Why you really need to hire a Thai accountant
There are many different aspects to running a successful business but arguably one of the most important things is finding a good Thai accountant. A good accountant is the same around the world, they can save you money, help save you time and plan for the future. This, when you also consider the fact that they actually do jobs that most of us hate makes them really worth their weight in gold!
When you’re doing business in Thailand a good Thai accountant is invaluable. All Thai tax documents need to be submitted in Thai and any requests or notices that come will also be in Thai – something that most foreigners cannot read or write, certainly to the levels required to fully comprehend what is needed. Taking short cuts in this area is certainly something that needs to be avoided as the penalties for failure to comply can be quite severe. Thai tax laws are quite complex so it is always advisable to seek the advise of an expert. Like many things in business, accounting is something that you need to keep on top of. Regular reports need to be sent to the authorities and these reports need to be accurate so it is essential that these are kept up to date. Something that is easy to let slip if you are trying to run all aspects of your business on your own.
There are many registered accountants or qualified accountants in Thailand but sadly many are not up to the required standard and can actually end up costing you more money rather than saving money. Obviously, you will wish to communicate with your account so you need that person to be able on converse with you – usually in English.
It is always a good idea to shop around and seek advice from others when looking for a good Thai accountant. Ask other expats and people in business which accounting firm they use in Thailand. It is certainly advisable not to go for the cheapest option just for the sake of it. As stated earlier, this is not something to cut corners on and a good accountant will save you more money than they cost you. As with many things, word of mouth is the best form advertising so someone who comes recommended is probably a better option. Remember they are there to provide you with a service and after all you are paying them, so make sure you are entirely satisfied with the accounting service that you are getting, and if you’re not – give our team of experts a call.