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Vietnam Accounting Services - Tax Accounting Services For Businesses

Accounting services in Vietnam, Package tax reporting service for businesses in Vietnam, Monthly package accounting without incurring.

The Vietnamese market today has many business organizations operating in a variety of fields. To be able to operate effectively and bring the most added value, first of all, each company must have professional departments. Especially the accounting department, which is a difficult job and always holds an indispensable important position. However, to build a complete unit at the company might be a financial burden for many companies. Therefore, Vietnam accounting services are the preeminent solution for both domestic and foreign businesses.

Refer to related services:

1. About Accounting Services for Businesses

1.1 What is accounting?

The accounting reflects the changes of assets, processes and results of production and business. Accounting is the activity of obtaining, processing, analyzing and reporting. And then communicating financial and non-financial information.

With the purpose of providing useful advice in making socio-economic decisions of companies as well as evaluating the effectiveness of the operating activities. It is an essential part of every business in every sector and scope.

1.2 What is Vietnam Accounting services

Vietnam accounting services help businesses to handle bookkeeping, accounting and reporting. Therefore, operations require high accuracy that bring satisfaction to customers using the service, and at the same time ensure that the work is performed in compliance with the provisions of accounting Law.

Basically, Vietnam accounting services perform such operations as receiving and processing arising documents, then conducting accounting and tax reporting for the company. Although these are basic things, with the overload of work, many companies that do not have enough resources to manage have turned to the service. It can be seen that the type of accounting services are being favored by many organizations.

Beside that, Tax reporting is an essential activity in accounting. In Vietnam, tax laws often change while Enterprises need to comply with taxes thoroughly to reduce the risk of business losses. Therefore, tax compliance is very important. Therefore, businesses often tend to choose to use external translation for both accounting and tax reporting services.

Tax reporting tasks are relatively complex including many transactions. Therefore, it is required that the executor must have enough experience – skills – knowledge to fulfill his obligations to the tax authorities.

2. Benefits of using a package of Vietnam accounting services

Currently, most economic organizations now choose to outsource accounting because of the preeminent benefits that the service provides. The vast majority of businesses consider Vietnam accounting services to be the preeminent solution to maximize economic benefits.

2.1 Maximize time and cost savings

Designing a team of accountants in-home is not a problem for large corporations, but it is a burden for small and medium-sized companies to have to both pay monthly salaries and provide services. Moreover, the professional issues of employees are always concerned by the company because the money comes with quality, the better the accountant, the higher the salary.

When using Vietnam accounting services, businesses do not need to worry about personnel issues when dealing with employee leave, saving time on handing over books and data and retraining employees.

2.2 Accurate and fast working process

Vietnam accounting services always ensure the work is completed accurately and on time. When choosing to use accounting services, businesses will be served by a team of leading experts in the field of accounting with enough skills and experience to handle all arising situations.

3. Why businesses should use outsourced Vietnam accounting services ?

3.1 Compare in-home accounting and outsourced accounting

Vietnam accounting services bring many benefits, but on the balance sheet with a specialized accounting department, which form is effective and suitable for businesses, consider the following factors

  • Employee cost:

If the business is still limited on budget, building and maintaining an accounting team is definitely more disadvantageous. However, the company cannot guarantee that the quality of work of employees is commensurate with the money spent. Meanwhile, the cost of hiring Vietnam accounting services is lower, depending on the service packages that businesses register.

  • Personnel:

Employees in the company are easily dissatisfied with issues such as: management boss, salary, facilities, … and can quit at any time. Therefore, the company also takes time to find and train new employees. As for Vietnam accounting services, suppliers always limit the change of the person in charge and in the unlikely event of a change, the commitment to hand over the work takes place quickly.

  • Professionalism:

Hiring fresh graduates with low pay takes time to train. In contrast, hiring a professional accountant must be accompanied by a high salary. However, for Vietnam accounting services, businesses do not need to hire or appoint a chief accountant, but only need to pay a specific fee for the service and still be assured of working performance.

  • Responsibility:

If there is an error from the supplier, the company deploying the service will work on behalf of the company with the competent authority and compensate the business for damage. On the contrary, if the accountant at the company makes a mistake, the company must pay a penalty.

3.2 Which businesses are accounting services suitable for?

  • Preparing for a start-up: This is a compact accounting model to support start-up businesses that are facing difficulties in accounting operations, do not know tax regulations to make reports and evaluate operational plans.
  • Business in operation: If you are confused by the frequent changes of Labor Law regulations or have difficulty in assessing the employee’s work efficiency and expect the tasks to be performed transparently, independent accounting services will be an effective assistant.
  • Foreign-invested enterprises in Vietnam: often do not have a good understanding of Vietnamese law, leading to errors in the declaration process, resulting in loss of costs. This is the type of accounting recommended to make the business process easier.
  • Enterprises in need of consultants: Large enterprises are developing and want to have highly qualified and experienced accountants. Specifically, employees who have been assessed and have accounting certifications such as CPA, CPT to be able to decide on company operations and promote efficiency. productivity and maximize economic benefits.

3.3 When should businesses consider accounting services?

Work needs to be completed quickly with high efficiency

Accounting tasks need to be performed correctly and assess the results of the business, which means that the risk of errors will be very large. The consequences of this are extremely heavy, not only losing costs but also affecting the employees in charge and damaging the reputation of the business. Moreover, your company is also responsible to the authorities. The accounting service provider always clearly commits in the contract to compensate if there is any harm to the partner company’s activities.

The amount of work is overloaded/too little

The amount of accounting work that makes employees have to perform many tasks at the same time will create pressure and reduce work efficiency, not to mention this easily leads to the risk of making mistakes when accounting. If your company has few employees, hiring an accountant will be a waste, instead using Vietnam accounting services is definitely more economical.

4. Vietnam Accounting services includes

4.1 Initial accounting setup and registration

Under the prevailing regulations and current practice, a business entity which is granted with an enterprise registration certificate required to set up and maintain an appropriate accounting system which is in accordance with requirements of Vietnamese Accounting Standards and Vietnamese Accounting System for enterprises (“VAS”).

In this regard, we are pleased to assist the Company in setting up its initial accounting with the following scope of work:

  • Understand the Company’s reporting requirements, templates, systems and software, where applicable;
  • Set up the Company file in an appropriate accounting software and to formulate a chart of accounts in accordance with the requirements as set forth under VAS and your specific requirements;
  • Register the Company’s accounting policies and the first fiscal year with the tax authorities (if required);
  • Register the Company’s method of fixed assets with the tax authorities (if required); and
  • Register/change the Company’s chief accountant with the local tax/licensing authorities (if required).

4.2 Monthly bookkeeping and reporting

Upon completion of the initial accounting setup, we would like to assist the Company on a monthly basis in the following scope of work:

  • Collect information/data and documents necessary related to contracts, invoices, payments, receipts, vouchers, collections, etc. from the Company.
  • Review documents/data, posting accounting entries according to the chart of accounts and in compliance with VAS in English and Vietnamese;
  • Provide monthly reports including Balance sheet, Profit & Loss, Trial Balance, Cash Flow and General ledgers as per VAS in both English and Vietnamese; and

4.3 Assistance for the annual statutory audit of financial statements

  • Prepare and provide necessary accounting and tax documents to independent auditor;
  • Come the Company’s office to work with auditor during audit course;
  • Check the Draft of audit report and send to the Company for review and decision; and
  • Submit these financial statements to relevant authorities on the Company’s behalf (if any).

4.4 Preparation and filing of statutory statistics reports

We will assist the Company in preparing the following statutory reports as per requirements:

  • Monthly/Quarterly/Annual reports on foreign direct investment, labor, income and business according to prevailing statistics regulations to the Department of Statistics;
  • Quarterly reports on investment capital and charter capital implementation according to prevailing statistics regulations to the Department of Statistics;
  • Quarterly reports on investment projects according to prevailing statistics regulations to the Department of Planning and Investment;
  • Send the above reports to the Company for review and approval; and
  • Submit the reports to the Department of Planning and Investment and the Department of Statistics

5. Tax reporting Services

5. 1 Quarterly Value Added Tax (“VAT”) Filling

  • Obtain relevant documents and information provided by the Company which are required for preparation of quarterly VAT declaration and seek further clarification from the Company’s management (if necessary);
  • Prepare quarterly statutory VAT declarations and send them to the Company for review and approval;
  • Submit the quarterly tax declarations to the tax authority;
  • Advise the Company on making tax payment; and

5.2 Withholding Tax (“WHT”) Filling

  • Obtain relevant documents and information provided by the Company which are required for preparation of WHT declaration and seek further clarification from the Company’s management (if necessary);
  • Prepare WHT declarations for each of making payment overseas and send them to the Company for review and approval;
  • Submit the WHT declarations to the tax authority;
  • Advise the Company on making tax payment; and

5.3 Corporate Income Tax (“CIT”) Filling

  • Assisting the Company to prepare annual CIT return based on the Company’s provision of relevant information.
  • Checking accounts and relevant supporting documents provided by the Company to ascertain that taxable revenues and deductible expenses have been correctly presented for CIT calculation purposes. As a result of this process, we will issue a letter addressing potential CIT issues, CIT risks and recommended courses of actions, the adoption of which will be the company management’s responsibility;
  • Forwarding the draft CIT return to the Company for final review and approval;
  • Submitting the CIT returns to the local tax authorities and advising the Company of making tax payments in due course.

5. 4 Preparation of the disclosure of related parties transactions (Form 01)

Under Vietnamese transfer pricing regulations, Form 01 must be completed and lodged together with the Company’s CIT finalization return. Positive disclosures in the declaration should help to reduce the risk of scrutiny by the tax authorities in relation to the Company’s transfer pricing.

Our scope of work under this assignment will be as follows:

  • Assist the management in identifying the Company’s RPTs in accordance with the current transfer pricing regulations based on the information and documents provided by the Company;
  • Discuss with the Company and compile the necessary data on values of the RPTs for disclosure in Form 01.
  • Assist the Company in handling queries raised by the tax authorities in relation to the disclosures provided in Form 01. This will not be a defense, on the Company’s behalf, of its transfer pricing policy.
  • Our deliverables under this assignment will be the completed Form 01 for the Company.

6. Vina Bookkeeping –  Vietnam Accounting Services For Companies

Based on the criteria and analysis of accounting activities at FDI enterprise, you can refer to the firm specialized in providing accounting services for FDI companies – Vina Bookkeeping Co.,Ltd.

6.1 Overview of Vina Bookkeeping 

VINA BOOKKEEPING CO., LTD. (“VBK”), is one of the leading mid-tier accounting and advisory firms in Vietnam. Under its core purpose of being the firm of choice for growing businesses looking for high quality and personalized services, VBK provide expert services in incorporation, bookkeeping, accounting, taxes, and advisory to FDI enterprises in Vietnam. In two consecutive years 2018 – 2019, VBK is in the Top 10 largest accounting firms in Vietnam ranked by the Ministry of Finance.

Our staff are experienced people in consulting for Japanese and FDI enterprises, fully licensed to practice as tax agents issued by the General Department of Taxation and bookkeeping by the Ministry of Finance. Quality service built is based on Japanese standards, we commit to satisfy our customers.

VBK specialize in providing accounting, taxes, payroll and consulting services for FDI enterprises in Vietnam
VBK specialize in providing accounting, taxes, payroll and consulting services for FDI enterprises in Vietnam

6.2 Vina Bookkeeping’s service standard (“VBK”):

At VBK, we apply the PDCA cycle in planning, implementing, testing and sending reports to customers. The service quality factors are associated with the interests of customers.

Because quality comes first while other standards as well as legal regulations in Vietnam are always changing, VBK is not satisfied with the achieved results, instead we are constantly improving (Kaizen) to exceed customer expectations.

Omotenashi embodies hospitality with absolute honesty and dedicated attitude to customers. With Omotenashi, VBK staff are not merely an external accountant, but also act as consultants, regularly exchanging, reporting, discussing and giving advice to help customers and improve internal management activities.

VBK serve our customers with the spirit of Omotenashi
VBK serve our customers with the spirit of Omotenashi

To achieve and maintain those missions, we believe that the human aspect, in which qualifications, professional skills and customer service attitude are the key. Therefore, VBK regularly organizes internal training sessions for employees such as improving the process of providing services to customers, updating newly issued legal documents, especially training Omotenashi customer service spirit, Horenso culture, Kaizen culture and application of the PDCA cycle.

6.3 Accounting services for FDI company that Vina Bookkeeping provides

  • Bookkeeping Servcies in Vietnam
  • Accounting and Reporting Services in Vietnam
  • Accounting and Tax Compliance Servcies in Vietnam
  • Tax Compliance Servcies in Vietnam

6.4 Advantages when using Vina Bookkeeping services

Time and cost savings: service prices for FDI companies are affordable, transparently listed, and do not incur any other expenses outside the signed contract. With a professional working style, high level of staff, the process is executed on schedule and accurately. Not only saving time for administrative tasks such as data entries, checking reports, but also reducing investment costs in equipment for accounting operations.

Accurate and timely: With our experience and dedicated customer service, we are committed to providing accurate and timely reports that comply with the deadlines.

Legal compliance: We regularly update the latest legal regulations and provide professional advice so you can be assured of governance and compliance with the latest regulations.

Risk reduction: In case there is an error that affects the company, our service company will be responsible for compensating the business and explaining before the competent authority, responsible for the documents and administrative procedures.

In addition, we also provide related services such as: Tax service, payroll service, bookkeeping service for FDI business, management consulting service and online inspection.

7. Questions about Vietnam Accounting Services companies in Vietnam

a. Does Vina Bookkeeping provide monthly and quarterly tax declaration declarations?

Answer: YesIf you have a need to use monthly and quarterly accounting services, we are always ready to provide the service at your request and always ensure transparency and professionalism in the way  you declare and report. tax…

b. Are there any other costs incurred in the contract performance after signing the contract?

Answer: NoVina Bookkeeping guarantees that the money spent in the contract is a package and absolutely does not incur any additional surcharges.

c. Does Vina Bookkeeping have experience in providing accounting services for FDI companies in Vietnam?

Answer: Yes – We have currently provided more than 200 customers so far who are Japanese enterprises and FDI companies in Vietnam.

d. Does Vina Bookkeeping apply Japanese culture in the business?

Answer: YesCurrently, we apply Japanese cultures at the Enterprise such as Horenso, Omotenashi, PDCA, Kaizen culture.

e. Does Vina Bookkeeping have specialized personnel to provide accounting services for FDI enterprises in Vietnam?

Answer: Yes – we have many senior staffs with many years of experience in implementing bookkeeping and accounting services for Japanese enterprises, in which Mr. Vo Tan Huu has more than 16 years of experience, used to hold the position of deputy.

f. The process of implementing accounting services

  • Step 1: Receive the request and contact to perform basic support consulting for the business.
  • Step 2: We will send personnel directly to the business to survey the actual situation of the business, evaluate the accounting records and advise the appropriate service on that situation.
  • Step 3: Quote and sign a contract as a basis for implementation.
  • Step 4: The service department will appoint personnel to perform accounting according to exact operations in accordance with the law and ensure to maximize economic benefits for your business.

Address in HCMC: 8th floor, Central Park Building, 208 Nguyen Trai street, Pham Ngu Lao ward, District 1, HCMC

Address in Hanoi: 12th floor, 148 Tower, 148 Hoang Quoc Viet street, Nghia Tan ward, Cau Giay District, Hanoi

Phone: (028) 3821 0375 – (028) 3821 0376

Email: info@vbk.com.vn

Facebook: https://www.facebook.com/VINABOOKKEEPING

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