What is SMMM?
What is SMMM?
SMMM is the abbreviated form of “Serbest Muhasebeci Mali Müşavir,” which translates to “Independent Accountant Financial Advisor” in English. SMMM refers to individuals who have earned the right to provide these services through their education and passing interviews. They are individuals who manage accounting tasks without being affiliated with any particular company, as stipulated by the Law No. 3568.
The job description and scope of work for Certified Public Accountants (SMMM) are quite broad. They can be listed as follows:
- They manage the financial affairs of businesses in accordance with accounting principles and keep their records in compliance with regulations.
- They serve as a bridge between businesses and institutions and prepare tax returns for taxpayers.
- They prepare budgets and financial reports, especially in financial matters. Additionally, analysis and auditing are also part of their job description.
- They handle applications to tax offices, government agencies, and the Social Security Institution (SGK) during the establishment phase of businesses. They also follow up on these applications.
- They not only monitor internal company matters but also keep track of the industry market. This enables them to forecast the income and expenses of companies.
- They complete end-of-month and end-of-year closing procedures for firms.
- They create data backups to ensure the security of financial information.
Furthermore, one of the most important responsibilities of Certified Public Accountants is to protect the confidentiality of company data. This is both a commercial ethics and a legal requirement. Considering that financial data is now stored and managed digitally, Certified Public Accountants also have certain responsibilities in the field of information technology.
As technology has advanced, the field of accounting has become almost entirely integrated with the internet. This has brought forth various threats. Especially when considering that companies’ most sensitive financial information is stored and managed in digital environments, the concept of “security” once again comes to the forefront. Certified Public Accountants can benefit from our article titled “Information Security Consultancy” to learn about security measures they can employ.
Moreover, certain skills are required to become a Certified Public Accountant. Being well-versed in accounting regulations is the most obvious one. However, individuals are also expected to have advanced mathematical and analytical thinking abilities. This allows them to provide instant and accurate solutions to potential problems. Proficiency in information technology and technological applications is also an important skill.