Benefits of Vietnam professional bookkeeping services

One of the top concerns of foreign-invested enterprises in Vietnam (“FDI enterprises”) is the desire to have a strong Bookkeeping Services system to be able to prepare and submit financial reports, periodic management reports to serve the management needs of subsidiaries in Vietnam as well as the requirements of parent companies abroad.

Financial reports must be prepared on time, accurately, in compliance with accounting regimes, minimizing errors (if any). In addition, tax compliance is also a top priority to minimize damage when tax authorities conduct tax audits at enterprises. To achieve the above wishes, foreign-invested enterprises often tend to use outsourced Bookkeeping Services, provided by professional and reputable accounting consulting companies specializing in providing Bookkeeping Services to foreign companies. These consulting companies will always accompany, advise, and support foreign-invested enterprises to feel secure in doing business in Vietnam.

1. What is bookkeeping services for foreign enterprises and what services do they provide?

What is bookkeeping? Accounting work in foreign enterprises is often more complicated and includes more tasks than in companies with 100% Vietnamese capital. Bookkeeping Services for foreign companies include regular accounting tasks in accordance with current regulations such as: tax reporting and declaration, tax settlement reports, monthly, annual and year-end financial reports, accounting Bookkeeping Services, etc.

Key responsibilities of a bookkeeper for foreign companies also add some tasks compared to accounting for domestic enterprises:

  • Setting up accounting systems and financial reports for foreign companies according to Vietnamese and foreign accounting standards.
  • Translation of accounting books into foreign languages – including general ledgers and journals
  • Synthesize and classify financial reports related to consolidated financial statements between companies in Vietnam and foreign headquarters
  • Report internal transactions between subsidiaries related to consolidated financial statements.
  • Management accounting includes planning and organizing operations according to foreign enterprise standards for companies in Vietnam.
  • Other related tasks such as accounting, tax, and compliance consulting suitable for the specific operations of foreign companies

Benefits of professional bookkeeping services

2. Common problems when providing accounting services for foreign-invested enterprises

Currently, foreign-invested enterprises or foreign companies in Vietnam often tend to use specialized full-package accounting services because they not only save costs but also provide professional accounting services. However, if you choose unreliable and unprofessional units, you will easily encounter limitations not only due to language but also due to legal barriers and complex financial relationships between member companies from countries with different legal bases.

  • Not fully updating new circulars and decrees can easily lead to errors when performing accounting operations such as errors in tax declaration, financial reporting that does not comply with accounting standards, errors related to documents and internal transactions between member companies.
  • Failure to correctly determine the taxes payable, high risk of tax collection
  • Incorrect translation of Vietnamese accounting documents into foreign languages.
  • Issues related to invoices when buying and selling goods such as: missing signatures, missing tax rates, not reporting invoice usage, incorrect indicators, inconsistent invoices and books, missing goods declarations, etc.

The above issues will cause serious damage to the business operation process such as costly expenses, resource consumption to resolve or even license revocation, suspension of operations.
Therefore, for companies with foreign investment capital (FDI), it is necessary to have consultants and service providers who are especially knowledgeable about multinational accounting and have extensive experience in implementing services for businesses.

3. Key responsibilities of a bookkeeper for foreign companies of S4B Vietnam

S4B Vietnam Consulting and Accounting Company (S4B Vietnam) provides bookkeeping Services, supporting FDI enterprises to comply with Vietnamese laws, optimize costs, and focus on sustainable business development.

Specifically, S4B Vietnam provides comprehensive services for FDI enterprises in Vietnam from business establishment, accounting, tax consulting to human resources and salary management. The company supports clients in registering and establishing foreign-invested enterprises, ensuring full compliance with legal procedures. S4B Vietnam’s key responsibilities of a bookkeeper help businesses comply with Vietnamese accounting regimes and international standards, including reporting associated with parent companies. Regarding tax benefits of professional bookkeeping services, S4B Vietnam advises and guides businesses to properly implement regulations related to VAT, corporate income tax and personal income tax, while optimizing tax costs.

In the field of human resources, the company provides consulting, training and internal regulations development solutions. S4B Vietnam’s payroll services help businesses effectively manage the payroll process, confidentiality and employee benefits.

Key responsibilities of a bookkeeper

In addition, S4B Vietnam also provides corporate secretarial services, ensuring that legal procedures are carried out accurately and on time. The company also advises on business strategies suitable for each type of business, helping to optimize operations and improve business efficiency.

S4B Vietnam aims for service quality according to international standards. The company operates focusing on the interests of customers. The PDCA cycle (Plan – Do – Check – Act) is applied to control and adjust promptly during the working process. The Horenso rule (Report – Communicate – Discuss) helps maintain transparency and efficiency internally and with customers. The Kaizen philosophy is maintained through listening and adjusting based on feedback from partners.

Benefits of professional bookkeeping services is a team of experienced experts, knowledgeable about the financial and accounting system in Vietnam. S4B Vietnam always follows the latest changes in accounting and tax regulations to promptly advise and support businesses. The company also applies modern technology, uses advanced bookkeeping services software, ensuring transparency and efficiency in the working process. Not only does S4B Vietnam provide the best customer experience with a support team available 24/7 to answer questions, helping businesses feel secure during their operations.

If you are looking for a reliable partner to handle your accounting, tax, and payroll needs in Vietnam, S4B Vietnam is here to support you. Contact us!

S4B Vietnam

  • Address: Unit 701B – 701C, Tower A, Handi Resco 521 Kim Ma Street, Ba Dinh District, Hanoi, Vietnam.
  • Tel: + 84 24 3974 4181
  • Email: service@s4b.com.vn

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