What is accounting service (service accounting)? The work of a service accountant in a fiscal year and the benefits and experience of hiring a reputable and professional service accountant will be shared by Online Accounting in the article below.
Overview of accounting services
1. What is service accounting?
Accounting services (or accounting service company) is a unit specializing in providing services such as: tax consulting, tax declaration, quarterly reporting, accounting bookkeeping, financial reporting, tax settlement, book printing… for individuals, businesses or organizations according to agreement or contract.
2. Customers of accounting services
Newly established businesses, small and medium enterprises do not have much budget, and the amount of accounting work to be handled is not much, often choose to hire accounting services to optimize costs as well as ensure that accounting tasks are handled accurately and effectively.
In addition, a large number of individual customers such as: business households paying taxes by declaration method, individuals working seasonally for many organizations or enterprises at the same time, self-employed individuals who need to register for business tax codes, register for personal tax codes, and make annual personal income tax settlements… are also customers of organizations providing accounting services.
Service accountant job
Currently, depending on the needs of the business, accounting service companies can provide many different service packages such as: internal accounting services, warehouse accounting services, full tax accounting services, payroll accounting services, etc.
Depending on the service package chosen by the business, the amount of work that the service accountant must perform on a daily, monthly, and quarterly basis will also be different.
Below are the job details of a service accountant in a fiscal year:
1. Early year work
- Prepare and submit the business license fee declaration:
- For newly established companies, the latest submission deadline is January 30 of the year following the year of establishment;
- For companies that change their charter capital and open new branches/business locations during the year, the latest deadline for submitting the declaration is January 30 of the year following the year of change;
- Notify and support businesses in paying business license tax;
- Provisional corporate income tax payment (according to regulations, enterprises must provisionally calculate and pay 80% of the total corporate income tax payable in the year);
- Prepare and submit provisional personal income tax returns for each quarter of the previous year.
2. Daily work
There are quite clear differences in the daily tasks of a service accountant, depending on the position the accountant holds as well as the requirements and terms mentioned in the service contract.
For example, in the warehouse accounting sector, service accountants will have to perform the following tasks:
- Make a warehouse receipt when the company sells goods and services;
- Make a warehouse receipt when the company purchases goods and services;
- Record import and export;
- Track import – export – inventory data according to invoices to grasp the situation of goods;
- Make receipts and payments for payment services arising during the day;
- Invoice to customers;
- Make a list of taxes payable, amounts and specific payment deadlines;
- Track detailed debts between the company and suppliers and customers;
- Perform tasks such as depositing money, withdrawing money at the bank via checks, payment orders, etc.;
- Tracking tools, production equipment, accounting for product depreciation…;
- Calculate product cost, cost of goods sold, selling price, production cost, revenue, profit… to report, reflect service revenue and accurately confirm business results.
3. Monthly work
- Make import – export – inventory reports, business production results reports;
- Make payroll, make employee-related forms for businesses;
- Calculate and pay insurance premiums (including social insurance, health insurance, unemployment insurance, etc.) for employees;
- Prepare and submit personal income tax and VAT declarations to tax authorities (if the enterprise declares monthly);
- Deduct personal income tax and VAT (if any);
- Representative meets and explains to tax management officers when requested;
- Enter data into accounting software;
- Store original documents and accounting documents according to regulations.
4. Quarterly work
- Prepare and submit personal income tax and VAT declarations to tax authorities;
- Deduction of personal income tax, VAT and corporate income tax (if any);
- Get subsidiary ledger and bank documents;
- Prepare and send interim corporate income tax settlement report, complete books and send to business.
5. Year-end work
- Recheck all data and documents, compare data between detailed books and general ledger during the year;
- Closing debts for the year for businesses;
- Prepare and submit financial statements, finalize personal income tax and corporate income tax for the year to tax authorities;
- Prepare and submit statistical reports;
- Print accounting books for the whole year and send to the business.
Benefits of hiring accounting services
So what benefits will using accounting services bring to businesses? Here are some benefits of accounting services as follows:
1. Ensure accuracy, increase work efficiency
In many small and medium-sized enterprises and startups, accountants often have to take on many different jobs, leading to low work efficiency. Moreover, frequent changes in accounting personnel can also cause businesses to be fined for late submission of declarations and reports.
Hiring a highly qualified accounting service with good knowledge of tax laws will help advise and provide businesses with many effective tax cost optimization solutions, ensuring that all books, documents, and tax declarations are completed quickly, accurately, and submitted on time.
2. Optimize costs for businesses
For small businesses that rarely generate invoices or documents, hiring an accounting service will help save a lot of costs compared to hiring a fixed accountant such as:
- No salary, insurance, bonuses, etc. for accounting staff;
- No need to spend money on infrastructure for accounting such as: desks, chairs, computers, stationery, accounting software…
Therefore, for small businesses, businesses without a fixed office and limited operating costs, hiring an accounting service is the optimal choice.
3. Minimize the risk of being fined
Accountants of accounting service companies are all people with solid expertise, rich experience in many fields, and have the skills to work and handle problems with tax authorities quickly. Therefore, service accountants can help businesses solve problems promptly, minimizing damage and tax penalties.
Businesses also do not need to worry about being fined for late or incorrect submission of quarterly tax returns or annual financial statements, because professional accounting service companies always ensure work is completed before the deadline.
4. High responsibility for work
For reputable and professional accounting service providers, they always commit to take responsibility for the accounting data performed until the business finalizes taxes, as well as being responsible for paying tax penalties for errors caused by service accounting staff such as making mistakes, late submission of tax declarations and reports, etc.
As for accountants working permanently at the enterprise, they are usually not directly responsible for the books, incorrect reports or late deadlines, leading to the risk of being fined by the tax authority according to regulations.
5. Data security
Securing customer information and business data is always a concern for businesses when hiring an outside accountant. However, currently, accounting service providers all use specialized software to process work, and business information is also encrypted and not shared with third parties.
On the other hand, in the service contract between the enterprise and the accounting service company, there is often a clause committing to keep data confidential even after the service has ended and to be compensated for damages if information leaks occur. Therefore, enterprises can be completely assured when hiring accounting services.
Experience in choosing a reputable and professional accounting service company
1. Have a practice license
According to regulations, accounting service providers must have a certificate of eligibility to practice accounting services issued by the Ministry of Finance. Therefore, before hiring an external accounting service, businesses should research and prioritize choosing accounting companies that have been granted a practice license to ensure service quality.
>> See more: Conditions for establishing an accounting service company.
2. Many years of experience
When choosing an accounting service provider, businesses should hire accounting firms that not only have many years of experience in the profession, but should also prioritize choosing accounting firms with a lot of experience in the field in which the business is operating.
Currently on the market, long-standing accounting companies with experience in data processing in a variety of industries include: Online Accounting, Quoc Viet Accounting, Viet My Accounting…
See more:
>> Top 10 reputable accounting service companies in Hanoi;
>> Top 10 reputable accounting service companies in Ho Chi Minh City.
3. Prestigious and quality service
A reputable accounting service company must bring customers peace of mind and trust when using the service. Reputation is demonstrated through the following factors:
- Professional attitude and working style of accounting staff (for example: ready to answer questions from businesses, proactively advise on new tax law regulations and provide solutions to help protect maximum benefits for businesses);
- Commit to completing the work in accordance with the responsibilities and obligations of both parties as agreed in the service contract;
- Support to re-provide accounting data to businesses even after the service has ended.
4. Transparent and reasonable costs
Currently, service fees between accounting service companies are relatively competitive, ranging from 500,000 VND – 600,000 VND/month or more. However, businesses need to choose companies with detailed service fee schedules, clearly listing the work to be performed and the responsibilities between the parties.
———–
Online Accounting has nearly 20 years of experience providing accounting services to Vietnamese enterprises, FDI enterprises, individual business households and individuals doing business in provinces and cities nationwide.
With a team of highly qualified, enthusiastic and responsible chief accountants, fdiinvietnam.com is committed to providing you with accounting services at reasonable costs and the best quality.
You can refer to the outstanding accounting services at fdiinvietnam.com below:
- Initial tax declaration service – from 500,000 VND;
- Full package tax accounting service – from 500,000 VND;
- Internal accounting services – from 1,000,000 VND;
- Accounts receivable accounting service – from 1,500,000 VND;
- Sales accounting services – from 1,000,000 VND;
- Payroll accounting services – from 1,500,000 VND;
- Warehouse accounting service – purchasing – from 1,500,000 VND;
- Bookkeeping services – from VND 2,500,000;
- Financial reporting service – from 1,000,000 VND;
- Accounting services for business households – from 500,000 VND;
- Personal income tax settlement service – from 800,000 VND;
- Personal income tax refund service – from VND 800,000;
- Personal tax code registration service – from 500,000 VND…
If you are in need of accounting services, please contact fdiinvietnam.com immediately at 0978 578 866 (North) – 033 9962 333 (Central) – 0946 724 666 (South) for detailed advice.
Some frequently asked questions about service accounting
1. Which businesses should hire accounting services?
Newly established businesses and small and medium-sized businesses that do not have a large budget and do not have a large amount of accounting work to handle often choose to hire accounting service providers to optimize costs and ensure that accounting work is handled accurately and effectively.
2. What does a service accountant have to do quarterly?
On a quarterly basis, the service accountant will be required to perform the following tasks:
- Prepare and submit personal income tax and VAT declarations to tax authorities;
- Deduction of personal income tax, VAT, corporate income tax (if any);
- Get subsidiary ledger and bank documents;
- Prepare and send temporary corporate income tax settlement report, complete books and send to business.
3. Why should you hire an accounting service?
Businesses should hire accounting services for the following 5 benefits:
- Ensure accounting books and tax reports are done quickly and accurately;
- Save costs for businesses (because the cost of hiring a service accountant is often lower than hiring a permanent accountant);
- No need to worry about penalties for late filing, returns or incorrect tax returns;
- Professional accounting service company is ready to take full responsibility to the business for the figures and compensate for damages if errors occur;
- Business data of the enterprise is completely confidential.
>> See more: Benefits of hiring accounting services.
4. What criteria should you use to choose an accounting service company?
When choosing an accounting service company, businesses can refer to the following 4 criteria:
- Choose a licensed company;
- Many years of experience;
- Prestigious service;
- Transparent and reasonable costs.
>> See more: Experience in choosing a reputable and professional accounting service company.
Call us at 0978 578 866 (North) – 033 9962 333 (Central) – 0946 724 666 (South) for support.