1. Accounting system in Vietnam
Accountant Act regulates accounting system of Vietnam in 2003. Corporations in Vietnam must apply Vietnam accounting system and Vietnamese standard on Accounting. The characteristic of accounting system in Vietnam is that corporations must use the same account subject code, the same form of financial statements, the same accounting booking and some other details are also regulated based on IFRS by Financial Office. There are several laws related to accounting system:
- Accountant Act
- Vietnam accounting standards
- Vietnam accounting system
- Securities Act
- Regulates of securities exchange
2. Accounting Period
In general, the accounting period in Vietnam is from January 1st to December 31st. It is possible to set the closing date in March, June and September. But it is necessary to register to Financial Office. And the accounting period is 12 months generally but it can be extended to 15 months.
3. Accounting booking
According to Companies Act, companies must keep the accounting bookings for 10 years and it is necessary to written in Vietnamese. And bills, statements of delivery and receipts should also be kept at the same time. If there is a violation, companies will be fined less than 20,000 dongs. There are two kinds of accounting materials. One is an obligated document for external and one is an optional document for internal management.
4. Chief Accountant
In Accountant Act 2003, all of foreign companies must appoint chief accountant who is a certified accountant. However, only the first year after the setup of business, instead of appointing the chief accountant, the supervisor of accountant can be nominated. And corporations cannot only employ the chief accountant, but also can entrust an accountant firm to do it. The chief accountant is responsible for the management of accounting. For example, when company does a payment, the signature of chief accountant is necessary. Chief accountant should do the training of staffs in the accountant department and check or supervise the creating of financial statements.
In order to become a chief accountant, it is necessary to have experience of accounting at least 2 years, have the education background of accounting and have passed examinations required.
5.Our services of accounting and taxation
①monthly closing or yearly closing
- We will help the representative overseas can not do the accounting management well.
- We will help someone who wants advice from professional.
- We will help someone who want to manage profit and loss reason
We will create financial statements monthly that can know the management of business and financial conditions timely. And we will also create financial statements for yearly closing. In addition, we will support our customers to make the structure of organizations.
② Consulting services for accounting and taxation
When accountants in your own companies do the accounting and taxation or local accounting firm in Vietnam does taxation work or the work, the communication between managers and staffs will be a problem and maybe managers will doubt that if the staffs deal with some problems from the view of accountant. In these cases, we will provide proper advice and services to our customers.
③ Representation service of tax declaration for monthly or yearly
- We will help the one who is worried about the tax declaration is proper or not
- The service of taxation declaration (taxation at source・VAT) stipulated in the law in Vietnam.
④ Services of accounting audit
All of the companies should be audited by accounting auditors in Vietnam. We will provide highly quality services of accounting audit at a reasonable price.
⑤ Transfer price services
In the future, the transfer pricing taxation will be stricter and stricter but we will always support. We will not only do the analysis met with conditions, but also provide the proper advice and services.