Bookkeeping & Outsourcing Services

Are you tired of spending your free time reconciling your books, but don’t want to spend a small fortune hiring an expensive full-time CFO or controller? If so, get in touch with Reanda Bookkeeping Services!

We are the outsourced bookkeeping service that provides your business with accurate and timely back office functions, from basic project management to complex strategic planning.

New clients of our outsourced bookkeeping services typically have two main questions: How does it work, and how much does it cost? The answers to both questions are not predetermined. Every client’s needs are different, as is their bookkeeping system. Therefore, the way our outsourced bookkeeping services work, and the price we charge, fluctuates with each client.

In general, though, the benefits of this type of service are uniform across industries and organizations:

More time to focus on your customers and growing your business.
You get a team of bookkeepers to handle your business finances — not just one individual.
Assurance that you are looking at accurate financial reports when you need them.

It happens to the best of us. Times get hectic and record-keeping efforts slide. Do not spend your valuable free time managing reconciliations and comparing cash flow to receivables — call Reanda Turkey Bookkeeping outsourcing services instead.

Our professionals are the reconciliation and project management experts. We will make sure your records are accurate and easy to understand, giving you the stepping-stones you need to make better decisions.

We have helped hundreds of businesses get and stay on track so they are better able to reach their goals. Here are the highlights of how our outsourced bookkeeping services work.

Our services include:

Daily Bookkeeping and Preparation of Tax Declaration

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.

Reanda 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

Reanda 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.

Company Establishment

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

Preparation and Reporting Financial Statements Upon Requirement

Account Reconciliation

The correct evaluation of the financial performance 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

Management of Trade Receivables

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.

Fixed Asset Management

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

Stock Management

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

Preparation and Presentation of Monthly Financial Statements and Footnotes in Accordance to IFRS/Turkish GAAP

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

Reporting in Foreign Currency

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, Reanda 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.

Preparation of the Annual Reports

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.

Follow-up of the Corporate Calendar

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 Reanda, 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