Financial reporting services
Reliable, time-saving, and legally compliant — helping your business get accurate financial reports to borrow money, make management decisions, and pay taxes on time.
Introduction to financial reporting services
What is a financial report?
A standard set of financial reports includes a Balance Sheet, Income Statement (P&L), Cash Flow Statement (CFS) and Notes to the Financial Statements — fully reflecting the assets, liabilities, equity, revenue, expenses and cash flow of the business. For some micro-enterprises, the content can be simplified according to regulations.
Why do businesses need financial reports?
Financial statements are the basis for leaders to make management decisions (assess profits, costs, profitability), help banks and investors evaluate financial capacity when borrowing or calling for capital, and are also mandatory documents for tax payment and compliance with the law. An accurate set of financial statements helps reduce risks when tax authorities inspect and enhance the reputation of businesses in the market.
The role of the service provider
The financial reporting service provider supports businesses in collecting, checking documents, processing adjusting entries and drafting financial statements according to current regulations. With a team of professional accountants, this service helps businesses save time, ensure accurate data and comply with the law – especially useful for small and medium-sized enterprises or newly established companies that need standard reporting templates to submit to regulatory agencies and banks.
For example, a standard set of financial statements helps the director know: whether the business has enough cash flow to pay interest on loans, whether to invest in expansion or cut costs. If you are looking for financial reporting services for small businesses , we have a package that suits your scale and your own business.
Report | Main objective | Main users |
Balance sheet | Reflects assets, liabilities and equity | Management, banking, auditing |
Business results report | Current status of revenue, costs, and profits | Board of Directors, Investors |
LCTT report | Track cash flow in/out | Banking, financial management |
Notes to the financial statements | Explain accounting policies and key figures | Tax authorities, auditors, investors |
Want to know the details of each report or compare service packages?
Contact us for a free consultation or refer to our accounting services to choose the right solution.
Legal basis and applicable standards
Accounting Law and guiding documents
Financial reporting in Vietnam is regulated by the Accounting Law and guiding documents of the Ministry of Finance. Enterprises must comply with regulations on form, content and deadline for submitting financial statements according to current regulations of financial management agencies.
Vietnamese Accounting Standards (VAS)
Most businesses in Vietnam prepare financial statements according to VAS (Vietnamese Accounting Standards). VAS prescribes how to record, measure, and present items on the Balance Sheet, Income Statement, Cash Flow Statement, and Notes to the Financial Statements. When preparing financial statement preparation services, the service provider must ensure that VAS is applied correctly or provide conversion instructions if the business applies other standards.
Regulations on preparation and submission of financial statements
The Ministry of Finance issues circulars and decisions guiding the deadlines and methods for submitting annual and interim financial statements (for example, circulars guiding forms and declarations). Enterprises need to update the latest circulars before preparing reports to ensure compliance with regulations.
IFRS adoption
Some large enterprises, FDI companies or listed enterprises may adopt International Financial Reporting Standards (IFRS) or require reporting according to international standards. If an enterprise requires reporting according to IFRS, the service provider must have the appropriate conversion and reporting capabilities.
Who applies?
Most businesses (LLCs, joint stock companies, foreign companies operating in Vietnam) must prepare financial statements according to VAS and submit them according to regulations; some micro-enterprises can apply a simpler regime. If you are wondering “Does my small business have to prepare financial statements according to VAS?”, please refer to the FAQ section or contact a consultant for specific instructions according to size and industry.
When does a business need to prepare financial statements?
- End of the fiscal year — most businesses are required by law to prepare and submit annual financial statements; this is the time to summarize business activities during the year and calculate tax obligations.
- Interim — when management needs to report on an interim basis or at the request of shareholders or regulators; interim reporting helps assess business trends during the period.
- When borrowing from a bank or calling for investment capital (M&A) — banks and investors often require the most recent audited/reviewed financial statements to assess debt repayment ability and operating efficiency; early preparation helps shorten the time for document review.
- When requested by tax authorities or regulatory agencies — in case of inspection, audit or request for additional documents, enterprises need to provide financial statements for explanation.
Quick checklist for each situation
- Submit year-end financial statements: Books, original documents, inventory records, tax reports, list of fixed assets.
- Borrowing/calling for capital: Financial statements of the last 2-3 years, cash flow forecast, large contracts, capital usage plan.
- Inspection requirements: copies of financial statements, detailed books by item, explanation of unusual transactions.
Note:
The time to prepare financial statements for small businesses is usually 7-14 days if the books are complete; for businesses with complex operations or needing review/audit, the time may be longer. If you need to prepare financial statements when borrowing capital or for M&A , it is best to contact the service unit early for detailed instructions and to avoid delays in the documents.
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Financial reporting process
Step 1
Collect documents and records
Collect all books, invoices, receipts/payments, contracts, inventory records, bank statements. Check the validity of documents (with signature, stamp, date) and compare with accounting books. Preparing complete documents helps shorten the time to prepare reports and reduce processing costs later.
Step 2
Reconciliation and review of balances
Check receivables/payables, reconcile bank balances, inventory and fixed assets. Record doubtful receivables, evaluate inventory write-downs if necessary according to regulations. This is a key step to ensure that financial statements accurately reflect the financial situation of the business.
Step 3
Prepare adjusting and transfer entries
Record the entries for cost allocation, fixed asset depreciation, receivable provisions, and profit transfer entries. Ensure all transactions have been recorded in the correct accounts according to VAS or reporting requirements.
Step 4
Prepare financial statements
Prepare the Balance Sheet, Income Statement, Cash Flow Statement (direct or indirect method) and Notes to the Financial Statements. Check the consistency between the reports (for example, the profit on the Income Statement must match the capital movement on the Balance Sheet after the transfer).
Step 5
Cross-check, sign and deliver
Conduct cross-check (internal review), review important indicators and sign as authorized. Deliver the report in PDF format for archiving and Excel/soft-copy for analysis purposes; if submitting online, prepare XML file according to the agency's required form (if any).
Reference time for small businesses
Job Estimated Time | |
Collect documents and books | 3–7 days |
Reconciliation of accounts receivable, inventory of fixed assets and inventory | 2–5 days |
Make adjusting entries | 1–3 days |
Drafting and reviewing financial statements | 2–5 days |
Total estimated time | 10–20 days |
Tips to save time and reduce costs
- Arrange documents in file sets (by date, by type) and send soft-copy files in advance to the service unit.
- Update books periodically (do not let them accumulate for many years) to reduce the number of transactions that need to be processed.
- Provide a list of unusual transactions and large contracts for easy checking by the reporting unit.
Detailed content of financial statements
Balance Sheet
Reflects assets, liabilities, and owners' equity at a given point in time. The goal is to show how much of a business's assets (cash, receivables, inventory, fixed assets), whether they come from debt or equity. Examples of common accounts: Cash and cash equivalents, Accounts receivable, Inventory, Tangible fixed assets, Current liabilities, Owner's equity.
Income Statement (IRS)
Shows revenue, expenses, and profit for the period. This report reflects operational efficiency: how much the business sold, what its operating expenses were, and how much actual profit it made. When preparing the report, remember to classify revenue by source and expenses by nature (indirect/direct) to serve management analysis.
Cash flow statement (LCTT)
Shows the cash inflows and outflows during the period in 3 groups: business activities, investing activities and financing activities. LCTT can be prepared by direct or indirect method; in Vietnam, businesses can present it according to VAS principles but should ask clearly the bank/investor if preparing it for the purpose of borrowing or calling for capital.
Notes to the financial statements
Important explanatory notes that describe accounting policies, estimates, significant items, and unusual transactions. Notes help readers better understand the origins of the figures in the Balance Sheet and Income Statement (e.g., details of fixed assets, depreciation policies, doubtful receivables, commitments, related party transactions).
Small sample — for example a few lines on a Balance Sheet
Account | Final balance | Note |
Cash and cash equivalents | 100,000,000 | Cash + Bank account |
Accounts receivable from customers | 250,000,000 | After deducting provisions |
Inventory | 150,000,000 | Original price – allowance for price reduction |
Short comparison: purpose and main users
Report | Purpose | Users |
Balance sheet | View assets and capital | Board of Directors, Bank |
Business results report | Business performance evaluation | Investors, board of directors |
LCTT report | Cash flow control | Banking, financial management |
Notes to the financial statements | Explain key policies and figures | Auditors, tax authorities, investors |
Notes to financial statements — common content
- Applicable accounting policies (principles of revenue recognition, inventory valuation, fixed asset depreciation).
- Information on significant estimates and assumptions (receivable provisions, inventory write-down provisions).
- Details of debts, lease commitments, significant financial contracts and related party transactions.
Practical note:
When requesting a standard financial statement preparation service or a financial statement template for a limited liability company, please provide detailed accounting records and a list of major contracts for complete explanation. If necessary, we can prepare a report template and provide instructions on how to classify accounts for ease of review and audit later.
Benefits of financial reporting services
Ensure accurate, transparent data
When using professional services, businesses receive a tightly controlled set of financial reports: reconciliation documents, complete adjusting entries, and clear explanations. The result is reliable financial information for decision-making and internal reporting.
Minimize the risk of tax audits
A set of standard financial statements, complete books and reasonable explanations will help businesses easily explain when being audited. Although it cannot guarantee that there will be no additional collection or fines, compliance with regulations and having supporting documents will reduce the risk of being fined and help negotiate more smoothly with tax authorities.
Increase credibility with banks, investors, and customers
Well-prepared financial statements help improve your credibility when you need to borrow money, negotiate large contracts, or solicit capital. Banks and investors often trust reports that are explanatory and have verifiable data.
Supporting leadership with timely management information
In addition to legal compliance purposes, financial reporting services also provide analytical reports (profit margins, receivable turnover, cost analysis) to help leadership make faster and more accurate decisions.
Real-life illustration:
An SME customer, after using the financial reporting service, shortened the loan approval time from 15 days to 7 days thanks to a clear and fully explanatory set of financial statements; the bank approved the loan limit with a more preferential interest rate. Similar cases also help businesses in small M&A deals.
Want to know which service is right for your business?
The role of internal accounting in enterprises
Main role — Internal accountants are an important source of information and input documents for the financial reporting process. Main tasks include preparing books, reconciling debts, preparing voucher lists, participating in asset inventories and closely coordinating with service providers to review and edit data as required.
Checklist of internal accounting documents to be prepared
- Input/output invoices (scan + original for storage), cash book, bank book.
- Detailed list of debts by customer/supplier and reconciliation report (if any).
- Inventory records, fixed assets, fixed asset depreciation records.
- Major contracts, appendices, payment evidence related to unusual transactions.
Effective coordination process with service providers
- Send soft-copy (Excel/PDF) file before the reconciliation meeting date; include file list and brief description.
- Use a consistent file naming convention (e.g., 2024_INV_0001_ClientA.pdf) to avoid confusion.
- Set a clear schedule (deadline) for each task: send documents, compare, and respond to edits.
Recommended format and software
Prioritize sending data in Excel format according to account templates, PDF files for original documents; if using accounting software (MISA, Fast, Bravo...), export reports in compatible formats for quick processing by the service unit. Using standard data files helps reduce data entry time and operational errors.
Immediate action for internal accounting (this week — 1)
Prepare a detailed list of debts and send a soft copy to the service unit; 2) Complete the inventory record of fixed assets and inventories; 3) Note any unusual transactions for quick explanation during reconciliation.
Risks if financial statements are prepared incorrectly or not prepared at all
- Subject to administrative penalties according to accounting and tax regulations — Failure to prepare or incorrectly prepare financial statements may lead to inspection, tax collection and penalties according to the law. The penalty level depends on the level of violation and current legal documents.
- Difficulty in raising capital — Banks and investors often require transparent financial statements to assess credit risk; inaccurate or missing financial statements reduce the ability to obtain funding or make borrowing conditions worse.
- Loss of credibility with regulators and partners — Inconsistencies in reporting destroy the trust of shareholders, customers and partners, negatively impacting contract negotiations and business relationships.
Real-life example (summary):
A small business was caught recording revenue ahead of schedule — resulting in back taxes and penalties, and the bank withdrew its loan proposal for an expansion project.
What to do if you discover an error?
If you discover an error in your old financial statements:
1) Stop using the incorrect data;
2) Contact a service provider or tax consultant to review and prepare an adjustment report;
3) Prepare an explanation file and submit an adjustment declaration according to the tax authority's instructions. Acting quickly and transparently often helps reduce the risk of heavy penalties.
Common administrative penalties
Some common violations
- Late submission of financial statements compared to the prescribed deadline — often leads to administrative sanctions and requests to explain the reasons; in many cases, the management agency will record the violation and request correction.
- Financial statements with dishonest figures or missing documents may result in tax collection, administrative penalties or adjustment requests, and even criminal liability in cases of serious intentional fraud.
- Failure to prepare or submit financial statements as required will be subject to penalties under applicable law; consequences include administrative fines, tax arrears, and damage to the business's reputation.
Summary of consequences
Violation | Risk consequences |
Late submission of financial statements | Administrative fines, warnings, impact on loan records |
Dishonest data | Tax collection, administrative fines, subject to investigation |
Failure to prepare/submit financial statements | Fines, collection, impact on relations with regulatory agencies |
Note:
Penalties and penalties are prescribed by legal documents (Decrees/Circulars) and may change annually. When needing specific information on penalty rates by current day/month/year, businesses should look up guidance documents from the Ministry of Finance or contact a tax expert for advice.
Recommendations when facing penalties :
collect complete documents, explanatory documents, contact accounting/tax service providers to review and prepare an adjustment report; in many cases, timely and transparent actions help reduce the penalty or mitigate the consequences.
Commitment of the service provider
A team of reputable experts
We provide services by a team of accountants, tax consultants and auditors with many years of practical experience in many industries (commerce, manufacturing, services, FDI). Key members have appropriate degrees and professional certificates, ready to provide solutions for complex operations.
Absolute information security
All customer financial information and records are securely stored. We sign a non-disclosure agreement (NDA) before starting work and apply data access control procedures to ensure that information is only used for the purpose of providing services.
Consulting on optimal solutions and legal compliance
In addition to preparing reports, we advise on solutions to optimize taxes, financial management and bookkeeping processes to reduce future risks. Committed to complying with current legal regulations and updating clients on important changes.
Quality Commitment (SLA) :
Initial response time within 24 hours; reporting completion time for small businesses within 10–20 days (depending on the profile). If the delay is due to the supplier's fault, we have a priority support mechanism to quickly resolve the issue.
Financial reporting service costs
Factors affecting costs
Costs depend on the size of the business, the number and status of records, the complexity of the transaction (transactions involving fixed assets, inventories, related party transactions), the number of years required for review or adjustment, and the need for additional reviews/audits.
Compare the long-term costs and benefits
A professional financial reporting service has an initial cost, but it helps businesses avoid the risk of being overpaid, reduces the time it takes to complete loan applications, and increases their credibility with investors — overall, the long-term benefits often outweigh the short-term costs.
Transparent pricing policy
We offer a variety of packages suitable for small, medium, large enterprises and FDI: fixed packages for SMEs (annual packages), hourly quotes for complex transactions and customized quotes for review/audit requests or M&A support. For accurate pricing , please submit a detailed profile or request a quote.
Reference service package table
Service packages | Applicable objects | Scope | Note |
Basic (reference) | Small businesses | Prepare annual financial statements, review basic books | Contact for price according to profile |
Standard | Medium enterprises | Financial statements + notes + debt reconciliation support | Quotation by document number |
Premium / FDI | Large companies, FDI | Financial statements according to international standards, support for review/audit | Custom quote |
Note:
The above table is an example to illustrate the package structure; the actual cost will be provided after receiving the documents. To receive a specific quote according to the documents and completion time , send a quote request with a description of the business and the number of documents.
Frequently Asked Questions (FAQ)
Financial reporting is the process of preparing reports (Balance Sheet, Income Statement, Cash Flow Statement and Notes) based on the company’s books. Review and audit are independent evaluation procedures: review provides limited assurance, audit provides higher assurance. If you need to submit to a bank or large investor, they often require reviewed or audited financial statements.
Most businesses must prepare financial statements according to the Accounting Law and submit them as required; however, some micro-enterprises may apply a simpler accounting regime under the guidance of the Ministry of Finance. To know exactly according to size and industry, you should consult a professional accounting service.
Typically, businesses prepare annual financial statements (after the end of the fiscal year) and submit them within the deadline set by the Ministry of Finance. Additionally, businesses may need to submit interim reports as required by management or regulatory agencies. The time it takes to prepare depends on the state of the books — small businesses with complete books can complete them in 10–20 days.
You can use accounting software (MISA, Fast, Bravo…) to create and export data; but many businesses still choose to use professional financial reporting services to ensure compliance, review data and optimize explanations. Financial reporting services often accept data exported from software for faster processing.
Yes, if the financial statements are prepared accurately and accompanied by complete documents and records, it will be easier to explain to the tax authorities when being audited, reducing the risk of being charged or fined. However, risk reduction only occurs when the actual data and documents comply with tax regulations.
Costs depend on the size of the business, the number of documents, and the level of complexity. There are fixed packages for SMEs, hourly quotes for specific operations, and customized quotes for FDI/M&A. For exact pricing, please submit your profile for a free quote.
Reference: 10–20 days if the books are complete; longer if the books are not updated or need to be reviewed for many years. Priority and acceleration packages can shorten the time.
Prepare: input/output invoices, cash book, bank statements, large contracts, inventory/fixed assets inventory records, debt statement; send both original and soft-copy (PDF/Excel) if available to shorten the process.
A reputable agency will sign a non-disclosure agreement (NDA), implement data access controls, encrypt files during transmission, and only use information for the purpose of providing the service. Ask about the security process before submitting your application.
Depending on the purpose: if the financial statements are only for internal use and tax filing, review/audit may not be required. But if you borrow capital, raise capital or are about to list/M&A, banks/investors often require independently reviewed or audited financial statements.
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Conclusion
In short, a set of standardized financial statements helps businesses comply with the law, reduce tax risks, enhance their reputation with banks and investors, and provide timely management information to the board of directors. Using professional services not only saves time but also provides optimal solutions for the company’s books and accounting processes.
Want to get started now? We offer flexible service packages to suit your business (SME, large company, FDI) and are committed to price transparency. Choose one of the following steps to proceed:
Quick contact by phone: 0971112118
Send email for quote request: Phumyhungconsulting@gmail.com
Or fill out the quick form at: Request a quote (receive a free document checklist and 30-minute consultation).