Year-end financial reporting services in Vietnam

Preparation and submission of year-end financial statements is an obligation that every enterprise with production and business activities in the territory of Vietnam must fulfill at the end of the fiscal year. So make financial statements so that they honestly and reasonably reflect the numbers on the indicators included in the report? Please refer to the year-end financial reporting service of Viet An tax agent right below.

Benefits of using year-end financial reporting services

If your business is experiencing fluctuations in accounting personnel at the end of the year, has a small and medium-sized production and business scale, and the director and accounting department do not have experience in preparing financial statements and explaining data to the tax authorities, the year-end financial reporting service from Viet An tax agent is a choice that you should consider. When using the service, customers will obtain the following significant benefits:

• Effective cost savings: Significant savings in salary costs when hiring an accounting department.
• Optimize CIT costs: Viet An Tax Agent will be responsible for advising businesses when preparing financial statements in the most beneficial direction.
• Ensure the report is submitted on time: Viet An Tax Agent will be responsible for ensuring the progress of submitting financial statements and be responsible for all data that Viet An implements.
• Data on the books is guaranteed to be accurate: With a team of experienced accountants, Viet An tax agent ensures that accounting data will be processed and presented correctly.

What documents do businesses need to provide when using the year-end financial reporting service?

Customers wishing to use the year-end financial reporting service of Viet An tax agent need to provide the following data items:

• Output and input VAT invoices used for tax declaration in the fiscal year.
• The payroll and CCCD information of each person are used as a basis for making PIT finalization.
• Bank account statements for 12 months of the fiscal year.
• The previous year’s balance sheet serves as the basis for declaring the balance at the beginning of this year.

Tasks of An Viet accountant when receiving year-end financial reporting services

• Collect invoices and book vouchers of previous years (if necessary) from the enterprise.
• Collect the circulars applicable when making financial statements as well as the method of depreciation of fixed assets that are being implemented.
• Review the submitted VAT returns, make additional and adjusted declarations (if any).
• Review the books and documents, classify which are reasonable costs/unreasonable costs.
• Make a CCDC allocation table, prepaid costs.
• Check the cost of salary, salary on which social insurance premiums are paid and the number of employees participating in paying social insurance according to C12. Advising businesses on taxable and non-taxable allowances to optimize costs for businesses.
• Accounting for output invoices, inputs, and reviewing debts on separate accounting software.
• Discuss with the enterprise about receivables, liabilities, interest expenses and related party transactions (if any).
• Responsible for accounting bank deposits in accordance with the bank’s sub-books.
• Advise and allocate expenses that will be excluded at the time of settlement.
• Carry forward at the end of the period, as a basis for completing the financial statements.
• Print the books and arrange the documents to be transferred to the customer.

Commitment to work responsibility

Compliance with the law and ensuring progress

Viet An Tax Agent is committed to making financial statements for customers in accordance with accounting laws, minimizing risks for businesses and ensuring the schedule of submitting financial statements to tax authorities.

Be responsible with the numbers on the report

Viet An Tax Agent will be responsible for accounting to the tax authority for the financial statements that we are in charge of when requested.

Consulting and financial optimization for businesses

In addition to the responsibility of making reports based on available data, Viet An tax agent will advise businesses to minimize risks as well as present financial statements in a way that is beneficial for businesses to use for the purpose of borrowing capital or bidding.

Frequently asked questions when making financial statements

What the financial statements include

The year-end financial statements according to Circular 133 include a report on the financial situation, a report on the results of production and business activities, cash flows, a balance sheet and a description of the financial statements.

What is the deadline for filing financial statements?

The deadline for submission of financial statements is from the 90th day from the end of the fiscal year (calculated according to the solar calendar). If the financial statements are submitted late to the tax authorities, the fine can be up to VND 20,000,000 million.

Please contact Viet An tax agent if your business is having difficulties in completing and preparing financial statements. Please contact us via the hotline for more advice on our year-end financial reporting service package!