Trusted SME accounting services in Vietnam

S4B offers a range of accounting services tailored to the needs of Small Business Financial Accounting Firms. In addition to our low-cost accounting service and part-time accounting service, we provide a highly effective and economical solution – hiring an accountant dedicated to sme accounting services. This option ensures both cost-efficiency and a commitment to delivering quality work.

1.  What Constitutes a Small and Medium Enterprise?

While there are no strict definitions, at S4B, we classify businesses as SMEs based on their size in terms of capital, labor, or revenue. SMEs encompass micro enterprises, small enterprises, and medium enterprises.

1.1 Criteria for Identifying SMEs

1.1.1. Agriculture, Forestry, Fisheries, Industry, and Construction

  •   Micro Business: Average employees participating in social insurance ≤ 10 and total revenue ≤ 3 billion VND or total capital ≤ 3 billion VND.
  •  Small Business: Average employees participating in social insurance ≤ 100 and total revenue ≤ 50 billion VND or total capital ≤ 20 billion VND (not a micro-enterprise).
  • Medium Business: Average employees participating in social insurance ≤ 200 and total revenue ≤ 200 billion VND or total capital ≤ 100 billion VND (not a small or micro-enterprise).

The service that Small Business Financial Accounting Firms need

>>>Read more: The process of implementing and deploying the Payroll Administration

1.1.2. Trade in Services

  • Micro Business: Average employees participating in social insurance ≤ 10 and total revenue ≤ 10 billion VND or total capital ≤ 3 billion VND.
  • Small Business: Average employees participating in social insurance ≤ 50 and total revenue ≤ 100 billion VND or total capital ≤ 50 billion VND (not a micro-enterprise).
  • Medium Business: Average employees participating in social insurance ≤ 100 and total revenue ≤ 300 billion VND or total capital ≤ 100 billion VND (not a small or micro-enterprise).

1.2 Identification and Declaration of SMEs

SMEs can self-determine and declare their size using the form provided in Decree 39/2018/ND-CP. They must take responsibility for the accuracy of the declaration. If any discrepancies arise, the enterprise should adjust and re-declare its size accordingly.

2. What accounting system should small and medium enterprises (or SMEs) choose?

2.1 Obeying with the Vietnamese regulations, reliable service

Small and medium enterprises (SMEs) often opt for accounting systems that comply with Circular 133/2016/TT-BTC. This circular applies to SMEs, including micro enterprises, across all fields and economic sectors. However, it excludes state enterprises, companies with over 50% state ownership, public companies under securities law, and cooperatives.

Accountants can follow bookkeeping principles and prepare financial statements for SMEs based on specific criteria for their identification. Notably, corporate tax determination for the state budget does not apply. The advantages of using accounting services for SMEs include cost-effectiveness (ranging from 399,000 VND to 1,300,000 VND), experienced accountants (with 8 to 10 years of experience), and legal advice from a team of lawyers on business-related issues, including updates on tax laws and regulations.

Criteria to choose sme accounting for small and medium enterprises

2.2 S4B Accounting Solutions for SMEs

At S4B, we are dedicated to providing the best solutions for sme accounting firms, ensuring both economic advantages and top-quality results. Our comprehensive list of tasks for SME accounting services includes:

  • Invoice and voucher collection
  • Updating new legal documents
  • Preparing monthly and quarterly tax reports
  • Handling year-end tasks such as labor and social insurance declarations

Our detailed accounting services for Small Business Financial Accounting Firms encompass collecting and managing invoices and vouchers to ensure their legality, validity, and reasonableness. Our experts verify compliance with prescribed invoice formats and accounting document content, adhering to the Law on Accounting.

3. Frequently Asked Question from Customer about sme accounting

Some frequently asked questions of customers related to accounting services for small and medium enterprises

3.1 Customer’s Question: The company was established in April 2020 without any activity. Do I have to submit a VAT declaration?

S4B’s Answer: For the company established in April 2020 (Quarter 2 of 2020), the filing period for the second quarter declaration is July 31, 2020. VAT declaration is mandatory for enterprises, even if there are no production and business activities. Failure to submit the declaration may result in fines according to the levels specified by S4B, based on the timing and date of submission.

3.2 Customer’s Question: How much does an employee who signs a contract have to pay for compulsory social insurance?

S4B’s Answer: According to Point b, Clause 2 of the Law on Social Insurance 2014, employees who work under labor contracts with a term of one full month to less than three months are required to pay compulsory social insurance.

3.3 Customer’s Question: What is the current salary for paying social insurance (compulsory social insurance)?

S4B’s Answer: The monthly salary for paying compulsory social insurance is determined by the salary system decided by the employer. This includes the basic salary, salary allowances, and other prescribed additional amounts (e.g., dues).

Accounting services for Top Small Business Accounting Firms in Vietnam of S4B will deal with tax authorities on behalf of the tax authorities and undertake to be responsible before the tax authorities for the handling of the S4B operations.
By choosing S4B’s accounting services, SMEs can maintain financial compliance, avoid penalties, and leverage the expertise of experienced professionals in managing financial and tax-related matters. Contact us today to find the perfect accounting fit for your business’s financial needs.

SMART SOLUTION FOR BUSINESS COMPANY LIMITED

  • Address: Unit 602A, Tower A, Handi Resco Office Building. 521 Kim Ma Street, Ba Dinh District, Hanoi
  • Tel: + 84 24 3974 4181
  • Email: service@s4b.com.vn

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