Reliable and affordable tax accounting services

Tax accounting services play a vital role in ensuring legal compliance and financial stability for all businesses in Vietnam. According to the current Tax Administration Law, tax declaration and settlement are not only obligations but also key factors determining the sustainable survival of a business.

In the context of constantly changing tax regulations, SMEs often face significant pressure in managing their internal accounting systems. Utilizing professional services like MAN – Master Accountant Network helps managers eliminate worries about accounting errors and focus resources on developing their core business.

Summary of key aspects of tax accounting services

Tax accounting services are outsourced solutions that help businesses handle all aspects of bookkeeping, tax declaration, and tax settlement in accordance with Vietnamese law. Businesses using this service ensure the accuracy of financial reports, optimize their legal tax obligations, and minimize the risk of administrative penalties. 

This service is suitable for most types of businesses, from newly established startups to small and medium-sized enterprises (SMEs) that do not yet have a complete accounting system or want to optimize their operating and personnel costs.

Why do businesses need professional tax accounting services?

Businesses often encounter certain difficulties when operating their internal accounting systems. From the perspective of MAN – Master Accountant Network, an organization with 30 years of experience in the industry, common risks often stem from a lack of up-to-date information on new circulars and decrees.

• Minimize legal risks: Errors in tax filing, even unintentional ones, can lead to late payment penalties or tax arrears. Outsourcing allows businesses to access a team of experts with in-depth knowledge of current regulations, ensuring all documentation is processed correctly.

• Optimizing operating costs: Hiring permanent accounting staff requires significant costs for salaries, insurance, office supplies, and ongoing training. Tax accounting services offer a comprehensive solution, helping businesses save substantial budgets while ensuring professional-quality work.

• Focus resources on growth: When administrative procedures, paperwork, and figures are controlled by the service provider, business owners can fully focus on business strategy and market expansion. This is a smart risk management approach for all SMEs.

Legal basis related to tax accounting services

Performing accounting tasks is not simply about recording income and expenses, but must strictly adhere to current legal regulations. From the perspective of MAN – Master Accountant Network, businesses need to understand the following important legal grounds to protect their legitimate rights:

• Accounting Law No. 88/2015/QH13Regulations concerning the organization of the accounting system, accounting documents, and accounting books.
• Tax Administration Law No. 38/2019/QH14Regulations regarding the obligation to declare and pay taxes and the responsibilities of taxpayers.
• Decree 123/2020/ND-CPThis document provides detailed regulations on electronic invoices and documents, a crucial piece of information in the current digital transformation phase.

With 30 years of experience, MAN's experts stay up-to-date with the latest circulars and decrees to ensure that our clients' accounting systems are always ready for tax audits and inspections.

Standard tax accounting service implementation process

A transparent process is a testament to professionalism. At MAN, we implement a 5-step process to ensure seamless tax management for clients nationwide.

Step 1: Receive and review the application documents.

Experts at MAN will receive all data, invoices, and supporting documents generated by the business. We will review the validity of input and output invoices according to the regulations in Decree 123/2020/ND-CP on invoices and supporting documents.

Step 2: Accounting and bookkeeping

The data will be entered into specialized accounting software. The staff will perform detailed accounting of all economic transactions, ensuring that the general ledger, general journal, and detailed ledgers match reality.

Step 3: Prepare and submit periodic tax returns.

Based on the processed data, we prepare the declarations. value added tax (VAT), personal income tax (PIT) and corporate income tax (CIT) Provisional calculation. The entire tax return submission process is done online through the General Department of Taxation's portal.

Step 4: Risk control and optimal consulting

MAN's experts, with 30 years of experience, will analyze financial indicators to provide warnings about cash flow or potential tax risks. We advise on optimal and legal tax solutions based on current incentive policies.

Step 5: Annual settlement and explanation of data

When the annual settlement period arrives, we prepare the year-end financial statements., corporate income tax settlement and personal income tax. In the event of a tax audit, MAN's experts will directly represent the business to explain the figures.

Detailed content of the tax accounting service contract.

When signing tax accounting services contract, Businesses need to clarify specific tasks to ensure their rights are protected. A professional contract must fully list the responsibilities of the service provider.

Monthly and quarterly tax filing

The service provider is responsible for preparing and submitting all tax returns on time. Common taxes include VAT, personal income tax, and quarterly provisional corporate income tax. Additionally, updating changes in tax rates is also the responsibility of the accountant.

Document and record management

We fully account for all purchase and sales invoices, salary expenses, and business management expenses. Maintaining accounting records in accordance with the Accounting Law is also part of our service commitment.

Prepare year-end financial statements

Financial statements include the balance sheet, income statement, cash flow statement, and notes to the financial statements. These are crucial documents for businesses to use when dealing with banks or tax authorities during audits.

Providing advice and support on related issues.

In addition to accounting services, the service provider typically offers consulting on labor, social insurance, and administrative procedures related to newly established businesses or those undergoing changes in business registration.

Reference price list for tax accounting services

Tax accounting service fees Fees typically depend on the scale of the business. Below is a reference price list to help business owners estimate their budget. Please note that fees may vary depending on the specific industry and actual transaction volume.

Reference price list for tax accounting services

Business type	Reference fee (VNĐ/month)	Characteristic
New businesses, few transactions.	500,000 – 1,000,000	Few invoices are generated, mainly for tax declaration purposes.
Medium-sized SMEs with average income	1.200.000 – 2.500.000	There are payroll expenses and multiple invoices.
Large enterprises, manufacturing	From 3,000,000	Complexities in terms of standards, costs, and inventory.

Note: The above price list is for reference only. To receive an accurate quote, businesses should contact MAN's consulting team directly for a profile assessment.

Criteria for selecting a reputable tax accounting service provider.

Finding a reliable partner not only saves businesses costs but is also a long-term risk mitigation strategy. From a business management perspective, owners need to consider the following key factors.

• Personnel and professional expertise: A reputable firm must possess a team of certified professionals with extensive practical experience. A thorough understanding of the latest regulations and decrees is crucial for protecting businesses from regulatory authorities.

• Technology infrastructure and data security: The data processing procedures need to be digitized using specialized accounting software to ensure accuracy. Furthermore, a commitment to financial information confidentiality is mandatory to guarantee the absolute security of the business.

• Transparency in processes and accountability: A tax accounting service contract should clearly define the scope of work, legal responsibilities, and commitments to support in case of disputes. Firms like MAN – Master Accountant Network always prioritize clarity, helping clients understand their financial situation at each stage of development.

Expert opinion: Common tax risks in Vietnam

With 30 years of experience in auditing and tax consulting, experts at MAN have found that many Vietnamese businesses are making systemic mistakes in risk management.

• Risks related to input invoices: The most common mistake is using invoices from businesses that are no longer operating or invoices that are illegal. This not only results in VAT tax losses but also carries the risk of having expenses disallowed when calculating corporate income tax, leading to significant back taxes and penalties.

• Managing payroll and insurance costs: Inconsistencies between payroll records, employment contracts, and social insurance contributions are a weakness often scrutinized by tax authorities during audits. Many businesses neglect to properly document their employees, resulting in payroll expenses not being considered deductible business expenses.

• Deficiencies in financial reporting: Many SMEs prepare financial reports merely as a formality, leading to significant discrepancies between book figures and actual cash flow. When needing bank loans, these reports are unreliable. Experts at MAN consistently emphasize that financial reporting is not just a tax obligation, but a reflection of a company's health.

• Solutions from MAN – Master Accountant Network: At MAN, we do more than just accounting; we build internal control systems. MAN's solutions include verifying the legality of all input documents before accounting, helping businesses prevent risks at their source. Our understanding of the latest regulations and decrees allows us to protect our clients' interests to the fullest extent.

Case Study: Managing Tax Settlement Risks in District 7

A commercial and service business in District 7, Ho Chi Minh City, once faced the risk of being fined over 200 million VND due to errors in accounting for input invoices over three years. The business sought help from MAN when the tax authorities began issuing inspection notices.

MAN's experts promptly reviewed the entire old invoicing and accounting system. We discovered errors in the timing of invoices and reassessed the reasonableness of related expenses. By implementing additional corrective procedures in accordance with legal regulations and providing direct explanations to the inspection team, MAN helped the business reduce the penalty to a small fraction of the initial estimate, while also standardizing the accounting process for subsequent years.

Conclude

Tax accounting services are not simply data entry; they are crucial financial risk management activities essential for the growth of any business. Choosing a reputable and experienced partner provides business owners with complete peace of mind, allowing them to focus on their core business goals.

MAN – Master Accountant Network, with over 30 years of experience, proudly serves as a strategic partner to thousands of domestic and international businesses. We provide comprehensive solutions in the following areas: tax accounting, We offer tax consulting, tax settlement, and tax reporting services, with a commitment to absolute confidentiality and the highest level of legal responsibility. Contact MAN today to receive expert advice on the optimal solution for your business.

Service contact information at MAN – Master Accountant Network

• Address: No. 19A, Street 43, Tan Thuan Ward, Ho Chi Minh City
• Mobile/Zalo: 0903 963 163 – 0903 428 622
• E-mail: man@man.net.vn
• Google Business Profile: View MAN – Master Accountant Network's Google Business Profile 
• LinkedIn Founder: View expert Le Hoang Tuyen's LinkedIn profile. 

Responsible for production and professional content review by: Mr. Le Hoang Tuyen – Founder & CEO of MAN – Master Accountant Network, CPA Vietnam with over 30 years of experience in accounting, auditing, taxation, and corporate financial consulting.

Frequently Asked Questions about Tax Accounting Services

Does tax accounting service include preparing financial statements?

Yes. Year-end financial reporting is a mandatory item and is included in the comprehensive tax accounting service package.

Is it mandatory for businesses to outsource their accounting?

While not mandatory, outsourcing is an optimal solution for SMEs to save costs, ensure high levels of expertise, and avoid legal risks.

Does MAN provide support in explaining matters during tax audits?

Yes. This is one of MAN's strengths. We represent businesses and work directly with tax authorities to explain data based on legal grounds.

When should a business start hiring tax accounting services?

Businesses should hire accountants right from their inception. Establishing a proper bookkeeping system from the start helps avoid long-term errors later on.

How can I tell if a service provider is reputable?

Businesses should prioritize choosing a firm with a team of experienced personnel (CPA, consultants), a long history of operation, a clear address, and transparent work processes, such as MAN - Master Accountant Network.