1. What are accounting services?

Accounting services are a type of service that supports businesses in carrying out tasks related to financial management, bookkeeping, tax declaration and finalization, and report preparation in accordance with legal regulations. Depending on their needs, businesses can choose comprehensive service packages or hire services to perform specific tasks only.

Nowadays, many small and medium-sized enterprises choose outsourced accounting services instead of building an in-house accounting team. This approach helps reduce operating costs, ease the burden of personnel management, and ensure that tasks are handled by experienced professionals. This solution not only enables businesses to maintain a transparent and accurate accounting and tax system but also provides timely advice on changes in legal policies, minimizing risks and errors during operations.

2. What do accounting services in Da Nang include?

a. Accounting system establishment services

Most small and medium-sized enterprises (SMEs) or micro-enterprises, upon their establishment and during operation, are aware of the necessity of having an accountant in charge. Accordingly, enterprises often recruit accounting personnel to be responsible for the company’s accounting tasks. Depending on the scale of the enterprise, whether small or large, the company will estimate the required number of accountants to adequately handle the corresponding volume of work arising in the course of its business operations.

Enterprises that have not yet established an accounting system often encounter results or indicators such as inaccurate accounting data (both for tax and internal purposes); disorganized and difficult-to-retrieve records and documents; delayed debt collection; and difficulties for business owners in assessing the performance of their accounting staff…

Therefore, it is essential for enterprises to establish a basic accounting system, including procedures for cash inflows and outflows, sales and collections, purchasing and payments, inventory management, and payroll calculation... Building an accounting system requires a thorough understanding of processes, software, and professional personnel. A well-structured and consistent accounting system enables enterprises to detect and prevent risks, as well as to promptly identify and correct errors.

b. Bookkeeping review and tax advisory services

Many enterprises in Da Nang find themselves in situations where their accounting records are disorganized and financial data is inaccurate, which may result in tax arrears or penalties upon inspection by the tax authorities. This is why bookkeeping review and tax advisory services are considered essential.

Bookkeeping review services involve the examination of accounting activities through the inspection of accounting vouchers, journal entries, and financial statements, as well as making necessary adjustments to ensure that accounting books, financial reports, and tax reports comply with legal regulations.

This service not only helps enterprises minimize tax-related risks but also provides peace of mind, as all records and reports are carefully reviewed and readily available whenever requested by the competent authorities.

c. Tax accounting services

Tax accounting services are provided by professional accounting firms, covering both day-to-day accounting tasks of the enterprise—such as preparing accounting vouchers, recording detailed accounting books, maintaining general ledgers, managing and processing financial information, and preparing financial statements—as well as fulfilling tax obligations, including periodic tax filings and annual tax finalization.

Most SMEs in Vietnam maintain a tax accounting system. Larger enterprises usually employ full-time in-house tax accountants, while smaller companies often outsource this function to external accounting firms or individual accountants. Notably, small and medium-sized foreign-invested enterprises also tend to engage external accounting service providers to handle their tax accounting.

With the support of a professional tax accounting team, enterprises can confidently focus on developing their business activities without concerns over complex tax procedures or potential risks.

d. Management accounting services

In today’s increasingly competitive market, enterprises not only require standardized accounting records but also need an intelligent management accounting system to make timely strategic decisions, control costs, and mitigate tax risks such as: 

• Analyzing input and output invoices, balancing taxes, and warning of risks related to VAT, CIT, and PIT.
• Developing tax risk management methods to help enterprises avoid tax arrears or penalties arising from bookkeeping errors.
• Preparing annual tax planning and projections.
• Estimating monthly tax expenses to support proactive cash flow management.
• Preparing standardized, clear, and comprehensible management reports on business performance to support strategic decision-making.
• Providing periodic strategic advisory on accounting, finance, and taxation in close collaboration with the management board.
• Early warning of potential tax risks, including incorrect timing, invalid invoices, and expenses not eligible for recognition.

e. Chief accountant services

Under the provisions of the Vietnamese Accounting Law, most enterprises (except micro-enterprises) are required to have a chief accountant. This is the highest-ranking position within the accounting system, responsible not only for control but also for providing financial strategy advice to the management board. However, not all enterprises are in a position to recruit an in-house chief accountant with valid certification and extensive experience.

This is why chief accountant services in Da Nang have become an optimal solution. Through this service, enterprises can ensure compliance with regulations while being supported by an experienced team of chief accountants, thereby minimizing risks and saving costs compared to hiring full-time personnel.

3. Why should enterprises use accounting services in Da Nang?

a. Helping enterprises save time and costs in investment and business
Accounting is a complex task that requires a high level of expertise. By using accounting services in Da Nang, enterprises can save both time and costs, allowing them to focus on their core business activities.

b. Ensuring compliance with accounting and tax laws in Vietnam

Under Vietnamese law, enterprises operating in business must maintain accounting records and prepare financial statements in accordance with regulations. Companies may either employ accounting staff or outsource bookkeeping to external service providers.

Using accounting services in Da Nang helps enterprises ensure legal compliance and avoid legal risks in Vietnam.

c. Cost optimization
Accounting services in Da Nang are suitable for all types of enterprises. With relatively low service costs, they help businesses manage their finances effectively, thereby optimizing expenses and increasing profits.

d. Providing accurate management information
Accounting services in Da Nang provide accurate and timely management information, enabling enterprises to make informed and effective decisions.

e. Professional advisory
Accounting experts with in-depth knowledge of accounting and taxation can provide professional advice to support sustainable business growth.

For these reasons, enterprises should consider using accounting services to ensure smooth and efficient business operations.

4. Which enterprises are accounting services in Da Nang suitable for?

Accounting services are not only reserved for large companies but are increasingly becoming a popular choice for a wide range of clients. Specifically, some typical groups who should consider using accounting services in Da Nang include:

• Small and medium-sized enterprises (SMEs): This is the group that uses accounting services the most. Small companies often lack the resources to establish a complete in-house accounting department or need to optimize staffing costs. Accounting services provide a flexible and cost-effective solution that ensures proper bookkeeping and tax compliance, reducing the risks of violations and administrative penalties during business operations.
• Large-scale enterprises: Large enterprises often engage in complex business activities that require a high level of professionalism and technical expertise in financial and accounting management. Accounting services in Da Nang are delivered by experts with in-depth knowledge of accounting, capable of providing professional advice to help enterprises ensure legal compliance and mitigate risks.
• Household businesses: Although not considered enterprises, household businesses are still responsible for fully complying with tax obligations under the law. Hiring accounting services helps maintain transparent management of revenues and expenses and avoids errors in fulfilling these tax duties.
• Newly established businesses: In the startup phase, setting up an initial accounting system is extremely important to ensure compliance and quickly stabilize operations. Accounting services can assist with preparing registration documents, tax registration, initial bookkeeping, and providing guidance on proper accounting procedures.
• Foreign direct investment (FDI) enterprises: FDI companies operating in Vietnam must comply with more complex accounting and tax regulations than domestic companies. Additionally, language differences often create significant compliance challenges for these business owners. Therefore, hiring a local accounting service provider can help ensure standard accounting processes, mitigate risks, and optimize costs.
• Businesses requiring specialized accounting consulting: Even companies with an in-house accounting department may still hire external services to support specialized tasks such as preparing financial statements, tax finalization, advising on new tax policies, or preparing documents for tax authority inspections…

In general, any organization or individual engaged in business activities and incurring tax obligations should consider using accounting services in Da Nang. This solution not only saves time and operating costs but also provides peace of mind regarding compliance with legal regulations, enabling businesses to focus on growing their operations effectively.

5. Benefits of using accounting services in Da Nang

a. Cost savings

• No expenses for recruiting and training accountants.
• No need to manage an in-house accounting department; no costs for social insurance, health insurance, bonuses, ...
• No initial expenses for items such as accounting software, office furniture for accountants, printers, computers, stationery, utilities, or travel expenses…

b. Guaranteed, safe, and lawful accounting records

• Accounting data is processed promptly and accurately, ensuring the highest benefits for the enterprise.
• Accounting books are always well-organized, streamlined, and easy to monitor, as Da Nang Accounting Services operate entirely on professional accounting software with a consistent bookkeeping methodology from the outset.
• A team of professional and experienced accountants; moreover, service fees are lower compared to hiring a qualified in-house accountant.
• Timely updates on the latest circulars, decrees, and tax laws.

c. Timely and efficient completion
Accounting records are always ensured to be completed in the shortest possible time. Accounting services in Da Nang provide accurate and timely reports, with monthly, quarterly, annual, or ad-hoc submissions upon request.

6. Considerations when hiring accounting services in Da Nang

To choose a reputable and high-quality accounting service provider in Da Nang, clients should carefully consider the following factors:

• Reputation and experience of the provider: Research information about their years of operation, the number of clients they have served, and feedback or reviews from partners. A provider with many years of experience will have a solid understanding of legal regulations and know how to handle complex situations, helping your business avoid risks.
• Specific scope of work and responsibilities: Before signing a contract, clearly agree on which tasks the service provider will perform to prevent misunderstandings. The scope of work should be detailed in the contract.
• Transparent service fees: The service fees should be clearly quoted from the outset and specified in the contract. Clients should proactively estimate their costs and ask in advance about any potential additional charges (if any).
• Confidentiality of information: A business’s financial data and accounting records are highly sensitive information. Therefore, clients should pay close attention to including and clarifying confidentiality clauses in the contract to protect their interests.

7. Where to find accounting services in Da Nang?

If you are seeking a reliable accounting service in Da Nang, it is advisable to prioritize providers with many years of experience, a team of professional accountants, and in-depth knowledge of Vietnamese laws. A high-quality accounting service will assist your business in promptly handling bookkeeping, preparing accurate financial statements, optimizing costs, and ensuring compliance with tax regulations. Currently, there are many organizations providing accounting services in Da Nang. However, not everyone can easily choose a reputable accounting firm with experience and transparent working processes.

Phong & Partners Law Firm is proud to be one of the providers that have been trusted and chosen by many individual and corporate clients over the years. Phong & Partners and its partner organizations not only offer various types of accounting services in Da Nang but also provide in-depth legal consulting related to tax, finance, contracts, and other necessary legal procedures for business operations.

For detailed consultation and access to reliable accounting services in Da Nang, please contact Phong & Partners Law Firm. We are committed to delivering optimal, accurate, and tailored accounting–tax solutions that best suit each type of enterprise.

Learn more about other services from Phong & Partners at: www.phong-partners.com

8. Related Questions

Question 1: If my company does not incur any input or output invoices, are we still required to maintain accounting records and prepare financial statements?

Answer: Yes. Under Vietnamese law, even in cases where no input or output invoices are incurred (i.e., no transactions arise), enterprises are still obligated to maintain accounting books and prepare financial statements at the end of the accounting period in accordance with the applicable regulations.

Question 2: If my company submits the tax finalization dossier late, will it be subject to penalties?

Answer: Yes. Pursuant to Article 13 of Decree No. 125/2020/ND-CP, enterprises that submit tax finalization dossiers late shall be subject to administrative penalties. The specific fine depends on the length of the delay and the nature of the violation, with the maximum penalty of up to VND 25,000,000.

Question 3: My company is a foreign-invested enterprise in Vietnam. I have heard that such enterprises are required to undergo annual statutory audits. Is this correct?

Answer: Yes. Pursuant to Article 37 of the Law on Independent Audit 2011 and Article 15 of Decree No. 17/2012/ND-CP, foreign-invested enterprises are subject to mandatory annual audits of their financial statements. The audit must be carried out by an audit firm or a branch of a foreign audit firm licensed to operate in Vietnam.