What is Accounting Service for Business?
Accounting services for business are services provided by professional accounting service companies, performing tasks related to the accounting work of enterprises such as preparing accounting documents, recording detailed accounting books, preparing general accounting books, managing and processing financial information, preparing financial reports, declaring periodic taxes and declaring annual tax settlement.
Accounting services for business help ensure that the financial data of enterprises is recorded, stored and reported accurately, on time and in compliance with the provisions of the law on accounting.
Regulations on Recording Accounting Books in Vietnam
According to the provisions of Vietnamese law:
- Accounting books are used to record, systematize and store all economic and financial transactions that have arisen related to the accounting unit.
- Accounting books must be opened at the beginning of the annual accounting period; for newly established enterprises, accounting books must be opened from the date of establishment.
- Enterprises must base on accounting documents to record accounting books.
- Accounting books must be recorded promptly, clearly and completely according to the contents of the books. Information and data recorded in accounting books must be accurate, honest and consistent with accounting documents.
- Accounting books must be recorded in the chronological order of economic and financial transactions. Information and data recorded in accounting books of the following year must follow the information and data recorded in accounting books of the previous year. Accounting books must be recorded continuously from the time the books are opened until they are closed.
What Do Business Accounting Services Include?
Accounting services for business typically include the following:
- Preparing accounting documents: Creating invoices, receipts, payment vouchers, etc.
- Bookkeeping: This involves entering and classifying all business transactions into appropriate accounting accounts, such as sales, purchases, payments, receipts, etc.
- Tracking payables: This involves managing invoices and purchase documents that a business owes to vendors, suppliers, contractors, and other creditors.
- Tracking receivables: This involves managing sales invoices and payments that a business receives from customers and other buyers.
- Payroll: This involves calculating and distributing employee benefits and wages, as well as deducting and remitting taxes and benefits.
- Managing expenses and cash: This includes tracking and reporting business expenses, such as travel, entertainment, utilities, rent, etc., as well as keeping track of cash funds for small or infrequent purchases.
- Managing bank accounts: Receiving transaction information, organizing bank documents, and recording bank transactions such as: withdrawing, depositing cash, and paying checks or receiving money into bank accounts. Comparing and verifying bank account balances with accounting records, and identifying and resolving any discrepancies or omissions. i) Preparing financial statements This involves preparing and presenting the company’s financial statements, including the balance sheet, income statement, and cash flow statement to show the company’s performance and financial position.
- Tax declaration: Periodic tax declaration and annual tax settlement.
- Tax consulting: Consulting on tax regulations, consulting on tax procedures.
Are Enterprises Required to Keep Accounting Books?
According to Vietnamese law, enterprises are required to keep accounting books and prepare financial reports as prescribed. Enterprises will be administratively sanctioned if they do not keep records, keep accounting books and prepare financial reports.
In addition to being administratively sanctioned, the competent authority will require enterprises to keep accounting books and prepare additional financial reports.When making tax settlements with the tax authority, in addition to invoices and documents, the tax authority always requires accounting books to be provided.
Thus, keeping accounting books and preparing financial reports is mandatory. Even if there is no revenue, expenses, purchase invoices, or sales invoices, enterprises must still have accounting books and prepare financial reports.
What Do Our Accountants Do Throughout the Year?
Below are the details of the work of an accounting service staff for business in a fiscal year:
a) Work at the beginning of the year
– Prepare and submit the declaration of business license fees:
– For newly established companies, the latest submission deadline is January 30 of the year following the year of establishment;
For companies that change their charter capital and open new branches/business locations during the year, the latest submission deadline is January 30 of the year following the year of change;
– Notify and support businesses in completing procedures for paying business license taxes;
b) Daily work
– Prepare a warehouse delivery note when the company sells goods and services;
– Prepare a warehouse receipt when the company purchases goods and services;
– Record the warehouse delivery and import books;
– Track the data of exported – imported – inventory goods according to invoices to grasp the situation of goods;
– Prepare receipts – payments for payment services arising during the day;
– Issue invoices to customers;
– Make a list of taxes to be paid, the amount and the specific payment deadline;
– Track detailed debts between the company and suppliers and customers;
– Perform tasks such as depositing money, withdrawing money at the bank via checks, payment orders, etc.;
– Track production tools and equipment, account for product depreciation, etc.;
– Calculate product cost, cost price, selling price, production cost, revenue, profit, etc. to report, reflect service revenue and accurately confirm business results.
c) Monthly work
– Make export – import – inventory reports, report production and business results;
– Make payroll, make forms related to employees for the business;
– Calculate and pay insurance premiums (including social insurance, health insurance, unemployment insurance, etc.) for employees;
– Prepare and submit personal income tax and VAT declarations to the tax authority (if the business declares monthly);
– Withhold personal income tax and VAT (if incurred);
– Representative meets and explains to tax management officers when requested;
Enter data into accounting software;
– Store original documents and accounting documents according to regulations.
d) Quarterly work
– Prepare and submit personal income tax and VAT declarations to tax authorities;
Withdraw personal income tax, VAT and corporate income tax (if any);
– Get subsidiary ledgers and bank documents;
– Prepare and submit interim corporate income tax settlement reports, complete books and send to enterprises.
e) Year-end work
– Recheck all data and documents, compare data between detailed books and general ledgers during the year;
– Close debts during the year for enterprises;
– Prepare and submit financial statements, personal income tax and corporate income tax settlement during the year to tax authorities;
– Prepare and submit statistical reports;
– Print accounting books for the whole year and send to enterprises.
Legal Conditions for Providing Accounting Services in Vietnam
In Vietnam, accounting services are a conditional business. According to the provisions of the Vietnamese Accounting Law, to be able to provide accounting services in Vietnam, the enterprise must fully meet the prescribed business conditions and be granted a Certificate of eligibility to provide accounting services by the Ministry of Finance. Golden Star Accounting Service Company fully meets the prescribed conditions and has been granted a Certificate of eligibility to provide accounting services in Vietnam.
Why Should Businesses Use Accounting Services?
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Cost-Effective: No need for full-time staff, equipment, or software.
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Legally Compliant: Ensure alignment with tax and accounting laws.
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Efficient: Reduce admin work and focus on core business.
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Expert Support: Access professional guidance on finance and tax.
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Secure & Confidential: All client data is kept strictly confidential.
Who Should Use Business Accounting Services?
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New Businesses: That need help establishing accounting systems.
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SMEs: That want to reduce costs while ensuring compliance.
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Foreign-Invested Enterprises: Needing reliable reporting.
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Representative Offices: Requiring tax and financial support.
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Established Enterprises: Looking to optimize or outsource accounting.
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Large Corporations: Needing high-level advisory and technical expertise.
At 68 SOLUTIONS, we offer full-service business accounting support for local and foreign-invested enterprises in Vietnam. With years of expertise and hands-on experience, we ensure compliance, transparency, and smooth procedures.
a) Cost savings
-No cost of recruiting and training accountants.
– No need to manage the accounting department. No cost of social insurance, health insurance, bonuses, etc.
– No initial costs such as: Accounting software, accounting desks and chairs, printers, computers, stationery, electricity, water, travel expenses, etc.
b) Accounting books are guaranteed, safe, and legal
– Processing accounting data quickly and accurately, ensuring the highest benefits for the business.
– Accounting books are always neat, smooth, and easy to follow. Because we work entirely on professional accounting software and have a consistent bookkeeping method from the beginning.
– Their accounting team is much more professional and experienced, but the service cost is lower than hiring a qualified accountant.
– Timely updates on the latest circulars, decrees, and tax laws.
c) Fast and timely completion
Books are always guaranteed to be completed as quickly as possible. The accounting service will provide accurate, timely, and fast reports monthly, quarterly, annually, or whenever requested.
Contact our team today for personalized and fastest assistance via hotline: (+84) 989 529 699
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68Solutions – Legal & Travel
Consulting & Partnerships Department
Address: 6th Floor, 67 Yen Lang Street, Trung Liet Ward, Dong Da District, Hanoi, 100000
Fanpage: https://www.facebook.com/68solutions/
Hotline/ WhatsApp/ Zalo: (+84) 989 529 699
Email: sales@68solutions.vn
Website: www.68solutions.vn