Accounting – Tax Advisory

Accounting – Tax Advisory

We understand that managing finances and staying compliant with tax regulations can be overwhelming. That’s why we’re here to simplify the process and help your business thrive.

What is Accounting – Tax Advisory?

Accounting – Tax advisory is a service provided by tax experts, or accountants to assist businesses in managing their financial records, optimizing their tax strategies to reduce the tax liability and make informed financial decisions.

To be specific, we would support in:

  • Tax filing: We prepare and submit your tax returns to the relevant tax authorities on time, helping you avoid interest and penalty charges that may arise from late or incorrect filings.
  • Tax liability reduction: We conduct financial and transactional analysis and recommend appropriate deductions, exemptions, credits, and incentives to reduce your tax bill.
  • Bookkeeping: We record financial transactions, including sales, expenses, purchases, and payments, to have a clear and up-to-date financial picture.
  • Financial statements preparation: We prepare periodic financial reports, such as income statements, balance sheets, and cash flow statements, which show your financial performance and position.
  • Auditing services: We conduct internal or external audits to assess the accuracy and reliability of financial statements, ensuring compliance with accounting standards.
  • Tax law updates: We keep your business informed about changes in tax laws and regulations that may impact your tax strategies and adapt proactively to new tax requirements.

OUR STEP-BY-STEP PROCESS

1

Discovering your needs

2

Analyzing and propose customized solutions

3

Putting the plan into action

4

Supporting for the long run

Frequently asked questions

What types of tax services do you offer?

We offer a range of tax services to ensure compliance with tax regulations and optimize your financial strategy, include:

  • Tax preparation and planning: We handle your tax paperwork and develop tax planning strategies to ensure the tax compliance.
  • Tax liability reduction: By practical experience, we analyze your financial situation to identify potential deductions and help maximize your savings.
  • Tax law updates: We keep track of tax laws and keep you informed about the latest changes in tax regulations that might affect your business
  • Maximized savings: We identify deductions, incentives and others that your business may be eligible for, helping you legally reduce your tax liability.
  • Strategic planning: We work closely with you to develop effective tax strategies that align with your business goals. Moreover, we advise on potential ways to structure transactions, and operations to optimize financial outcomes.
  • Compliance ensuring: We assist your business in staying compliant with tax laws and tax obligations, preventing penalties and potential risks.
  • Focused expertise: Our tax advisors specialize in tax matters, allowing you to focus on your core business activities while we navigate the tax complexities.
  • Tailored advice: Every business is unique. We provide tailored advice based on your business’s structure, financial circumstances and industry.
  • Long-term financial health: By optimizing the tax strategy, you can allocate resources more efficiently and ensure sustainable growth.
  • Adaptation to legal changes: We stay up-to-date with these changes, ensuring that your business is always in line with the latest requirements.

Here are some steps to help navigate the complexities of tax compliance:

  • Understand tax obligations: Different types of businesses, operating in various regions and jurisdictions, may be subject to distinct tax laws and regulations.
  • Keep accurate records: Keeping records of your financial transactions, including income, expenses, and receipts.
  • File returns timely: Submit tax returns and settle tax liabilities by the deadlines. Failing to meet these deadlines can result in penalties and interest charges.
  • Stay informed: Tax laws change frequently and these revisions or new regulations can directly impact your tax liability.
  • Plan tax strategy: Engage with tax experts to develop a tax strategy that legally minimizes your tax liability. Be prepared to adapt your tax strategy to unexpected events

Here are some key aspects:

  • Bookkeeping: We assist in recording day-to-day financial transactions, including sales, purchases, expenses, and receipts in a well-organized manner.
  • Financial reporting: We help prepare financial statements, such as income statements, balance sheets, and cash flow statements.
  • Tax preparation: We file your tax returns, and offer guidance on tax deductions and incentives to minimize tax liability.
  • Regulatory compliance: We ensure your business stay compliant with various financial regulations, including Vietnam Accounting Standards (VAS), International Financial Reporting Standards (IFRS) and industry-specific standards.

These challenges can vary depending on the size, structural complexity and industry. Here are some common accounting challenges:

  • Invoice and receivables management.
  • Managing cash flow: Struggling with cash flow can lead to issues with paying bills, or seizing growth opportunities.
  • Record keeping and documentation.
  • Financial reporting and compliance: Compliance with domestic regulations, as well as international standards is crucial but can be complex and time-consuming.
  • Fraud prevention: It needs strong internal controls to mitigate fraud risks.

At our company, we adhere to various accounting standards and regulations to ensure transparency, accuracy, and compliance in our financial reporting, include:

  • International Financial Reporting Standards (IFRS): IFRS is a globally recognized set of accounting standards developed by the International Accounting Standards Board (IASB)
  • Vietnam Accounting Standards (VAS): VAS is a set of accounting standards specific to Vietnam, developed by the Ministry of Finance (MOF).
  • Law on Accounting: The Law on Accounting is a legal framework that It outlines the responsibilities of businesses, accountants, and auditors in Vietnam.
  • Tax regulations: Including income tax, value-added tax (VAT), and other applicable taxes.