Outsourcing is often a cost effective, time saving solution and has increasingly become a common trend for smaller businesses in Vietnam and eslewhere. To ensure high service quality, we insist on understanding your business and receiving your close cooperation (in terms of input) for our tasks. We ensure your management have the financial information they require on a timely basis, and assist you in ensuring you comply with local accounting standards (VAS).
In a later stage when you have your own accounting team, we will assist you in building up the capacity and knowledge of your local accounting team.
We will perform the following tasks:
- record transactions for which the client has determined or approved the appropriate account classification
- post coded transactions to the client’s general ledger
- post approved entries to the trial balance
- produce financial statements from the accounting software used.
Preparation of financial statements
We will take responsibility for reconciling accounting data (providing by you or by ourselves) and converting this into financial statements with supporting schedules, on a monthly and/or quarterly and then annual basis. The financial statements will be reviewed with your management to ensure the monthly/quarterly financial statements are finalized by a timeline in line with the submission of the periodical tax returns. These can be submitted to your head office and/or filed with Vietnam regulatory bodies as required. We are happy to join discussions with your management as required.
Employers often face difficulties in obtaining sufficient and competent finance/accounting resources. This is especially so when accounting teams are involved in time-consuming, non-core functions such as the compilation and preparation of accounting schedules. Some of the challenges faced by company management teams are as follows:
- Insufficient manpower to source and identify the supporting documents within the stipulated timeframe;
- Absence of an independent party with unbiased opinions to handle sensitive issues or confidential accounting information;
- Lack of understanding in complex financial transactions and accounting journals
- No or little cost efficiency in maintaining an in-house chief accountant or accounting manager given the small size of your operation.
Let us help you review all your accounting work and assist you in completing the accounting schedules and financial statements.
Management accounting is the lifeblood of all well-run businesses, used to drive performance, inform strategy, maximize profit, enables comprehensive analyses and highlight issues. We work with you to identify what is important to track for your business and then compile a set of accounts that are useful to your business. Typically, our management accounting services include the following items:
- Breakdown of revenues by geography/ customer/product line/ business unit
- Profitability of projects/ contracts/ product line/ business unit
- Actual versus budgeted performance
- Cash flow forecasts
- Key performance indicators
- Reports that analyse significant changes
- Product or marketing activities
Our management accounting services are tailored to suit the needs of your management, enabling them to make informed strategic decisions, drive
Business process review and optimization
We can help you improve business performance by addressing efficiency and effectiveness issues, notably from acccounting perspectives. Our solutions consider the alignment of people or organisation, technology and business processes.
