10 Accounting Tips for Foreign Business in Bangkok

So everything is done, right, from company set-up to hiring employees? But still clueless what to do with the accounting part? The accountants in Bangkok can lend you there helping hand. Fine, your accountant will be there to assist you with accounting, but you must be equally aware of managing your company’s finances. Here are a few tips:

1. Keeping your business and personal account separate is crucial. Sure, it will take some effort to remember to use the right credit card or checks to pay for the expenses. But, the effort is well worth, particularly when tax time comes as then you won’t have to spend hours on picking out the relevant costs.
2. Develop a proper bookkeeping system to keep accurate records. In an excitement of forming a new company in Thailand, this may get overlooked. However, you can use spreadsheets or accounting software in order to record the expenditures and receipts. This way you can have a look at your business’ profit and loss anytime you want.
3. Continuously track business expense so that you don’t miss the write-offs. You must know how to take advantage of tax deductions that include home, office and corporate travel expenses. You must label and categorize the expenses to locate better for tax time.
4. It is better to use company’s credit card mostly for any sort of business purchases in order to minimize cash expenditures.
5. Record invoices as well as keep a track of the customer payments. Often businesses lose track when they ate bill for the products and services. Well, this particularly happens when sales are not processed automatically, say online.
6. You must record all the deposits as well, including sales revenue, loans, rebates and refunds etc. Similarly, keep track of the amount and the source along with the date.
7. Chalk down major business expenses to avoid running into unexpected cash flow problems.
8. No matter how many employees your company has, you must manage payroll and track labor expenses properly.
9. In order to cater to the company’s future stocking needs or manage the cash flow, it is essential to maintain inventory records to track stolen or misplaced merchandize.
10. Last but not the least, one of best ways to ensure these is to hire an accounting service in Bangkok and free yourself from a headache.

If you are considering to hire a professional call us or write to us.