It is a very famous quote that “behind every good business there is a great accountant”. But if you are thinking of scaling up your business in an opportunity-rich nation like Thailand, one accountant will never be enough. You need a team. You must consult with accounting services in Thailand for a better business development process.
There are various ways by which accounting services in Thailand can help you in your business development process. Following are a few most common benefits:
Accounting Services in Thailand can Save Training Costs:
If you are a foreigner in Thailand, it is very natural that you should not know the Thai accounting standards. So, to address this, you need to provide your in-house accountants with professional training in Thai accounting. This will incur a great deal of expense if you are having a team of accountants.
So, it is highly recommended that you hire an accounting service in Thailand to save on these expenses. Above all, it would be rather difficult for your accounting team to commute to Thailand and learn Thai accounting. COVID is regaining momentum in the second wave and international travels are threatened by this factor.
A dedicated Thai accounting and taxation team can help in the accounting and taxation activities by sitting in Thailand. Everything will be in your surveillance as leading accounting services like Konrad Legal are well conversant in remote works as well. Remote mode of work is usually more economical than site visits, and hence, it is not going to add any extra dollars to your budget.
Ease in Business Compliance:
A local Thai accounting firm would be better connected with Board of Investment officials as well as other government bodies. So, it will become very easy to comply your business with Thai legal norms and regulations. A Thai accounting firm can also help you in knowing the accounting standards better.
The Royal Thai Government and BOI or Ministries of Thailand keep on announcing tax deduction and reduction schemes. As long as you are not having a deep involvement with these bodies, you may not be able to get prompt notification of the announcements. Also, it is known to all of us that liaison and collaboration with government bodies are very compulsory for sustenance and business development.
This coordination is possible only if you have local Thai accountants empanelled in your business. They are familiar with all nooks and corners of the corporate and legal zones of the government houses in Thailand. If you get the Government by your side, your business would surely develop.
Get Deeper Market Insights from Accounting Services in Thailand:
Whenever you are up to doing a business, you must have a deep market insight. For this, you must conduct thorough market research on the market you are willing to penetrate. Now, is it possible to do all the research related to the Thai market by staying in your homeland?
It is not 100% possible. You need local Thai references and acquaintances to know more about the Thai market, especially when it is related to competitor analysis or market potential. Now, to carry on the formalities related to business setup and its registrations, you need a business registration and taxation lawyer from scratch.
This lawyer can help you in setting up your business in a proper mode as they are well conversant with the Thai market. They are also knowing about the locations which can be good for your business and methods to tackle with your competitors. Yes, they are not business experts, but, just like yours, they handle the file of other businesses too. So you can surely expect to get deeper insight.
Increase Your ROI:
Higher Return on Investment (ROI) is the primary objective at the time of business formation. It will be applicable even when you are setting up your business in Thailand. In finance terms, high ROI is not only an indicator of high income. Your business can yield higher ROI even when you are saving more. Accounting service in Thailand can help you in saving your revenue in the following way –
- Save expenses in training your existing accountants in Thai Accounting Standards.
- Get to know about tax deduction and reduction schemes and implement that effectively in your business.
- Know about the incentives and tax returns based on your investment volumes for specific industries with effective implementation of the same.
- Save your regular Thailand travel expenses for reasons like the power of attorney or lease, sale or purchase of properties.
If you can associate all these benefits with your business outline, you can figure out the benefit of hiring accounting services in Thailand. If you are saving revenue, it is also beneficial for your business development. To sum up, accounting services can help you in your business development in Thailand in the following ways:
- Reduce burdens related to training of existing accountants.
- Know the Thai accounting standards and taxation policies closely.
- No need to stay updated on policy or regulation changes, Thai accountants would do so.
- Help you get deeper insights into Thai Markets to play well and strong.
- Create a healthy relationship with Government bodies to help in your business sustenance and promotion.
Hiring accounting services in Thailand can always be beneficial for you, but also check the credibility and experience of the same before you hire one. Therefore, to drive all types of ambiguities away, you can schedule a brief session of a free consultation with Konrad Legal. All you need to do is write to us at [email protected].
We have more than two decades of experience in business registration, accounting and taxation and legal domains in Thailand. Konrad Legal is proud to have a 99% client retention rate to date.
