Business guides | Corvane Advisory

Year-end closing checklist for SMEs: five workstreams over six weeks

gioithieucongty10.mauwebdep.com.vn — Sat, 24 Oct 2026 15:54:35 +0000

Every year, Corvane's Accounting & Outsourcing team supports thousands of year-end closing files. Experience shows that most late adjustments stem from tasks that could have been done earlier: confirming balances, counting inventory and reviewing invoices. Below is a suggested six-week timetable starting in mid-November.

Weeks 1–2: Cash and balances

Reconcile all bank accounts, including dormant and foreign currency accounts.
Send balance confirmations to customers and suppliers with significant balances, and track response rates.
Review overdue employee advances and request repayment or settlement.
List doubtful receivables to assess provisioning under the company's accounting policies.

Weeks 2–3: Inventory and assets

Plan the stock count: timing, participants and the cut-off method for receipts and issues.
Identify slow-moving and damaged stock to assess net realisable value.
Count fixed assets and reconcile them with the asset register; write off assets disposed of but not yet derecognised.

Weeks 3–4: Invoices and revenue

Reconcile output e-invoices with recorded revenue, particularly for late-December transactions.
Review input invoices: seller details, invoice status and payment evidence.
Apply the correct cut-off for consignment goods, goods in transit and services in progress.

Weeks 4–5: Expenses and provisions

Accrue costs incurred but not yet invoiced: utilities, service fees and year-end bonuses.
Amortise prepaid expenses and tools over their useful lives.
Review expenses lacking adequate supporting documents so they can be adjusted proactively at finalisation.

Week 6: Payroll, tax and reporting

Reconcile payroll with employment contracts, social insurance and personal income tax withheld.
Reconcile taxes declared and paid with the ledgers, noting any differences that need explanation.
Prepare a trial balance and analyse unusual movements against the prior year before finalising the statements.

“Year-end closing is not a sprint in the last week of December. Businesses that split the work into workstreams and progress steadily from November usually end up with cleaner statements and fewer adjustments at tax finalisation.” — Ms Nguyen Hoai An, Partner, Accounting & Outsourcing, Corvane Advisory

This timetable is indicative; businesses can shorten or extend it depending on transaction volumes and the accounting policies they apply. Clients using Corvane Portal can download this checklist as a template and track the progress of each item online.

Three common mistakes

Counting inventory after the closing date without preparing a roll-back to 31 December.
Missing accruals, making this year's profit unusually high and next year's unusually low.
Not keeping balance confirmation records, which makes large balances harder to explain.

Choosing an outsourced accounting partner: seven questions to ask before you sign

gioithieucongty10.mauwebdep.com.vn — Sat, 24 Oct 2026 15:54:35 +0000

Many SMEs, start-ups and representative offices of foreign companies choose to outsource accounting rather than build a full in-house finance team. It is often a sensible decision on cost, but service quality varies widely between providers. When Corvane takes on clients moving from another provider, the team often spends several weeks to several months reviewing and correcting historical records. To avoid this, businesses should ask the following seven questions.

1. Who will actually work on my files?

Ask who the responsible specialist, the reviewer and the person with final accountability are. A team holding tax agent practising certificates, CPA qualifications or ACCA membership is a reliable indicator.

2. How many layers of review are there?

Every file should be checked by at least two people before submission. Ask the provider to describe its process and how errors are recorded and resolved.

3. How is my data protected?

Does the provider follow an information security standard such as ISO 27001?
Where are documents stored, who can access them and how often are they backed up?
When the contract ends, how is data handed over and deleted?

4. How will I track progress?

Through regular reports, an online portal or only by email? Businesses should know their filing deadlines and what needs their approval in advance.

5. Is the scope of service clear?

What does the fixed fee cover: bookkeeping, payroll, social insurance, tax filings, financial statements, meetings with the tax authority? Which extra items are charged separately? A clear scope prevents disputes later.

6. Which languages and standards can the provider support?

For foreign-invested enterprises, the ability to work in English, Japanese or Korean and to report under both VAS and IFRS for the parent company is an important factor.

7. How is responsibility for errors defined?

The contract should set out each party's responsibilities, how errors caused by the provider are handled, and commitments on filing deadlines.

“Price is only part of the decision. What a business is really buying is peace of mind: files done correctly, submitted on time, and someone who understands the business when it needs to deal with the tax authority.” — Ms Nguyen Hoai An, Partner, Accounting & Outsourcing, Corvane Advisory

Advice when switching providers

If a business already works with another provider, it is best to switch after the end of a quarter or financial year, request a full handover of ledgers, documents and software accounts, and sign a balance reconciliation record. A planned transition limits disruption and reduces the volume of later adjustments.

Signs it may be time to reconsider

Filings are frequently made at the last minute or need to be amended.
The responsible specialist keeps changing and nobody knows the file's history.
No reports or explanations are provided when figures move significantly.

Employment contracts for fast-growing teams: what to standardise early

gioithieucongty10.mauwebdep.com.vn — Sat, 24 Oct 2026 15:54:35 +0000

In the early days, many businesses use a single employment contract template for every role, or adapt one found online. As headcount grows quickly and new branches or outlets open, small differences between contracts can lead to disputes and to difficulties at personal income tax finalisation or during labour and social insurance inspections. Drawing on its work standardising HR documentation for service chains, Corvane's Corporate Legal team sets out what to address early.

1. Build a set of templates by role group

Group roles: managers, office staff, store or production staff, freelancers.
Give each group its own template covering working hours, workplace, allowances and specific benefits.
Distinguish clearly between employment contracts and service or freelance agreements, so that the label matches the substance.

2. Probation and transition

Set out the probation period, probationary pay and how results will be communicated. Many disputes arise simply because a business lets an employee keep working after probation without signing a formal contract.

3. Pay, bonuses and allowances

Separate base salary, allowances, bonuses and other support, stating which are fixed and which depend on performance.
Keep contracts, the pay and bonus policy and actual payroll consistent — this is also the basis for social insurance contributions and tax.

4. Confidentiality and intellectual property

For roles with access to client data, formulas, source code or business strategy, use a separate confidentiality agreement that defines the protected information, its duration and ownership of work created during employment.

5. Workplace rules and supporting records

Workplace rules, salary scales and internal policies should be issued, registered or notified as required.
Keep HR records in one place: contracts, annexes, decisions and minutes, organised for quick retrieval.
Review contracts nearing expiry regularly so they are renewed or converted to the right type on time.

“An employment contract isn't just paperwork; it is the first commitment a business makes to its people. Standardising when the team is 50 people is far easier than when it is 500.” — Mr Vu Duc Thanh, Partner, Corporate Legal, and co-founder, Corvane Advisory

When to review again

Businesses should review their employment documentation when new rules on labour, wages or social insurance take effect; when opening a branch in a new location; before raising capital or a merger; and at least once a year. This guide is general in nature — how it applies depends on each business's sector, size and circumstances.

A practical first step is to inventory all existing contracts, group them by role and flag those missing annexes or nearing expiry — usually a task of only a few days, but one that shows clearly how much standardisation is needed.