Chief Accountant Services
Chief accountant services help businesses comply with the law, optimize costs and feel secure about financial reports – a suitable solution for SMEs, startups and FDI companies that need legal representation in accounting.
Introduction to chief accountant services
Chief accountant service is a solution that provides certified accounting personnel to sign financial reports, provide tax advice and organize accounting systems for businesses — suitable for SMEs, startups and FDI companies that need legal representation in accounting.
Why do many businesses choose to hire chief accountant services? Common reasons: cost savings compared to hiring full- ‑time staff, access to high expertise, ensuring compliance with regulations and reducing risks when working with tax and audit agencies.
The trend of outsourcing chief accounting services is increasing among small and medium-sized enterprises (SMEs) and foreign-invested companies (FDI): they prioritize using professional services to ensure that financial reports are legally signed and approved and the accounting system operates effectively.
Short summary of benefits:
hiring a chief accountant service helps businesses comply with the law, optimize financial management and save operating costs — especially useful for companies that are not large enough to hire an in-house chief accountant.
Legal basis
Accounting Law 2015 : regulates the framework for the position of chief accountant, legal responsibilities when signing financial reports and required capacity standards.
Decree 174/2016/ND-CP : detailed guidance on conditions for practicing accounting services and requirements for organizations and individuals providing chief accountant services.
Circular 199/2011/TT-BTC (and related guiding documents): detailed regulations on standards and procedures for appointing chief accountants and responsibilities for managing accounting books.
Note:
only individuals with a practice certificate and meeting professional standards can take on the position of chief accountant — therefore, when using the service of a chief accountant service provider, businesses need to request proof of capacity and corresponding legal documents.
Roles and responsibilities of chief accountant
- Organize and supervise all accounting activities of the enterprise: from preparing documents, recording books, reconciling to preparing financial reports according to standard accounting systems and current regulations.
- Signing off and taking legal responsibility for the company's financial statements — this is the key task that distinguishes the chief accountant from other accounting positions.
- Advise the board of directors and management on financial policies, tax optimization options, and decisions that affect the company's cash flow — helping businesses balance interests and comply with the law.
- Control the legality, transparency and standardization of accounting data: review accounting books, ensure valid documents and reporting system accurately reflect arising economic activities.
- Working directly with tax authorities, audit and inspection units when necessary, is the main contact point of enterprises in data verification and inspection activities.
When does a business need chief accountant services?
- When a medium and large enterprise is required by law to have a chief accountant and be responsible for financial reporting.
- When a small business or startup does not have enough budget or does not need a full- ‑time position but still wants to ensure the legality and quality of accounting books, it should use the chief accountant rental service to save costs and still have an expert in charge.
- FDI companies or companies need legal representatives to sign financial reports but internal personnel do not meet legal requirements.
- When businesses want to optimize costs, focus on core operations but still ensure compliance and control financial risks — chief accountant services at professional service providers are the right choice for this need.
The work that the outsourced chief accountant will perform
- Sign and take legal responsibility for financial reports; ensure reports are prepared and presented in accordance with current standards and regulations.
- Review and check accounting system: compare documents, correct errors, and complete books to meet audit and inspection requirements.
- Build and perfect internal control processes on finance and accounting, reduce the risk of fraud and errors in recording activities.
- Guide and supervise the accounting team, train internal staff to ensure accounting work is performed correctly and consistently.
- Tax optimization consulting, legal tax savings planning and financial risk control — helping businesses optimize costs and comply with regulations.
Process of providing chief accountant services
Receive requests and provide preliminary advice
Within 24-48 hours, the team will contact you to obtain basic information (scale, industry, existing accounting system) and make a preliminary proposal for a suitable service package.
Survey & evaluate existing accounting system (week 1)
Check accounting books, documents, accounting software, analyze internal control weaknesses to propose solutions.
Draft and sign service contract (week 2)
Detail scope of work, responsibilities of service provider and service user, term, service fee, confidentiality clause and professional responsibility clause; then assign chief accountant to be in charge.
Work implementation & handover (week 3-4)
The assigned chief accountant will sign periodic reports, monitor books, correct errors, implement internal control procedures and guide the internal accounting team.
Periodic reporting & audit support (monthly/quarterly)
provide periodic financial status reports, meetings with the board of directors, support during inspections, audits or independent audits.
Chief accountant service is the optimal solution for businesses that want to comply with the law, save costs, and have a long-term expert companion
Benefits of using Phu My Hung chief accountant service
Legal compliance
Ensure the business has a chief accountant who meets legal standards and financial reporting regulations.
Cost savings
Hiring a chief accountant service helps reduce costs compared to full-time recruitment ‑, especially for small businesses and startups.
Solid expertise
The team of chief accountants at Phu My Hung has experience in handling tax, auditing and reporting situations for many different fields.
Reputation with management agencies
Reports are legally signed and approved, transparent, helping businesses maintain their reputation when working with tax and audit agencies.
Long-term companionship
We support businesses in the long term, continuously advise when there are changes in regulations and help optimize financial and accounting activities.
Risks & penalties for not having a chief accountant
According to current regulations, businesses need to pay attention to the following legal risks:
- Enterprises that are required to have a chief accountant but do not appoint or hire one → may be subject to administrative sanctions (for example, fines according to the regulations at the time of inspection; it is necessary to verify the specific fine level according to current documents before applying).
- Appointing unqualified people → businesses may be subject to heavier penalties and financial reports are at risk of not being recognized, causing loss of reputation when working with auditors, tax and partners.
Note:
Before deciding, businesses should check specific regulations and consult legal advice or tax services to ensure proper implementation and avoid unnecessary risks.
Price list of chief accountant services (for reference)
- Flexible costs according to the size, industry and specific requirements of the business; final quote will be provided after site survey.
- Usually, services are divided into basic - standard - advanced packages to suit the budget and workload of different companies.
- Below is a sample price list for reference (illustrative price, excluding VAT). A specific quote will be sent after examining the accounting system and the business's needs.
Service packages | Job Description | Suitable business | Reference price/month |
Basic Package | Sign periodic reports, review basic books, provide periodic tax advice | Startup, small business | 3,000,000 – 6,000,000 VND |
Standard Package | Full basic package work + complete internal control, support during audit | Medium enterprises | 7,000,000 – 15,000,000 VND |
Advanced Package | Comprehensive: report signing, representative working with tax authorities, in-depth tax optimization, 24/7 support | Large enterprises, FDI | 16,000,000 VND or more (negotiable) |
Note:
The above prices are for reference only and may change depending on the volume of documents, the complexity of the accounting system, the requirement to sign weekly/monthly/quarterly reports, and additional services (e.g., preparing management reports, consolidated reports, software conversion support).
Service Commitment
- Providing legally qualified chief accountants with practice certificates and practical experience in many accounting fields.
- Take professional and legal responsibility for financial reports according to contract agreements.
- Always update the latest regulations for timely advice, helping businesses ensure compliance.
- Secure customer financial information according to the contract commitments and security policies of the service provider.
FAQ – Frequently Asked Questions
According to current regulations, medium and large enterprises according to the criteria of the Accounting Law must appoint a chief accountant. If your company is not sure which group it belongs to, please contact the service provider for detailed advice based on the size, revenue and number of employees of the enterprise.
Internal: the chief accountant works full ‑-time, deeply involved in internal activities, suitable when the business has a large workload. Outsourcing (service): the service provider will assign a chief accountant with a practicing certificate to sign reports, supervise and advise according to the contract – suitable for small businesses, startups or companies that want to save costs but still ensure compliance.
Yes. The chief accountant is the person legally responsible for the financial statements of the enterprise. In case of hiring services, the chief accountant assigned by the service provider will sign and approve according to the scope agreed in the contract.
Typically, services are charged on a monthly basis or by agreement depending on the volume of documents, the complexity of the books, the frequency of signing reports (monthly/quarterly/yearly) and additional requirements (e.g., representatives working with tax authorities). The sample price list in the previous section helps you visualize the basic levels; a specific quote will be available after the survey.
Usually 2-4 weeks: first week for system survey, second week for contract drafting and assignment, third-fourth week for handing over books and instructing internal staff. The time may be longer if many books need to be corrected or the company requests to convert accounting software.
In addition to legal risks (possibly subject to administrative penalties according to the framework at the time of inspection), businesses are also susceptible to risks: invalid financial reports, loss of reputation with auditors/taxes and possible impact on business operations. (Note: the specific penalty level needs to be verified according to current legal documents before application.)
Consider: company size, monthly document volume, reporting needs (monthly/quarterly/yearly), level of support during audits and budget. Typically, the basic package is suitable for startups; the standard package for medium-sized enterprises; the advanced package for large enterprises, FDI or when comprehensive representation with state agencies is required.
Professionals will sign a confidentiality agreement, implement data security procedures, and restrict access to information. Before signing a contract, you should ask for a confidentiality policy and customer references.
Yes. As businesses expand, they often face complex financial issues; hiring a chief accountant helps ensure compliance with new regulations, optimize financial management, and reduce the risk of dealing with tax authorities and auditors.
Many service providers offer migration support, data integration, and training on accounting software. If you need to migrate, list your current software and ask for assistance during your initial consultation.