Accounting service providers are becoming an increasingly popular choice for small and medium-sized enterprises (SMEs) in Vietnam, especially after this sector officially exited the list of conditional business activities on July 1, 2026. The reduction in legal barriers means more service providers are available, but it also presents businesses with a more difficult question: how to choose the right accounting service provider with sufficient capacity and responsibility to entrust all their books, documents, and tax obligations to? This article reviews the concept, legal basis, comparison with the in-house accounting model, and practical criteria to help business owners make informed decisions.
What are accounting firms and why are they becoming a trend in 2026?
An accounting service company is a legally established organization that performs accounting tasks, bookkeeping, financial reporting, tax filing, and accounting system consulting on behalf of other businesses under a service contract, instead of requiring the business to organize its own internal accounting department.
Legally, accounting services are governed by the Accounting Law No. 88/2015/QH13. For many years, this was a conditional business sector: service providers had to have at least two practicing accountants, obtain a Certificate of Eligibility to conduct accounting services, and were subject to strict pre-inspection by the Ministry of Finance.
Turning point in 2026: Accounting services will no longer be a conditional business sector.
This is the most important information any business looking for an accounting service provider in 2026 needs to know. Based on Government Resolutions No. 66.16/2026/NQ-CP, 66.17/2026/NQ-CP, and 66.18/2026/NQ-CP on decentralization, reduction, and simplification of administrative procedures and business conditions, accounting services will officially be removed from the List of Conditional Investment and Business Sectors and Professions from July 1, 2026. On May 22, 2026, the Accounting and Auditing Supervision Department (Ministry of Finance) issued Official Letter 773/QLKT-DN guiding the implementation of this content.
Three key changes directly impact the choice of accounting firm:
- Abolish business conditions and licensing procedures: The requirement for a minimum of two practicing accountants, and the procedures for issuing and renewing certificates of eligibility to conduct accounting services, have been abolished. The model has been expanded to allow single-member limited liability companies owned by individuals to participate in providing services.
- Individuals and tax agents are now more widely involved: Individuals who meet the minimum qualifications of an accountant or chief accountant can independently sign contracts to provide services; tax agents can provide accounting services to micro-enterprises without requiring an accountant certificate.
- The state is shifting from pre-approval to post-approval: The regulatory agency no longer conducts direct inspections at service providers, but instead focuses on checking the quality of financial reports directly at client businesses, while also linking data with the tax authorities.
The practical consequence: The market for accounting service providers will become more vibrant, but the responsibility for quality control will almost entirely fall on the businesses hiring the services. The state will no longer "gatekeeper" with licenses from the outset; businesses must assess the capabilities of their partners before signing contracts, as the responsibility for the accuracy and legality of accounting data remains with the businesses using the services, as stipulated by the Accounting Law.
Comparing hiring an accounting firm versus managing your own in-house accounting.
This is a problem that most small and medium-sized enterprises, newly established businesses, or FDI companies with representative offices must consider. The table below summarizes the most important criteria.
| Criteria | The company provides accounting services. | Internal accounting |
| Operating costs | Payment is based on a service package; no additional fees for salary, insurance, or training. | Salaries, social insurance, benefits, recruitment costs, and ongoing training expenses. |
| Continuity | There is also a replacement team in place when the responsible person leaves, ensuring no interruption in record-keeping. | There is a high risk of disruption when an accountant leaves unexpectedly, especially close to the tax filing deadline. |
| Legal updates | Our dedicated team monitors new decrees and circulars and applies them simultaneously to multiple clients. | It depends on the self-learning ability and level of initiative of one or more individuals. |
| Scope of expertise | The entire team is supported by tax, internal audit, and related party transaction departments. | A person who handles many areas of work finds it difficult to specialize in any one area. |
| Legal risks | The accounting firm is professionally liable under contract and for its legal reputation. | Businesses bear all risks if their personnel make mistakes or lack experience. |
| Scalability | Flexibly upgrade or downgrade your service package according to your development stage. | We need to hire more people and reorganize departments as the company grows. |
Looking at the comparison table, it's clear that an accounting service provider is best suited for startup businesses, businesses with insufficient transaction volume to maintain a full accounting department, or businesses that want to focus resources on core business operations rather than administrative management and compliance. Conversely, large businesses with complex and stable long-term transactions may consider a hybrid model: in-house accounting handles daily transactions, while the accounting service provider acts as a reviewer, provides in-depth advice, and is responsible for high-risk tasks such as tax settlement and related-party transactions.
5 criteria for choosing a reputable accounting service provider in the context of post-audit.
Since the government no longer issues pre-licensing permits for accounting services, businesses need to equip themselves with their own screening criteria instead of relying solely on whether or not a company is licensed. Below are five criteria to consider when choosing an accounting service provider.
- First, the team has professional certifications and practical experience: Although certifications are no longer a mandatory requirement under the new regulations, a reputable accounting service company will still maintain a team of certified accountants, auditors, or professionals with many years of experience in specialized fields. This is a sign of genuine expertise, not just a formality.
- Second, it has a clear legal entity and contractual commitments of responsibility: It is preferable to cooperate with legally registered entities whose service contracts clearly define the scope of work and liability for compensation in case of errors, rather than collaborating with independent individuals without clear legal binding agreements.
- Third, internal quality control process: A good accounting firm will have a two-tiered review process, assigning independent personnel to perform the tasks and conduct independent checks, rather than having a single individual handle all the paperwork from start to finish.
- Fourth, the ability to handle complex transactions, not just basic accounting: For businesses with related-party transactions, foreign investment, or complex capital structures, it is necessary to choose an accounting service provider with experience in related-party transaction pricing documentation, interest expense control, transfer pricing, and other operations requiring in-depth understanding of legal documents rather than just data entry.
- Fifth, transparency regarding the scope of responsibility in the event of errors: It's crucial to clarify from the outset who is responsible when the tax authorities reassess the figures. This is a clause that's easily overlooked but significantly impacts future financial risks.
Comparing MAN's accounting team to other models on the market.
The accounting services market currently has three common groups of providers:
- Individuals, freelance accountants;
- The company provides small-scale accounting services focused on affordability.
- And large auditing and consulting firms (the Big 4 and equivalents).
Each model has its own strengths and limitations. The comparison table below helps businesses easily identify which model is right for them.
| Criteria | Freelance Accountant | The company provides affordable accounting services. | MAN – Master Accountant Network |
| Expertise | They are usually only strong in basic accounting and record-keeping. | Standardized processes but lack of specialization. | Specialized team in the following areas: accounting, taxation, related party transactions, and FDI business consulting. |
| Legal liability | Difficult to enforce, easily interrupted when individuals are busy with other things. | They have legal entities, but their commitments to responsibility are often vague. | The contract clearly outlines responsibilities and includes a two-tiered quality control process. |
| Policy update | Depends on individual ability | Basic updates, serving the majority. | Closely follow new decrees and resolutions (tax, investment, accounting) and translate them into practical guidelines for clients. |
| Suitable for | Household businesses, micro-enterprises, simple operations | Small businesses need to minimize costs. | Medium and large enterprises, FDI enterprises, and enterprises with related-party transactions require a high degree of legal accuracy and security. |
| Cost versus value | Low cost but high risk when dealing with complex operations. | Price competition, limited depth of consultation. | More cost-effective than the Big 4, yet still ensures the depth of expertise for complex business operations. |
The biggest difference of MAN – Master Accountant Network lies not in having a license (as new regulations have removed this requirement for the entire industry), but in its specialized team organization and transparent quality control process.
The value of partnering with MAN – Master Accountant Network.
Beyond simply handling accounting and filing on time, a professional accounting and tax consulting firm needs to deliver long-term value to businesses. At MAN, that value is reflected in three core service groups.
Full-service accounting: The burden of operations is completely transferred.
With the package full accounting serviceWith this option, businesses don't need to operate their own internal accounting department while still ensuring all necessary tasks are covered: accounting, financial statement preparation, tax declaration and settlement, and document archiving in accordance with regulations. This is the most suitable option for newly established businesses or businesses that want to optimize operating costs while maintaining accuracy and legal security.
Accounting consulting services: Partnering with you through complex decisions.
For tasks requiring in-depth analysis such as loan structure, related-party transactions, interest expense control, or preparing documentation for audits, businesses need a competent firm. accounting consulting services In fact, it goes beyond just data entry. The MAN team is involved right from the financial and tax planning stage, helping businesses be proactive instead of reacting passively after the tax authorities have issued their conclusions.
Outsourcing accounting services: Flexibility tailored to each stage of development.
For businesses that want to retain some internal staff but need to add specialized skills in certain areas, the solution is... outsource accounting services MAN's approach allows for flexibility in the scope of collaboration, ranging from periodic reviews and support during the accounting season to ongoing partnership throughout the financial year, instead of being bound by a fixed service package that doesn't align with operational realities.
The process of collaborating with MAN.
Here's the process when you partner with us:
- Survey and assessment of the current situation: MAN receives information about the scale, industry, and specifics of transactions (including related-party transactions, if any) to determine the appropriate scope of services.
- Proposed service package and contract signing: The scope of work, responsibilities of both parties, and mechanisms for handling errors are clearly defined from the outset, avoiding ambiguity later on.
- Data handover and acceptance: The dedicated team reviews existing accounting data and standardizes it if discrepancies are found before official operation.
- Routine operations: Accounting, monthly/quarterly tax filing, and periodic reporting to the company's management.
- Pre-final review and support during audits: This stage best demonstrates the value of an accounting service company with in-depth expertise, rather than simply focusing on data entry.
Checklist before signing a contract with an accounting service provider.
To avoid the unfortunate risks that can occur when working with an unreliable accounting service provider:
- Verify the legal status and contact information of the service provider.
- Request a profile outlining the company's capabilities and experience in handling specific business operations (related party transactions, foreign investment, conditional business sectors, etc.).
- Clarify the scope of work, reporting frequency, and communication channels for urgent issues.
- Agree on terms of liability and compensation in case of errors causing damage.
- Confirm the security mechanisms for the company's financial data and documents.
Conclude
From July 1st, 2026, accounting services will no longer be a conditional business sector, opening up a more open market but also requiring businesses to be more proactive in choosing partners. A reliable accounting service provider will no longer be measured by its license, but by its actual professional competence, quality control processes, and clear contractual commitments.
If your business is considering transitioning from in-house accounting to outsourcing, or is looking for a qualified accounting firm capable of handling complex transactions, the MAN – Master Accountant Network team is ready to conduct a free survey of your current accounting practices and propose solutions tailored to your specific business size and industry.
Contact MAN – Master Accountant Network For free support and advice!
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
- 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 NetworkHe is a CPA Vietnam auditor with over 30 years of in-depth experience in accounting, auditing, taxation, and corporate legal consulting.
Frequently Asked Questions about Accounting Firms
Do accounting service companies currently require a conditional business license?
No. From July 1st, 2026, accounting services will officially be removed from the List of Conditional Investment and Business Sectors according to Resolutions 66.16/2026/NQ-CP, 66.17/2026/NQ-CP, and 66.18/2026/NQ-CP. Businesses and individuals meeting the minimum standards can provide services without needing to apply for a Certificate of Eligibility to Conduct Accounting Services as before.
Is a business liable if an accounting firm makes mistakes?
Ultimately, the responsibility for the accuracy of accounting data rests with the business using the service, according to the Accounting Law. Therefore, the service contract needs to clearly stipulate the mechanism for sharing responsibility and compensation between the two parties in the event of errors.
Should newly established businesses hire an accounting firm or recruit an in-house accountant?
For new businesses with a small volume of transactions, hiring an accounting service provider is often more cost-effective and ensures continuity, avoiding the risk of disruptions to accounting records when a stable accounting system is not yet in place.
Can an accounting firm handle complex transactions such as related-party transactions?
Not all firms possess this capability. Businesses with related-party transactions or foreign investment should choose an accounting firm with in-depth experience in related-party pricing documentation and regulations controlling interest expense, rather than a firm that only handles basic accounting.
Now that business requirements have been removed, how can we assess whether an accounting service company is reputable?
Businesses should evaluate performance based on their personnel and practical experience, internal quality control processes, clear legal status, and specific liability clauses in contracts, rather than relying solely on licenses as in the past.
