Foreign investors managing subsidiaries in Vietnam often face distinct challenges when it comes to bookkeeping and accounting. The country’s regulatory environment is complex and constantly evolving, with frequent changes in financial legislation and unique cultural considerations. Navigating these intricacies requires careful attention to detail in order to ensure compliance and optimize financial operations for sustained business success in this dynamic market.
In this article, we will outline the key obstacles and provide a practical overview of the accounting and bookkeeping processes specific to Vietnam.
Why choose Informly for bookkeeping in Vietnam?
Informly highlights several reasons to choose them for bookkeeping services:
- Comprehensive Services: They offer a full range of accounting, finance, and bookkeeping services. This suggests they can handle more than just basic bookkeeping, potentially covering a wider range of financial needs.
- Reasonable Rates: They emphasize affordability, which is a key factor for many businesses.
- Experience with Diverse Clients: They mention serving both national and international clients, implying they understand the complexities of different business structures and regulations.
- Customized Services: They tailor their bookkeeping services to the specific needs of each client, suggesting a personalized approach.
- Focus on Time Savings and Productivity: They argue that by outsourcing bookkeeping to them, businesses can save time and focus on their core operations, leading to increased productivity.
- Consistency and Comprehensiveness: They promise reliable and thorough service, assuring clients that their accounts will be well-maintained. This emphasizes their professionalism and commitment to accuracy.
- Peace of Mind: They aim to free up clients’ mental energy by handling the bookkeeping, allowing them to concentrate on strategic business activities.
Comprehensive Bookkeeping Services in Vietnam by Informly
- Profit and Loss Statements & Balance Sheets: Accurate preparation and reporting
- Fixed Assets Ledger: Detailed tracking and management
- General Account Filing: Organized record-keeping and filing
- Bank Reconciliation: Ensuring accurate financial matching with bank statements
- Cash Flow Statements: Timely and precise reporting for effective financial planning
- Financial Analysis: Weekly, monthly, quarterly and annual reports to support decision-making
- Vietnamese Accounting Standards (VAS) Compliance: Expert services in line with local regulations
- Directors’ Reports: Comprehensive reports for management and stakeholders
==> See more: Accounting services in Vietnam
How long does it take to complete bookkeeping services in Vietnam with Informly?
The time required to complete bookkeeping or update accounting records depends on the volume of documents and invoices for each business. For instance:
- For businesses with a low volume of invoices, bookkeeping can be completed in as little as 2 days, with a maximum of 7 days.
- For businesses with a larger volume of invoices and documents, the process may take anywhere from 1 to 3 months.
Documents businesses need to provide Informly
When using bookkeeping services from Informly, please provide the following 7 documents and materials:
- VAT invoices for both input and output transactions during the year in question.
- Bank account statements for the relevant year.
- Payroll details and personal identification information of employees, if applicable (i.e., if the company pays salaries).
- Login credentials for the electronic tax filing system.
- For manufacturing companies: product cost standards.
- For construction companies: project estimates or material usage records for ongoing construction projects.
- Previous year’s accounting records, if available.
FQA?
Question 1: Accounting & Bookkeeping Service Fees at Informly
Informly offers comprehensive bookkeeping services tailored to various sectors, including trade, consulting, construction, interior decoration, manufacturing, processing, restaurants, installation, and more. Our pricing starts from 2,000,000 VND, though it may vary based on the volume of input and output invoices and the complexity of the records. To receive an accurate quote for your business, please reach out to us.
Question 2: Why Choose Informly for Your Bookkeeping Needs?
What sets Informly apart is our commitment to ensuring your business’s accounting needs are met with precision and reliability. Here’s why businesses trust us with their bookkeeping services:
- Free Consultation: If any errors are found in your submitted tax reports during our review, we offer free consultation to help adjust them.
- Comprehensive Support: We provide free delivery and pickup services throughout the entire process, ensuring convenience and efficiency.
- Full Compliance: Our bookkeeping services adhere strictly to accounting standards, ensuring accuracy and legal compliance.
- Cost Optimization: We offer guidance on methods to optimize deductible costs for corporate income tax calculations.
- Audit Assurance: In case of a tax audit, Informly takes responsibility for the accounting records prepared, based on the data provided by your business.
Question 3: What Does Bookkeeping Include?
Our bookkeeping services include the following key accounting records to ensure comprehensive financial oversight:
- General Journal
- General Ledger
- Detailed Account Ledger
- Cash Book
- Bank Deposit Book
- Fixed Asset Depreciation Schedule
- Inventory Summary (Purchases, Sales, and Stock)
- Prepaid Expenses Tracking Ledger
- Receipts and Payments Vouchers
- Warehouse Receipt and Delivery Notes
Question 4: What is Bookkeeping?
Bookkeeping is a critical aspect of managing a business’s finances. It provides the essential data for tax authorities to conduct audits and inspections. Accurate bookkeeping reflects the business’s financial performance, including profits and losses, and must comply with accounting standards to avoid legal complications.
Question 5: Do Businesses Need to Maintain Bookkeeping if No Invoices Are Issued?
Even if your business has not issued any invoices, you are still required by law to maintain accounting records. Failure to do so can result in administrative fines up to 30,000,000 VND. At Informly, we can complete the bookkeeping process in just 2 days for businesses with minimal or no invoices.
For any questions or challenges related to completing your accounting records, please don’t hesitate to contact Informly. We’re here to provide the most tailored and detailed advice for your specific needs.
