WHO IS FINANCIAL ADVISOR? WHAT DO THEY DO?

Financial advisors play an important role in the execution of financial transactions of companies. What exactly are they doing in this process?

Definition of Financial Consultancy Profession

Financial consultancy refers to a professional group authorized by the government in some areas such as keeping accounting records and making a declaration with the law no. 3568 as a professional accountant. In order to be a financial advisor, if you take into account the total time spent in education, internship and examinations, you have to give labor for about 8 years.

How to Become a Financial Advisor?

In order to become a financial consultant, it is required to have at least a bachelor’s degree from law, economics, finance, business administration, accounting, banking, public administration and political sciences and gain professional competency exams and to do an internship in this field for 3 years.

The internship period for master graduated students is 2 years. The financial internship begins with a separate internship exam. In case of success in the proficiency exam which is entered at the end of the internship period, the financial advisory license is entitled to be obtained.

Licensing professionals are registered to the professional chambers in their regions and also to TÜRMOB, where the chambers in all regions are attached.

Financial advisors can open their own accounting offices as they wish, or they can practice their jobs by using or not using their signature powers in companies as dependent.

In addition to these tasks, they can also act as auditors or independent auditors in the audit companies. Financial advisors who wish to work independently by opening their offices must obtain a registration certificate from the room they are attached to.

WHAT IS THE SUBJECT OF FINANCIAL CONSULTANCY?

The most basic tasks of financial advisors are accounting. Accounting is a delicate measurement. With accounting, you can understand whether the work you have done is profitable and you can make a decision to enlarge or close your business.

In this sense, if the financial transactions are not measured correctly, in other words, the incomplete or incorrect accounting cannot be understood. For this reason, the work of the financial advisors is very important.

What Are The General Duties of The Financial Advisor?

When we consider the law clause mentioned above, it is not wrong to list what a financial advisor can do in his daily workflow as follows:

  • To follow the transactions of the Chamber of Commerce, Tax Office, SGK for the organizations of the companies,
  • Establishing and developing accounting systems in newly established and already existing enterprises,
  • To collect income and expense invoices from the taxpayers and to process them in accounting programs or electronic books,
  • To take bank statements from taxpayers and to process bank movements to accounting programs or electronic notebooks and to make bank reconciliations at the end of the month,
  • Preparing the payroll at the end of the month,
  • To prepare financial statements such as balance sheet and income statement according to the records,
  • To prepare monthly, quarterly, annual tax returns and to receive the accrual vouchers by being approved electronically.
  • To pay the tax by sending the accrual receipts to the taxpayers.
  • To prepare and certify declarations such as hiring, employment, monthly service declaration and related issues in SGK,
  • Providing the payment of the SGK payments to the taxpayers by submitting the accrual vouchers of the approved declarations,
  • To advise taxpayers about accounting and tax issues,
  • Writing various special purpose reports such as capital increase, VAT refund,
  • Assisting the taxpayers in transactions such as merger, division, transfer, liquidation as well as establishment transactions,
  • Doing things like address change, change of activity,
  • To carry out the necessary paperwork for the General Assembly meetings,
  • After receiving the necessary trainings, in Tax Administrative Courts and the judicial judiciary, to make an expertise on capital increase and examination of balance sheets submitted to banks and similar issues,
  • To carry out various inspections and audits on accounting documents and financial statements, to give written comments on related subjects and to prepare reports.