CPA

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What Is a Certified Public Accountant, and What Do They Do? Duties and Authority

A financial advisor is a specialist who keeps businesses’ accounting records, prepares tax returns, manages payroll and SGK processes, and tracks financial processes in compliance with regulations. In this guide, you can quickly and clearly find out what a financial advisor does, their responsibilities, and the differences between SMMM and YMM.

Who Is a Financial Advisor?

A financial advisor is a specialist who keeps businesses’ accounting records, prepares tax returns, manages payroll and SGK processes, and ensures compliance with financial regulations. The profession is practiced under two titles:

  • Independent Accountant and Financial Advisor (SMMM): Keeps the books, prepares returns, and handles payroll and day-to-day accounting operations; provides ongoing advisory services to the business.

  • Sworn Financial Advisor (YMM): Authorized after at least ten years of SMMM experience and passing the exam; does not keep accounting records. Performs independent auditing and reporting by certifying tax returns and financial statements; the documents sealed by them carry evidentiary value before administrative authorities and courts.

What Does a Financial Advisor Do?

According to Article 2 of Law No. 3568, financial advisors may provide the following services to natural and legal persons:

Duty

Description / Contribution

Accounting Records

Organizing income and expense records, correcting errors and omissions

Financial Reports

Balance sheet, income statement, cash flow, special reports (VAT refund, capital increase)

Tax Services

Tax planning, return preparation & electronic approval

SGK & Payroll

Employee registration, payroll preparation, e-Declaration approval

Consulting

Incorporation, merger, spin-off, liquidation, tax and financial processes

Why Is It Important?

  • Reduces the risk of incorrect filings: Tax penalties and late payment interest are minimized.

  • Provides financial visibility: Management can make faster decisions with up-to-date reports.

  • Accelerates growth: The right tax incentives and financing options are identified.

How Do You Become a Financial Advisor? (2025)

  1. Degree: Graduate from economics, business administration, finance, accounting, etc.

  2. Internship: 3 years of mandatory internship for bachelor’s degree graduates, 2 years for master’s degree graduates.

  3. SMMM Exam: Pass the multi-session exam administered by TESMER.

  4. License: Obtain a license through the Union of Chambers of Certified Public Accountants and Sworn-in Certified Public Accountants of Turkey (TÜRMOB).

Additional Requirements: Having legal capacity to exercise civil rights, not being deprived of public rights, and not having received a disciplinary penalty incompatible with professional dignity (Law No. 3568, Art. 4).

Frequently Asked Questions

What is the biggest difference between SMMM and YMM?

YMMs certify the accuracy of declarations by preparing tax certification reports; SMMMs cannot certify, but they handle all bookkeeping, declaration, and accounting processes.

When do I need a financial advisor?

From the company formation stage onward, professional support is needed for opening books, tax office notifications, SGK processes, and initial returns.

Digitalize Your Accounting and Tax Processes with Üstad

If you want to reduce traditional accounting workload, you can work digitally with your financial advisor through the Üstad platform; automatically transfer your income and expense invoices, and access your trial balance and balance sheet reports from a single dashboard.

Author

Üstad