FINANCIAL REPORTING AND FINANCIAL AFFAIRS DEPARTMENT
The Financial Reporting and Financial Affairs Department bases its activities on strategic objectives, legislative regulations, and public interest.
The Financial Affairs Management Unit prepares policies that reduce financial risks and increase corporate credibility.
Financial Reporting and Financial Affairs Department is in charge of ensuring the planning of financial activity so that obligations and reporting requirements on financial activities are accurately and promptly fulfilled and monitoring and systematically recording operating results. The Department fulfills these responsibilities in accordance with KKB’s strategic objectives, legislative regulations, and public interest.
The Department is also tasked with;
- Monitoring and fulfilling tax liabilities,
- Cash flow optimization,
- Providing the reports requested by the senior management,
- Compiling and submitting information, documents, and reports required by public authorities.
- The Department ensures that all kinds of support needed by the operational units are within the legal and regulatory framework so they can entirely focus on their areas of expertise and maximize their efficiency.
Financial Affairs Management Unit
The Financial Affairs Management Unit successfully carried out accounting and finance operations in 2020, by taking into account the procedures and principles related to the accounting standards.
To this end:
- In addition to preparing financial reports in line with the rules and regulations set forth by public authorities and sharing these reports with related business units and the public, the Unit fully met tax obligations on time.Kamu otoritelerinin düzenlemeleri doğrultusunda finansal raporların hazırlanarak ilgili birimlere ve kamuoyunun bilgisine sunulmasının yanı sıra vergi yükümlülükleri de tam zamanında ve eksiksiz yerine getirilmiştir.
- Policies that reduce financial risks and increase corporate credibility are prepared and applied. Finansal riskleri azaltan, şirket kredibilitesini yükseltici politikalar belirlenmekte ve izlenmektedir.
- Cash flows were planned in a way that generates an optimal return.Nakit girişlerinin optimal getiri sağlayacak şekilde değerlendirilmesi amacıyla nakit akışı planlamaları yapılmıştır.
- The amendments to the legislation considering the financial activities were followed and necessary arrangements were made.Mali faaliyetlerle ilgili mevzuat değişiklikleri takip edilerek gerekli düzenlemeler gerçekleştirilmiştir.
- The Unit monitored collections and reported its findings to relevant departments to ensure efficient resource utilization and planning.Etkin kaynak kullanımını sağlamak ve planlama yapabilmek adına tahsilatların takip işlemleri ve tahsil edilme durumları hakkında ilgili departmanlara bilgi verilmiştir.
- The Unit paid the expenses related to the maintenance and repair, insurance expenses for the preservation of assets and repairs of fixed assets, project expenditures, general management expenses; it also met its financial obligations arising from applicable laws.Kurum’un sahip olduğu varlıkların bakım ve onarım giderleri, çeşitli projeler için yapılan harcamalar, varlıkların korunmasına yönelik sigorta giderleri ve genel yönetim giderleriyle yasalardan kaynaklanan mali yükümlülüklerin mevzuat uyarınca kontrolleri yapılarak ödemeleri gerçekleştirilmiştir.
- The Institution’s financial obligations arising from R&D project expenditures and applicable laws were checked and recorded in accordance with the legislation.Kurum’un Ar-Ge proje harcamalarına konu işlemler ve yasalardan kaynaklanan mali yükümlülüklerin mevzuat uyarınca kontrolleri yapılarak kayıtları gerçekleştirilmiştir.
- As an organization subject to the regulations of the Banking Regulation and Supervision Agency (BRSA), all legal reporting and independent external audit work conducted as per Turkish Accounting and Financial Reporting Standards was supported. In addition to these activities, all opinion requests from within KKB were answered within the framework of tax legislation.Bankacılık Düzenleme ve Denetleme Kurumu (BDDK) düzenlemelerine tabi bir şirket olarak, Türkiye Muhasebe ve Finansal Raporlama Standartları’nda yürütülmesi gereken, tüm yasal raporlama ve bağımsız dış denetim çalışmalarına destek verilmiş; bu faaliyetlere ek olarak kurum içinden gelen her türlü görüş talebine vergi mevzuatı çerçevesinde yanıt verilmiştir.
Financial Planning and Reporting Unit
In 2020, the Financial Planning and Reporting Unit carried out the following activities:
- Provided assistance in formulating the financial strategy, harmonizing financial management and control systems; preparing the budget in line with KKB’s policies and goals; performing budget implementation and control.
- Established the principles to be taken into account by business units included in the consolidated budget during budget preparation; coordinated the budget preparation process.
- Reviewed the budgets prepared by business units to ensure their conformity to financial plans; created a financial scenario by consolidating budgets; and presented it to the Board of Directors, explaining the rationale.
- Ensured that the budget is implemented in accordance with the goals described in the annual financial plan and carried out work related to the actualized budget.
- Reviewed additional and extraordinary requests submitted by the departments in line with emerging needs; made year-end estimates; and prepared a new budget for the requests deemed appropriate.
- Compiled income and cash flow data and evaluated them against the expense budget; prepared a detailed income and expense budget by taking into account the cash flow statement prepared at the beginning of each fiscal year; revised these plans as necessary and monitored them for each department.
- Ensured dissemination of fast and effective information flow in the most accurate way, with all business units within KKB and senior management, and verified the accuracy of data in the MIS systems.
- Undertook feasibility studies for new projects and products; and oversaw their management within KKB to ensure the implementation of an appropriate strategy.
- Measured financial performance and guided managers accordingly,
- Facilitated the formulation process of the financial strategy and carried out the necessary reporting and analysis in line with KKB’s needs;
- Monitored the channel-based sales performance of the units operating under a consolidated budget;
- Conducted performance monitoring of distribution channels by supporting the planning of the campaign plans in line with the budget and targets set in the annual financial plan;
- Examined the budgets prepared by the units and facilitated the processes of the budget monitoring and preparation of the objectives; ensured that the information flow and budget comply with the income/expense balance by drawing up reports required to define the targets;
- Carried out turnover and income monitoring as well as budget target realization monitoring and established the reporting and system infrastructure required for these to be monitored by the business units as well.
Procurement and Contract Management Unit
In 2020, the Procurement Management Unit successfully executed purchasing activities in accordance with KKB’s corporate structure, audit processes, and internal procedures.
- The Unit provided support to address KKB’s needs in the most cost-effective and fastest way in tender processes conducted with suppliers.
- The electronic tender platform was used where suppliers can share and update their bids electronically. Significant savings were attained thanks to this platform.
- As for procurement procedures outside this platform, KKB made significant savings through strong negotiation capabilities and effective analyses of bids and requirements.
- Improvements and additional enhancements were made in the existing ERP system processes to make the system more effective, efficient, and controlled.
- Process enhancements and updates as required by applicable laws were introduced in supplier risk assessment and support/external service decision-making processes.
- As part of inventory management, fixed assets and inventories were tracked in a controlled and transparent manner on the electronic platform.
- In addition to procurement contracts, processes were introduced regarding business partnership, product, and data center contracts.
- A mechanism was established whereby all procurement details can be instantly forwarded to department heads via the reporting system.