Tax planning for businesses with foreign investment is an effective solution today. This is due to the current tax laws that are favorable to businesses with foreign investments. There are many tax planning services available today, but you may not have found the right one if you’re looking for accounting services for a foreign company. Tax planning is a complex process, and it can be difficult to find an accountant who is experienced in working with foreign companies. If you’re interested in finding a specialist in this area, I recommend following the article below to learn more about what to look for.
- Many foreign companies choose Vietnam market.
Vietnam is developing strongly, with a market economy and global integration, so many foreign companies jumping into the Vietnamese market is a matter of course, at breakneck speed. A series of companies, units and enterprises were born, in which domestic and foreign companies and foreign-invested companies.
Foreign companies that have been operating for a long time need a complete, accurate, safe and confidential accounting system. And to have a team of highly skilled staff requires you to spend human resources and funds, and a complete accounting system to meet the changes of the law on the tax industry.
Foreign enterprises want to operate well in the Vietnamese market, need capital, production lines, accounting staff plays an important role. To do this as best as possible, companies need to find a unit that specializes in providing accounting services.
For larger companies, it is possible to create an effective team of accounting departments. However, for smaller to medium size businesses, this is not always easy to do on their own. This often leads these businesses to hire an outside accounting firm to work on their behalf. They often choose companies in HCM and Hanoi, as well as those with specialized experience in providing accounting services for foreign-invested enterprises.
- Advantages of using accounting services for foreign-invested companies in Vietnam
Foreign companies that are smaller or medium-sized often outsource their accounting because of the many benefits it provides, such as cost savings, timely reporting and high compliance. This is considered an effective way to handle accounting without taking too much time.
2.1. Maximize time and cost savings
For large businesses, it is easy to find a team of professional tax staffers. However, for small and medium foreign companies, this can be a difficult task with a number of costs involved. Besides the costs of employee benefits and insurance premiums, the company must also contend with the expertise of its employees – which is important because money spent on good accountants pays off in terms of quality control.
When a foreign company hires a foreign team, it will not worry about any potential problems such as leaving employees, saving time in handing over books and data, or retraining human resources.
2.2. Accurate and fast working process
Accounting and tax service packages always ensure that the work is completed accurately and on time. When choosing accounting services, businesses will be served by a team of leading experts in the field of accounting with enough skills and experience to handle all arising situations. Sensitive in solving problems, providing effective business management solutions.
Accounting and tax services always ensure that the work is completed accurately and on time. When choosing accounting services, businesses can be assured of the expertise of a team of leading experts in the field of accounting who are skilled at resolving problems and providing effective business management solutions.
3. Compare fixed accounting at the company and accounting services
Some factors to consider when choosing an accountant at a company and an accounting service
3.1. Costs for employees
When a foreign enterprise intends to have an accounting team at its company, it must typically pay a monthly salary for its employees, ranging from 15 to 25 million VND. Additionally, having this staff in place does not guarantee good work quality or return in investment in necessary equipment. Rather than incur these costs separately, many businesses opt to outsource their accounting needs for much lower cost.
3.2. Personnel
The common problems of employees in the company are as follows: Management/boss conflict, salary, facilities, … and can quit at any time, causing the outstanding accounting work not to be resolved on time. term. Another problem is that it takes time to train new employees, but if you use an outside accounting service, you won’t have to change who’s in charge or commit to handing over work responsibilities when a change occurs. Work goes quickly with this approach.
3.3. Professionalism
It can take some time to train new graduates in accounting, but hiring a professional accountant is more expensive. When you hire an external accounting team, you won’t have to waste time with the training and associated costs, which will result in better results.
3.4. Responsibility
If there is a mistake made on the service side of an accounting transaction, the accounting staff will take responsibility and work with the competent authority to compensate the company for any damage. If employees make mistakes while performing their duties, they will only be fined.
Small or medium-sized Foreign-invested companies are recommended to use accounting services to handle the specific tasks that need to be completed, such as bookkeeping and financial statements.
4. Foreign businesses should use outsourced accounting services today
External accounting services can be a great help to new businesses, saving them time and money while providing high-quality work. In fact, newly established companies often find it more important to use their resources in other areas.
If you are confused by the frequent changes of Labor Law regulations or have difficulty in assessing whether the work efficiency of employees and expect the tasks to be performed transparently and save time, then our Accounting Service may be the exact answer you needed.
And it is understandable that foreign businesses often do not have a good understanding of Vietnamese law, leading to errors in the declaration process, resulting in loss of costs. The exact type of accounting recommended to make the business process smoother and stress free.
Enterprises need consultants, want to have highly qualified and experienced accountants. To be able to properly assessing company operations, promoting work performance, and maximizing economic benefits.