BUSINESS RECORDS MANAGEMENT FOR ENTERPRISES

It is legally required for a company’s Director to be responsible for compliance with business procedures, the truthful and fair preparation and presentation of financial statements, as well as internal controls deemed necessary to ensure no errors or violations occur.

REASONS FOR BUSINESS RECORDS MANAGEMENT

Properly establishing and maintaining business records is not only a mandatory requirement for inspections by various government agencies but also a vital internal management tool. Many errors and risks arise from improper organization, arrangement, and control of records from inception, due to a lack of control over the following functions:

1. Compliance as required by tax, labor and social insurance, customs, and other authorities…
2. Demonstration and protection of the enterprise’s rights and interests in disputes with partners, clients, and employees.
3. Knowledge inheritance across generations of staff to ensure seamless knowledge transfer.
4. Support for internal audit and review procedures, thereby identifying and managing risks, particularly frequent ones arising from tax and social insurance premium arrears due to non-compliance
5. Alignment with organizational structure, operational procedures, governance requirements, legal compliance, confidentiality, and preventing abuse and conflicts of interest.
6. Provision of management information to owners, including details of revenue, cost of goods sold, selling expenses, and general and administrative expenses; inventory, accounts receivable, accounts payable, cash flow – budget estimates; and other financial information for shareholders, banks, and other partners.
7. Dispute resolution and engagement in trade defense lawsuits in accordance with international business laws as Vietnam actively participates in numerous Free Trade Agreements (FTAs)

OUR BUSINESS RECORDS MANAGEMENT METHOD

VIVA’s exclusive services in business compliance records and reports management are built upon a combination of our deep subject-matter expertise and extensive practical experience in Business, Taxation, Accounting, Financial Management, Labor Relations Management, and Business Administrative Procedures Laws. We provide tailored assistance to your enterprise in the following areas:

1. Establishing mandatory compliance record categories aligned with functional departments, legal standards, and management criteria for each record type.
2. Developing a record identification system based on organizational structure, functional departments, management levels, and record types.
3. Defining standards and criteria for directory systems to store hard-copy files on shelves, computer files, and archiving standards and specifications.
4. Designing warehouse storage flowcharts and storage box and shelf systems.
5. Converting original records into digital files for transmission and use in computerized environments.
6. Conducting internal audits of compliance procedures related to Legal, Taxation, Finance, Labor Relations, and Management Reporting Records,…
7. Issuing business records management regulations, including processes and forms related to:
   • Definitions,
   • Rules,
   • Creation process,
   • Formats and standards,
   • Transfer process,
   • Handover process,
   • Storage process,
   • Exploitation process,
   • Preservation and destruction processes,
   • Authorization and confidentiality,
   • Code of conduct guidelines,
   • Form systems for applying and managing these regulations,
   • Roles and responsibilities of each department and individual involved in operational processes.

FUNDAMENTAL BUSINESS RECORDS

VIVA specializes in aggregating, classifying, organizing, inspecting, and refining business records, ensuring compliance and delivering information on the following:

1. Company legal records.
2. Tax and accounting management records.
3. Labor relations management records.
4. Office administrative management records.
5. Asset management records.
6. Supplier records.
7. Customer records.
8. Banking and financial records
9. Economic contracts.
10. Administrative and litigation procedures.
11. Business sector-based legal documents and guidelines.
12. Tailored production and business-specific records as per each enterprise’s needs.

APPLICATION AND DEPLOYMENT

With our specialized expertise and extensive practical experience, VIVA offers tailored solutions to address and preempt issues through the business records organization and management, encompassing the following specific tasks:

1. Classifying and cataloging types of records based on the unique characteristics of each business unit.
2. Advising on establishment principles and storage organization standards for different record types, along with risk management and review techniques.
3. Developing folder systems with labels and tags following ISO and Kaizen-5S principles.
4. Arranging records in line with accounting principles and storing them in designated folders.
5. Conducting monthly and quarterly checks to ensure the adequateness, legality, reasonableness, and validity of each document and record type.
6. Reporting errors, and risks, and proposing corrective actions, including addressing risks related to lost, incomplete, inadequate, and erroneous records, inadequate compliance reports, and inaccurate or improper data,..And preparing and submitting independent reports to relevant management levels.
7. Promptly addressing any deficiencies in any incomplete reports and records..
8. Compiling a handbook on record system organization and utilization and office administrative management principles and procedures, and providing standardized form and document systems.
9. Implementing electronic document storage for critical records, those requiring coordination, and reports.

VIVA assigns skilled personnel to execute business records management tasks on a turnkey basis, delivering standardized record systems and operational management tools.

The outcomes delivered by VIVA ensure accuracy right from the start, on a monthly and quarterly basis, include:

1. A systematically organized and visually appealing record system, always available for management purposes.
2. Swift identification of deficiencies or errors in reports and records from both technical and managerial perspectives.
3. Proactive risk prevention and timely troubleshooting.
4. Effortless control and transition during personnel changes, with enhanced information management and security.
5. VIVA assumes ultimate accountability for the completeness and reliability of the information system within each folder.

Below is the actual image of a fundamental record system implemented by VIVA:

We assist you in designing compliance objectives and solutions, deploying skilled personnel to execute and oversee processes, and taking responsibility for delivering clean and optimized outcomes.

Please register to receive tailored consultations and special offers:

1. Free consultation and implementation in 2024 for clients using comprehensive compliance services (excluding office supplies expenses).
2. Internal audit and organization of compliance records in 2023 for clients using tax management and labor relations management services.
3. Complimentary internal audit package for compliance records in 2023 for clients registering to use record management services from 2024 onward.

ABOUT VIVA BUSINESS CONSULTING

VIVA is the local expertise for local business compliance procedures, has been trusted by thousands of foreign investors, multinational companies from Europe, Japan, Singapore, India, Korea, USA… for the required business compliance procedures by local laws and regulations since 2006.

Thanks for consistent of practice expertise in Business laws - Employment relations – Tax and accounting – Corporate finance – Corporate services, VIVA has been successfully providing service for thousands of leading companies in such industries: Garment, energy, pharma, advertising, agricultural…

VIVA keeps its signature by offering one-stop business platform with regard to market entry and the mandatory business compliances. We ensure for our client’s good standing, in lawful and optimal manners whenever they are working and doing business in Vietnam.

Thanks to a unique combination of local expertise and global experiences, VIVA BUSINESS CONSULTING is the one-stop solution for the required compliance procedures in Vietnam for foreign investors and experts. We are still here since 2006s because of our thousands of satisfied clients and our employees. Our staying power is a testament to the professional resources, and so much more.

Read more:

• Representative office in Vietnam: What you need to know
• Managing the required business records in Vietnam
• Keeping business records in Vietnam
• Manage the financial statements
• Regime of archived accounting documents and financial reports
• Prepare the compliance cashbook of Representative office in Vietnam
• Legal documents review & Completion program for business in Vietnam
• Vietnam employee books – regulations on preparation, update, management and use