Management Reporting
- Seda Bayraktar, CPA
- Partner
- Accounting Compliance & Reporting
- E-mail to Seda
What is the quality of your Management Reports (Group Reporting Package) that you periodically require from your Turkish subsidiary? Do not forget Turkish GAAP is significantly different than IFRS or US GAAP? Are you satisified as to the accuracy, completeness and timing of your Management Reports?
The quality of management information is highly important to deliver the best possible basis for decision-making to the company management. The management report helps the management to see what has gone wrong and how they can improve their business and financial results.
You possibly need the following elements as to the Management Reporting from your Turkish subsidiary:
- You need an unbiased, fair & transparent financial reports,
- You have a reporting package but you are not satisfied with the format and the adequacy of financial data and disclosures therein,
- You have set up a reporting package but it lacks an integrity and it does not provide required financial information completely and accurately,
- You do not have a reporting package so that you must have one to run your business effectively and efficiently.
How Cerebra can help
As a foreign company having a subsidiary, joint venture or investment in Turkey, in case you have your Group Reporting Package template but you do not have adequate internal sources to prepare it timely and accurately, Cerebra may prepare Group Reporting Package for consolidation purposes in accordance with relevant Group Accounting Manual or IFRS/US GAAP. We have deep expertise within this area of reporting.
Foreign subsidiaries operating in Turkey that do not have a management reporting package may benefit our detailed "Management Reporting Solution Package” which provide full spectrum of financial and non-financial data you need. We prepare complete set of reports each month that provide you an accurate picture of your financial position and performance. You can either use our well-established reporting forms or tailor them in accordance with your business needs and expectations (customized reports).
Our "Management Reporting Solution Package” include:
- Key performance indicators including highlights and observations
- Balance sheet and profit and loss (month and year-to-date) statements with comparable figures
- Details of significant items in the balance sheet and profit & loss statement
- Variance analysis
- Accounts receivables aging
- Accounts payable aging
- Cost center reporting
- Suggestions/recommendation on the business processes and operations (if any)
How our Management Reporting Services work?
- Closure of the company books at period ends determined by the management (weekly, monthly, quarterly).
- Preparation of management accounts of which the format and content is determined by the head office management.
- Using group accounting policies and procedures in the preparation of management acoounts.
- Review of the company financial data, draw the management’s attention to any issues arising and process any adjustments or reclassifications before preparation of the financial reports.
- Submission of the financial reports in line with the deadline set by the management.