Reviewing accounting books is an important job to detect incomplete accounting records and errors in accounting. Viet An tax agent provides accounting book review service in Vietnam, helping businesses promptly detect errors in the bookkeeping system to make timely adjustments before tax authorities inspect the business, helping businesses secure business development.
The purpose of accounting book review
Reviewing accounting books serves several important purposes, regardless of whether they are physical ledgers, digital records, or financial reports generated by accounting software. Specifically:
- One of the primary purposes of reviewing accounting books is to prepare accurate and reliable financial statements. These statements, including the income statement, balance sheet, and cash flow statement, provide essential information about a company’s financial health and performance. They are used by stakeholders such as investors, creditors, and management to make informed decisions.
- Businesses are often required by law and regulations to maintain accurate accounting records. Reviewing these records helps ensure compliance with tax laws, accounting standards, and other regulatory requirements. Accurate and transparent financial reporting is essential for avoiding legal issues and penalties.
- Accounting books are a basis for evaluating the performance of individuals, departments, and the overall organization. By comparing actual financial results to budgeted or projected figures, managers can assess how well different areas of the business are performing.
- Companies that are publicly traded or seeking external financing must provide accounting information to investors and creditors. Investors use this information to make investment decisions and assess the financial stability and growth potential of the company.
- Reviewing accounting records is crucial for calculating and filing taxes accurately. Businesses need to report their income, expenses, and other financial data to tax authorities, and accounting records are the source of this information.
In summary, reviewing accounting books is essential for maintaining financial transparency, complying with regulations, making informed decisions, and assessing the financial health and performance of an organization. It serves as the foundation for financial reporting and helps various stakeholders understand and evaluate a company’s financial position.
Some common errors when reviewing accounting books
- Lose the bill;
- Lack of documents accompanying invoices to justify costs;
- Tax reports do not match accounting data;
- Lack of year-to-year consistency in accounting and accounts;
- Incorrect accounting operations or incorrect accounting;
- Lack of labor records;
- Making payroll incorrectly according to personal income tax laws, social insurance, and labor law regulations.
- Wrong determination of deductible and non-deductible expenses when finalizing corporate income tax.
Viet An Tax Agent’s accounting book review service in Vietnam
- Review value-added tax records: Check all output and input invoices, and monthly and quarterly invoice statements against monthly and quarterly VAT declarations. Instructions for adjusting tax returns when errors are detected.
- Review personal income tax records: Check payroll, timesheets, labor contracts, and labor records.
- Review corporate income tax records: Check cost accounting, and determine deductible and non-deductible costs.
- Review financial statements: Check all accounts of arising economic transactions, and depreciation allocation, in accordance with the provisions of accounting standards.
Some questions related to accounting book review services
Service fee for reviewing accounting books of Viet An Tax Agent?
Depending on the actual situation of the business, Viet An will conduct a preliminary review and quote a specific price for Clients.
Does Viet An tax agent provide instructions on how to handle errors after performing a review?
After reviewing the records and books, Viet An Tax Agent will summarize the review results and send them to customers. For each case that needs to be handled, Viet An clearly states the specific handling and adjustment directions.
Businesses wishing to use the service of reviewing accounting books, please contact Viet An Tax Agent for advice and support to use the service!