5 Reasons To Hire Good Tax Auditor in Thailand for Your Business in 2018

Did you just get your Thai company registered? Then you should know that some statutory financial reporting by tax auditor is needed from your company’s end. And this raises the requirement for keeping internal accounting records. An accounting firm can relieve you from such burdens while letting you concentrate more on your business strategies.
Audit and accounting services Bangkok ensure a company’s compliance with the Thai laws and regulations. Most legal firms provide services including accounting, audit, review, and compilation, attest services and internal audit. For those who are thinking whether accounting and auditing are compulsory or not, they should know that all registered organizations must be audited. So, if you have been thinking that not hiring an auditor will do, then you must look at these five severe consequences of such a thought;

1. Rejection: Any audited account is readily accepted by the Thai government authorities, including income tax department, land revenue department, banks, sales tax department, etc. And not having that may result in rejection. Moreover, an audited account will have more authority than an unaudited one.
2. Error Persist: An accounting firm in Thailand may help your company to get rid of the errors while rectifying them on time. A little leakage may cause your ship to sink, so timely accounting and auditing service is important.
3. Fraud Alert: Not having the account audited regularly can encourage fraudsters, whereas keeping a proper account record can create awareness amongst the employees and exercise a moral influence on the clients.
4. Lead to More Expenses: If you are not hiring an auditing firm Bangkok you might end up spending more as then you might have to keep an in-house accountant. Instead of working with an accounting firm will make the task cost-efficient because you will pay them only when you need. Moreover, they provide a wide range of services including, preparation of the monthly reports, mid-year tax return, submission of the annual financial statement to the government in Thailand, recording accounting transactions, preparation of checks, payment transfers, supporting schedules for the financial statements and bank accounting set up.
5. Improper Management: When it comes to a Joint Stock Company, wherein the management is separated from management, unaudited accounts can become a cause of conflict amongst the members. Instead, a properly maintained account will ensure appropriate utilization of the funds and will be a proof that the management has been efficient in their work.

In order to get your Thai company’s accounts audited by an experienced and qualified auditor, request quote here.