management and preventing potential losses

As Aren we ensure that in a highly competitive and fast growing business environment, our accounting services provide value to our customers. Many companies prepare their financial sheets not only in accordance to the local laws but also to the International Accounting and Financial Reporting Standards. Many banks, financial institutes and investors require financial reports based on these standards.

• Aren prepares all financial statements in accordance to tax laws and IFRS in monthly and quarterly periods. Detailed end notes are also prepared in addition to the financial statements.
• Financial statements prepared can be presented to the clients in board meetings and analyzed in detail.
• Financial statements prepared with footnotes are:
  • Balance Sheet
  • Income Statement
  • Statement of Cash Flow
  • Statement of Changes in Shareholders' Equity
   

Many international and multinational companies have commercial activities in our global environment. It has become a necessity to provide with financial statements prepared in accordance to the foreign currency requested by the subsidiaries and affiliates active in other countries in order to consolidate the financial statements at home base and prepare the financial reports of the group as a whole. In accordance to its client's requirements, Aren prepares and presents financial statements in any foreign currency.

• All financial details are recalculated in accordance to the IFRS principles and converted to the foreign currency required.

The activity report is a document prepared annually in order to inform and influence the current and potential business partners and benefactors. Information pertaining to the fiscal year, the goals of the company for the coming year and the methods planned for achievement of the goals are prepared and designed in accordance to the laws and the company design code. The key to preparing an annual report is that different people or institutes may require the report for different reasons. Company shareholders, investors, financial analysts, customers, suppliers, creditors or employees may require the report for different reasons. In view of the large parties that the activity report is to prepared for, it has to be prepared in visually rich and wide scope in order to be able to convey the correct company message to different groups.

In a period where information is spread fast, companies that make correct use of communication means start one step ahead of their competitors. As the company's vision, goals and social values are expressive of the company's standing more than only its financial worth; the annual report is the only communication device that can replace face-to-face interaction and thus must be very well prepared. With this in mind, our services in regards to the preparation of annual reports are:

• Preparation of the annual report in view of the company requirements, the regulations required by the new Turkish Commercial Code, Regulatory bodies (SPK, BDDK, EPDK and HM) and international applications.

Our corporate calendar follow-up service guarantees that all the legal proceedings of our clients are done in accordance to the new Turkish Commercial Code and other legal requirements. At Aren, our Corporate Calendar Follow-up service includes:

• Organization of the Board of Directors, preparation of their calendars and keeping of their notes
• Legal bookkeeping
• Establishment of branch and communication offices, procedures requirement the closing of these offices and declaration of address changes to tax offices and social security directorate in accordance with the pertaining law
• Attending customer meetings and providing with legal, accounting and finance and tax issues
• Providing coordination with independent auditor, attorney and counselor
• Attaining work and residence permits for foreign personnel
• Preparation of corporate management reports

At Aren; we provide with the following company establishment services:

• Determining the most beneficial company type and financial structure based on the business intended.

• Making the feasibility study of the development of the planned business and the business owner's goal, transferring this information into numbers and preparing the profit/loss and cash flow projections.

• Preparation of the company main contract and registering it at the trade registry chamber and the tax office

• Planning of taxes

• Preparation of the most appropriate accounts plan for the business and establishment of the accounting system in accordance to the laws

• Other legal requirements