Accounting & Outsourcing Services
The Accounting & Outsourcing team at Domicile Corporate Services is focussed around the general ledger as the foundation of any business. In Vietnam, there are strict and fixed requirements for accounting compliance built around the Vietnamese Accounting System (“VAS”), including the Chart of Accounts, vouchers, and required reporting. The team seeks to develop strategies to maintain a compliant Vietnamese general ledger in accordance with VAS, yet ensuring management reporting follows international standards with an appropriate conversion and reporting process (including IFRS and US GAAP compliance). Domicile Corporate Services also provides Chief Accountant appointment and compliance services, meeting the statutory needs of enterprises operating in Vietnam.
For regular accounting & bookkeeping services we base our fees on a simple fixed model enabling clients to know exactly where they stand. Our monthly fees are calculated in a manner that is spread out over a year – taking into account monthly, quarterly and annual events and requirements.
Our Accounting & Outsourcing Services include:
General Ledger Accounting & Bookkeeping
Our General Ledger services cover:
- General Ledger accounting
- Voucher preparation
- Monthly bank account reconciliation
- Month-end accruals
- Month-end VAS compliant Profit & Loss Statements and Balance Sheets
- Annual VAS compliant Financial Statements
Chief Accountant Appointment
In Vietnam, the Chief Accountant is an individual that must review, approve and sign accounting vouchers and documents in a company. Every company must appoint a qualified Chief Accountant (ie, an individual holding a Chief Accountant Certificate) or appoint a licensed service provider such as Domicile Corporate Services which provides professional Chief Accountant services to businesses.
The role of the Chief Accountant is one which is held in high regard in Vietnam, and the position requires the appointment of someone qualified, competent, trustworthy, and with the ability to truly understand your business.
We assist with developing management financial reporting relevant to the business structure and international needs, which are often quite different to the VAS compliant general ledger that companies are required to maintain in Vietnam. On a monthly basis we can ensure that management reports are issued in an agreed timeframe, for use with decision making and group requirements.
International Conversion & Reporting
The process maintain a system that allows relatively simple conversion for reporting in accordance with IFRS or US GAAP requirements can be arduous. Our team looks at group policies, software and deadlines to develop the appropriate processes and procedures to ensure VAS compliance, yet a practical process for IFRS or US GAAP compliant reports to be issued.
Monthly/Quarterly Accounting Reviews
The role of an independent accountant, providing a monthly or quarterly external review of an enterprises accounting records and compliance, is often necessary in Vietnam to ensure international expectations are being met. Due to language and skill differences (in particular the VAS statutory bookkeeping requirements versus international standards and expectations), it can be hard for management or foreign finance heads to ensure that Vietnamese obligations are being met and that the reports produced are appropriate for an organisation without significant errors. Domicile Corporate Services provides the independence that foreign investors can rely on for their monthly and quarterly reviews.
Corrective Bookkeeping & Accounting
Where a company in Vietnam experiences issues with the reliability of their accounting function, and determines that historical corrective action is required, Domicile Corporate Services can put in place an individual or a team to rectify and recreate compliant records for the company.
Post Establishment Registration & Support
Newly established companies have specific requirements to meet once they receive their initial investment license, including registering with authorities and opening bank accounts. Our team can work with investors to ensure a comprehensive understanding of post-establishment needs is prepared, and that post-establishment activities and registrations are completed within the required timelines.
For further information on how Domicile Corporate Services can assist you in Vietnam, please contact
or contact your local office: Contact Us