The consulting team with experience in providing accounting services in Ho Chi Minh City for FDI companies from most countries in the world can advise clients in English, Chinese, Korean and Japanese.
Ho Chi Minh City, also known as Saigon, is the largest city in Vietnam in terms of population size and Gross Regional Product (GRDP). Ho Chi Minh City was once known as “Pearl of the Far East” or “Paris of the East”.
Ho Chi Minh City people have cultural characteristics of being outgoing, open, outspoken, like to do big business, love adventure and hospitality. This also explains the bustle of commercial activities in Ho Chi Minh City. And this is also one of the attractions that attract foreigners to open offices, factories, develop production and business activities.
FDI enterprises in Ho Chi Minh City account for the largest number in the country. Along with the requirements of state management and the increasing demand for transparency in financial information of the market, accounting services in Ho Chi Minh City are developing according to the inevitable trend.
What are accounting services?
Accounting service means that a practicing accountant provides accounting services, acts as a chief accountant, prepares financial statements, gives accounting advice and does other jobs within the contents of accounting work as prescribed by law. Law on Accounting for organizations and individuals in need.
The number of companies providing accounting services in Ho Chi Minh City is the largest in the country. This in the long term will create healthy competition and improve the service quality and professional qualifications of the team of practicing accountants.
Contents of accounting services in Ho Chi Minh City
Tax accounting service: This is a service that focuses on handling tax-related issues. The tax accounting company supports tax returns, prepares tax reports, advises on tax regulations and helps businesses comply with tax regulations accurately.
Internal accounting services: Internal accounting firms provide management and internal control services for businesses. This includes developing an internal control system, handling the accounting process, and advising on optimization of internal processes related to financial reporting.
Tax consulting services: Vinasc’s accounting experts in Ho Chi Minh City can provide advice on tax management, optimizing tax costs, reducing tax risks and helping businesses comply with effective tax regulations.
Vinasc's accounting service process in Ho Chi Minh City
Accounting service work is performed in the order of main contents as follows:
- Review and evaluate legal documents and actual business activities of enterprises,
- Collecting documents of economic transactions arising in the period,
- Record accounting entries into the software, make tax reports and submit them to the tax authorities,
- Carry out procedures related to social insurance, labor, statistics, investment,
- Make accounting estimates, closing entry and prepare financial statements,
- Discussing with the company’s board of directors about risk issues and solutions,
- Working with auditors and authorities.
Laws related to year-end accounting work
Stocktaking
Stocktaking means measurement of quantity, verification and assessment of quality and value of existing assets and sources of capital at that time in comparison with figures in the accounting books.
Enterprises must stocktaking at the end of the annual accounting period and must make a report on the results of the inventory. In case there is a difference between the actual inventory data and the data recorded in the accounting books, the enterprise must determine the cause and record the difference and the handling results in the accounting books before making the financial statements.
Places to submit financial statements
At the end of the fiscal year, FDI enterprises must submit audited financial statements to: Financial Authority, Tax Authority, Statistical Office, Business Registration Authority. In addition, enterprises with headquarters located in export processing zones, industrial parks and high-tech zones must also submit audited annual financial statements to the Management Board of export processing zones, industrial parks and high-tech zones.
Vinasc’s accounting service in Ho Chi Minh City will assist businesses in submitting their annual financial statements to the authorities.
Deadline for submission of financial statements
The deadline for submission of audited financial statements of FDI enterprises as prescribed in Circular 200 of the Ministry of Finance is 90 days from the end of the annual accounting period.
Penalties for late submission of financial statements
The fine levels related to the submit of financial statements are prescribed as follows:
- 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;
- 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.
Accounting supervision
Enterprises must be subject to accounting inspection by competent authorities. Agencies competent to inspect accounting include:
- The Ministry of Financial;
- Ministries, ministerial-level agencies, government-attached agencies and other central-level agencies shall decide to inspect accounting units in the fields they are assigned to be in charge of;
- Provincial-level People’s Committees shall decide to inspect the accounting of local accounting units under their management;
- State inspection agencies, specialized financial inspectors, State Auditors, tax agencies when performing the task of inspecting, examining and auditing enterprises.
Vinasc's accounting service in Ho Chi Minh City
Accounting and tax consulting services are one of Vinasc’s core services. Professional capacity, service quality and accounting professional ethics are the top priority criteria.
Vinasc builds a culture that values service quality, dedication, and professional ethics from the top management level to all employees.
Vinasc emphasizes the importance of establishing processes and regular monitoring to detect and address issues related to professional errors and ethical non-compliance.
Contact
If your business is interested in accounting services in Ho Chi Minh City, please contact Vinasc using the information provided below. We will gather the necessary information and send a detailed quotation for your consideration.