As business owners all over the world continue to run their businesses on leaner budgets, many organisations in Vietnam have also found that outsourcing accounting is a great way to increase the quality and keep the costs down.
A survey conducted by KPMG found that 40% of entrepreneurs and companies globally are currently using accounting outsourcing services. And, some of them even plan to double the use of the outsourcing services.
Accounting outsourcing is a new concept no more. Today, many companies in Vietnam are reaping the benefits of offloading their accounting to others, especially to professionals who can ensure regulatory compliance.
All types of companies, from solopreneurs to micro businesses, small-medium enterprises to large entities, can take advantage of this service that can help you save significant costs and precious time when doing business in Vietnam.
Our team has put together a list of pros and cons to help you make an informed decision if accounting outsourcing is necessary for your business.
Pros of Accounting Outsourcing in Vietnam
All business owners want to run their companies as efficiently as possible. Partnering with a professional accounting outsourcing provider means that you can add more resources to your core business functions.
You can have your team members focus on what they do best to generate more revenues for the company. A full-time internal accounting team may be a great idea but setting up a truly qualified team needs a great deal of time and money.
So why bother the added costs? Just engage in an outsourcing provider at the fraction of the cost of an internal team and you will get the best results.
Plus, a reputable accounting outsourcing provider always has the most updated accounting tools and experienced specialists to generate the most optimal results. Bear in mind that these accounting tools and software are not cheap and you don’t want to buy them yourselves.
Cons of Accounting Outsourcing in Vietnam
The cons of accounting outsourcing are not common and can be overcome quite easily.
The lack of communication is one of the cons because you’re unable to communicate with the provider frequently and minor misunderstandings may occur. So, it will sometimes give business owners a false sense that they are losing control or oversight of their accounting matters.
The Importance of Accounting Outsourcing when Doing Business in Vietnam
It’s pivotal to have your accounting functions sorted out properly, especially in Vietnam, a country that is currently going through enormous transformation economically.
Transformation leads to all kinds of changes and constant adjustments and new enactment of accounting and tax regulations are one of them. This is the reason why accounting outsourcing has been more important than ever in Vietnam.
Although there are some cons associated with outsourcing your accounting, the pros that an accounting outsourcing in Vietnam certainly outweighs that.
The key is to find a trusted and credible outsourcing provider who can provide you with professional, customised services. Also, understanding the communication style with the provider before the commencement of the outsourcing is key to overcome the very few cons.
Cekindo as Your Partner in Accounting Outsourcing in Vietnam
Cekindo has been one of the most reputable accounting outsourcing providers in Vietnam for individuals, small-medium enterprises and large multinational organisations.
Our accounting outsourcing in Vietnam is highly cost-effective and has earned us hundreds of local and international clients.
We can assist you based on your accounting needs with our latest accounting software: quarterly, half-yearly, and yearly accounting and tax reporting.
On top of that, Cekindo’s well-versed accounting and tax experts have the best compliant practices to ensure your business’ statutory and regulatory compliance.
Considering all the mentioned benefits, are you ready to outsource your business processes now? Get in touch with Cekindo via the contact form below.