Vinasc’s dedicated team of experts with experience in providing a wide range of practical accounting services, consulting in each specialized field and each language to best support each specific business object.
Changing in the business environment
After the Covid pandemic period, the Government of Vietnam completed the digitization of most administrative procedures in the fields of Investment, Tax, Accounting, Auditing, and Customs. Reports for accounting work at large organizations can be accessed quickly online such as bank statements, tax reports, social insurance payment results, etc.
The development of information technology has quickly created a generation of young businesses with completely new solutions and technologies. The competitive advantage of enterprises is no longer as long as it used to be.
The corporate administration model is forced to change according to adaptation and development. Procurement, research, production, sales, personnel, and training processes are changed, improved, optimized, and automated day by day, significantly reducing production and service costs.
Accounting services in the new environment
Accounting services and tax advisory require a higher of expertise from an accountant. One of the most important requirements for an accountant is to understand the nature of the enterprise’s business. Besides, it must respond to the level of information technology to be able to collect documents effectively from the available resources of government agencies, banks, and businesses, and at the same time, assess the risks of digitization processes that affect the preparation of financial statements at the enterprise.
What are accounting services?
Accounting services business means the provision of services as an accountant, chief accountant, financial statement preparation, accounting consultancy, and other jobs within the contents of accounting work in accordance with this Law for organizations and individuals in need.
A practicing accountant is a person who is granted an accounting practice certificate (APC) in accordance with the Law on Accounting.
The accounting process at a normal enterprise includes
- Bookkeeping: includes recording economic transactions occurring on a daily basis such as: purchasing goods, selling goods, collecting money, spending money, allocating costs, closing entries, and other transactions.
- Processing invoices and vouchers: accounting services help businesses check, classify, and enter data of occurring vouchers into accounting software.
- Prepare financial statements: accountants will prepare annual or quarterly financial statements as required, including Balance Sheet, Business Results, Cash Flows.
- Tax reporting and consulting: accountants help businesses comply with the monthly, quarterly, and annual tax reporting regime, and provide specialized advice on value-added tax, corporate income tax, personal income tax, foreign contractor tax, and other taxes.
- Financial analysis: accounting services can provide depth financial analysis, and evaluate financial indicators to help businesses have an overview and detailed financial situation to make decisions.
- Accounting advice: accountants also provide depth accounting advice on financial statements and applicable accounting standards.
At Vinasc, this process will be carried out and supervised by Certified Public Accountants according to the standards of the Ministry of Finance.
Accounting services for FDI enterprises
With the goal of absorbing the advanced technology, learning modern management methods, joining the global production network, increasing the number of jobs, training workers, and increasing the budget revenue, Vietnam has been very active in attracting foreign direct investment (FDI) in recent years. Favorable conditions for FDI inflows are being maintained, including tax and land incentives, and maintaining a stable political environment.
FDI is the customer with the largest proportion at Vinasc. With teams of experience and multilingual professionals, we provide accounting, legal, tax, and audit services for businesses of most countries with investment FDI in Vietnam.
Overview of Vinasc's accounting services process
- Research and review legal, and professional records relate to the financial activities of the enterprise
- Collecting accounting documents including invoices, import and export declarations, purchase and sale contracts, bank documents, and other related accounting documents
- Review and check the completeness and legitimacy of the accounting documents
- Declare value-added tax, foreign contractor tax, personal income tax from wages and salaries on a monthly or quarterly basis, report on the use of invoices as prescribed
- Declare value-added tax, foreign contractor tax, personal income tax from wages and salaries on a monthly or quarterly basis, report on the situation of using invoices as prescribed
- Record accounting, allocation, closing entry of books, and preparation of financial statements in accordance with Accounting Standards
- Compare books with tax records to ensure compliance with the provision of law
- Perform statistical procedures
- Perform reporting on employment situation procedures
- Perform procedures related to Social Insurance, Health Insurance, Unemployment Insurance
- Discuss with the Board of Directors about issues that need to consider and change for the future operation of the enterprise
- Hand over accounting books, financial statements and related tax declaration dossiers in accordance with law
- Vinasc is responsible for explaining the data on financial statements, and tax reports to Tax, Social Insurance, Labor, Statistics, and Auditing authorities.
Other tax accounting services
To sign on Chief Accountant of all business documents
Vinasc is qualified to provide professional Chief Accountant services and can nominate our personnel to register as Chief Accountant of the enterprise. The role of the chief accountant is to review, approve and sign accounting vouchers and documents, including:
- Review and sign for approval of accounting vouchers
- Review and sign for approval the company’s financial statements
- Working with auditors, tax authorities, insurance, and labor on common issues.
Support to work with auditing company at the year-end
We support businesses to work with independent auditing firms during the year-end audit of financial statements, including:
- Attend audit planning meetings with the independent audit firm
- Support direct working sessions at the audit firm
- Review and advise on the working results of the audit team
- Discuss and advise on issues during the audit process with the board of directors.
Prepare and submit investment reports
Foreign Direct Investment companies in Vietnam have to submit foreign investment reports to the Department of Planning and Investment (DPI) monthly, quarterly, and annually.
Support the release of electronic invoices
We will review the information provide and issue an invoice accordingly. Invoice release is expecte to be processed on a weekly basis, however, this depends on the number of invoices. A suitable process and timeline can be discusse and agree upon between the accounting service and the firm to meet your specific needs.
Register for loans with a state bank and report foreign loans
Enterprises in Vietnam that have short-term, medium-term, or long-term loans. from abroad must report on the performance of foreign loans and send them to the State Bank of Vietnam quarterly. We can assist the company in response to these obligations as they arise.
Compose an official dispatch to the authorities
In the business operations process, issues may arise that are not clearly defined. in the current law, which may require consultation from the relevant authorities. At that time, we will compose an official dispatch asking for the opinions of the authorities on specific issues. We will discuss with the company to clarify. the issues, then will compose the official dispatch to suit the agreed content. Official dispatch can be sent to the relevant authorities by the client’s internal staff. or under the support of an accounting service specialist when required.
Groups of tax risks within the enterprise
Through the process of providing accounting and tax consulting services, we summarize. several reasons that increase tax risk arising from within the business, including:
- Violations on tax registration, tax declaration, tax payment
- Lack of preparation of tax records, explanations to tax authorities
- Not updating the new tax policy
- Complicate transaction content leads to understanding and misuse of tax policies
- Deliberately legalizing transactions to avoid tax, evasion of tax.
Also, according to our experience, the tax authorities will classify enterprises as high-risk and need regular inspection, including:
- Business losses for many years in a row
- Arise related-party transactions
- Applying tax exemption and reduction incentives
- Value added tax refund
- Using e-invoices has high risks related to invoice trading and bogus transactions.
The value that Vinasc's accounting services bring to enterprises
- Consulting on the presentation of financial statements in accordance with Accounting Standards of Vietnam
- Reviewing the internal control system at the enterprise
- Overall and detailed assessment of legal, tax, accounting, and labor risks
- Multilingual consulting team with long-term experience working with FDI customers
- Comprehensive services from market entry to compliance, to in-depth consulting.
Principles of operation at Vinasc
Vinasc builds a culture of responsible service delivery for the benefit of the community, maintaining. a long-term vision, and passing on a legacy to future generations.
In order to achieve the quality of accounting services, the professional qualifications and motivation of employees are two decisive factors. Vinasc focuses on recruiting qualified employees, combined with vocational. education activities, updating knowledge, and sharing professional experiences to help employees master and improve their professional qualifications.
In addition, the management team regularly discusses and disseminates regulations on professional ethics, job. evaluation, and career development as well as a suitable promotion and income growth roadmap to motivate staff.
Contact
For more information on accounting services, or to speak to the advisory team, please contact us at the below email.