Accountancy Services

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Accounting Business Process Outsourcing
Payroll Processing
Monthly Tax Compliance as a Core Accounting Service in Thailand
Convergence of TFRS for PAEs
CFO Services

Business Process Outsourcing (BPO) for accounting involves delegating specific financial and accounting tasks to a qualified external service provider. This can offer significant benefits for businesses of all sizes, from streamlining operations to reducing costs and gaining access to expertise. Accounting outsource forms the foundation of any accounting system, ensuring accurate financial records and laying the groundwork for informed financial decisions. Here’s an expanded breakdown of services offered under BPO Accounting, going beyond the basic tasks.

Accounts Payable and Receivable Management

Efficient management of payables (money owed to vendors) and receivables (money owed by customers) is crucial for a healthy cash flow.

  • Process vendor invoices for timely payments and maintain good supplier relationships.
  • Issue customer invoices, track outstanding payments, and send reminders to collect overdue receivables.
  • Reconcile bank statements to ensure all accounts payable and receivable transactions are recorded accurately.

Bank Reconciliation and Cash Flow Management

Beyond basic reconciliation, bookkeepers can help with:

  • Identifying and resolving discrepancies between bank statements and internal accounting records.
  • Categorizing transactions to gain insights into spending patterns and cash flow trends.
  • Providing cash flow forecasts to help businesses plan for future expenses and investments.

Inventory Management

Accurate inventory tracking is essential for commercial businesses. 

  • Recording inventory purchases and sales transactions.
  • Conducting regular inventory counts and reconciling them with accounting records.
  • Calculating cost of goods sold (COGS) to determine profitability.

Accounting Software Setup and Support

Many businesses utilize accounting software for efficiency and accuracy. 

  • Selecting the most suitable software for your business needs.
  • Setting up the software with accurate chart of accounts and data entry procedures.
  • Providing ongoing support and training to ensure staff can effectively use the software.

Clean-Up Services

If your financial records are messy or outdated, accountants can offer catch-up or clean-up services to:

  • Reconcile historical transactions and ensure all data is accurately recorded.
  • Categorize past transactions and organize them into a clear and consistent format.
  • Help you transition to a more efficient and organized bookkeeping system.

Financial Reporting Preparation

We offer assistance with basic financial reports based on the data they maintain. This could include:

  • Creating income statements that summarize revenue, expenses, and net profit.
  • Preparing basic balance sheets that show a company’s assets, liabilities, and equity at a specific point in time.

Benefits of Including Monthly Tax Compliance

  • Peace of Mind
    Knowing a qualified accountant is managing your tax compliance ensures you’re meeting all your obligations and avoiding any potential tax issues.
  • Reduced Risk of Penalties
    Accurate tax calculations, timely filings, and proper record-keeping minimize the risk of penalties and interest charges from the Revenue Department.
  • Improved Cash Flow Management
    Understanding your monthly tax liabilities allows for better cash flow management and ensures you have sufficient funds available to meet tax payment deadlines.
  • Focus on Your Business
    By outsourcing your monthly tax compliance to an accountant, you can free up your time and resources to focus on core business activities.

For businesses with employees, managing payroll can be a complex task.

  • Calculating employee salaries and wages, including deductions for taxes and social security.
  • Preparing and issuing paychecks or direct deposits to employees.
  • Filing payroll tax reports with relevant government authorities.

By going beyond basic data entry, these expanded accounting services can significantly enhance a company’s financial well-being. They improve efficiency, ensure accurate financial data, and provide valuable insights to support informed decision-making.

In Thailand, complying with tax regulations is an ongoing process, not just a yearly task. Accounting services in Thailand typically include monthly tax compliance as a core service to ensure businesses stay on top of their tax obligations. Here’s a breakdown of what this entails.

Monthly Accounting and Record-Keeping

Accurate and up-to-date financial records are essential for calculating tax liabilities. Monthly accounting services ensure all your income and expenses are meticulously recorded, categorized, and readily available for tax calculations.

Tax Computation and Withholding

Depending on your business structure and activities, different tax types will apply in Thailand, adding complexity to your business. 

  • Corporate Income Tax (CIT): A tax levied on the net profits of companies registered in Thailand. Monthly accounting services will calculate your CIT liability based on your financial records.
  • Withholding Tax (WHT): This tax is withheld at source on certain payments, such as services, dividends, interest, and royalties. Accounting services will ensure the correct WHT is withheld and remitted to the authorities on time.
  • Value Added Tax (VAT): VAT is levied on the sale of goods and services. Monthly VAT reports and tax payments are typically required for businesses exceeding a specific annual turnover threshold. Your accountant will manage VAT calculations, reporting, and payments to ensure compliance.

Tax Payment and Filing

Meeting deadlines for tax payments and filing tax returns is crucial to avoid penalties and interest charges. Accounting services will handle the timely submission of all necessary tax forms and ensure your tax payments are made accurately.

Maintaining Tax Documentation

Proper record-keeping of tax invoices, receipts, and other supporting documents is vital for potential tax audits. Your accountant will ensure all relevant documentation is organized and readily available for the authorities.

TFRS for PAEs stands for Thai Financial Reporting Standards for Publicly Accountable Entities. In Thailand, the financial reporting standards are divided into two sets based on the type of entity:

  • TFRS for PAEs: Applies to publicly accountable entities (PAEs)
  • TFRS for NPAEs: Applies to non-publicly accountable entities (NPAEs)

Publicly Accountable Entities (PAEs) are businesses with a higher public interest due to factors like:

  • Trading securities on a stock exchange
  • Issuing securities to the public
  • Being a financial institution (e.g., banks, insurance companies)

Meeting specific size or other criteria determined by the regulatory authorities

TFRS for PAEs are based on International Financial Reporting Standards (IFRS), issued by the International Accounting Standards Board (IASB). IFRS are a set of global accounting standards that aim to achieve uniformity and comparability in financial reporting across different countries.

Here’s a breakdown of the key points regarding TFRS for PAEs:

Why Use TFRS for PAEs?

  • Ensures transparency and comparability of financial statements for investors and other stakeholders.
  • Meets the requirements of regulatory bodies for publicly listed companies.
  • Provides a more comprehensive and complex framework for accounting compared to TFRS for NPAEs.

Potential Challenges

  • TFRS for PAEs can be more complex and require more resources to implement compared to TFRS for NPAEs.
  • Companies transitioning from NPAEs to PAEs might need to adjust their accounting systems and processes to comply with the stricter standards.

In contrast, TFRS for NPAEs are a simplified version of TFRS, designed for businesses that are not considered PAEs. These entities typically have less complex financial structures and a lower public interest.

In Thailand, while full IFRS adoption hasn’t happened, the Federation of Accounting Professions (FAP) has been working towards convergence with IFRS standards. Accounting service providers can play a crucial role in helping businesses navigate this ongoing process. Here are some accounting services offered related to IFRS convergence in Thailand:

IFRS Gap Analysis and Impact Assessment

This service involves comparing a company’s current accounting practices under Thai Generally Accepted Accounting Principles (Thai GAAP) with the relevant IFRS standards. The gap analysis identifies areas where the company’s accounting practices differ from IFRS and assesses the potential financial impact of adopting those standards.

Preparation of IFRS Compliant Financial Statements

Accountants can assist companies in preparing financial statements that comply with IFRS standards. This may involve adjusting accounting policies, revaluing assets and liabilities, and presenting financial information in a format consistent with IFRS requirements.

Training and Support for Staff

As companies transition to IFRS, their accounting staff will need to be familiar with the new standards and how they differ from Thai GAAP. Accounting service providers can offer training programs to help staff understand the key concepts of IFRS and how to apply them in practice.

Ongoing Monitoring and Compliance

Even after the initial transition, it’s crucial to stay updated on any new or revised IFRS standards. Accounting services can provide ongoing monitoring to ensure your company’s accounting practices remain compliant with the latest IFRS developments.

Additional Services

  • System and Process Review: Accounting firms can assess your current accounting systems and processes to identify any gaps or inefficiencies that might hinder IFRS adoption. They can recommend adjustments or upgrades to ensure smooth implementation.
  • Communication and Stakeholder Management: Transitioning to IFRS can impact various stakeholders like investors, creditors, and regulators. Accounting services can help develop communication strategies to inform stakeholders about the changes and address any concerns.

While traditional accounting services form the foundation of financial management, CFO services offered in Thailand can add a strategic layer, empowering businesses to make informed financial decisions and achieve long-term goals. Here’s how CFO services complement accounting services in Thailand

Strategic Financial Planning and Analysis

  • Financial Modeling and Cash Flow Forecasting: Going beyond basic bookkeeping, CFO services in Thailand involve building financial models tailored to the Thai context. These models consider factors like currency fluctuations, local tax regulations, and specific industry trends. They help forecast future cash flow, assess the impact of strategic decisions, and guide resource allocation effectively.
  • Mergers and Acquisitions (M&A) Support: If your business is considering M&A activity, Thai CFO services can provide crucial support. They can conduct financial due diligence, value target companies, and advise on deal structuring to ensure optimal outcomes.

Financial Leadership and Oversight Specific to Thailand

  • Understanding Thai Tax Landscape: Thai tax laws can be complex. CFO services with expertise in Thai tax regulations can help businesses navigate these complexities, identify tax-saving opportunities, and ensure compliance with all relevant tax authorities.
  • Foreign Exchange Management: Thailand has a floating exchange rate. CFO services can assist with managing foreign exchange exposure, mitigating currency risk, and developing strategies to optimize international transactions.

Operational Efficiency and Performance Improvement

  • Cost Analysis and Management: CFO services can delve deeper into cost structures compared to basic bookkeeping. They can identify areas for cost reduction, analyze supplier pricing, and implement strategies to improve operational efficiency within the Thai business environment.
  • Performance Management Frameworks: Developing key performance indicators (KPIs) tailored to the Thai context is crucial. CFO services can help establish these KPIs to track progress towards financial goals, identify areas for improvement, and monitor overall business performance in Thailand.

Additional Services for Thai Businesses

  • Debt Financing and Restructuring: CFO services can advise on securing loans from Thai banks or financial institutions, considering factors like loan terms, interest rates, and potential foreign exchange impact. They can also assist with debt restructuring negotiations if needed.
  • Business Continuity Planning for Thailand: Developing a plan to ensure your business can weather unexpected disruptions like floods or political instability is crucial in Thailand. CFO services can provide guidance on developing a robust business continuity plan specific to Thai risks.

The Synergy Between Accounting and CFO Services

Accounting services in Thailand provide the essential foundation – accurate financial data and tax compliance. CFO services build upon this foundation by offering strategic analysis, financial modeling, and leadership oversight. This combined approach empowers businesses in Thailand to make data-driven decisions, optimize financial performance, and achieve sustainable growth in the dynamic Thai market.


Choosing the Right CFO Services Provider in Thailand:

  • Industry Expertise: Look for a provider with experience in your specific industry sector to ensure they understand the unique financial challenges and opportunities in your field.
  • Local Market Knowledge: Having a deep understanding of the Thai financial landscape, tax regulations, and business environment is crucial for effective CFO services in Thailand.
  • Cultural Understanding: Effective communication and cultural sensitivity are essential for successful collaboration with Thai stakeholders.

By leveraging both accounting and CFO services tailored to the Thai market, businesses can gain a significant competitive advantage and navigate the complexities of doing business in Thailand with greater confidence.

Our Services

Accountancy Services

Business processing, CFO advisory, and, TRFS convergence.

Advisory Services

Business strategy, growth consulting, and regulatory insights.

Audit Services

Statutory audits, internal controls, and risk management.

Tax Services

Strategic planning, compliance, and transfer pricing.

Transaction Services

Due diligence, negotiations, and merger & acquisition guidance.