Our team of experienced accounting specialists makes sure that your financial documents are up-to-date and conform to Thai rules and regulations, so you can manage your business without any worries.
Meeting your accounting requirements in an accurate and timely manner is important in running a Thailand business. Keeping your accounting records up to date and compliant with Thai Accounting Regulations reflect a business that is properly and legally managed, as it strictly adheres to Thai business regulations and lessens its risk of being slapped with fines and penalties by local authorities. Reliance Consulting is a Thai accounting firm who prepares Financial Statements in conformity with the Thai Financial Reporting Standards (TFRS) and the Thai tax laws.
In addition, keeping your accounting documents accurate helps you manage a more stable business that is ready to face any challenges ahead of time. With an updated financial information, your business will be able to quickly respond to any issues, without having to second-guess the financial position or sustainability of your company. You, as a business owner, will be more than confident in whatever decision you need to make for your company’s growth, as you have within your reach reliable and updated financial information that you can refer to anytime.
Outsourcing your accounting needs to Reliance Consulting is a smart way to manage your business financial information more efficiently. Partnering with a professional service provider specialising in handling accounting records allows you to timely comply with your compliance requirements and enables you to operate your business with ease.
Why Outsource Your Accounting in Bangkok, Thailand?
Instead of hiring an in-house accounting personnel, you can turn to Reliance Consulting to perform your accounting function. Our accountants are properly trained and speak fluent English oversee your accounts. Experience the following benefits when you engaged our outsourced accounting services.
You can expect accurate and up-to-date financial reporting that is provided to you in a timely manner to meet your compliance requirements on time. As your accounting needs are handled by qualified accounti2ng professionals, you can rest assured that your financial reports adhere to Thailand’s regulatory requirements.
There is no need to pay for monthly salaries of accounting staff or even acquire pricey accounting software, as you have a professional firm that provides fixed-cost accounting services.
Saves Time and effort
You can focus better on running your business when you have a reliable accounting firm to take care of your financial documents in a professional manner. You can allot your time and effort on things that boost business growth like planning business strategies or improving your marketing campaigns.
OUR CORE COMPETENCY - A TEAM BASED MODEL
Have a team of trained staff and qualified accountant on demand for your business - Ready to go from Day One.
- Experienced staff with the skill level of a senior accountant from day one
- An independent and competent team that does not require your training or management
- Thorough working knowledge and understanding of Companies Acts and Income Tax Acts
- Consistent excellent service from well-trained staff
- Flexibility in resources to provide on demand services
- No commitment during off-peak times
- Senior accounting team overseeing the work
- Fixed cost per job or percentage of fee (for additional service request)
- Assistance in creating new business processes
SOFTWARE SPECIALISTS WHOM WE WORK WITH
WHY CHOOSE RELIANCE CONSULTING FOR YOUR ACCOUNTING NEEDS?
The accounting function needs a keen eye for detail to handle several requirements that should be accounted and paid for on a monthly basis. There’s the preparation, submission, and payment of VAT and withholding tax documents and financial statements that need to be thoroughly reviewed and verified by a licensed accountant.
On top of these tasks, all these documents should be signed and approved by required signatories during the Annual Shareholders’ Meeting within four months upon closing the accounting year, before being sent off to the Revenue Department and the Commercial Registrar within one month to meet compliance requirements and avoid the fine that may amount to 200,000 baht for failure to comply. In addition, there’s a need to be mindful when keeping accounts and company documents, as these have to be kept safely for at least five years at the registered business address of the company.
With so many responsibilities to take care of, the accounting function should be handled by an accounting expert with unparalleled experience in overseeing financial documents. Reliance Consulting is the partner you can trust in handling your accounts to efficiently manage your business in Thailand.
Reliance Consulting has:
- Unparalleled industry experience
We boast expertise and experience to keep your financial records up-to-date and fully compliant for accounting and tax purposes. We ensure proper documentation of all relevant financial statements, as well as handle your accounting entries and tax returns for filing.
- Competent specialists
We have a team of highly qualified Thai CPAs who can speak fluent English and is accredited to sign off your accounts in compliance with the Thai Accounting Regulations.
- A working knowledge and thorough understanding of Thai laws
We believe in being partners with our clients to ensure their success. It is for this reason that we keep ourselves updated with all the relevant tax laws to ensure that financial statements are always updated, conforms with the Thai Financial Reporting Standards, and strictly adheres to local regulations.
Whether you’re a local startup looking to stabilise your business or a foreign company that wants to ensure smooth-sailing operations, Reliance Consulting provides a comprehensive range of accounting services in Bangkok to make sure that your business meets all your accounting requirements and fully complies with local tax laws:
- Set-up of accounting system
- Set-up of bank account
- Preparation of cheque and payment transfers
- Monthly recording of accounting transactions
- Preparation and submission of monthly financial reports, including Balance Sheet, Profit and Loss Statement, Bank Reconciliations, Customers Aging Report, Suppliers Aging Report, Journal, General Ledger, Supporting Accounting Schedules, etc.
- Monthly reporting of VAT (PP30, 36) and withholding tax (PND 1, 3, 53, 54)
- Preparation of annual audited financial statements
- Calculation of statutory tax, mid-year tax return (PND51) and year-end tax (PND 50) filings
COMPETITIVELY PRICED OUTSOURCED ACCOUNTING SERVICES
Reliance Consulting offers fixed-price outsourced accounting, which lets you manage your cash flow more efficiently without having to deal with hidden charges and any other costs. We also provide customised accounting packages to give clients more flexibility when handling their operations costs.
|Package||Monthly Fee per package (THB)||Maximum Transaction per month||Additional transaction shall be charge at (THB)/bill|
|Details of work|
1.1 - Accounting services based on Thai accounting standard and Thai Tax laws regarding to the preparation of accounting and filing Tax form.
1.2 - Preparation of monthly accounting required by Thai law and monthly financial reports such as:-
Balance sheet and detailing of assets and liabilities
Income statement and detailing of revenues and expenses
Bank account reconciliation
Aging schedule of accounts receivable and accounts payable
Fixed assets and depreciation registration
1.3 - Preparation and filing of monthly Tax form for withholding tax and VAT to Thai revenue Department as followings:
PND 1 for employees,
PND 3 for personal,
PND 53 for corporate,
PND 54 for money transferred abroad,
PP 30 for monthly vat report, and
PP 36 for money transferred abroad
Remark: Number of monthly accounting transactions will be counted base on sales, purchases, receipts, expenses, payroll and journal transactions.
Example - Cost of Employing Full Time Senior Accountant and Finance Manager
|Senior Accountant||Finance Manager|
|Social Security 5%||750||750|
|1 month Bonus pro-rated||5,000||12,500|
|12 days annual leave||2,769||6,923|
|Medical & personal accident insurance premium||1,200||2,000|
|Staff cost per month||69,719||172,173|
|Savings per month||41,719||102,173|
|Savings Per Year||500,628||1,226,076|
All Our Packages Include
24/5 e-mail support, phone support from 9am to 6pm
Inludes balance sheet, income statement, bank reconciliation statement, debtors aging report, creditors aging report, accounting schedules, actual vs budget and more!
A primary point of contact which will be responsible for performing your accounts on monthly basis. You can communicate with your accountant anytime via e-mail.
Development and maintenance of efficient and reliable accounting procedures and internal controls to facilitate 3rd party audits or reviews.
Delegation of Duties
Working with your team to implement and delegate responsibilities.
Use of your existing accounting software or the migration to a new accounting software or using our in-house accounting software.
Review of all accounts for accuracy by your dedicated accountant or director for decision making.
Chart of Accounts
Design and implementation of a custom chart of accounts or improvement of an existing one to aid with internal budgeting/ monitoring and provide reliable insight for investors and management.
Dedicated Accounts Manager
A dedicated accounts manager that will be responsible for reviewing your financials on a monthly basis to make sure they are accurate and up to date. You can communicate with your assigned accounts manager anytime via phone or e-mail.
Monthly closing of accounts
Dedicated for monthly closing of accounts and deliver the reports by the 15th of the month.
FAQS ON ACCOUNTING SERVICES
Why outsource accounting services?
Companies must abide by Thailand Financial Reporting Standards when drafting their accounts and submitting reports. In addition, as part of statutory regulations, all financial statements should be assessed and certified by an accountant within a given period. Accounting can be complex because of these strict rules. Anyone who violates these laws will be subject to penalties. Hence, outsourcing accounting services is the easiest way to accomplish all accounting tasks in Thailand.
Accounting firms have the expertise to properly evaluate your accounts and oversee all financial matters. That said, they are better equipped to understand the cash flow, ensure consolidation, and comply with statutory requirements. In doing so, businesses can focus on their core competencies to grow their business.
How do you outsource accounting services?
First of all, you need to be clear about the services you want to be outsourced. Different accounting firms offer different sets of services. While others provide comprehensive offerings, others might focus on a few. Once you’ve narrowed down your requirements, it’s time to do your research.
Find an outsourcing team with expertise and experience. You can go online and read reviews or get recommendations from peers. After finding the potential firms, the next thing you need to do is consider the costs. For this, you can compare different firms and evaluate their services based on quality, affordability, and reliability. You need to find a service provider that will give you the value of your money.
Finally, you must coordinate with your chosen team. Coordination and constant communication can cement your partnership and align expectations. Once everything is agreed upon, your outsourced team can begin their job.
Will I lose control of my business by outsourcing my bookkeeping?
Definitely no. However, our professional accountant can assist you to give the apt suggestion in accounting and tax planning.
How much does your service cost?
Please see at the service fees.
What software do you support?
Quickbooks, subject to change to the updated software.
Does every company need financial accounting?
Yes. All companies, branches, partnerships, or joint ventures must prepare and submit financial statements to the Ministry of Commerce during the assigned accounting period. These documents are essential to provide a clear picture of the company’s financial status. As such, all companies must adhere to the accounting standards.
What is included in accounting services?
Most accounting firms offer comprehensive services to ensure statutory compliance and smooth business operations. These services include:
- Setting up an accounting system
- Setting up a bank account
- Monthly bookkeeping
- Preparing and submitting financial reports on a monthly basis
- Monthly VAT and withholding tax reporting
- Preparing audited financial statements annually
If your company requires customized services, you can coordinate with your chosen accounting firm.
Can other people access my data?
Only authorised accountants assigned to your account will have access to your data.
What is the security?
The confidential on the client’s information is one of our first priority.
How is the outsourced accounting better than the company’s internal accountant?
Save cost like benefit, insurance, payroll, taxes and paid leaves, get the appropriate advice and well plan by the experienced professionals.
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