HIDDEN CORNERS IN THE OUTSTANDING DEVELOPMENT OF ACCOUNTING AGENCIES IN VIETNAM

Vietnamese economy is in the most outstanding stage of development. Trade exchanges are expanding in both size and form. Along with that development is the appearance of more and more limited companies, private enterprise, etc…so the demand of accounting is becoming more popular.
In fact, when the issue of publicity, transparency of financial statements reflecting the efficiency of manufacturing and operations is becoming more and more necessary for state management agencies, investors and the government, so that the accounting field is being invested for the future development. For each object, the accounting service has a certain role.
In Vietnam, accounting agencies have appeared for many years in accordance with the official establishment and development of accounting services entering to the Vietnamese economy market. Since then, the number of accounting agencies has been expanding not only in term of quantities but also qualities, scale of business and expertized working members.
According to the Vietnamese accounting standards, accounting can be defined as a process of collection, detailed process, reviews and analysis and economic and financial information provision under the form of value, artifacts and the time of labors. However, to reach towards international standards and become more competitive, there are some sides that a company should take care of.
With the current economic development situation, when demands are rapidly raising, the size and scale of the organization should be considered to accommodate suitably to economic development and international integration. With the appearance of more than 100 entities including foreign based corporations, there are still plenty of chances and opportunities to develop accounting agencies in Vietnam. Moreover, while the development in accounting agencies is uncontrolled, quality of or qualified accountants and relevant experts are still limited as the lack of the qualifications and actual skills meeting all the expectations of businesses or employers can cause problems in the company’s time and money reinvesting in training and experience their staffs, directly influencing their benefits. This means that services qualities by many of accounting agencies are doubted due to the fact that they cannot afford the best accountants and consultants or fail to adjust themselves in providing various types of services. Besides that, marketing is a serious problem of many new founded companies as they do not want to invest their money in products and trademark. It does not mean there is no marketing activity regarding new accounting services, but they are running on a pretty small scales and cannot be conveyed to large population or the potential clients.
On the other hand, diversifying outcome products is a matter of note in most of domestic accounting agencies. Their services usually focus on tax declarations, financial statements, payment process or etc., but  the foreign based corporations have their advantages in well acknowledge regarding other services such as tax and financial consultation, design online payment system, and so on. This particular set of mind will direct the accounting agencies’ competitive abilities. 
The above mentioned challenges are some of the noticeable points that any accounting agency can be through at some points of time. Any development also goes along with challenges that all accounting agencies have to improve themselves for more sustainable development in the future.

Read more: http://www.vungtau-tours.com/news_events/ACCOUNTING_BOOKKEEPPING_SERVICE_A_FIRST_STEP_TO_OMPLETE_ACCOUNTING_PROCESS.html
 
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