BACKOutsourcing is an effective method of executing business tasks through cost-effective resources located in regions outside of the primary country.
In its infancy, outsourcing began as a way for businesses to seek overseas low-cost human capital to perform non-essential duties, however, as the world has advanced, so has the sophistication and education of societies and culture, meaning countries like Vietnam now have a comprehensive education system where 12 years of schooling is mandatory followed by the availability of university study.
How about Vietnamese accountants and bookkeepers? Take accounting for example, 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 national compulsory for State Owned Enterprises, listed companies, and large-scale unlisted public companies in Vietnam.
The fact that Australian universities have established accounting degrees in Vietnam should give Australian businesses comfort that the skills and methodology taught are in-line with what is taught in Australia.
For Australian companies this means they can rest assured that if they outsource their accounting and bookkeeping to Vietnam, they will be putting the work in capable, well-educated and professional hands.
Vietnamese accounting graduates can also become CPA qualified by undertaking formal studies to attain this qualification. There is also the Vietnam Association of Certified Public Accountants, which is the professional body of Vietnamese citizens holding certificates of auditors and for audit firms in Vietnam.
The numbers of chartered accountants in Vietnam are growing by the year and will continue to increase as the Institute of Chartered Accountants in England and Wales (ICAEW) rolls out its courses in Vietnam-based educational institutions.
So, do Vietnamese accountants and bookkeepers understand Australian tax laws?
The great advantage of outsourcing your accounting and bookkeeping tasks to Vietnam is that you can train them the way you want to. You might now be wondering how you train someone remotely. Well, with current web-conferencing and collaboration technology plus the availability of online training this is not something you need to worry about.
Also, consider the fact that your outsourced team don’t need to be tax law specialists because that is a completely different area of speciality, they just need to understand what you need them to do. This can be very managed with comprehensive training, process documentation and watertight systems; which not only help with your outsourcing initiative
but is a must for any company serious about growth and scale.
Long-term benefits of using Vietnamese accountants and bookkeepers
Whether you enrol your Vietnamese accountant and/or bookkeeper in a specific tailored course or you establish your own to meet the needs of your business, it is a great stepping stone in building an effective, working relationship with your outsourced team.
Building an offshore, outsourced team can sometimes seem like a massive task. We’re not going to lie to you, it is time consuming and should be a main focus for the first 3 to 6 months. But this is no different to when you hire staff locally. There is always a training and onboarding component at the beginning for any new hire and this continues throughout the initial 3 to 6 month probationary period. However, once you are through the other end and your outsourced team is humming, the benefits to your business will be massive. You will have a low cost function consisting of loyal and skilled team members who are specialists in the tasks you have them completing. Not only will they cost less than local resources, but because they are completing a defined set of tasks they will eventually execute those tasks faster and more accurately than local resources who are responsible for a broader set of outcomes.
Working for you, not against you
The key with any business relationship is to establish a good rapport and clear communication from the outset. The fact that Vietnam is only three hours behind Australian eastern standard time (no different to Western Australia during daylight savings) means you can communicate throughout the day and set tasks to be completed overnight.
Utilising the skills of a qualified accountant and/or bookkeeper for vital assignments could give you a competitive advantage over your business rivals, as the opportunity cost is no longer lost, and you can focus more on growing and scaling your business.
If you want to learn more then get in touch today!
Frequently Asked Questions
1. How do Vietnamese accountants and bookkeepers ensure they understand and stay updated on Australian tax laws and regulations, considering the differences between the Australian and Vietnamese tax systems?
Vietnamese accountants and bookkeepers can understand and stay updated on Australian tax laws through various means. While their formal education may provide a foundation in accounting principles, staying abreast of Australian tax regulations requires ongoing training and professional development. This may involve participating in specialised courses or workshops focused on Australian taxation, accessing online resources and publications, and seeking guidance from experienced professionals familiar with the Australian tax system. Additionally, outsourcing companies can provide tailored training programs and resources to ensure their Vietnamese accounting teams have the necessary knowledge and skills to comply with Australian tax laws and regulations.
2. Beyond formal education and qualifications, what specific steps can Australian businesses take to ensure effective training and onboarding of their outsourced Vietnamese accounting and bookkeeping teams, particularly in remote working environments?
Effective training and onboarding of outsourced Vietnamese accounting and bookkeeping teams require careful planning and communication. Australian businesses can utilise web-conferencing and collaboration technologies to conduct virtual training sessions and workshops, enabling interactive learning experiences despite geographical distances. Moreover, providing comprehensive process documentation, task instructions, and access to online training modules can help standardise procedures and facilitate continuous learning. Establishing clear communication channels and assigning dedicated mentors or supervisors to oversee the onboarding process further ensures that outsourced teams receive the support they need to succeed in their roles.
3. What long-term benefits can Australian businesses expect from utilising Vietnamese accountants and bookkeepers, and how do these benefits contribute to the overall growth and scalability of their operations?
Utilising Vietnamese accountants and bookkeepers can offer Australian businesses significant long-term benefits, contributing to operational efficiency, cost savings, and scalability. By leveraging the skills and expertise of outsourced teams, businesses can delegate repetitive accounting tasks, allowing local staff to focus on strategic initiatives and core business functions. Over time, outsourced teams can become specialised in their assigned tasks, achieving greater efficiency and accuracy in their work. Additionally, the cost-effectiveness of outsourcing allows businesses to allocate resources more strategically, investing in growth initiatives and expanding their operations. Furthermore, the flexibility and scalability of outsourcing enable businesses to adapt to changing market conditions and scale their accounting operations as needed, providing a competitive advantage in a dynamic business environment.