Accounting services in Vietnam

Accounting plays an essential role in the operation of any business. This is the department in charge of recording, synthesizing, and accurately reflecting the financial situation and business results, thereby helping the management make the right decisions. An effective accounting system will provide accurate and timely data, which is a solid foundation for the development of the business. On the contrary, if the accounting information is incorrect, businesses can face many risks and serious consequences.

Understanding the difficulties that businesses encounter in building and maintaining a professional accounting department, Viet An Tax Agent brings accounting service solutions, helping businesses develop with peace of mind without having to worry about bookkeeping and financial reporting.

What are accounting services in Vietnam?

Accounting services are a form of third-party, usually professional organizations or highly specialized individuals, that perform accounting tasks on behalf of the business. This service includes:

• Recording, processing, and aggregating financial information
• Preparation of financial statements, tax reports
• Printing and handing over of accounting books
• Compliance with applicable legal regulations

Accounting services are a form of professional assistance provided by individuals or organizations with expertise in the field of accounting. This type of service helps businesses to accurately record, manage, and prepare financial statements and ensure compliance with current legal regulations.

For startups and small and medium-sized enterprises, financial resources are often limited, and the accounting workload is not too large. In this case, recruiting a service accountant with a salary ranging from 8 to 10 million VND per month may not be the optimal option in terms of cost. Instead, many businesses are gradually switching to using accounting services from professional units. This solution not only saves the budget but also brings high efficiency thanks to the expertise and experience from the service providers.

Outstanding features of accounting services in Vietnam

Service accounting not only takes on routine accounting tasks, but also brings added value through in-depth and flexible functions, specifically as follows:

• Providing a variety of accounting service packages designed in accordance with the specifics of each industry, making it easy for businesses to choose the optimal solution.
• Deeply understand the specific operations according to each business field, thereby accurately and promptly reflecting the costs and operations incurred, as well as calculating the cost of products and services accurately. As a result, business results are reported transparently and reliably.
• Supporting businesses to effectively control the amount of raw materials consumed, contributing to improving productivity and service quality, and optimizing production and business activities.

What does the accounting services include in Vietnam?

Accounting service is a comprehensive solution to support businesses in effectively managing and operating the financial and accounting system. Not only stopping at ordinary bookkeeping, this service includes the entire process from collecting, processing, analyzing, to reporting financial information. These contents cover financial transactions, tax obligations, cash flow management (revenue–expenditure), receivables – payables, production – industrial costs, and integrate in-depth financial advice and tax policy.

When using accounting services, businesses will be comprehensively supported by experienced experts, helping to minimize legal risks and optimize financial efficiency. Specifically, the accounting service provider will represent the enterprise to perform the following important tasks:

• Legal advice and tax policies: Update and clearly explain legal regulations related to accounting, taxation, and current tax incentives applicable to investment and business activities.
• Propose optimal solutions: Analyze expected financial transactions and provide optimal accounting and tax plans, helping businesses comply with the law and save costs effectively.
• Carry out tax procedures on behalf of enterprises: Draft and submit tax declaration dossiers, carry out procedures for registration of tax exemption, reduction, refund, and other tax incentives in accordance with legal procedures.
• Inspection and processing of documents: Compare and check the reasonableness and validity of invoices and accounting documents before accounting, ensuring accuracy and transparency in each arising economic operation.
• Preparation and submission of reports as prescribed: Including tax returns, periodic financial statements, reports on the use of invoices,, on time and in accordance with current accounting standards.
• Notification of tax obligations: Proactively notify customers of the payable tax amount, payment deadline, and guide the implementation of tax obligations in accordance with regulations, avoiding the risks of being sanctioned.
• Complete accounting books: Organize, arrange, and complete the accounting book system in a scientific, reasonable manner and fully comply with legal regulations.
• Support working with tax authorities: Business representatives exchange, explain, and handle arising issues with tax authorities, helping to minimize pressure and time for businesses in the process of inspection and examination.

With accounting services, businesses not only save personnel costs but also ensure accuracy, transparency, and legal compliance in all financial and accounting activities, creating a solid foundation for long-term development.

The job of a service accountant in Vietnam

Here are 5 jobs that a service accountant must perform during a year in business finance

The job of an accountant who provides services at the beginning of the year

• License fee declaration and payment: This is a mandatory obligation for all operating or newly established businesses. The deadline to complete the declaration and payment of license fees is January 30 every year. In case the enterprise has a change in charter capital or expands its scale, such as establishing more branches or representative offices, it is necessary to make an additional declaration on January 30 of the year following the year of change. Correct declaration and timely submission will help businesses avoid unnecessary administrative penalties. Submit monthly and quarterly VAT returns.
• Submission of value-added tax (VAT) returns: Depending on the size and revenue of the business, service accountants will declare VAT on a monthly or quarterly basis. This work includes summarizing output and input invoices, determining the payable (or deductible) VAT amount, making a declaration according to the prescribed form, and submitting it to the tax authority on time. This is one of the important operations, directly affecting the cash flow of the business.
• Declaration of temporarily calculated corporate income tax (CIT) in the fourth quarter of the previous year: At the beginning of the year, enterprises need to complete the submission of temporarily calculated CIT returns for the last quarter of the previous fiscal year. This is the basis for determining tax obligations for the whole year and adjusting reasonable financial plans for the next year. The service accountant will review the expenses and revenue incurred in the fourth quarter and calculate the appropriate temporary paid CIT.
• Personal income tax (PIT) declaration: Including summarizing the employee’s income, determining the tax amount to be deducted at the source, and submitting the PIT return by regulations. This is an important step not only to ensure the interests of employees but also to help businesses show professionalism in performing tax obligations on behalf of employees.

The job of an accountant who provides services during the day

• Accounting and monitoring of warehouses: Based on purchase invoices, accountants record the quantity and value of goods in warehouses, and continuously update warehouse data to serve inventory control and effective procurement and production planning.
• Making import and export slips and general inventory tracking: Each import or export operation is recorded by import and export slips according to accounting standards. From there, accounting synthesizes and updates the inventory situation accurately, helping businesses manage material and goods resources well.
• Issue sales invoices and verify customer information: When a sales transaction arises, the accountant performs the invoicing following regulations. At the same time, carefully check customer information and look up the tax identification number (MST) to ensure the legality and accuracy of each transaction.
• Making payment slips – receipts for cash transactions: Expenditures or receipts are recorded promptly through payment slips and receipts. This not only helps to manage cash flow well but also ensures transparency and reasonableness in terms of books.
• Tracking the tax obligations of the enterprise: The accountant makes a detailed list of taxes to be paid, including the amount paid and the amount still to be paid. As a result, businesses can be proactive in fulfilling their tax obligations and avoid legal risks.
• Performing banking operations: Including processing receipts and expenditures through accounts such as checks, transfers, payment authorizations (UNC), cash payments, and disbursements. These transactions are closely monitored and fully recorded by the accountant to ensure consistency between accounting books and bank statements.
• Detailed receivables management: Accountants closely monitor receivables from customers and payables to suppliers. Good debt management helps businesses maintain stable cash flow and avoid bad debts.
• Reflecting costs and calculating production costs: Incurred costs are recorded by accountants in a timely and accurate manner, thereby serving the calculation of the cost of products or services. This is an important basis for businesses to properly evaluate operational efficiency and determine the most realistic business results.

The job of an accountant who provides services on a month basisly

• Remind customers to prepare documents: Starting from 1-5 every month, service accountants will actively remind customers to prepare all documents of the previous month to serve tax declaration, especially for customers who declare tax monthly.
• Preparation and submission of value-added tax (VAT) reports: If the enterprise declares VAT every month, the accountant will make the VAT report and send it to the tax authority on time, ensuring that the enterprise complies with tax regulations.
• Declaration of output invoices: The accountant will declare all output invoices incurred in the month, ensuring the accurate reflection of revenue and VAT payable.
• Preparation of personal income tax (PIT) returns: For enterprises that incur monthly PIT, accountants will make PIT returns by regulations, helping businesses fulfill their tax obligations to employees.
• Declaration of excise tax (SCT): In case the enterprise operates in industries subject to excise tax, such as entertainment service business units, such as Karaoke, the accountant will declare excise tax if any, ensuring that the enterprise fully complies with tax obligations.

The job of an accountant who provides quarterly services

The job of an accountant who provides year-end services

• Check all data and documents for the year.
• Finalize annual outstanding debts for customers.
• Prepare and submit annual financial statements.
• Prepare and submit annual corporate income tax reports to the tax authority.
• Prepare and submit annual personal income tax reports to the tax authority.
• Print and send annual accounting books to customers.

If you have any difficulties or questions related to accounting services, please contact Viet An Tax Agent for the most specific advice.