• Accounting and preparation of financial statements
• Accounting reviews
• Payroll outsourcing and statutory insurance contribution outsourcing

Services include:

Initial Accounting Set Up Services

• Advise mandatory accounting procedures/documents and design, complete an accounting manual to be formally published/complied at the Company;
• Prepare and lodge application letter for the VAS adoption to the competent authorities;
• Train your staff in the use of the accounting software (externally purchased or we provided);
• Provide a checklist of the monthly/quarterly tax and other declarations that need to be prepared by the Company and provide a short training on completion thereof;
• Advise in details on division/segregation of duties, responsibilities within the finance and administrative functions. Where possible we will provide the formats of accounting documents to be used by the Company; and
• Advise on accounting/tax treatments for the standard transactions of the Company;

Monthly Bookkeeping and Chief Accountant (CA) Function Services

Monthly Accounting Bookkeeping Services

• Input all transactions into the Company’s general ledger system in compliance with the VAS and producing of reports as required by VAS;
• Produce month-end reports to present to management such as the balance sheet, income statement, cash flow statement and ad hoc other reports as requested by management;
• Prepare monthly breakdowns of balances, as required, and preparing bank and other standard reconciliations on a monthly basis;
• Provide ongoing assistance to the company in development of effective accounting procedures and documents which comply with VAS;
• Carry out monthly reviews of the accounting records VAS including the ledgers to highlight errors, discrepancies and other issues;
• Prepare monthly tax returns for VAT compliance purposes, including expert advice on regulatory requirements to claim input VAT, preparation of monthly and yearly VAT declaration for submission to the local tax authorities;
• Provide ad hoc verbal advice and training to staff and management of the company regarding accounting issues/procedures/regulation changes.
• Produce year end accounts for audit purposes.

Chief Accountant Functions Services

It is compulsory by the law to any foreign invested, local enterprises in Vietnam to appoint a Chief Accountant whose skills, diploma and experience shall meet some well-defined criteria.  The Chief Accountant shall be either an individual or a company duly. We understand that Company may also be looking for a professional firm to provide Chief Accountant functions services together with the monthly bookkeeping accounting services.

Corporate Income Tax (“CIT”) Compliance Services

Advance Quarterly CIT Return

• Completing the registration of budgeted annual salary costs (to be submitted in a separate registration to the tax office);
• Extracting budgeted numbers for the next fiscal year for preparation of the advance quarterly CIT returns;
• Completing provisional numbers for the previous year which will be extracted from the draft management accounts and advice on any likely adjustments required to the accounting numbers;
• Providing general advice on CIT planning and risks related to the provisional numbers for the fiscal year;
• Providing explanations to management regarding the disclosures/numbers submitted.

Year-end CIT Finalisation Return

• Extracting the figures from the audited accounting records for tax finalisation purposes;
• Adjusting/determine deductible expenses, accounting numbers to comply with the local tax regulations, if necessary;
• Registering the Company’s losses of the previous year with the tax authorities and registering the method of deduction against future profits (if this is not done properly, the Company may lose some or all of the related tax loss carry forward benefit);
• Registering the Company’s depreciation method and rates with the local authorities;
• Providing general advice on CIT planning, e.g. expenditure planning in view of tax holiday/incentives, loss carrying forward methods.

Payroll Services for Local Staff

We recognize that completing lengthy labour compliance procedures, monthly payroll and dealing with the authorities are distractions from running your core business and our outsourcing services are thus designed to allow you to focus on your business and free up valuable resources. As an aside, you are also able to take advantage CPA’s best practice compliance and processing procedures, and our established and efficient relationships with the various government and competent bodies, and strict confidentiality of information.

Compulsory Labour Registrations

• Assist Company in the preparation of labour contracts;
• Prepare necessary registration forms to submit to the SI/HI and labour department;

• Prepare and obtain SI books, labour books, advise on payment schedule/procedures etc. (Company’s staff will assist to submit the documents/forms to the local authorities located outside Ho Chi Minh City).

Payroll Outsourcing Services

• Maintenance of employee’s income details and preparation of payroll spreadsheets (including calculations of PIT, HI and SI);
• Preparation of employee’s pay slips;
• Preparation and filing of monthly PIT declarations and annual declarations to be lodged at the local tax authorities, and liaising with the tax authorities regarding the same;
• Preparation and filing of quarterly SI and HI declarations with the relevant authorities including assistance in making SI and HI contributions;
• Liaising with the SI and HI authorities to apply for severance allowances, maternity allowances, SI benefits catch-up, transfers and related matters; and
• Preparation of diagram of monthly payroll process and payment schedules at fixed deadlines to be agreed with you. The company’s accountant will handle the bank transfer for salary payments.

Personal Income Tax (PIT) Compliance Services For Expatriate Staff

Initial Registration and Monthly Declarations of PIT:

• Advise on the required documents, information for PIT registration and declarations purposes;
• Advise on the key information and provide samples of employment contracts for tax purposes such as the Vietnam personnel assignment letter;
• Prepare the forms for tax registration and monthly declarations;

Annual PIT Finalisation Return

• Advise on the required documents and information for annual PIT finalisation purposes;
• Provide samples of the “Annual Compensation Confirmation Letter” and “Payslip” required by the local authorities and advise on “hypotax” disclosure requirements etc. for tax finalisation purposes (if applicable);
• Prepare the annual tax finalisation return;
• Submit the signed tax registration/finalisation return and follow up the same with the local tax authorities;
• Respond to any queries by the local tax authorities.

Accounting Review Services

• Conduct a monthly review on the accounting records and entries including the ledgers balances at each month end to highlight errors, discrepancies and other issues and checking of all month end accounting reconciliations;
• Conduct a monthly review on all monthly accounting reports produced by the Company’s in-house staff and/or accounting software, including the following reports: Balance Sheet, Income Statement, Accounts Payable, Accounts Receivable, Sales, Bank Balance, Cash Balance;
• Provide ad hoc verbal advice and training to staff and management of the Company regarding accounting procedures, segregation of duties, responsibilities and treatment of unusual transactions for internal control compliance and Vietnamese accounting standards;