Accounting Outsourcing

Service Description
 

With this service, we will act as the client’s accounting department. We will collect and file all accounting documents, analyze accounting transactions and reflect them on the accounting system fully and precisely in compliance with accounting standards, prepare reports for the statutory purposes and internal-management purposes.
 

Accordingly, our detailed works are as follow:

• Set up the accounting system to ensure that it could meet all the client’s requirements of reporting.
  Example: Set up foundation data for the accounting software, set up lists of accounts and ledgers, set up all kinds of reports, register accounting methods and fiscal years with authorities, set up filing system, set up accounting policies and processes…
• Provide necessary guidance for the client’s related departments regarding collecting and sending us supporting documents which must be eligible for accounting and tax purposes.
• Analyze the supporting documents of economic transactions incurred and reflect the transactions on the accounting system basing on valid accounting standards and guidance. In the case of unusual issues, we will timely inform the client and then propose proper solutions for the client’s approval for the next steps.
• Guide the client on how to implement payment procedures to suppliers and recover overdue account receivables.
• At month end, implement monthly accounting entries regarding revenue and expense allocation and estimation, provisions, inventory costing, costs of goods sold… and prepare monthly income statement reports.
• Support the client to issue invoices.
• At the beginning of each month, we will send accounting reports to the client basing on the agreed schedules and provide a detailed explanation about the reports when required. We also support to send necessary reports to the client’s tax department for monthly tax filing. Besides, if required, we will support preparing several reports required by local authorities such as statistical reports, labor reports, investment reports.
• At year-end, we will:
  (1) prepare the statutory financial statements and internal management accounting reports and submit them to the client for their review and approval;
  (2) if authorized and approved by the client, provide related data and reports to external auditors or local authorities
  (Example: Statistical Agencies, Ministry of Investment and Planning, State Bank,…);
  (3) send related data to tax filling department of the client for tax finalization;
  (4) submit relevant reports to authorities when required.
• Support the client to provide detailed explanation and data regarding the client’s submitted reports to third parties when required
  (Example: external auditors, tax authorities, management authorities)

Note: We provide both bookkeeping and tax-filing services; let's contact us for further understanding. See the detailed description of tax-filing service in "Tax Services."
 

Clients consider using this service mainly because of the following benefits:
 

• Meet business schedules in urgent cases: Outsourcing may be a feasible choice as outsourcing service providers are likely to have available resources to complete jobs in a timeline required by clients.
• Help clients to save much of effort and time: depending on business nature, stages and sizes, many companies feel that it costs more effort and time to self-build a tax – accounting department than using outsourcing services. More staff means more effort and time for management activities such as recruiting, training, supervising, developing, assessing, firing. Such effort and time could be more efficient if focused on core business activities.
• Help clients to save costs: In many cases, outsourcing service fees may be high for each time using the service. However, if compared with the total costs for self-building up and maintaining a tax & accounting department in a fiscal period, outsourcing fees are often lower. The costs usually include salary, bonus, allowance, tax, health & insurance costs, office & tool costs, training costs, and many other related management costs). It will be even much higher if clients have offices across the country or abroad.
• Help clients feel more secured about job quality: Generally speaking, outsourcing service providers are likely to have personnel with good-enough professional knowledge and experience as they are under more frequent training and practice. For almost companies, training is a hard job and inefficient. Besides, outsourcing service providers often have new ideas and updates as they may learn them from many clients of different industries and categories. Their advice is likely to help clients avoid risks or make the most use of available advantages.