Accounting

We provide monthly accounting and bookkeeping services, including the preparation of basic financial reports based on the data maintained by our firm. This may include:

• Precision in Financial Documentation: We expertly prepare journal vouchers, payment vouchers, and receipt vouchers, ensuring that every transaction is accurately recorded and easy to track.
• Seamless Data Management: Our team inputs all financial data into your accounting system with precision, maintaining the integrity and consistency of your records.
• Compliance with Thai Accounting Standards: We diligently maintain your general ledger, ensuring that all transactions meet the rigorous requirements of Thai Accounting Standards.
• Insightful Financial Reporting: From Trial Balances to Profit & Loss statements and Balance Sheets, we generate detailed financial reports tailored to your company’s specific needs.
• Thorough Reconciliations and Support: Our services include meticulous account reconciliations and the creation of comprehensive supporting schedules for your financial statements.
• Document Preservation: We manage and maintain both external and internal financial documents, safeguarding the original records for easy retrieval and audit readiness.

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.

Beyond basic reconciliation, we can assist 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.

Accurate inventory tracking is essential for commercial businesses. We can assist with:

• 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.

We help catch-up or clean-up services for messy or outdated financial records. These services include:

• Reconciling historical transactions to ensure accurate data recording.
• Categorizing past transactions and organizing them in a consistent format.
• Assisting in transitioning to a more efficient and organized bookkeeping system.

We help with basic financial reports based on the data maintained by our firm. This may include:

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

Depending on the business structure and activities, various tax types apply in Thailand, introducing complexity to business operations.

• Corporate Income Tax (CIT): A tax levied on the net profits of companies registered in Thailand. Monthly accounting services calculate your CIT liability based on your financial records.
• 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. We will manage VAT calculations, reporting, and payments to ensure compliance.
• Special Business Tax (SBT): SBT applies to specific businesses such as banking, finance, and real estate. We handle the calculation, reporting, and payment processes to help your business meet its SBT obligations efficiently.
• Stamp Duty: Applicable to certain legal documents and agreements, stamp duty compliance involves determining the correct duty, ensuring timely payment, and affixing the appropriate stamps. Our services monitor these obligations to prevent any legal complications.
• Withholding Tax (WHT): This tax is withheld at source on certain payments, such as services, dividends, interest, and royalties. Accounting services ensure the accurate withholding and timely remittance to the authorities.
• Tax Registration and Compliance: Support in registering for VAT, SBT, and other necessary tax obligations, along with ongoing compliance management.

We offer comprehensive support for BOI compliance to businesses operating under BOI promotional privileges. Our services include:

• Documentation Preparation: Assisting in the preparation and submission of required BOI documents to ensure compliance with BOI regulations.
• BOI Reporting: Generating and submitting periodic reports to the BOI, detailing operational and financial data in accordance with BOI requirements.
• Investment Promotion Compliance: Ensuring that your business activities align with BOI promotion conditions, including employment quotas, capital investment requirements, and operational benchmarks.
• Audit Assistance: Supporting businesses during BOI audits by providing necessary financial documentation and explanations to regulatory authorities.
• Advisory Services: Offering strategic advice on maintaining BOI status, maximizing benefits, and preparing for changes in BOI policies.

We can help preparing financial statements that adhere to TFRS for PAEs standards. This may entail adjusting accounting policies, revaluing assets and liabilities, and presenting financial information in a format consistent with TFRS for PAEs requirements.

This service entails comparing a company’s current accounting practices with the pertinent TFRS for PAEs (or IFRS) standards. The gap analysis identifies areas where the company’s accounting practices diverge from TFRS for PAEs (or IFRS) and evaluates the potential financial repercussions of adopting those standards.

Financial modeling and cash flow forecasting are fundamental aspects of CFO services in Thailand. These services go beyond basic bookkeeping by constructing tailored financial models that incorporate specific contextual factors. These models meticulously consider currency fluctuations, local tax regulations, and industry-specific trends. This comprehensive approach enables effective forecasting of future cash flows, strategic decision analysis, and efficient resource allocation.

We provide comprehensive support to businesses contemplating mergers and acquisitions (M&A) activities. Our team conducts meticulous financial due diligence, thoroughly evaluates potential target companies, and offers expert guidance on optimal deal structuring to maximize the chances of favorable outcomes.

Thai tax laws can be intricate, necessitating specialized expertise. CFO services with proficiency in Thai tax regulations assist businesses in navigating these complexities, identifying tax-efficient opportunities, and ensuring compliance with all pertinent tax authorities.