Financial management - accounting via digital platforms

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Difficult to standardize because of concerns about high costs

Currently, the whole country has 900,000 small and micro enterprises, and more than 5 million business households subject to tax declarations, playing an important part in the development of the economy.

However, most small, micro-enterprises and business households lack the resources and quality human resources to carry out financial, accounting, and tax administration. This is a big challenge, hindering access to support resources from regulators, banks, and other economic organizations.

Sharing at the seminar "Effective financial - accounting - tax management when hiring services on a digital platform" chaired by the Vietnam Association of Small and Medium Enterprises (VINASME) and held by MISA Joint Stock Company (MISA) on the morning of August 15, 2023, Dr. To Hoai Nam, Standing Vice Chairman and General Secretary of VINASME said that such groups face many difficulties in accessing land, capital and are unable to determine the direction of digital transformation. Moreover, due to the inability to apply standards in financial management, accounting, taxation, etc., small and micro enterprises and business households face more and more difficulties.

Businesses are more and more interested in the trend of hiring accounting services and tax agents on digital platforms. Photo: H.Diu

Talking specifically about the difficulties of businesses, Ms. Dinh Thi Thuy, General Director of MISA, said that many businesses do not have enough resources to hire accountants. Moreover, with the traditional way, businesses have to face the situation of lost invoices and documents. In particular, in loan activities, in order to be approved for unsecured loans, enterprises must have legal papers and documents to prove cash flow. In fact, enterprises are unable to access unsecured loans if these documents are not secured and transparent enough.

Similarly, Mr. Nguyen Kim Hung, Chairman of the Board of Directors of Kim Nam Group shared, that for many small and micro enterprises, the concept of financial and accounting management is something invisible and they are still afraid to exploit all financial resources to implement. Moreover, from the point of view of many businesses, businesses must be able to sell before taking into account the problem of management. Therefore, according to Mr. Hung, businesses need to change their perception and take into account professional financial management for long-term development. However, enterprises long for comprehensive technology support solutions at reasonable costs to operate well.

Manage financial data thanks to technology

From these realities, at the seminar, experts and businesses all emphasized the importance of digital transformation and the application of digital platforms in financial management, especially the benefits of accounting service leasing compared to maintaining a fixed accounting apparatus at the enterprise.

As stated by Mr. Le Khanh Lam, Chairman of the Advisory Council and Deputy General Director of RSM Vietnam Auditing and Consulting Co., Ltd., businesses and business households need to map out a strategic orientation and focus on the application of digital technology to find the right accounting solutions and services

Experts and businesses say that the application of digital platforms to financial management enables enterprises to transparent data, improve business development, and at the same time contribute to the State budget and economic development in general.

Currently, MISA Joint Stock Company has successfully built the MISA ASP accounting platform service to help businesses master financial data, and at the same time help service accounting units increase productivity 10 times.

MISA ASP is currently connecting with more than 1,100 accounting service units, serving nearly 20,000 businesses and households. Through promoting the digital transformation of the finance accounting industry, MISA ASP helps save 75% of financial and accounting costs for businesses and business households.

The General Director of MISA also added that the Company has also coordinated with a number of banks, based on consolidated financial data through an accounting platform, to approve loan applications and disbursements. Currently, the Company has coordinated with banks to disburse about VND 2,000 billion and is continuing to implement many solutions to disburse loans of about VND 10,000 billion from now until the end of the year.