23 Oct Manage The Financial Statements For The First 09 Months And The Whole Of 2020
The preparation and review of financial statements for the first nine months are of significant importance to businesses in Vietnam. Lack of managing the procedures right from the beginning will result in tax, accounting, and financial reports being regarded as unreliable and invalid and as the cause of several major violations later on.
In addition to recording business transactions and making reports in compliance with laws and regulations, accounting is charged with the task of providing management information with regard to:
- Details on revenue, cost of sales, selling expenses, general and administrative expenses, and business results;
- Details on assets, capital, inventories, receivables, and payables;
- Details on cash flows – budget estimates and other financial indicators for presentation to shareholders, banks, and other partners;
- Explanation of business situation, including details on business prospects, reasons, notes to or potential risks that require provision and remediation, etc.;
- The determination and management of tax expenses and social insurance premiums payable according to current laws and regulations.
The preparation and review of financial statements for the first nine months are of significant importance
- They help managers understand the business situation in the first nine months and shape the direction for the whole of 2020.
- They provide the data required by the independent auditor or required to form a basis for negotiating independent auditor’s remuneration for the audit of the annual financial statements.
- They help control and establish plans about cash flows, profits, and tax expenses for the whole year.
For the above reasons, we hope that you will give priority to cooperation with our professional departments in managing the procedures and making the compliance Financial Statements report for the first nine months of 2020, in particular in carrying out the following 06 tasks:
- Gathering, storing, and providing documents related to the accounting system according to VIVA standards; assessing the completeness, accuracy, reasonableness, and legitimacy of such documents and data. (*)
- Approving the criteria, figures, and information in the financial statements for the first nine months of 2020.
- Agreeing on expected revenues and business results; approving the cost structures and plans for different expense items.
- Making estimates of payable tax amounts, including value-added tax, corporate income tax, and personal income tax for the first nine months and the whole of 2020.
- Planning for the performance of independent audit procedures for cases where the audit is mandatory.
- Cooperating regularly for the review of the implementation of revenue, expense, and tax plans before December 31, 2020.
VIVA will also, at your request, provide other professional services
- Working with the Management to analyze business results for the first nine months as well as the inventory situation, debts, revenue, expenses, cash flows and solutions to control costs of taxes and insurance, and solutions to optimize fees and procedures in such a period by laws and regulations.
- Evaluating personnel records, salary funds, personal income expenses, and salary-based insurance premiums.
- Checking on and completing corporate legal documents, especially the articles of association and internal management regulations (applicable to shareholders).
- Making a plan for maintaining good financial records at corporate and Management levels to obtain the most favorable results from working with credit institutions, working to follow procedures for investment abroad, etc.
- Making commercial credit reports.
- Opportunities to connect with and consult our professional teams in various fields (Legal Affairs – HR – Tax – Accounting – Finance – Administration) who will act as the means, resources, and back-office for the training and development of your staff about daily requirements in a reliable and effective manner.
We are looking forward to servicing you with our outstanding professional competence and tailor-made solutions that are set for development and breaking of common limits.
(*) Please be advised that:
- Firms operate via transactions;
- All transactions must be evidenced by legally recorded documents;
- All documents must be stored properly in both hard copies and soft copies;
- Documents are stored as a basis for recording and making tax, accounting, and financial reports;
- All figures on tax, accounting, and financial reports must be backed by documents.
- The non-compliance and lack of management of documents right from the beginning will result in tax, accounting, and financial reports being regarded as unreliable and invalid and as the cause of several major violations later on. We have a standard procedure in place for managing your documents and giving priority to document management to overcome risks and prevent possible violations right from the beginning.
VIVA has been an in-depth consultant on business compliance procedures in Vietnam since 2006, based on our professional - integrated background in Business laws - Accounting and corporate finance - Tax management - Labor relation and payroll – Business administration procedures. VIVA offers exclusive services in an integrated tailor-made, consist of 5 specialized-expertise platforms and the inheritance experience up to hundreds of years for every job.
Our extensive expertise and management system that facilitates us to connect local resources and be ready to deliver exclusive solutions that exceed all standard limits and satisfy all expectations of our clients.
2020 Internal Audit Plan – Compliance – Tax – Accounting – HR