Accounting services by industry

In Vietnam’s volatile and complex business environment, each industry is governed by its own regulations, circulars and accounting standards. This is the biggest challenge for any business. Cost accounting and revenue recognition in the construction industry are completely different from e-commerce, and errors in this process can lead to serious legal risks and financial losses.

To solve this problem thoroughly, accounting services by industry was born as a specialized solution. This is not just a regular bookkeeping service, but a cooperation with a team of experts who have a deep understanding of tax laws and accounting standards applicable to your business sector. A team of experts with practical experience in each industry will help your business get on the right track from the start.

Core benefits of accounting services by industry is to ensure that businesses comply with legal regulations, optimize tax obligations legally, and provide in-depth management reports to help you make accurate strategic decisions.

Background: Why is industry accounting essential?

Core Differences Between General and Specialized Accounting

General accounting focuses on basic and general operations such as purchasing, sales, and payroll. However, as a business grows or operates in highly specialized fields, the differences in accounting operations become apparent and cannot be ignored.

To see clearly the essential role of specialized accounting, we will compare the criteria in detail:

Criteria	General accounting	Specialized accounting
Scope of work	Record basic transactions, prepare general financial statements.	In-depth understanding of Vietnamese Accounting Standards (VAS) and industry-specific regulations.
Costing	Apply simple, commercial-friendly methods.	Set up complex costing systems (Job Costing, Process Costing) suitable for production and construction.
Tax optimization	Make tax declarations according to general regulations.	Take advantage of industry-specific tax incentives and exemptions (e.g., high-tech, agriculture).
Management report	Basic reports (Balance sheet, income statement).	Reporting by industry key performance indicators (KPIs) (e.g., gross profit by project, real estate inventory turnover).

Clear, accounting services by industry providing the depth of expertise needed to address complex issues, thereby strengthening the accuracy and transparency of corporate financial systems.

Legal and tax risks of misapplying standards

Using non-specialized accounting is the shortest path to risk of being fined and having to pay back taxes. Tax authorities pay special attention to checking expenses that are specific to the industry.

Specific Case Study – T Construction Company

Construction Company T was audited by the Tax Inspectorate for failing to comply with Vietnamese Accounting Standard 15 (VAS 15), recording all revenue at the end of the project instead of according to the percentage of completion.

• Consequence: Revenue is pushed into the settlement year, leading to a spike in profits and arrears. 850 million VND Corporate Income Tax (CIT) and late payment penalties.
• Lesson: Lack of industry expertise can result in misallocation of costs, leading to significant legal risks.

To increase reliability, the experts of accounting services by industry will cite relevant circulars and decrees to help businesses establish a perfect system of documents and accounting, ensuring a "legal line" for cash flow and expenses.

Financial optimization from a professional perspective

Industry accounting is not just about compliance, it is also a tool for profit optimization.

Accounting services by industry help businesses:

Take advantage of tax incentives (Agricultural Case): For example, a business investing in high-tech agriculture can be exempted from corporate income tax for the first 4 years and reduced by 50% for the next 9 years according to Decree 218/2013/ND-CP. Industry accounting experts will set up a process for businesses to demonstrate eligibility, helping them legally save billions of dong in taxes.

Management based on industry KPIs: Building a management reporting system based not only on general financial indicators, but also on the most important performance indicators of the industry (industry KPIs), helps managers make timely decisions:

1. Construction Industry: Profitability per Project.
2. Manufacturing Industry: Capacity Utilization.
3. Commerce: Inventory Turnover Ratio.

In-depth analysis: Accounting for typical professions

Accounting for e-commerce and logistics

The explosion of E-Commerce and Logistics creates unique accounting challenges:

Challenge:

• Multi-channel inventory management: Goods move between warehouses, physical stores, and e-commerce platforms.
• Complex cash flow: Revenue flows through multiple payment gateways, e-wallets, and platforms (Shopee, Lazada), subject to service fees, discounts, and order cancellations.
• Shipping and cancellation costs: This is a large expense that needs to be accounted for and reconciled in detail.

Solution:

• Automatic reconciliation: Build an automated reconciliation system between sales data on the floor and accounting books.
• Net Revenue Recognition: Accurately account for discounts, coupons, and platform service fees to recognize net revenue.
• VAT Optimization: Optimize input/output VAT for cross-border transactions (if the business buys and sells internationally) to ensure Customs and Tax compliance.

Accounting for the construction, engineering and real estate industry

This is the industry with the highest tax risk due to long project cycles and large capital.

Challenge:

• Revenue recognition method: Required to comply with Vietnamese Accounting Standards 15 and 14 (Progress Revenue, Real Estate Revenue).
• Project cost: Collect material, labor and general costs for each unfinished project to avoid confusion between projects.
• Material invoice management: Collecting and legalizing input invoices (sand, stone, cement) in large quantities.

Solution:

• Increase professionalism: Build a cost tracking system for each detailed project/contract code, ensuring that costs are calculated with absolute accuracy.
• Contractor Tax Declaration: Support for declaring and settling foreign contractor tax when businesses hire foreign contractors, ensuring no penalties due to lack of international tax regulations.

Accounting for manufacturing and processing industries

The manufacturing industry requires strict asset management and costing.

Challenge:

• Product costing: Is the most complex operation, requiring the collection of direct costs (raw materials, labor) and accurate allocation of indirect costs (electricity, water, machine depreciation).
• Fixed Asset Management: Management of large fixed assets (machinery, buildings) and depreciation methods (straight line, declining balance) must comply with regulations.
• Raw material standards: Control scrap costs and loss during the production process.

Solution:

• Establish a standard costing method: Depending on the type of production (production to order or mass production), the expert will establish a standard costing method such as Job Costing or Process Costing.
• Cost Report: Provides detailed reports on fluctuations in cost of goods sold and manufacturing costs, helping managers adjust standards and optimize performance.

Accounting for professional service businesses

Including F&B companies, Agencies, Consultants - units with characteristics of soft costs and cyclical revenue.

Challenge:

• Manage hospitality/marketing expenses: Identify and legalize these expenses for deduction when calculating corporate income tax (CIT).
• Revenue Allocation: Allocate revenue over extended project cycles (e.g., 12-month agency contracts) and manage large client accounts receivable.
• Tips: Handling informal income (if any in F&B).

Solution:

• Reasonable Cost Optimization: Reasonable cost optimization is deductible as prescribed (e.g. advertising costs, expert salaries, research and development costs).
• Track Gross Profit: Set up an internal accounting system to track gross profit for each service or each customer, thereby creating effective pricing strategies.

Service and technology application process

To ensure efficiency and transparency, accounting services by industry Always adhere to a standardized workflow and integrate technology.

4-step process for implementing accounting services by industry

This process ensures professionalism and consistency throughout the service delivery process:

Step 1: In-depth survey

Analyze the business model, industry characteristics and current accounting system of the enterprise.

Identify weaknesses, potential tax risks and optimization opportunities.

Step 2: Build the system

• Establish a set of accounting standards, accounting charts, and reporting forms specific to the industry.
• Establish document circulation and internal control procedures.

Step 3: Operation and monitoring

• Perform bookkeeping, prepare tax reports, and reconcile data monthly/quarterly.
• Continuous tax risk control, early warning of arising problems.

Step 4: Management reporting and consulting

• Provide analytical reporting by industry KPI (as mentioned in the financial optimization section).
• Consulting on financial strategy, tax and issues related to investment and restructuring.

The role of technology and software

Technology plays an important role in increasing the reliability and speed of accounting services by industry:

• Specialized software integration: Use highly customizable accounting software (such as ERP, Fast, Misa) to integrate industry-specific accounting rules, ensuring data synchronization.
• Automation: Integrating e-invoice and digital banking tools helps automate data entry, transaction reconciliation, minimize human errors and increase data reliability.

Accounting Service Price List by Industry (Reference)

The cost of specialized accounting services will be flexibly adjusted based on the complexity of each industry, the number of documents generated monthly and the size of the staff. Below is the reference price range (excluding VAT):

Business Type / Industry	Level of complexity	Number of documents/month	Reference price/month (VND)
Trade Services (Small & Medium)	Short	Under 50	1,500,000 – 2,500,000
E-commerce/Logistics	Medium	50 – 100	2,500,000 – 4,000,000
Manufacturing (Simple processing)	Medium	50 – 150	3,500,000 – 5,500,000
Construction, Construction, Real Estate	High	100 – 200	5,000,000 – 8,000,000
Project Investment and Development Company	Very High	Depending on the project scale	Negotiable (from 8,000,000 VND)
Tax Declaration and Settlement Services	(Not including bookkeeping)	Quarterly/Annual	Package deal

Note: The above price list is for reference only. The official price will be determined after the expert surveys the business model, current accounting system and specific management reporting requirements of the enterprise.

Conclusion and call to action

Accounting services by industry It is not just an administrative expense, but a strategic investment. This service helps businesses optimize all financial activities, minimize legal risks and enhance the ability to make strategic decisions based on in-depth management reports.

If your business is looking for absolute peace of mind regarding taxes and wants to optimize financial performance in your specific field, contact us now to receive free advice from industry accounting experts - optimizing taxes and financial management for your business.

Contact information 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

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 Industry Accounting Services (FAQ)

This section answers the most common questions businesses have about accounting services by industry:

Can general accounting replace specialized accounting?

No. General accountants lack expertise in industry-specific standards and regulations (such as Construction, Manufacturing), leading to risks of accounting errors and tax arrears. Specialized accountants are required for complex fields.

Are industry accounting services more expensive than general accounting?

The cost may be higher, but it is a strategic investment that is well worth the savings from tax optimization and avoiding legal penalties.

How long will it take for a business to receive detailed management reports?

Reports are sent on a monthly/quarterly basis as agreed. Management reports based on industry KPIs are usually provided monthly to support timely decision making.

How does industry accounting help optimize taxes?

By accurately identifying reasonable expenses deductible under industry-specific regulations, taking advantage of tax incentives (if any), and ensuring that revenue and expenses are recorded in the correct period, this service helps to legally minimize corporate income tax obligations.

Should startups use industry-specific accounting services right away?

Yes. It is important to set up accounting systems and standards from the beginning. This helps businesses avoid costly bookkeeping adjustments later and ensures a solid financial foundation.