ACCOUNTING BOOKS COMPLETION SERVICE

What are accounting books?

1. Accounting books are an essential tool for recording, organizing, and storing all economic and financial transactions related to the accounting entity.
   The accounting books should contain the following key information:

• Date of entry (day, month, year).
• Voucher number and date, which are used as the basis for recording entries.
• A summary of the economic and financial transactions.
• The amount of each transaction recorded in the respective accounting accounts.
• Opening balances, transactions during the period, and closing balances.
  Accounting books include both general ledgers and detailed ledgers.

Some businesses may have a complex and detailed bookkeeping system. In addition to the basic accounting books, businesses may also create special ledgers and cards to monitor specific activities. The larger the business, the more accounting books are needed, and therefore, the bookkeeping system must be organized clearly and systematically.

2. Information you need to provide when using accounting books completion services
   Deciding to use accounting books completion services requires providing accurate and complete information to ensure the process is smooth and effective. KIM BAY GROUP understands that each business has its own specific needs, so we want to ensure that the information-gathering process will meet your specific requirements.
   When using KIM BAY GROUP’s accounting books completion service, you will need to provide the following 7 types of documents and materials:

• Input and output VAT invoices that occurred during the year, which are necessary for accounting records.
• Bank account statements for the year of bookkeeping.
• Payroll and ID card information of employees, if the company pays salaries.
• Login information for the electronic tax declaration portal.
• For manufacturing companies: product standard information.
• For construction companies: construction estimates or information about materials used for construction projects.
• The previous year’s accounting records for the year requiring bookkeeping (if available).

3. Tasks included in the accounting books completion service package
   In our accounting books completion service package, we don’t just provide simple solutions, but also accompany your business with professionalism and diverse experience. Each specific requirement of yours will be considered, and we are committed to ensuring the books are managed accurately and efficiently. Let’s explore the important tasks in our service package to bring convenience and success to your business.

• Review and analyze accounting data: We review and analyze accounting data to ensure completeness, accuracy, and reliability. This involves reviewing, verifying, and rechecking transactions, journal entries, account balances, and ledgers.
• Handle accounting adjustments and entries: We make adjustments to accounting data for financial transactions during the accounting period. This ensures that the accounting books accurately reflect the business’s financial status.
• Standardize accounting data: We ensure that accounting data is standardized according to international accounting standards and the requirements of KIM BAY GROUP’s audit. This ensures consistency and comparability of financial data across different businesses.
• Collaborate with auditors: We provide information and assist the external audit team by offering necessary documents, explaining transactions, and meeting various audit requirements.
• Optimize tax opportunities: We offer consulting on how to optimize legitimate tax opportunities based on your business’s accounting data, which helps reduce taxes and increase business profits.
• Prepare financial statements and reports: We prepare financial statements and accounting reports as required by KIM BAY GROUP’s audit and current accounting regulations.
• Accounting and financial consulting: We provide accounting and financial consulting services to help businesses understand their financial situation and make sound business decisions.

4. Which businesses are suitable for accounting books completion services?
   Each business should only use one accounting books system. Through this system, businesses can record financial transactions throughout the year to prepare and present financial reports. The specific accounting system will be defined depending on the applicable accounting standards.
   To avoid fines from tax authorities, the accounting books must comply with regulations and provide accurate details about figures and the financial performance of the business.
   Therefore, if your business falls into one of the following categories, considering using accounting books completion services (also known as accounting books review services, accounting books cleaning services, or accounting books troubleshooting services) at KIM BAY GROUP is highly important:

• Businesses that have never used accounting books.
• Businesses that have accounting books but are inaccurate.
• Businesses that are about to close their tax year.
• Businesses without accountants.
• Businesses with accountants who are inexperienced or unable to handle bookkeeping.
• Businesses that have accounting books but are unsure about the accuracy of the records.

5. Challenges related to the accounting books system
   Managing an accounting books system involves various challenges that businesses may face. These difficulties can affect the performance and accuracy of the accounting process. To help you address and overcome these challenges, we will explore the issues and propose effective solutions for managing your business’s accounting books system.
   Currently, many businesses and entities are facing challenges related to their accounting books systems:

• Complex and disorganized accounting books:
  • Difficulty in controlling important documents, which complicates the search for invoices.
  • Risk of misplacing or losing invoices, leading to loss of critical information.
• Inaccuracies in journal entries, incomplete records:
  • The accounting data and books are not accurate or complete.
  • Incorrect entries or accounting errors that impact the reliability of financial reports.
• Causes and real-world situations:
  • Long closing periods and accountant turnover:
    • Extended closing periods and long-term record-keeping leading to omissions.
    • Changing accountants affects the quality and volume of accounting records.
  • Lack of focus on the accounting department or unreliable accounting services:
    • Some businesses fail to invest sufficiently in their accounting department.
    • Accounting services may lack quality and professional competence.
  • Accounting department’s lack of legal knowledge:
    • Missing updates on new legal policies, decrees, and regulations.
  • Low skills and experience:
    • Staff fail to update data correctly, lack a systematic approach to file management.
    • Lack of experience in preparing tax and financial reports, leading to incomplete books.
  • Newly established businesses or those without the means to hire professional accountants:
    • New businesses may not have the budget to hire professional accountants.

To overcome these issues, using accounting books review services is an effective solution. Businesses should contact service providers for professional and prompt assistance in cleaning up and completing their accounting books.