The Thai government requires all enterprises to produce financial reports on a yearly basis. Companies are also required to have their financial statements audited. While most auditors and accountants in Thailand collaborate, some work on their own. In addition, auditors may refuse to audit a company if the financial statements are prepared by unqualified accountants. The right Accounting Service in Thailand can bring you out of all such hassles.
As a result, one of the most important decisions you’ll have to make when starting a new business in Thailand is to hire qualified accountants to produce your financial records and other required paperwork. Hiring a reputable accounting firm will surely increase your company’s productivity. Furthermore, specialists of a reliable accounting service in Thailand can ensure that your firm complies with the country’s most recent corporate and tax rules and regulations. When selecting an accounting service provider for your business, keep the following five factors in mind.
What is your Need?
One of the most important tasks for businesses to take before engaging an accounting firm is to determine their needs. For example, business owners should think about how many times their payroll needs to be processed by specialists. If a corporation uses bookkeeping software, an accountant may only be needed once a month or quarterly to keep them on track.
Companies may also need to determine the types of services they require from the agencies. Typically, accounting agencies provide the following services:
Tax Filing
An accountant’s principal responsibility is to file taxes. Accountants will assist in the filing of taxes at a certain period under Thai revenue rules, depending on the sort of tax the company is subject to.
Compilation of Year-end Financial Statements
Accounting firms assist businesses in preparing financial reports such as profit and loss statements, income statements, and bank account reconciliations.
Payroll Processing
Paying an employee’s compensation on a monthly basis, calculating and reporting personal income taxes, and submitting payslips and tax certificates are some of the payroll services that accounting firms may perform.
Accounting Transactions
The Revenue Department needs to know where the money comes from and how it is spent. Professional accountants verify that the transactions of the companies are justified and completed accurately.
Company Registration
Some accounting firms can assist local and international entrepreneurs, particularly startups, with the registration of their new businesses. They also provide general company law advice.
Business Licenses
Restaurants, motels, and travel bureaus, for example, require a business license before they may completely function. Additionally, certain accounting firms can assist small businesses in obtaining their permissions.
Where is the Accounting Service Provider located in Thailand?
Business owners who like to meet their accountants in person or who require them to attend meetings in person should look for a service provider that operates in their area. Business owners that are comfortable performing their operations online or on a cloud-based platform in real-time, on the other hand, can hire accounting firms from anywhere in the country.
What are the certifications and expertise of the Accounting Agency?
Certified or chartered accountants are well-versed in Thailand’s corporate laws, as well as its tax rules and regulations. They also stay on top of any changes or new enactment of applicable legislation, ensuring that businesses remain compliant and avoid legal consequences.
Apart from certification, businesses should seek out accounting firms with years of expertise in their field or who have worked with businesses in similar market sectors, sizes, and revenue. Their experience aids businesses in receiving the most relevant advice available.
How big is the Accounting Service in Thailand?
In Thailand, accountants range from sole practitioners to national organizations. As a result, businesses must consider the size of accounting firms when deciding whether to hire a small or large firm. Some business owners choose to work with a small firm with a proven track record, while others prefer to engage with major organizations that are already well-known in the country.
How much does the Accounting Service in Thailand charge?
The usual accounting charge does not cover all services. Prices may also vary depending on the company’s sophistication and monthly accounting operations. To avoid any future misunderstandings between the company and the accounting firm, it is best to negotiate and obtain a clear concept of the rates to ensure that they are within the company’s budget.
It’s not easy to find the correct accounting service provider for your company. Consider your company’s requirements as well as the service provider’s location, certification, competence, size, and service fees.
However, choosing a correct accounting service in Thailand would surely up your game significantly.
One thing which is very necessary is that you must engage your firm with a local accounting firm if you are a foreign investor. It will be very beneficial for you if you get a legal and accounting firm to look after your business. The legal acumen of premium full-service law firms like Konrad Legal will surely help your business in Thailand. Mail us at [email protected] to book your free consultation round.
