The Turkey bookkeeping services are critical to keeping track of the businesses’ finances in order to make informed business decisions in Turkey. Due to the detailed and changeable Turkish regulations, it can be challenging for foreign investors to follow the bookkeeping systems and financial transactions. So, the bookkeeping services in Turkey are ready to assist you in these regulations by providing legal and financial counselling.
As an umbrella company, ERAI Turkey provides Turkey bookkeeping services that help businesses develop and maintain financial transactions and management. With the help of professionalists, ERAI Turkey undertakes all the bookkeeping services in Turkey so that business owners can save time and concentrate on their primary businesses.
In this article, we will take a deep look at bookkeeping services. This article includes the following titles;
- What is a Bookkeeping Service?
- The Benefits of Bookkeeping Services
- What Does a Bookkeeping Service Do?
- Which Industries Can Benefit From Bookkeeping Services?
- How Much Does a Bookkeeping Service Cost?
- Bookkeeping Services in Turkey
What is a Bookkeeping Service?
Bookkeeping which is crucial for all business entities from small to large is recording financial transactions in business. Thus, it requires a proper service to carry out accurate recording and process. Hereof, bookkeeping services play significant roles in this process.
Bookkeeping service is a technique of recording and keeping track of your business’s financial transactions. The bookkeepers are required to compile financial reports based on your company’s activity on a regular basis. These reports indicate your company’s financial situation as well as its performance.
The bookkeeping services offer a strategy to build and manage your company’s overall financial procedures and management. Monthly, bookkeepers verify the company’s expenses, income, transactions and reconcile the company’s financial records. They can also assist with the preparation of financial statements and reports.
What Does a Bookkeeping Service Do?
Bookkeeping services provide several tasks for your corporations, including:
- Bank Reconciliation: Bank reconciliation is critical for your organization since it aids in detecting and correcting data entry errors and missed transactions. It ensures that your accounting software’s transaction details match the transaction details on bank statements.
- Financial Reports: Bookkeepers need to prepare several economic reports monthly, but three significant statements are the profit and loss statement, balance sheet statement, and cash flow statement. The profit and loss statement displays your company’s revenue and expenses. The balance sheet depicts the assets and liabilities of your company. The cash flow statement reveals how much money is coming in and going out of your business.
These reports show whether your company is profitable and whether it has enough cash on hand to cover its day-to-day needs. If the bookkeeper fails to keep such records up to date, it might have an influence on your business estimates, client payment terms, and spending.
- Accounts Payable: Bookkeeping services also handle clients’ accounts payable. They ensure that any overdue bills to suppliers are paid on schedule and without running out of money. They provide that bills are paid on schedule to avoid delivery delays or supplier credit holdbacks.
- Accounts Receivable: Bookkeepers procure that customers are invoiced, and payments are received on time.
- Payroll Processing: Bookkeeping services might also provide payroll tasks. Among these tasks, there are adjusting deductions, calculating employee salaries and also ensuring that net wages are paid to employees on time.
- Data Entry: Data entry is the cornerstone of bookkeeping and accounting services. This is because having correct financial records will allow business owners to get a real and fair picture of how the company is performing.
Which Industries Can Benefit From Bookkeeping Services?
The industries that commonly prefer outsourcing bookkeeping activities:
- Real Estate
- Law Firms
- Construction Companies
- Retail and Whole Sale
- Health Care
- Insurance Companies
- Banking and Financial Companies
- Small and Medium Enterprises
- Large Firms
The Benefits of Bookkeeping Services
There are innumerous advantages of working with a bookkeeping service, including;
- Detailed Recording
A bookkeeper keeps detailed records up to date at all times. This detailed recording does not only help you keep track of your company’s finances, but it also saves you time and money.
- Instant Invoicing
Sending invoices to clients and suppliers on time is one of the most crucial components of the business. This is because it allows the business owner to keep the company’s cash flow in check. A bookkeeper can assist business people in achieving this aim by ensuring that payments are received more quickly.
- Compliance with the Law
Bookkeeping services always follow the most current legal rules and ensure that all accounts and books are present with any recent legal changes. This saves you time because you do not have to go through the legislation in detail.
- Tax Prediction
A bookkeeper is responsible for maintaining tax-ready financial statements and a trial balance so that there is no need to worry during tax season about gathering receipts and closing out your books of accounts. This also allows you to save more money and get the most out of your tax deductions.
- Access to Bookkeeping Software
The bookkeeping software streamlines bookkeeping and accounting by providing fundamental financial statements such as profit and loss, balance sheet, and cash flow, as well as bank reconciliation.
- Concentration on Main Business
Business owners are overloaded with essential activities such as marketing, production, and customer relationship management. As a result, they are unable to devote sufficient time to controlling spending, processing payroll, and paying invoices on time. A bookkeeper, on the other hand, can handle all of these tasks on their behalf, giving them more time to focus on growing business.
How Much Does a Bookkeeping Service Cost?
There are several factors that can affect the service cost, including;
- Tasks you’d like the bookkeeper to complete
- Number of hours worked per month
- The location of your company
- Bookkeeper’s experience
- The number and complexity of your company’s financial dealings
- Whether or whether you utilize accounting software, and if so, what type?
Bookkeeping Services in Turkey
Bookkeeping services in Turkey remove the burden of hiring and managing in-house bookkeepers, controllers and accountants. Turkey bookkeeping services fulfil the financial transactions and requirements in accordance with Turkish law and regulations. So, business owners do not have to deal with Turkish regulations. They can focus on their core operation and growing success.
ERAI Turkey, one of the institutions, offers bookkeeping services that are pretty important for both local and foreign investors to run economic activities in Turkey. With the assist of specialists, you can benefit from bookkeeping services in compliance with Turkish laws. To get detailed information, you can visit ERAI Turkey.