Streamlining Accounting for Small Businesses
Currently, Vietnam is home to over 5 million small businesses, contributing approximately 30% to the GDP and generating more than 10 million jobs. According to Resolution 68, the country will phase out the lump-sum tax method for these businesses by 2026. However, most business owners are unfamiliar with bookkeeping and tax declaration, which require specialized skills. This has led to persistent concerns: high consulting costs, potential errors in record-keeping, and challenges in fulfilling tax obligations. With its newly launched feature, the KiotViet sales management platform allows business owners to focus solely on sales while automatically updating data into 7 types of accounting books as per Circular 88/2021/TT-BTC and tax declarations under Circular 40/2021/TT-BTC.
The software is designed with a simple 2-step process: Sell on KiotViet (data is automatically recorded in books and declarations) – Download tax declarations/accounting books for submission to tax authorities or internal storage. The system automatically consolidates all sales and cash flow data, enabling business owners to track, maintain records, and prepare tax declarations on a single platform. Its intuitive interface and user-friendly operations ensure accessibility for everyone, even those without accounting expertise.
Partnering with Tax Authorities and Small Businesses
Continuing its commitment to support small businesses, KiotViet offers its accounting software entirely free of charge, similar to previous initiatives like free electronic invoices and digital signatures. The implementation was swiftly completed within 3 months, leveraging existing data infrastructure and 15 years of accumulated expertise in developing sales software. This demonstrates KiotViet’s ability to deliver efficient, effective solutions tailored to the urgent needs of the small business community.
By actively listening to small businesses and collaborating with tax authorities, KiotViet, alongside its partners, organized a series of over 10 seminars across Northern, Central, and Southern Vietnam, attracting thousands of participants. These events highlighted the community’s clear need for a simple, cost-effective accounting solution. KiotViet is poised to become the primary tool for small businesses transitioning from lump-sum tax to declaration-based tax, fostering sustainable compliance and driving growth for micro, small, and medium-sized enterprises.
The launch of the Tax and Accounting module on KiotViet not only helps businesses comply with current regulations but also prepares them for the complete phase-out of lump-sum tax by 2026. “We aim to ensure that every business, regardless of size, can easily maintain records and declare taxes accurately without incurring additional costs. This is KiotViet’s long-term commitment to supporting tax authorities and the business community,” stated Mr. Đỗ Tuấn Anh, Deputy General Director of KiotViet Technology Joint Stock Company.
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