Accounting and bookkeeping tasks are an essential part of any business. It is fundamental to understanding how your business is performing as well as vital for fulfilling legal and taxation requirements.
The reality, though, is that these tasks can be very time consuming. For any small or even medium sized businesses you can spend hours upon hours, days upon days, attending to these details referencing and cross-referencing to ensure you haven’t missed anything.
For example, simply contacting suppliers for outstanding invoices can be a time-consuming task but is a non-negotiable requirement for most businesses looking to have a cash flow positive position.
Accounting and bookkeeping tasks that you can outsource to Vietnam right now include:
- Invoice accuracy: Ensure all invoices have been accurately dated with day, month, year, along with correct invoice name and number allocation; assigned to the right person and correct business address for the exact amount owed.
- Invoice follow-up: Depending on what software you use you can get your Vietnamese accountant and/or bookkeeper to program the software to send out reminders. A simple phone call can also do the trick. They could build the entire follow up process.
- Matching invoices and purchase orders: In high turnover businesses it is easy to get invoices mixed up, especially if you are transacting regularly throughout the day. Having a dedicated Vietnamese accountant and/or bookkeeper to follow up on these tasks will make your business run more smoothly.
- Budget forecasting: This is an indispensable element for any business, as it helps you financially plan for the quarter, half-year, or even full year ahead.
- HR administration: Basic tasks such as issuing contracts, following up on signatures and writing letters to suppliers, are all tasks you can outsource to a Vietnamese accountant and/or bookkeeper.
- Audits: Are necessary to certify that your accounts are in order. You need to know whether there are any discrepancies; any incongruities between the ledgers and whether there are any outstanding creditors.
- Software updates: Whether it is MYOB or XERO or another platform, all your accounting and bookkeeping software needs people to be manually inputting the data. Some of these systems require weekly reporting and others need to be updated daily. Either way, outsourcing this errand will allow you to focus on the bigger picture.
- BAS preparation: It is a legal requirement for Australian businesses that are Goods and Services Tax (GST) registered to file a business activity statement (BAS) every three months. Compiling your BAS helps you understand where your business is at and allocates the appropriate amount of GST you need to pay. It also lets you know how much Pay As You Go (PAYG) tax you need to pay.
- Insurance claims: There is the possibility that your company may face an insurance claim. This requires compliance with various laws and there will be costs associated with this. Confirming that you have paid all the necessary insurances and complied with WHS obligations is another time-consuming task that you can outsource to your Vietnamese bookkeeper and/or accountant.
- Payroll: This necessary task cannot be underestimated for its importance. Employees need to know the frequency and the amount they are getting paid. If your company has shift work/overtime rates and any other special considerations that need to be factored into each week or fortnightly payroll, then best to ensure it is done correctly every time.
- Journal entries: In preparation for any audit and/or just to know where you are at, you need to be able to guarantee that any journal entries match up. Following up on these tasks on a daily and/or weekly basis will eliminate any potential problems later on.
- Reconciliation: Reconciliation is an accounting process that compares two sets of records to check that figures are correct and in agreement. It is a time consuming task, but incredibly important to make sure the books balance!
This is just a small snapshot of some of the tasks that an outsourced accountant or bookkeeper could assist with in your business. If you’re interested in learning more then get in touch today!