Outsourcing your basic bookkeeping and finance functions to offshore resources might be something that will assist you in streamlining your business, and improving productivity and profitability. But where do you start? And what country should you pick as your outsourcing location?
It may come as a surprise, but Vietnam has a massive talent pool of university trained, experienced Accountants. Here are 4 reasons why you should definitely consider Vietnam as a completely viable location to outsource your finance and accounting tasks.
1. Vietnam has world class, University level training for Accountants
Accountancy in Vietnam has a structured pathway to ensure all accountants meet the highest standards of ethical and business practice thereby enabling them to service a wide array of clients.
In Vietnam students interested in accounting can undertake a structured learning pathway to become an accountant.
Students can undertake a three-year accounting degree in one of the many universities in Vietnam.
For instance, RMIT offers a three-year Bachelor of Accounting which teaches the International Financial Reporting Standards (IFRS), which by 2025 will be a nationally mandated, compulsory requirement for State Owned Enterprises, listed companies, and large-scale unlisted public companies in Vietnam.
Through WIL (Work Integrated Learning) and authentic assessments, students link formal learning with professional practice in real-world activities in real-work contexts or situations thereby ensuring that they are ready to start practicing upon completion of their studies.
Vietnam National University, British University Vietnam, Nguyen Tat Thanh University and Vietnamese-German University are some of the other higher education institutions that offer accounting degrees.
2. Vietnamese accountants are members of Globally recognised professional membership bodies
Graduates can also become CPA qualified by undertaking formal, post-university studies. There is also the Vietnam Association of Certified Public Accountants, which is the professional body that recognises auditors and audit firms in Vietnam.
Additionally, the Vietnam Accounting Association (VAA) represents the accounting and auditing profession and the Vietnam Association of Certified Public Accountants (VACPA). VACPA reports to the Ministry of Finance, who has government oversight and therefore ensures high quality standards are enforced.
3. Global recognition
Accountancy continues to grow in stature in Vietnam. In March 2023, the Institute of Chartered Accountants in England and Wales (ICAEW) held two networking events for members of the Chartered Accountants Worldwide (CAW) in Ho Chi Minh City and Hanoi. First initiated in 2016, this is the 3rd time, ICAEW organised the networking events to promote the strong development of the Chartered Accountant community in Vietnam.
Holding the title of chartered accountant is prestigious and it is a hard-earned qualification. The numbers of chartered accountants in Vietnam are growing by the year and will continue to escalate as its branding spreads.
4. International Accounting Standards ensures cross-border conformity
There are many accounting tasks that do not change between jurisdictions.
In Vietnam, accountants play a critical role in the financial management of businesses and organisations. They are responsible for maintaining financial records, preparing financial statements, and ensuring that financial transactions are properly recorded and accounted for. Accountants may work for companies of all sizes, as well as government agencies, non-profit organisations, and other types of businesses.
Furthermore, duties such as bookkeeping, payroll, and tax registration are all important components of managing the financial operations of a business or organisation and Vietnamese accountants undertake these duties.
Bookkeeping is essential for maintaining accurate financial records, tracking income and expenses, and preparing financial statements such as balance sheets and income statements. Effective bookkeeping, payroll, and tax registration practices are essential for businesses to maintain compliance with tax laws and regulations and Vietnamese accountants can do all this for you and more.
If you want to learn more then check out our eBook: Your Guide to Getting the most out of your Outsourced Bookkeeper.