We work with companies that are building their own accounting team, whose business volume is growing, or that have foreign shareholders and need reporting in English. At the end of the work you have a written accounting procedure, an adapted chart of accounts and a working monthly closing calendar.
What the set-up covers
- Creating a chart of accounts in line with the Turkish Uniform Chart of Accounts, with sub-accounts tailored to your activities
- Designing the document and approval flow for purchasing, sales, inventory, expense and payment processes
- Reflecting the need to monitor by cost centre, project or branch in the account structure
- Preparing the monthly closing calendar and the reconciliation checklist
- Clarifying the division of tasks between in-house accounting staff and the external accountant
e-Document transition
The obligation to switch to applications such as e-invoice, e-archive invoice, e-waybill, e-ledger and e-self-employment receipt arises according to the thresholds set for the relevant year and the type of activity. We determine whether you fall within the scope and your transition date, and rebuild your document routine for the new application.
The most common problems during the transition are paper and electronic documents getting mixed up, return invoices being issued incorrectly and buyer details being entered incompletely. We address these points practically with your team.
Trial balance and balance sheet in a foreign language
In companies with foreign shareholders, the parent company wants to see the records in Turkey in its own reporting language. We set up the chart of accounts with English equivalents and a mapping table, so that the trial balance, balance sheet and income statement can also be prepared in English every month.
At the set-up stage we also determine how services received from abroad and intra-group service fees will be recorded, and the withholding tax and reverse-charge VAT obligations that may arise on these payments. For detailed reporting needs, see our financial reporting service.
What we need from you
The basis of the work is your current chart of accounts and latest trial balance, meetings with a manager who knows your workflow, and samples of the document types you use. For newly formed companies we create this information together. To arrange an initial meeting, you can reach us via our contact page.
Who is it for?
- Companies that will set up their own accounting department
- Fast-growing businesses whose record-keeping no longer keeps up
- Taxpayers who have to switch to e-document applications
- Foreign-owned companies that report to their parent in English
How does the process work?
- Step 1
Analysis of the current situation
We review your chart of accounts, document flow and recent records.
- Step 2
Design
We prepare the chart of accounts, workflow and closing calendar in writing and submit them for your approval.
- Step 3
Implementation
We put the new structure into operation with your team and carry out the closings of the first months together with you.
- Step 4
Review
After a certain period we review the records again and make the necessary corrections.
Frequently asked questions
How long does setting up an accounting system take?
The time depends on the size of the company and the state of the existing records. In a small or medium-sized company, analysis and design usually take a few weeks; the new structure settles in with the first two or three monthly closings.
When do I have to switch to e-invoicing?
The obligation arises when your gross sales revenue exceeds the thresholds set for the relevant year, or because of your field of activity. As the thresholds are updated periodically, we recommend assessing your current position together on the basis of your revenue in recent years.
Can I use this service if I already have my own accountant?
Yes. The set-up work is carried out together with your in-house team and often reduces your team's workload. Responsibility for tax returns and statutory records can remain with the accountant of your choice.
Can you prepare the trial balance and balance sheet in English?
Yes. By setting up your chart of accounts with English equivalents, we can regularly prepare the trial balance, balance sheet and income statement in English. If your parent company uses a particular reporting format, we also map the accounts to it.