The complexity and constant changes of accounting and tax regulations are becoming one of the biggest administrative burdens and legal risks for Vietnamese businesses, especially SMEs and Startups. Doing it yourself or relying solely on internal accounting can lead to unnecessary errors, causing great damage when the tax authorities conduct inspections.
This is the time accounting consulting services Professional accounting has become an indispensable strategic tool. It is not simply a matter of compliance bookkeeping, but also a solution to optimize profits and minimize financial risks legally.
This article will delve into the scope accounting consulting services strategy, the real benefits your business receives, standard working procedures, and especially, how you can minimize the risk of tax penalties from 15–20% immediately and build a sustainable financial foundation.
Direct benefits: Applying professional consulting can help businesses Save time and cost of accounting operations up to 20-30% each year, while focusing resources on core business development.
Definition and Scope of Strategic Accounting Services
To maximize value, businesses need to understand the nature of this service.
What is Accounting Consulting Service?
Many people often confuse between accounting consulting services and full accounting services.
- Full accounting package: Focus on daily operations (such as document recording, preparing periodic tax reports, processing input/output invoices, filing documents). This is a job of operations and procedures.
- Accounting Consulting Services: This is a specialized, in-depth service. strategy and analysis. Experts will review systems, provide expert advice on tax optimization, improve internal control processes, and provide financial health analysis reports to assist the Board of Directors in making business decisions.
The core role of consulting services is to ensure that businesses not only comply with the law, but also operate at peak financial performance.
Three Key Pillars of Professional Accounting Consulting Services
One accounting consulting services Comprehensive typically includes the following three core areas:
In-depth Tax Accounting Optimization for SMEs
This pillar focuses on tax risk management and legal corporate income tax optimization. Tax consulting includes:
- Maximize deductible expenses: Helps businesses identify and maximize cost advantages.
- Tax refund support: Consulting on VAT refund procedures, import and export taxes.
- Prepare tax settlement: Prepare and review periodic tax reports, and promptly update the latest changes in Tax laws.
Case Study (Optimizing corporate income tax costs): A manufacturing company faced a corporate income tax burden. The consultant helped the company restructure its costs, convert some of its sales costs into long-term investment costs, and fully exploit its R&D expenses. As a result, the company reduced its total taxable profit to 15% during that fiscal year, while ensuring absolute legality.
Establishing Internal Control and Management Accounting Systems
This is the decisive factor for the transparency and management efficiency of the enterprise. Experts will:
- Build Standard operating procedures for document circulation and expenditure approval.
- Standardize the accounting system to suit the specific characteristics of the industry.
- Consulting on selecting and implementing software to help automate processes transition to digital accounting.
The ultimate value is to help the Board of Directors manage cash flow, control costs more effectively and prevent internal loss.
Financial Statement Review and Analysis (According to Accounting Standards)
For businesses that intend to raise capital, borrow capital or merge, having a standardized Financial Statement is mandatory. This service helps:
- Ensure standards: Review reports according to Vietnamese Accounting Standards (VAS) or International Standards (IFRS).
- Financial Health Analysis: Perform analysis using key KPIs.
- Consolidation Consulting: Support consulting on financial statement consolidation for subsidiaries/affiliates.
Why Businesses Need Professional Accounting Consulting
More than just compliance, usage accounting consulting services Specialization brings practical benefits, helping businesses move from financial defense to offense.
Solving Business's Biggest Challenges
Ensuring Compliance and Avoiding Legal Risks
In the context of rapidly changing tax laws, it is difficult for internal accounting staff to update in a timely manner, leading to the risk of heavy fines when the tax authority inspects.
- Notable statistics: About 70% SMEs in Vietnam encountered serious errors in tax records and settlements in the last 3 years.
- Benefit: Tax consulting services for SMEs Make sure your records are always valid and ready for any inspection.
Know the Law and Avoid Serious Punishment
The complexity of Law on Tax Administration requires high expertise to avoid tax legal risks.
- Core legal basis: Consultants will ensure businesses are in strict compliance Tax Administration Law 38/2019/QH14 and detailed guiding Decrees such as Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoices.
Common fines to note:
- Penalty for late submission of documents/Tax Report: Fines from 2 million to 25 million VND depending on the time of late payment (according to Article 7, Decree 125).
- Penalties for false declaration leading to tax arrears: Punish 20% under-declared or late-paid tax amount (according to Article 16, Decree 125).
- Penalties for tax evasion: May be prosecuted (according to Article 17, Decree 125).
Core values: Accounting consulting helps businesses prevent this risk from the beginning, ensuring legality and minimizing unnecessary fines, protecting the assets and reputation of the business.
Legal Tax Strategy: Maximizing Profits
A professional consultant helps businesses look at tax from a strategic perspective, not just as a burden:
- Optimization: They help maximize deductible expenses by consulting on how to account for input costs and salary costs reasonably.
- Reduce the burden: Establish transaction structures that legally minimize corporate income tax burden.
Increase Data Speed and Accuracy
Accounting consulting helps businesses convert from paper books to digital accounting systems, bringing High rate of return through:
- Real-time reporting: Help the Board of Directors receive real-time management reports for quick decision making.
- Minimize errors: Minimize manual data entry errors and ensure data is always consistent, accurate, and error-free. prepare tax settlement.
Partner Selection Process and Criteria
The reliability and expertise of the consulting partner are key factors. Below are the standard working process and criteria for choosing a reputable partner.
5-Step Process for Deploying Professional Accounting Consulting Services
To ensure results and quality of advice, a clear workflow is required.
This process not only helps manage projects effectively but also creates transparency and trust for the business:
| Step | Step Name | Main objective | Detailed description |
|---|---|---|---|
| 1 | Evaluate | Identify current status and risks | Analyze the entire system of documents, books, and tax reports for the last 3 years to find compliance risks and administrative bottlenecks. |
| 2 | Planning | Proposed solutions and goals | Propose specific optimization solutions (e.g., Optimize 15% tax costs), along with a detailed implementation roadmap and measurable KPIs. |
| 3 | Deployment | Make adjustments | Implement accounting system adjustments, resolve outstanding issues, and train internal accounting staff on new procedures. |
| 4 | Monitoring and Adjustment | Ensuring continuous performance | Monitor solution performance, provide regular reporting (monthly/quarterly) and respond quickly to legislative changes. |
| 5 | Report | Summary and commitment to accompany | Summarize the results achieved, make long-term recommendations and commit to accompany and support businesses during tax settlement seasons. |
Note: This process ensures proactivity and prevents risks from the beginning, which is completely different from only handling the case after the problem has occurred.
“Golden” Criteria for Choosing a Reputable Accounting Consulting Company
Choosing the right partner is an important investment decision. Use the following criteria to evaluate Competence and Trustworthiness:
Team of Experts with International Certifications and In-depth Industry Experience
Benefits of Working with an Internationally Certified Expert
A reputable consulting firm must have certified staff. Certifications such as CPA (Certified Public Auditor), ACCA (Chartered Public Accountant UK), or CIMA is the most authentic evidence of expertise and updating of international accounting standards.
- Priority is given to units with experience working with multinational enterprises or having successfully handled complex tax inspection and audit cases.
Technology Platform and Data Security
In the digital age, the ability to apply technology is an indispensable criterion:
- Check if the partner uses Dashboard tools, automated management reporting systems, or not.
- Commitment to absolute confidentiality of financial information must be clearly stated in the contract. accounting consulting services.
List of Trusted Partners and Quality Commitment
Proposing a Reputable Consulting Network in Vietnam (Big 4 and Professional Chief Accountant Network)
You should look for reputable firms. In Vietnam, international auditing and consulting firms belong to the group Big 4 Always the first choice for large corporations.
For small and medium-sized enterprises (SMEs) that need flexibility, dedication and local context expertise, expert networks are highly valued such as Professional Chief Accountant Network is also a choice worth considering. These units often provide services at more optimal costs but still ensure high professional quality.
Cost and Benefit Investment Analysis
Accounting consulting services is a strategic investment, which helps convert hidden costs (penalty risk) into clear profits (tax optimization).
Reference Price List According to Business Size
Because accounting consulting services Highly personalized, the price list below is for reference only. The final cost will be determined exactly after the Evaluation Step in section IV.
| Business Size | Characteristic | Estimated Consulting Fee (VND/Month) | Common Service Range |
|---|---|---|---|
| Startup / Micro Business | Under 200 invoices/month; Revenue < 5 billion/year; Mainly simple services. | 5,000,000 – 15,000,000 | Focus on Basic Tax Compliance and Initial System Setup. |
| Medium-sized enterprises (SMEs) | 200 – 500 invoices/month; Have import-export and production activities; Need Management Accountant. | 15,000,000 – 30,000,000 | In-depth Tax Consulting, Internal Audit, Cost Optimization and Settlement Support. |
| Large Enterprise / Corporation | More than 500 transactions/month; Consolidated Reporting Required; IFRS Required. | Agreement (Over 30,000,000) | International Tax Strategy Consulting, Comprehensive Internal Control, M&A Consulting. |
Factors Determining the Price List of Accounting Consulting Services
| Element | Level of Impact | Detailed Explanation |
|---|---|---|
| Business Size | High | Based on Annual revenue, quantity invoice/transaction monthly revenue, and number of employees. |
| Industry complexity | High | Manufacturing, Construction, Import-Export (with tax refund) industries will have higher costs than simple Service and Trade industries. |
| Scope of service | Medium | Service package includes only Tax Consulting will be lower than the Consulting package Tax Accounting and Management Accounting integrated. |
| Time of use | Medium | Regular consultation (monthly/quarterly) will have a more preferential price than the Service. Final settlement review emergency at the end of the year. |
| Book status | High | If the books have many outstanding errors, the initial processing (cleanup) cost will increase the total cost of service. |
Recommendations: Always ask for a quote accounting consulting services details based on actual assessment results (Step 1 in the Process).
Accounting FAQs and Checklists
Summary of Frequently Asked Questions About Accounting Consulting Services
Can Consulting Services Completely Replace Internal Accounting?
Absolutely not. Accounting consulting services strategic and supervisory, helping to establish processes and handle complex issues. Internal accountants are still needed to perform day-to-day operations, enter data, and reconcile documents. These two roles complement each other to create the most robust financial system.
How Are Tax Consulting and Financial Consulting Different?
- Tax Consulting: Focus on tax compliance, optimizing tax obligations.
- Financial Consulting: Focus on investment decisions, fundraising, business valuation, M&A and long-term financial strategy.
Checklist: 5 Factors Businesses Need to Prepare Before Hiring a Consultant
To cooperate with the supplier accounting consulting services To make this process go smoothly and effectively, you should prepare the following elements:
- Book data: Accounting books and documents of at least the last 3 years (if any) for the consultant to assess residual risks.
- Clear business objectives: Identify your goals (e.g., optimize corporate income tax, prepare for a fundraising round, or improve cash flow) so your consultant can provide the right solution.
- Current voucher system: Provides information on how the business is collecting, storing, and circulating documents.
- Software in use: List the accounting software, ERP, or financial tools currently in use so that the consultant can provide integration advice.
- Biggest problem: Clearly identify 1-2 of the most "headache" financial/tax problems that the business is facing.
Conclude
Accounting consulting services It is no longer a luxury option but has become a strategic investment that helps businesses eliminate compliance burdens, optimize resources and develop steadily. Choosing the right professional partner will be an important foundation for all your breakthrough business decisions.
Quick benefits: Start optimizing your corporate income tax today to minimize penalty risks from 15–20% before the settlement season.
Don't let accounting risks hinder your growth. Contact now today to receive the session FREE Tax Risk Assessment and a preliminary strategic consultation, helping your business get on the right track from the start.
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.
