Accounting advisory services are practicing accountants providing consulting services on setting up an accounting system, reviewing financial records, reviewing tax records, legal documents, and other related matters. Other contents of accounting work as prescribed by the Law on Accounting for organizations and individuals that have demand.
Challenging compliance and application of accounting regulations
Internal challenge
Business managers often spend a lot of time on important business activities that drive profits and enhance business value. Therefore, there is limited time to learn and grasp the details of accounting work and financial reporting system.
Core business activities of enterprises are forced to adjust and change according to the pace of competition in the market. Leads to complex economic transactions that do not follow traditional methods. Applying accounting rules to new transactions always takes time to study and practice. Different accounting recognition can lead to changes in a business’s revenue, expenses and profit during the year.
External challenge
The system of accounting regulations is constantly changing and improving, increasing complexity and compliance requirements. Multinational enterprises must simultaneously apply Vietnamese accounting standards for reports filed in Vietnam and international financial reporting standards for reports submitted to parent companies abroad.
Recently, the inspection and supervision of accounting have been carried out more closely and more often from tax authorities, accounting supervision agencies, securities committees and state management agencies.
The process of accounting advisory services of Vinasc
The accounting services is carried out in the order of the following main contents:
Identify needs and goals
The first step in the accounting advisory services process is to understand the needs and goals of the business. This may include identifying specific accounting problems a client is facing, financial goals or tax advice needs.
Collect information
The accounting consulting team will ask the business to provide relevant information and documents. This may include business legal records, business processes, financial statements, tax records, financial transactions, information about current accounting systems and any other information related to the matter to be consulted.
Analysis and evaluation
The consultants will analyze and evaluate the information collected. We will review current accounting processes, assess the accuracy and reliability of the data. Identify existing problems and risks related to finance, accounting, tax, insurance, labor, legal.
Recommend Solutions
Based on analysis and evaluation, the accounting advisory service will propose suitable solutions to the business board of directors. This may include adjusting accounting processes, recommending improvements, making tax regulatory recommendations, or providing measures to improve financial and management performance.
Implementation and support
After the solutions are approved, the consulting team will coordinate with businesses to carry out specific activities to implement solutions. This includes assisting clients in updating their accounting systems, providing guidance on accounting and tax compliance, or providing additional training and support upon request.
Assessment and monitoring
After implementing the solutions, the accounting consulting service will evaluate and monitor the effectiveness, and ensure that the objectives and requirements of the business have been met.
Advantages of using Vinasc's accounting advisory service
Using accounting advisory services helps businesses achieve the goal of a comprehensive and in-depth examination of financial statements as well as consulting risks of the internal control system related to financial statement preparation and declaration taxpayer.
Vinasc’s dedicated team of experts with diverse practical experience, are divided into specialized areas and languages to best support each specific business object.
Professional accounting consulting service experts will support the internal accounting team in providing in-depth consulting experience to solve problems arising at the enterprise. Simultaneously optimize the quality and efficiency of the accounting department.
Vinasc builds a culture that values service quality and professional ethics from the top management level to all employees, aiming for customer reassurance and satisfaction.
Legal regulations related to accounting compliance
The place to submit financial reports
Enterprises must submit annual financial statements to state agencies: finance, tax, statistics, place of business registration.
Deadline for submission of financial statements
The deadline for submission of annual financial statements is as prescribed in Circular 200 of the Ministry of Finance within 90 days from the end of the annual accounting period.
Accounting supervision
Enterprises must be subject to accounting inspection by competent authorities, including: State inspection agencies, specialized financial inspectors, State Auditors, and tax agencies.
Penalties for violations related to the submission of financial statements
- A fine ranging from VND 5,000,000 to VND 10,000,000 shall be imposed if the financial statements are submitted less than 3 months late;
- A fine ranging from VND 10,000,000 to VND 20,000,000 shall be imposed if the financial statements are submitted more than 3 months late;
- A fine ranging from VND 20,000,000 to VND 30,000,000 shall be imposed if the information in the financial statements is not true or the financial statements have inconsistent data in the accounting period;
- A fine ranging from VND 40,000,000 to VND 50,000,000 shall be imposed if the financial statements are not submitted to the competent state agency.
Contact
If your business is interested in accounting consulting services, please contact Vinasc using the information below. We will find out information and send a detailed quotation letter for your consideration.