While there is no law mandating that companies or businesses must have a chief accountant, the role of a chief accountant within a company is undeniable. Especially for large companies and enterprises, the chief accountant plays an extremely important and indispensable role.

Even the most skilled team of accountants needs a highly qualified individual with management capabilities to oversee,adjust, and manage a large volume of accounting records.

For small businesses and companies, the need for a chief accountant can be considered. However, if you want to manage your finances well and ensure transparency in accounting reports, you may consider hiring accounting services.

Key Considerations When Hiring an Outsourced Chief Accountant

• Choose a reputable provider: Select a firm with a proven track record in providing outsourced chief accountant services.
• Formalize the agreement: Ensure a written contract is established, adhering to all legal requirements.
• Qualifications and ethics: Verify the qualifications, experience, and professional ethics of the assigned chief accountant.
• Smooth transitions: In the event of a change in chief accountants, facilitate a thorough handover of work and accounting documents between the outgoing and incoming professionals.

With extensive experience and deep knowledge in the accounting field, our team of experts will provide you with an optimal solution to make your accounting department more efficient and fully meet the needs of your company.

Moreover, we are committed to providing you with accuracy and ensuring compliance with tax regulations, helping you save time and costs while enhancing your company’s competitiveness.

Vuong Phat’s Chief Accountant Service offers numerous advantages that will impress you:

• Top-notch quality: Delivered by experienced professionals with years of expertise as chief accountants.
• Always available: We are here for you whenever you need us.
• Cost-effective: Our services cost 50% less than hiring a full-time employee.
• Transparent reporting: Work is carried out based on a clear plan, with results reported in writing.
• Avoid the hassles of hiring:
  • No need for in-depth accounting knowledge to supervise a chief accountant.
  • Eliminate additional costs like social insurance, bonuses, travel, and other benefits.
  • Easily adjust expenses as needed.

Regulations for Hiring Accounting and Chief Accountant Services (Pursuant to Article 56 of the Accounting Law 2015)

1. Accounting Units: An accounting unit is permitted to enter into a contract with an accounting service business or an accounting service household business to hire accounting services or chief accountant services, in accordance with the law.

2. Written Contract: The hiring of accounting services or chief accountant services must be formalized through a written contract, as stipulated by law.

3. Accounting Unit’s Responsibilities: The accounting unit hiring these services is responsible for providing complete, timely, and accurate information and documents related to the hired accounting work or chief accountant work. They must also make full and timely payments for the accounting services as agreed upon in the contract.

4. Chief Accountant Qualifications: The individual hired as the chief accountant must meet all qualifications and conditions specified in Article 54 of this Law.

5. Liability: The business, accounting service household business, and the individual hired as an accountant or chief accountant are all responsible for the accuracy of the accounting information and data, as agreed upon in the contract.

In cases where a company has officially appointed a chief accountant, that individual has the authority to sign relevant documents.

However, the specific arrangement for hiring a chief accountant depends on whether the company hires them through an accounting service provider or directly.

In this scenario, where the chief accountant is hired directly, a labor contract (HĐLĐ) is mandatory, and a service contract cannot be used. This is because the individual is not a business entity and does not have a business registration.

The method of payment is subject to agreement, but if the chief accountant is not included in the monthly payroll, the company must formalize these expenses through another method. While this is generally permissible, according to Article 97 of the Labor Code 2019, if a labor contract is signed, the company must adhere to the prescribed salary payment schedule.

Regardless of whether the contract is for a specific project or task, if the individual is already participating in social insurance (BHXH) at another company, the current company is not obligated to contribute to their social insurance but must compensate the employee for this portion. The unemployment insurance fund (BHTN) and occupational accident and disease insurance fund (BNN) are components of the social insurance fund.

Please note that this is a general explanation, and specific situations may require consultation with legal and accounting professionals to ensure compliance with Vietnamese laws and regulations.