Hiring tax reporting and accounting services is a key solution to help businesses maintain financial transparency and strictly comply with regulations. Tax Administration Law No. 38/2019/QH14. In the context of tax authorities stepping up inspections using electronic invoicing systems and AI, having standardized accounting records not only helps avoid administrative penalties but also provides a foundation for optimizing cash flow.
According to the General Department of Taxation, the number of businesses penalized for errors in tax declarations increased by 151. Using specialized tax reporting and accounting services helps business owners relieve personnel pressure and ensures that documents are processed correctly. Circular 200/2014/TT-BTC or Circular 133/2016/TT-BTC. Let's explore the roadmap for standardizing tax accounting in the content below.
Why do businesses need a company to handle their tax reporting and accounting?
Setting up a complete in-house accounting system often incurs significant costs, from salaries and bonuses to workspace. Therefore, the trend of seeking professional tax reporting and accounting services is becoming a top priority for SMEs and startups today to ensure the highest level of professionalism.
Comply with the law and minimize legal risks.
We provide tax reporting and accounting services, ensuring all declarations are completed correctly. VAT, Corporate income tax and personal income tax returns must be submitted on time as per Article 44 of the Law on Tax Administration. Late submission of tax returns can result in fines ranging from VND 2,000,000 to VND 25,000,000 according to Decree 125/2020/ND-CP, seriously damaging the company's reputation.
Optimizing the operating costs of the accounting department.
Instead of paying 15-20 million VND per month for an experienced chief accountant, businesses only need to spend a small fee to hire a company to handle tax reporting and accounting. This helps optimize resources to focus on core business while ensuring the absolute accuracy of financial data.
Stay up-to-date with the latest tax policies.
Tax policies in Vietnam are frequently changed through Resolutions and Circulars. Professional tax reporting and accounting firms always update tax exemption and reduction policies (such as the reduction of VAT to 8% according to Decree 72/2024/ND-CP) to apply them immediately to clients, helping businesses maximize their benefits.
The process for receiving and preparing tax reports and standard accounting records.
To ensure quality, the process of receiving tax reports and accounting records must be carried out through rigorous steps, from receiving documents to year-end settlement.
Collect and classify input and output documents.
Accountants will collect electronic invoices, bank statements, and receipts/payment vouchers. Handling tax reporting and accounting requires checking the validity and legality of invoices according to Decree 123/2020/ND-CP to completely eliminate the risk of "ghost" invoices or invoices from businesses that have absconded.
Bookkeeping is done using specialized accounting software.
After classification, the data is entered into the software (MISA, FAST, etc.) according to the correct accounting system. The work of preparing tax reports and accounting records includes creating the general journal, ledger accounts, and detailed inventory and accounts receivable/payable ledgers, ensuring that the data is always readily available for retrieval.
Prepare periodic tax reports (Monthly/Quarterly)
Based on accounting data, the service provider prepares tax returns. The role of the tax reporting and accounting service provider is to balance revenue and expenses, ensuring that the tax payable is accurate, reasonable, and most beneficial to the business within the framework of the law.
| Report type | Applicable objects | Submission deadline | Legal basis |
| VAT declaration | Revenue > 50 billion (monthly), < 50 billion (quarterly) | The 20th of the following month / The last day of the first month of the following quarter | Tax Administration Law 2019 |
| Personal income tax return | According to the VAT tax declaration period | Coincides with the deadline for submitting the VAT return. | Circular 111/2013/TT-BTC |
| Provisional Corporate Income Tax Calculation | All businesses | The 30th of the first month of the following quarter | Decree 91/2022/ND-CP |
| Annual financial report | All businesses | 90 days from the end of the fiscal year | Accounting Law 2015 |
Detailed items included in the tax reporting and accounting services package.
A comprehensive service goes beyond simply submitting tax returns; it also delves into long-term data system management.
Monthly full-service accounting
The unit that undertakes the work tax reporting Accounting records are used to balance monthly input and output invoices. This helps business owners keep track of actual profits and losses, thereby enabling them to make decisions to adjust business plans to suit the financial situation.
Complete the process of resolving outstanding accounting records.
Many businesses discover errors or discrepancies in their accounting records compared to their tax reports after a period of operation. At this point, accounting and tax reporting experts will review, "clean up," and print all necessary records to prepare for inspections and audits.
Prepare annual financial statements and tax returns.
This is the most important part of the tax reporting and accounting process. Financial statements reflect the overall assets, liabilities, and business results, and are submitted along with the tax return. corporate income tax settlement and personal income tax must be paid to the tax authorities within the deadline of 90 days after the end of the fiscal year.
Instructions on accounting for some complex transactions when doing bookkeeping.
When preparing tax reports and accounting records, accountants often encounter difficulties with expenses that lack supporting invoices.
Handling expenses without supporting invoices.
To have actual expenses without invoices considered deductible expenses, the person responsible for tax reporting and accounting records must prepare a list using Form 01/TNDN as per Circular 78/2014/TT-BTC. This applies to goods purchased directly from individual producers without invoices.
Complete payroll and social insurance records.
Personnel records must include employment contracts, time sheets, and payroll records. When handling tax reporting and accounting records, reconciliation between... personal income tax settlement And having a salary subject to social insurance contributions is extremely important to avoid retroactive insurance collection and administrative penalties from the management agency.
The importance of data review in tax accounting.
Before submitting the report, a review is mandatory to detect errors. A dedicated tax and accounting reporting agency will perform a cross-check between the detailed and summary ledgers, ensuring all figures match the actual invoices that have been generated.
Check the agreement between revenue and cost of goods sold.
This is the indicator that the Tax authorities scrutinize most closely. When preparing tax reports and accounting records, professionals must be able to explain any unusual fluctuations in the gross profit margin. Any discrepancies without justifiable reasons will lead to the risk of tax assessment and late payment penalties.
Compare tax debts and invoice status.
Use the General Department of Taxation's lookup tool to ensure that input invoices are not from businesses that have absconded. This is a crucial step in our tax reporting and accounting services package, helping businesses avoid having invalid input expenses and VAT disallowed.
Administrative penalties to avoid in accounting and taxation.
Understanding the penalties helps businesses see the value of professional tax reporting and accounting services.
| Violation | Average fine amount | Note |
| Filing tax returns late by 1-30 days | 2,000,000 – 5,000,000 VND | First time application only. |
| Filing tax returns more than 90 days overdue. | 15,000,000 – 25,000,000 VND | This could be considered tax evasion. |
| Incorrect tax declaration results in a tax shortfall. | 20% Amount of underdeclared tax | Includes late payment penalty of 0.03%/day. |
| Violation of regulations regarding invoicing. | 4,000,000 – 8,000,000 VND | Depending on the degree |
The cost of hiring a professional to handle tax reporting and accounting is significantly lower than the risk of penalties a business faces if it does it itself inaccurately.
Things to consider when choosing a company to handle your tax reporting and accounting.
Businesses should consider the following criteria when selecting a reputable firm to handle their tax accounting tasks.
Certificate of professional practice for tax procedure services
The unit performing the work must have a license and its staff must possess professional certifications issued by the General Department of Taxation. Entrusting tax reporting and accounting work to unqualified individuals can lead to serious professional errors, causing significant economic consequences for the business.
Commitment to accountability and information security.
Contracts for tax reporting and accounting services must clearly specify liability for compensation in case of errors due to accounting mistakes. At the same time, financial data confidentiality is a core principle for protecting a company's competitive advantage and strategic information in the market.
Using information technology in management
Reputable companies that handle tax reporting and accounting often use cloud platforms to store documents. This allows businesses to access and check data anytime, anywhere, ensuring transparency and real-time data control for the owner.
Conclude
Handling tax reporting and accounting is not simply data entry, but an art of financial management. In a volatile business environment, possessing a transparent accounting system is a "shield" protecting the business. Investing in professional accounting services reduces administrative burdens and opens up opportunities to access capital thanks to standardized financial reports.
At MAN – Master Accountant Network, we offer a comprehensive ecosystem of services including: audit services, tax accounting, tax consulting services, tax settlement and tax reporting. With our experienced team, MAN is committed to providing complete peace of mind for your business. Let us be your partner in achieving sustainable prosperity and legal security.
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
- Email: man@man.net.vn
Content production by: Mr. Le Hoang Tuyen – Founder & CEO MAN – Master Accountant Network, Vietnamese CPA Auditor with over 30 years of experience in Accounting, Auditing and Financial Consulting.
Frequently Asked Questions about Tax Reporting and Accounting Services
Yes. Immediately after receiving the license, the business must complete initial tax procedures and file tax returns even if no revenue has been generated. You should find someone to handle tax reporting and accounting immediately to establish a standardized accounting system from the start.
The fee depends on the number of invoices and the scale of the business, ranging from 500,000 to 5,000,000 VND per month. Investing in outsourced tax reporting and accounting services helps businesses save on personnel costs and avoid potential penalties.
A reputable tax reporting and accounting firm will represent the business in explaining the data directly to the tax authorities. They are responsible for any professional errors they make during the process of handling client documents. I'm a newly established company; do I need to file tax returns right away?
What are the service fees for preparing tax reports and accounting records?
Is the service provider liable if the company is audited by the tax authorities?
