ACCOUNTING SERVICES FOR FOREIGN INVESTED ENTERPRISES
Professional, dedicated, responsible, reasonable price
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1- WHAT IS ACCOUNTING SERVICE?
Accounting services for foreign-invested enterprises in Vetnam are services provided by professional accounting service companies, performing tasks related to the accounting work of foreign-invested 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 help ensure that the financial data of foreign invested enterprises is recorded, stored and reported accurately, on time and in compliance with the provisions of the law on accounting, tax law.
2- WHAT DO ACCOUNTING SERVICES FOR FOREIGN INVESTED ENTERPRISES INCLUDE?
A foreign-invested enterprise in Vietnam is an enterprise with foreign investors as members or shareholders.
Accounting services for foreign-invested enterprises usually include the following tasks:
A- ACCOUNTING WORKS
a) Prepare accounting documents
Prepare sales invoices, receipts, payment vouchers, etc.
b) Record accounting books
This activity includes entering and classifying all business transactions into appropriate accounting accounts, such as: Purchases, sales, receipts, payments, inventory, depreciation, cost allocation, etc.
c) Cost calculation
- Calculate depreciation of fixed assets;
- Allocate tools, equipment, prepaid expenses (if any);
- Calculate sales expenses, business management expenses, other expense items, etc.;
- Calculate product cost, cost of goods sold;
- Determine business results
d) Prepare financial statements
- This work involves preparing and presenting the financial statements of the enterprise. Financial statements include Quarterly financial statements and Annual financial statements.
- Financial statements show the business performance during the period and the financial situation of the enterprise at a point in time.
- Financial statements include:
Business performance report;
Balance sheet;
Cash flow statement;
Notes to financial statements.
e) Auditing financial statements
Annual financial statements of foreign-invested enterprises must be audited by an independent auditing company.
B- TAX DECLARATION
- Declare business license fees;
- Register tax codes for new employees;
- Register dependents, family deductions;
- Make periodic tax declarations (Monthly/Quarterly/Yearly).
- Declare VAT, corporate income tax, personal income tax, etc.;
- Make annual tax settlement declarations according to regulations;
- Explain taxes.
C- SALARY CALCULATION
This involves calculating and allocating employee benefits and wages, as well as deducting and paying taxes and benefits.
- Preparing monthly payroll;
- Calculating monthly salaries for employees, including salaries, bonuses, and allowances;
- Calculating monthly social insurance, health insurance, and unemployment insurance premiums;
- Calculating monthly personal income tax (PIT) for employees;
D- LABOR AND SOCIAL INSURANCE PROCEDURES
- Carrying out social insurance registration procedures;
- Carrying out change notification procedures;
- Carrying out increase and decrease notification procedures;
- Carrying out social insurance book closing procedures.
E- CONSULTING WORKS
- Tax consulting;
- Consulting on accounting, invoices;
- Consulting on labor, salary, social insurance.
G- REPORTING WORKS
(1) Report on the implementation of investment projects of foreign-invested enterprises (FDI)
- Report on the implementation of investment projects periodically every quarter;
- Report on the implementation of investment projects periodically every year.
(2) Report on monitoring and evaluating investment of foreign-invested enterprises (FDI)
- Report on monitoring and evaluating periodically every 6 months;
- Report on monitoring and evaluating periodically every year.
(3) Report on the situation of trading activities of goods and activities directly related to trading activities (annual report).
(4) Report on the use of Vietnamese and foreign workers
- Report periodically every 6 months;
- Report periodically every year.
(5) Report on deferred purchase, foreign loans
- Monthly report on short-term, medium- and long-term deferred purchase;
- Monthly report on short-term foreign loans;
- Registration of medium- and long-term foreign loans.
(5) Financial reports of foreign-invested enterprises (FDI)
3- REGULATIONS ON ACCOUNTING BOOKS IN VIETNAM?
According to the provisions of Vietnamese accounting law:
1. Accounting books are used to record, systematize and store all economic and financial transactions that have arisen related to the accounting unit.
2. 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.
3. Enterprises must base on accounting documents to record accounting books.
3. 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.
4. 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.
4- ARE ENTERPRISES MANDATORY TO KEEP ACCOUNTING BOOKS IN VIETNAM?
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.
5- ACCOUNTING SERVICE FEE FOR FOREIGN INVESTED ENTERPRISES
We determine our accounting service fees based on the size of your business, the amount and complexity of work to be performed.
This fee schedule is for reference only. Please contact us for an exact quote.
|
NO |
SERVICES |
FEE (VND) |
|
1 |
Fee for bookkeeping |
From 1.500.000,00/month |
|
2 |
Fee for financial statement preparation |
From 3.500.000,00/year |
|
3 |
Fee for chief accountant |
From 3.000.000/month |
|
4 |
Fee for reviewing accounting books |
From 1.200.000,00/month |
|
5 |
Fee for tax declaration |
From 1.500.000,00/month |
|
6 |
Fee for tax consulting |
From 1.500.000,00/month |
|
7 |
Fee for tax settlement |
From 3.500.000,00/year |
|
8 |
Fee for advising accounting, tax, law … |
From 800.000/hour |
|
9 |
Other services |
Contact for quote |
Contact address, email and phone number (See details)
6- WORK OF AN ACCOUNTING SERVICE STAFF
Below are the details of the work of an accounting service staff 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.
g) 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.
7- 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.
Certificate of eligibility for Accounting Service Business in Vietnam (See details)
8- WHY FOREIGN INVESTED ENTERPRISES SHOULD USE ACCOUNTING SERVICES IN VIETNAM?
a) Help foreign invested businesses save time and costs when doing business in Vietnam
Accounting is a complex job and requires high expertise. When using accounting services, businesses can save time and costs to focus on core business activities.
b) Ensure compliance with accounting and tax laws in Vietnam
According to Vietnamese law, foreign invested businesses operating in Vietnam must perform accounting and prepare financial statements according to regulations. Businesses can arrange accounting staff or hire an external accounting service company to perform accounting.
Using accounting services helps foreign invested businesses ensure compliance with the law and avoid legal risks in Vietnam.
c) Optimize costs
Accounting services are suitable for all businesses, the cost of using accounting services is low, helping businesses manage finances effectively, thereby helping to optimize costs and increase profits.
d) Providing accurate management information
Accounting services help provide accurate and timely management information to help businesses make correct and effective decisions.
e) Professional consulting
Accounting experts have in-depth knowledge of accounting and tax, can provide professional advice to help businesses develop sustainably.
For the above reasons, businesses should use accounting services to ensure smooth and effective business operations.
9- WHICH ENTERPRISES IN VIETNAM ARE ACCOUNTING SERVICES SUITABLE FOR?
a) Newly established enterprises
Newly established enterprises that do not have accounting staff and need advice and support in setting up an accounting information system, declaring taxes, preparing corporate financial statements and complying with relevant legal regulations.
b) Small and medium-sized enterprises
Small and medium-sized enterprises that want to outsource accounting services to save costs and ensure that the enterprise complies with accounting and tax laws.
c) Foreign-invested enterprises
Foreign-invested enterprises outsource accounting services to ensure better accounting and tax reporting, helping to comply with accounting and tax laws in Vietnam.
d) Representative offices of foreign companies operating in Vietnam
Representative offices of foreign companies operating in Vietnam outsource accounting services to ensure better accounting and tax reporting, helping to comply with accounting and tax laws in Vietnam.
e) Operating enterprises
- Operating enterprises need to use accounting services to effectively manage and control finances, ensure compliance with legal regulations and optimize costs.
- Enterprises already have accountants but the accountants do not have much experience in accounting and tax and need support from an accounting firm;
- Enterprises already have good accountants but still want an accounting firm to accompany them to get the best support in accounting and tax work.
- Enterprises want to outsource accounting services to perform accounting and tax work professionally.
g) Large-scale enterprises
Large-scale enterprises often have many complex business activities, requiring professionalism and high technical skills in financial and accounting management.
Accounting service companies have accounting experts with in-depth knowledge in the fields of accounting and tax, who can provide professional advice to help enterprises comply with the law and limit risks.
h) Businesses that want to focus on their core business
Businesses that want to focus on their core business often outsource accounting services to reduce auxiliary work and focus on business development.
k) Businesses that need financial advice and support
Businesses that need financial, tax, and risk management advice and support can also use accounting services to ensure that business operations run smoothly and effectively.
10- BENEFITS OF USING ACCOUNTING SERVICES OF GOLDEN STAR IN VIETNAM?
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.
11- WHY SHOULD FOREIGN INVESTED ENTERPRISES CHOOSE ACCOUNTING SERVICES OF GOLDEN STAR?
a) Golden Star has many years of experience in the field of accounting and tax declaration services in Vietnam
Golden Star with more than 15 years of experience providing accounting services, tax declaration services, tax procedure services, tax consulting, business consulting for thousands of customers in many different fields and industries, Golden Star Accounting Service Company is confident in supporting customers to comply with Vietnamese laws on accounting, tax procedures, tax law, business law and other legal regulations.
b) Understanding tax law, tax policy, accounting in Vietnam
At Golden Star Accounting Service Company, experts are knowledgeable about accounting, tax regulations, current accounting standards and are regularly updated with new regulations and changes.
c) Highly qualified and specialized staff
The staff performing accounting services at Golden Star Accounting Service Company are highly qualified, experienced and have practical knowledge in the fields of tax and accounting.
The experts are professional lawyers and accountants at Golden Star Accounting Service Company with more than 15 years of experience in the fields of tax, accounting and legal consulting.
Key staff of Golden Star Accounting Company (See details)
d) Golden Star Accounting Company has been granted a Certificate of eligibility to provide tax procedure services by the Ho Chi Minh City Tax Department.
Golden Star is one of the companies in Vietnam that fully meets the conditions for doing business in tax procedure services and tax agency services according to the provisions of Vietnamese tax management law and has been granted a Certificate of eligibility for doing business in tax procedure services by the Ho Chi Minh City Tax Department.
Certificate of eligibility for Tax Procedure Service Business in Vietnam (See details)
e) Golden Star Accounting Company has been granted a Certificate of eligibility to provide accounting services by the Ministry of Finance.
Golden Star is one of the accounting service companies in Vietnam that fully meets the business conditions prescribed by the Law on Accounting of Vietnam and has been granted a Certificate of eligibility to do business in accounting services by the Ministry of Finance.
Certificate of eligibility for Accounting Service Business in Vietnam (See details)
g) Many customers have used accounting services and highly appreciated
Up to now, there have been thousands of customers who are businesses in many different fields and industries that have been using the accounting services of Golden Star Accounting Service Company. Customers using the accounting services of Golden Star Accounting Services Company are businesses (domestic enterprises, foreign-invested enterprises, project management boards, representative offices) or individual taxpayers.
Refer to some typical customers of Golden Star (See details)
12- PROCESS OF ACCOUNTING SERVICE AT GOLDEN STAR
To help customers easily grasp the necessary information as well as monitor the working process, Golden Star standardizes the accounting service process for businesses as follows:
Step 1: Receive requests, quote service
- Golden Star will receive customer requests via phone, email and website.
- Golden Star will learn about the industry, business scale, and specific operations.
- Consult and quote suitable service packages (tax accounting, general accounting, financial reporting, etc.).
Step 2: Sign a service contract
- After agreeing on the work content, implementation time and service fee, Golden Star will draft a service contract.
- The legal representatives of both parties will sign the contract.
Step 3: Receive accounting documents, records, information
- Customers will periodically provide Golden Star with accounting documents and information for Golden Star to perform the work as agreed in the service contract. Such as contracts, purchase invoices, sales invoices, bank account statements, etc.
- Golden Star will review the entire data system, documents, papers, and resolve customer issues in accordance with the agreement in the accounting service contract.
Step 4: Process and record accounting data
- Based on accounting documents and information provided by customers, Golden Star will classify and enter documents into the accounting software.
- Accounting for arising transactions (purchases, sales, expenses, salaries, etc.).
- During the service implementation process, the two parties will have regular and continuous exchanges to grasp the direction and method of resolving the work quickly and conveniently.
- If any situation arises, the accountant will discuss and consult with the business to ensure compliance with legal requirements.
Step 5: Prepare and submit periodic tax reports
- Prepare value added tax (VAT), corporate income tax (CIT), personal income tax (PIT).
- Submit reports and declare taxes on time as prescribed.
Step 6: Management report and business consulting (if any)
- Provide reports on revenue, expenses, profits upon request.
- Provide financial analysis and solutions to optimize tax costs.
Step 7: Prepare year-end financial reports
- Summarize data, compare books.
- Prepare financial reports including: Balance sheet, Business performance report, Cash flow report, explain financial statements.
Step 8: Support audit and tax inspection (if any)
- Work with auditing companies.
- Prepare documents, explain to tax authorities.
- Accompany customers during the inspection process
Step 9: File storage
Set up and store files on accounting software
13- DOCUMENTS THAT CUSTOMERS NEED TO PROVIDE WHEN USING ACCOUNTING SERVICES OF GOLDEN STAR
When using accounting services, customers need to provide Golden Star Accounting Services Company with the following information:
a) Initial documents
- Copy of business registration certificate, investment registration certificate (if any);
- Digital signature;
- Login information for tax declaration;
- Information on business products;
- Financial statements of the previous year (if any);
- Other information (depending on each enterprise).
b) Monthly documents
- Sales contracts;
- Output and input invoices of the enterprise;
- Bank account statements;
- Labor contracts, employee information;
- Other information (depending on each enterprise).
14- EXPERIENCE IN CHOOSING AN ACCOUNTING SERVICE COMPANY IN VIETNAM
Before choosing an accounting service provider, you need to carefully research the information to avoid risks.
Here is some information to identify a reputable and quality accounting service provider.
a) The enterprise has a Certificate of eligibility to provide accounting services in Vietnam
Accounting services is a conditional business in Vietnam. To be able to provide accounting services, the enterprise must be granted a Certificate of eligibility to provide accounting services by the Ministry of Finance. Therefore, check whether the enterprise has a Certificate of eligibility to provide accounting services or not.
Golden Star is one of the accounting service companies in Vietnam that fully meets the business conditions prescribed by the Law on Accounting of Vietnam and has been granted a Certificate of eligibility to do business in accounting services by the Ministry of Finance.
Certificate of eligibility for Accounting Service Business in Vietnam (See details)
b) The enterprise has a Certificate of eligibility for tax procedure services in Vietnam
Tax declaration and tax procedure services are conditional business lines. In order to provide tax declaration services, enterprises must be granted a Certificate of eligibility for tax procedure services by the Tax Department.
Therefore, please check whether the enterprise has a Certificate of eligibility for tax procedure services or not.
Golden Star is one of the companies in Vietnam that fully meets the conditions for doing business in tax procedure services and tax agency services according to the provisions of Vietnamese tax management law and has been granted a Certificate of eligibility for doing business in tax procedure services by the Ho Chi Minh City Tax Department.
Certificate of eligibility for Tax Procedure Service Business in Vietnam (See details)
c) Choose an accounting service provider that has been operating in Vietnam for many years
Companies that have been operating for many years will be exposed to many different industries and fields, and have more experience in handling difficult documents. On the other hand, over a long period of operation, they will build a scientific, methodical working process and a team of highly qualified and quality staff.
Golden Star Accounting Company has more than 15 years of experience in the field of accounting services. Using Golden Star 's accounting services, you can be completely assured of the quality.
d) A team of highly qualified and experienced staff
The quality of accounting services depends on the expertise and experience of the staff, especially the key staff.
Therefore, to choose a quality accounting service company, you should choose a company with a team of highly qualified and experienced staff.
Key staff of Golden Star Accounting Company (See details)
e) Reasonable service price
Price often goes hand in hand with quality, high quality often has a high price and vice versa.
Service quality is determined by the quality of the staff providing the service. Services provided by highly qualified and experienced staff are often more expensive than services provided by less qualified and less experienced staff.
Therefore, choose an accounting service provider with reasonable prices.
15- ANSWERS TO SOME QUESTIONS RELATED TO ACCOUNTING SERVICES FOR FOREIGN INVESTED ENTERPRISES IN VIETNAM
Question 1: When using accounting services, is there a service contract?
Answer:
Yes.
Before performing the work, the customer and Golden Star Accounting Service Company will sign an accounting service contract.
The content of the contract is agreed upon between the two parties to ensure compliance with the law, on time, in accordance with standards and to protect the interests of the customer.
Question 2: Does Golden Star Accounting Service Company provide accounting services nationwide? What if I am outside of Ho Chi Minh City?
Answer:
Yes.
We provide accounting services nationwide.
No matter which province or city your company is in, please contact us for specific advice and choose the best cooperation option.
Question 3: Our company does not have output or input invoices, so do we need to record accounting books and prepare financial statements?
Answer:
Yes.
According to Vietnamese law, even if there are no output or input invoices (no transactions), enterprises must still establish accounting books and prepare financial statements at the end of the accounting period according to regulations.
Question 4: Are enterprises required to have accounting books and prepare financial statements?
Answer:
Yes.
According to Vietnamese law, enterprises are required to record accounting books and prepare financial statements according to regulations.
Question 5: If a business does not keep accounting books and prepare financial statements, will it be subject to administrative penalties?
Answer:
Yes.
According to Vietnamese law, a business will be subject to administrative penalties if it does not keep accounting books and prepare financial statements. In addition to being subject to administrative penalties, the authorities will require the business to keep accounting books and prepare additional financial statements.
Question 6: Are the financial statements of foreign-invested enterprises in Vietnam required to be audited?
Answer:
Yes.
The financial statements of foreign-invested enterprises in Vietnam are required to be audited by an independent auditing company.
Question 7: When using the accounting services of Golden Star Accounting Service Company, do customers need to purchase a digital signature?
Answer:
Yes.
Customers are required to purchase a digital signature to submit tax declarations to the tax authorities.
Question 8: When using the accounting services of Golden Star Accounting Service Company, what do customers need to provide?
Answer:
- Output invoices, input invoices
- Bank account statements
- Employee information
- Login information for tax declaration
- Information on business products
- Accounting data of previous years (if any)
Question 9: Does Golden Star Accounting Service Company commit to keeping information confidential for businesses?
Answer:
Yes.
With more than 15 years of experience in providing accounting services, Golden Star Accounting Service Company is committed to always keeping information confidential for customers.
Question 10: What does a financial report include?
Answer:
According to the provisions of the Vietnamese Accounting Law, the financial report of an accounting unit includes:
- Balance sheet;
- Business performance report;
- Cash flow statement;
- Notes to financial statements;
- Other reports as prescribed by law.
Question 11: How are accounting service fees calculated?
Answer:
Accounting service fees depend on the amount of work to be performed. Upon receiving a customer's request, Golden Star Accounting Service Company will analyze, evaluate the work and provide the most appropriate service fee for each customer's actual situation.
Please contact us for a detailed quote.
Contact address, email and phone number (See details)
Question 12: What is the process of providing accounting services at Golden Star Accounting Service Company?
Answer:
Here are some basic steps in the accounting service process at Golden Star Accounting Service Company:
Step 1: Receive requests and quote services
Step 2: Draft and sign service contracts
Step 3: Receive accounting documents, records, and information
Step 4: Process and record accounting data
Step 5: Prepare and submit periodic tax reports
Step 6: Management reports and business consulting (if any)
Step 7: Prepare year-end financial reports
Step 8: Support audits and tax inspections (if any)
Step 9: File storage
Question 13: Should I use the accounting services of Golden Star Accounting Service Company?
Answer:
Yes.
For the following reasons.
a) Many years of experience in the field of tax declaration services, tax consulting, accounting bookkeeping services;
b) Have expertise and experience in the field of tax consulting, tax declaration, accounting;
c) Have a Certificate of eligibility to conduct accounting services in Vietnam;
d) Have a Certificate of eligibility to conduct tax procedure services in Vietnam;
g) A team of highly qualified and experienced staff;
h) Dedicated service;
i) Reasonable price.
Question 14: What is the difference between hiring an accounting service and hiring an accounting staff?
Answer
| Criteria |
Hire accounting services |
Accounting staff recruitment |
|
Agreement by |
Service contract |
Labor contract |
|
Expense |
- Flexible costs, lower than recruiting employees. - Payment by service package (monthly, quarterly).
|
- Fixed monthly salary (including social insurance, health insurance). |
|
Scope of work |
Focus mainly on bookkeeping, tax declaration, financial reporting, tax consulting. |
Handle all internal tasks such as revenue and expenditure, accounts receivable, salary management, and detailed accounting. |
|
Quality |
- Team of experienced experts. - Regularly updated on tax and accounting laws.. |
Depends on the qualifications and experience of the recruited staff. |
|
Work efficiency |
- Fast and accurate processing thanks to professional process. |
It may be slower depending on individual ability and workload. |
|
Flexibility |
Easily change or terminate service. |
Terminating an employment contract is complicated and time consuming. |
|
Work control |
No need to manage details, assign work. |
Businesses must monitor and inspect daily work. |
Question 15: Advantages and disadvantages of outsourcing accounting services and recruiting accounting staff?
Answer:
1) Hire accounting services
Advantages:
- Cost savings: No need to pay fixed salaries, social insurance, benefits.
- High expertise: Experienced team to handle many complex situations.
- Compliance with the law: Quickly update tax and accounting policies.
- Flexibility: Easily change service units if not satisfied.
Disadvantages:
- Limited scope: Focuses mainly on accounting bookkeeping, financial reporting, tax declaration, tax settlement, tax consulting.
- Indirect interaction: Processing information through exchanging documents, emails instead of doing it directly.
2) Recruiting accounting staff
Advantages:
- Flexibility: Employees can meet the sudden requirements of the business.
- Diverse work: In addition to tax accounting, it also manages revenue and expenditure, debts, and salaries and bonuses.
- Direct interaction: Accounting staff work directly at the enterprise.
- Long-term commitment: Building a stable staff for the enterprise.
Disadvantages:
- High costs: Incurring salaries, social insurance, health insurance and other benefits.
- Risk of errors: If employees lack experience, it can cause serious consequences.
- Difficulty in recruiting: Time-consuming and costly to recruit the right person.
- Risk of quitting: Affects accounting activities when employees suddenly quit.
Are you looking for accounting services for foreign invested enterprises?
For more information about accounting services and fees for foreign invested enterprises
Please contact Golden Star Accounting Company as follows:
Contact address, email and phone number (See details)
Golden Star Accounting Firm will meet customers' requirements in a professional, reputable and effective manner
