Cekindo will elaborate on the penalties of the violations and let you know why accounting outsourcing in Vietnam is essential.
Violating financial and accounting regulations in Vietnam is one of the most expensive liabilities that businesses encounter. Yet, so many companies in Vietnam still wait until something goes wrong before they implement the necessary accounting strategies to prevent it.
Financial and accounting matters of a company are taxing tasks that require a lot of time, precision, and effort to achieve the intended results. Therefore, it is even more crucial to have someone who is an expert in the field to perform them.
In Vietnam, if you are not discreet and meticulous about your financial and accounting functions such as financial statement preparation and tax reporting, the outcome will be serious penalties.
Under the Vietnamese Law, you will look at a fine between VND 1 million and VND 50 million for violating the financial and accounting regulations in Vietnam.
Most Common Accounting Violations in Vietnam
Accounting violations can happen in any business. It is not unusual in Vietnam as many businesses commit these violations unintentionally – due to the lack of knowledge and expertise to fulfill accounting and tax compliance.
Here’s a list of the most common accounting violations in Vietnam. The amount of fines may be different between cases, depending on how severe the violation is.
1. Violations of regulations on accounting books
The penalties are fines between VND 1 million to VND 30 million.
2. Violations of general regulations on accounting vouchers
The penalties are fines between VND 3 million to VND 30 million.
3. Violations of general regulations on accounting laws
The penalties are fines between VND 10 million to VND 20 million.
4. Violations of regulations on financial statement
The penalties are fines between VND 5 million to VND 50 million.
Ensure Compliance and Avoid Penalties with Accounting Outsourcing in Vietnam
Due to Vietnam’s growing business-friendly policy, the country’s tax laws are evolving constantly to meet the national objectives and market trends.
Therefore, industry-specific or overall tax regulation adjustments are common and ensuring compliance is becoming ever-challenging for foreigners.
However, keeping up with new Vietnam’s tax legislation can be a breeze with accounting outsourcing in Vietnam.
Not only that an accounting expert will help your company stay abreast of these changes, but they can also help you avoid severe penalties by fulfilling your company’s financial duties and obligations.
Below are the additional benefits of outsourcing your accounting in Vietnam:
- You spend less as you don’t need to hire full-time employees and invest a huge amount of money on their training
- You increase profits by being able to invest the money you save from hiring in-house team into profit-generating activities such as marketing and sales
- You can minimise legal risks because you have a team of accounting professionals keeping you updated of and complied with all laws and regulations
- You can make business decisions more quickly and efficiently with the expert knowledge readily available for you
Cekindo as Your Partner in Vietnam
As a highly professional and reputable accounting outsourcing partner in Vietnam, Cekindo helps companies organise, report, and maintain and update all financial and accounting information and documents effectively.
Our accounting outsourcing service is not only necessary for your stressful tax period, but it is also critical to communicate important financial information for your decision making.
There is nothing more strenuous than running a business. Therefore, your time and resources are valuable and you do not want to spend on time-consuming accounting matters. Every minute of yours should be put into core activities that can contribute to the success of your business.
Whether you are running a restaurant, an eCommerce store, a multinational branch, or service-based businesses such as freelance web developers or designers – Cekindo works with all types and all sizes of business across Vietnam.
Get your free consultation from our dedicated consultant about your accounting outsourcing in Vietnam today. Fill in the form below.