It’s All About Priorities: Must-Outsource Accounting Services in Vietnam

Accounting Outsourcing in Veitnam is a valuable service that can reduce your overhead costs and allow you to focus on your bottom line.

Compared to other types of outsourcing services in Vietnam, accounting services are among the most important aspects of businesses. In these uncertain times, outsourcing can help you reduce overhead costs significantly as well as being able to free up other resourcing so you can spend time developing your business. It is also related to the fact that mistakes in accounting functions can cost organizations millions of dollars. That is why many businesses know that these functions are not something they should take on themselves.

Read About Cekindo’s Accounting Outsourcing Services in Vietnam

So what are the advantages that prompt countless businesses to resort to outsourced accounting services in Vietnam?

The simple answer is because it helps them make wiser financial decisions. Let’s take a look at other top benefits of accounting outsourcing:

  • Better use of time
  • Access to expertise
  • Reduced risks and better compliance
  • Reduced expenditure and increased profits
  • Fraud prevention
  • Faster and sound business decision

Which Accounting Services Are Prioritized to Be Outsourced?

Accounting is the bloodline for almost all businesses and there are various accounting functions you can outsource. However, what are the main accounting services in Vietnam you should outsource?

Here are the important outsourced accounting services, and why you should make them your priority.

1. Payroll Processing

Your business will perform better when you outsource your company’s payroll. Payroll in Vietnam requires a certain level of knowledge and expertise, especially when the Vietnamese Laws are constantly changing. An accounting outsourcing provider is familiar with all governmental requirements, payroll essentials, and HR nuances.

RELATED: Payroll Update 2022: Minimum Wage in Vietnam

The payrol process can be complicated and time-consuming for untrained HR personnel especially when the payroll involves leave credits, benefits, timesheet of different locations, etc. Having a professional consultant to oversee your payroll processing in Vietnam provides you with more time and resources to perform more valuable tasks for business growth.

2. General Accounting and Bookkeeping

Bookkeeping and general accounting need to complement each other to deliver the best result.

However, it is sometimes hard to achieve. This is because bookkeeping is often considered one of the most laborious tasks and thus human errors are common. And the bad news is, a slight mistake in bookkeeping can jeopardise the entire accounting process.

You can avoid this type of problem by outsourcing this particular function. An accounting outsourcing partner makes sure that each of your business transactions is properly recorded, allowing easy tracking and tracing. Your accounting services partner also has the right accounting software for bookkeeping and general accounting automation.

3. Financial Report and Management Report

Investors and clients can get a better understanding of your business’ financial condition through a financial report and management report. Therefore, these reports are vital. The recorded data must be carefully generated from bookkeeping on a daily basis.

If you have already outsourced the main accounting and bookkeeping functions to an outsourcing firm, you should just delegate the financial report and management report writing to the same professional, since the same provider has all the important data in one place.

Outsource Accounting Services in Vietnam to Cekindo

Regardless of the growth stage of your business, Cekindo’s professionals are all set to offer you accounting services that are best suited for your requirements. Our outsourced accounting services in Vietnam have been a lifesaver for many organisations in the country.

Not only do we help you achieve your business goals by reducing costs and increasing your profits, but we also assist you in meeting regulated timelines and complying with tax and accounting regulations. Cekindo wants to bring the same competitive advantages of our full accounting services equally to organisations of all sizes in Vietnam.

Contact us and tell us exactly what your requirements are and we will help you succeed. Fill in the form below.

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Tomas Svoboda - Cekindo - Vietnam Country Manager

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Ing. Tomas Svoboda

Tomas is the co-founder & Chief Business Development Officer responsible for Vietnam. His role is to define the key potential of the Vietnamese market and to ensure that Incorp's branch in Vietnam provides its clients with smooth and hassle-free market entry solutions.