The Chief Accountant is a crucial position, responsible for organizing and overseeing all accounting work within a business. However, not every business can afford to hire a full-time Chief Accountant who meets all the legally required standards. This is where outsourced Chief Accountant services become an effective and cost-saving solution.
This article provides a comprehensive overview of chief accountant services: from requirements, rights and responsibilities, practical tasks, appointment procedures to costs, and especially important considerations for FDI businesses.
Chief Accountant and Outsourced Chief Accountant Services
According to the Accounting Law, accounting units must appoint a chief accountant; if they cannot appoint one, they must hire a chief accountant service. The chief accountant is responsible for organizing and implementing accounting work, checking and supervising, and is accountable for the accuracy of accounting data.
Outsourced chief accountant services allow businesses to have a qualified chief accountant without paying a full-time, fixed salary. This solution is particularly suitable for small and medium-sized enterprises, startups, and FDI companies.
With 15 years of experience, Vinasc provides professional outsourced chief accountant services, helping businesses both comply with legal regulations and improve the quality of financial control.
1. Hire a chief accountant.
Hiring a chief accountant means a business employs an individual or entity that is qualified to perform the duties of chief accountant as stipulated by regulations.
Conditions for hiring a chief accountant
The person hired as chief accountant must possess a chief accountant training certificate, have a professional qualification of at least intermediate level, and have the required number of years of experience. The service provider must have a valid business registration.
When does a business need to hire a chief accountant?
Businesses need to hire a chief accountant when they haven’t yet found a qualified one, when they want tighter financial control, or when they need someone to sign financial reports in accordance with regulations. This is a common need in small businesses and FDI companies.
Rights and responsibilities of an outsourced chief accountant.
An outsourced chief accountant has professional independence, is authorized to sign reports within their scope of responsibility, and is obligated to ensure the accuracy of accounting data. Specific responsibilities are defined in the service contract.
Cost of hiring a chief accountant
The cost is significantly lower than hiring a full-time accountant, depending on the size of the business, workload, and scope of responsibilities. The business only pays for the actual work that requires the chief accountant’s services.
🔗 See the in-depth article : Hiring a Chief Accountant.
2. Outsourced Chief Accountant
Outsourced chief accountant refers to a business model where a company does not have a permanent chief accountant but instead uses accounting services from an external unit such as Vinasc.
What is an outsourced chief accountant?
This is a solution where a qualified professional assumes the role of chief accountant for the business under a service contract, rather than as a permanent employee. This person performs all the functions of a chief accountant as required by law.
Can an outsourced chief accountant sign financial statements?
Yes. When properly appointed by the company and meeting the requirements, an outsourced chief accountant is authorized to sign financial statements and accounting reports within their scope of responsibility.
Benefits of hiring an outsourced chief accountant.
The benefits include: cost savings, expertise from experienced professionals, increased objectivity in control, and no disruption when employees leave. Businesses also receive diverse professional support from an entire team.
Risks to consider when hiring an external chief accountant.
It is important to pay attention to the scope of responsibility, the mechanism for coordinating information sharing, and data security. Choosing a reputable unit with a clear contract like Vinasc will help control these risks effectively.
🔗 See the in-depth article : Outsourced Chief Accountant.
3. Chief Accountant for an FDI company
FDI enterprises have unique characteristics that make the role of the chief accountant even more important, especially in transactions with the parent company and compliance with investment regulations.
Is it mandatory for FDI companies to have a chief accountant?
In principle, FDI companies are also accounting entities and must therefore appoint a chief accountant or hire accounting services, except in certain cases where they are permitted to appoint an accounting manager as stipulated by regulations.
Can foreigners work as chief accountants in Vietnam?
Foreigners can undertake these tasks if they meet the professional qualifications, certifications, and are recognized under Vietnamese law. In practice, many FDI companies choose to outsource these services domestically for greater convenience.
Requirements for the Chief Accountant of a Foreign Direct Investment (FDI) Enterprise
In addition to general standards, the chief accountant of an FDI company needs to have a thorough understanding of regulations on investment, foreign exchange, related-party transactions, and the ability to work in a foreign language to coordinate with the parent company.
The role of the chief accountant in a foreign direct investment (FDI) company.
The chief accountant helps FDI enterprises control data, ensure compliance with Vietnamese accounting regulations, support the preparation of reports for investors, and reduce risks during tax audits and inspections.
🔗 See in-depth article: Chief Accountant for FDI companies.
4. Requirements for becoming a chief accountant
The law clearly stipulates the standards and conditions for a person to be appointed as chief accountant, in order to ensure the quality of accounting work.
Standards for Chief Accountant
The chief accountant must possess professional ethics, professional accounting qualifications, a chief accountant training certificate, and the required period of practical work experience.
Is a chief accountant training certificate mandatory?
Yes. A chief accountant training certificate is one of the mandatory requirements for appointment. This certificate is valid for a specific period from the date of issuance.
Work experience required to be appointed chief accountant
According to current regulations, those with a university degree in a relevant field need a minimum of two years of practical experience in accounting; those with a vocational or college degree need a minimum of three years.
Cases where individuals are not eligible to become chief accountants.
This includes: minors, individuals currently prohibited from practicing their profession, direct relatives of business managers in certain cases, and individuals lacking the necessary professional qualifications.
🔗 See the in-depth article: Requirements for becoming a chief accountant.
5. Responsibilities of the Chief Accountant
The chief accountant bears a crucial responsibility for the accuracy of data and compliance in the company’s accounting practices.
What are the legal responsibilities of the chief accountant?
The chief accountant is responsible for accounting expertise within their scope of work and may face administrative or more serious penalties if serious violations occur. However, the ultimate legal responsibility rests with the legal representative.
Responsibilities of the Chief Accountant regarding financial reporting.
The chief accountant is responsible for the preparation and accuracy of financial statements, and signs the reports along with the legal representative.
Responsibilities of the chief accountant regarding documentation and accounting records.
The chief accountant is responsible for verifying the validity of documents, organizing proper bookkeeping, and ensuring that the data accurately reflects the economic transactions that occur.
Is the chief accountant responsible for tax violations?
The chief accountant is responsible for the professional aspects that led to the error, but the ultimate tax obligations and responsibilities rest with the business and its legal representative.
🔗 See in-depth article: Responsibilities of the Chief Accountant.
6. The duties of the chief accountant
The chief accountant’s responsibilities span monthly, quarterly, and annual cycles, coordinating and overseeing all accounting activities.
The chief accountant’s monthly tasks
This includes: accounting control, reviewing tax returns before submission, reconciling accounts payable, checking cash and bank accounts, and providing quick financial reports to the board of directors.
The chief accountant’s year-end tasks
At the end of the year, the chief accountant directs the closing of the books, the preparation of financial statements, the preparation of corporate income tax and personal income tax settlements, the inventory of assets, and the review of all data before submission for approval.
How does the chief accountant supervise the accounting department?
The chief accountant assigns tasks, establishes internal control procedures, reviews accounting entries, and ensures the principle of separation of duties to minimize fraud and errors.
What does the chief accountant need to report to the director?
The chief accountant reports on cash flow, accounts payable, business results, upcoming tax obligations, and warns of financial risks so that the director can make timely decisions.
🔗 See the in-depth article: The job of a chief accountant.
7. Appointment of Chief Accountant
The appointment of the chief accountant must be carried out according to proper procedures to ensure the legal validity of the reports signed by this person.
Procedures for appointing a chief accountant
The company makes the appointment decision in writing, maintains records proving the qualifications of the appointed person, and notifies relevant parties if necessary. These records are kept within the company.
Sample decision for appointing a chief accountant
The appointment decision should clearly state: the legal basis, information of the appointee, the position, the effective date, and the responsibilities. Vinasc can assist businesses in drafting a suitable template.
When should the chief accountant be replaced?
When the chief accountant resigns, is no longer qualified, or the company undergoes a restructuring, the change requires a clear decision and handover process to ensure the continuity of accounting operations.
What should a business do if it doesn’t have a chief accountant?
Businesses can either appoint a temporary accounting manager or hire a chief accountant. Outsourcing is a quick, legitimate, and cost-effective solution.
🔗 See in-depth article: Appointing a Chief Accountant.
8. Costs of hiring a chief accountant
Cost is a key factor when businesses consider whether to hire or outsource chief accountant services.
What factors determine the cost of hiring a chief accountant?
Fees vary depending on the size of the business, the volume and complexity of operations, the scope of responsibility, and specific requirements such as bilingual reporting for FDI.
Should we hire a full-time chief accountant or outsource the process?
Large businesses with complex operations often have a full-time chief accountant; small and medium-sized enterprises (SMEs) and FDI companies with smaller scales usually optimize costs by outsourcing while still ensuring quality.
Is the cost of hiring an external chief accountant reasonable?
Yes. These are business operating expenses and are deductible when supported by valid contracts, invoices, and payment documents.
How to choose the right chief accountant service
It is advisable to choose a company with experience, a qualified team, transparent work processes, and a clear commitment to responsibility — criteria that Vinasc fully meets.
🔗 See in-depth article: Costs of hiring a chief accountant.
Transparent work processes at Vinasc
Thanks to the fact that most documents can now be processed online, coordination between Vinasc and its clients has become simpler and more convenient when both parties are in good faith. The entire process is carried out via email on a fixed monthly schedule.
| Time / Step | Content |
| 20th – 25th of each month | Vinasc sent an email reminding customers to prepare their documents. |
| Days 1-2 of the following month | Vinasc sends emails requesting customers to provide documents. |
| Receiving & Processing | Based on the received documents, Vinasc proceeds with the work; if anything is missing or needs clarification, further communication will be conducted via email. |
| Notification of completion | Once completed, Vinasc will send an email notification for customers to confirm. |
| Confirm & continue | If the client agrees, Vinasc proceeds with the next steps; if not, both parties continue discussions until an agreement is reached. |
All communication between Vinasc and its clients is conducted via email, ensuring it is always tracked, transparent, and easily traceable, guaranteeing uninterrupted work even when the company’s internal accounting staff changes.
Why do FDI businesses choose Vinasc?
Beyond simply providing services, Vinasc also offers peace of mind to foreign investors thanks to values maintained over the past 15 years:
- Comply with the law and keep commitments regarding progress and quality.
- Receive free updates on policy changes that may affect customers.
- Our team of nearly 50 specialists provides multilingual support, making it convenient for foreign investors.
- All communications are tracked via email, allowing businesses to retrieve them at any time.
- A single point of contact throughout the entire process, ensuring customers don’t have to explain things from scratch.
Close coordination between businesses and Vinasc is essential for maintaining service quality and work progress. Businesses should provide all required documents accurately and on time.
Vinasc’s customers also receive free updates via email and Zalo OA. These updates cover changes in relevant policies and laws. This helps businesses maintain compliance and proactively reduce potential risks.
Ultimately, responsibility for legal compliance rests with the business owner, legal representative, and director. Therefore, choosing an experienced consulting firm can help businesses identify and minimize potential risks.
Businesses should also understand their responsibility for archiving records and documents under applicable regulations. The service provider collects documents only for processing purposes. Different arrangements may apply if both parties separately agree on document archiving.
Vinasc’s accounting service package focuses specifically on accounting and tax matters. It does not include legal representation or litigation services.
. If your business requires legal support, Vinasc offers a separate legal consulting service to assist you.
Frequently Asked Questions (FAQ)
Does Vinasc provide chief accountant services for FDI companies? Yes. Vinasc provides outsourced chief accountant services for both domestic and FDI businesses, with a team of qualified professionals capable of working in multiple languages.
How does Vinasc’s outsourced chief accountant work? They primarily use email for tracking and ensuring continuity, combined with in-person communication when necessary. This approach allows the company to easily monitor and control the work.
Who bears ultimate responsibility for accounting? The ultimate responsibility for legal compliance rests with the business owner and their legal representative; the chief accountant is responsible for the professional aspects within their scope of work.
Conclude
The above information shows that chief accountant services are not simply an administrative procedure. They directly affect a business’s legal compliance and operational efficiency.
A reliable partner does more than help businesses complete required procedures. It also identifies potential risks early and supports timely prevention and mitigation.
Vinasc Accounting and Tax Consulting Company Limited has 15 years of experience supporting businesses. We provide chief accountant services with transparency, compliance, and a strong commitment to deadlines and service quality.
Let Vinasc be your trusted partner in making every compliance step smoother, safer, and more efficient.
Contact us for consultation.
If your business needs support with chief accountant services, the Vinasc team is always ready to advise — quickly, legally, and with dedication. Let Vinasc be your partner in the growth of your business in Vietnam.
Contact — Vinasc Accounting and Tax Consulting Company Limited:
- Hotline: 0947 112 118 or 0971 112 118
- Email: Vinasc.hcm@gmail.com
- Website: https://vinasc.vn
- Zalo OA: https://zalo.me/1108220964917000230