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Outsourced Accounting Services in Thailand

Outsourced accounting services in Thailand give companies a practical way to manage their local accounting function without maintaining the entire function internally. WMC can support recurring accounting, reporting and related coordination within the agreed engagement scope.

Discuss Your Accounting Requirements

When Outsourced Accounting May Be Useful

Accounting outsourcing in Thailand may be useful when a business needs an established local workflow, additional capacity or clearer reporting to management outside Thailand.

  • Establishing a Thai subsidiary or newly operating business
  • Transitioning from an internal accountant or another provider
  • Limited internal accounting or finance resources
  • Foreign management requiring English-language reporting
  • Growth that increases monthly transactions and reporting needs
  • Overseas management teams requiring visibility over Thai accounting

What an Outsourced Accounting Engagement May Include

The work depends on the company’s records, transaction volume, reporting requirements and agreed responsibilities. Possible service groups include:

Bookkeeping and general ledger maintenance
Transaction recording and organized monthly accounting records. Monthly closing and reconciliations
Period-end close, bank reconciliations and balance-sheet review. Receivables and payables support
Accounting information for accounts receivable and accounts payable. Financial information and management reporting
Reports and schedules for local and overseas management. Thai tax compliance coordination
Accounting information and document coordination for applicable tax work. Year-end and audit-support schedules
Preparation and coordination of records within the agreed scope.

Bookkeeping is one component, not the whole definition. Bookkeeping can form part of a broader outsourced accounting engagement, which may also include closing, reconciliations, reporting, tax coordination and communication with overseas finance teams.

Monthly Accounting and Closing

Monthly accounting services in Thailand may cover the recurring work needed to keep the local ledger and supporting information current. WMC can agree a document timetable, review information received and identify items that require clarification.

  • Monthly bookkeeping and general ledger maintenance
  • Bank and balance-sheet reconciliations
  • Accounts receivable and accounts payable accounting support
  • Financial information preparation and monthly close
  • Payroll accounting coordination where applicable

Reporting for Overseas Management

Foreign shareholders, parent companies and overseas finance teams may need accounting information in a consistent format and on a predictable timetable. WMC can communicate in English and prepare agreed schedules or management reports from the Thai accounting records.

The reporting format depends on the group’s requirements. Local statutory records and group management reporting may have different purposes, so the required outputs should be defined at the start.

Accounting and Tax Coordination

Accounting work records and organizes the company’s transactions and financial information. Tax filing is the preparation and submission of applicable returns based on the company’s activities, registrations and filing requirements. They are related, but they are not the same work.

Where included in the engagement, WMC can coordinate accounting information with ongoing tax compliance support and tax filing services. The applicable filings and submission responsibilities should be confirmed from the company’s facts.

Taking Over from an Existing Accountant

A transition normally starts with a review of the available ledger, trial balance, financial statements, bank reconciliations, tax filings, supporting documents and outstanding items. WMC can then define the handover, opening-balance review and recurring accounting scope.

If historical records are incomplete or inconsistent, a separate accounting cleanup review may be needed before regular monthly accounting can safely continue.

Outsourced Accounting for Foreign-Owned Companies

Foreign-owned companies and Thai subsidiaries often need local accounting records while reporting to directors, shareholders or parent-company finance teams overseas. WMC can discuss English-language communication, reporting formats and coordination responsibilities alongside the local accounting workflow.

For broader accounting, tax and corporate requirements, see the accounting and tax support page for foreign-owned companies.

How the Engagement Starts

1

Understand the business

Review the company’s activities, structure, employees, transaction flow and current accounting responsibilities.

2

Review current records

Consider available accounting records, prior filings and reporting requirements.

3

Define responsibilities

Agree the scope, monthly timetable, information required and responsibilities of each party.

4

Establish the workflow

Set up document submission, review and communication processes for recurring work.

5

Begin recurring support

Start the agreed monthly accounting, reporting and compliance coordination work.

Frequently Asked Questions

What is outsourced accounting in Thailand?

It is the use of an external accounting provider to perform some or all of a company’s local accounting function, such as bookkeeping, closing, reconciliations, reporting and agreed coordination work.

What is the difference between bookkeeping and outsourced accounting?

Bookkeeping focuses on recording and maintaining accounting records. Outsourced accounting may include bookkeeping plus closing, reconciliations, reporting, tax coordination and communication with management.

Can WMC act as our local accounting team in Thailand?

WMC can perform the local accounting work included in the agreed engagement. The responsibilities, records, timetable and reporting outputs are defined before work begins.

Can WMC report to our overseas finance team?

Yes. WMC can provide English-language communication and agreed accounting reports or schedules for overseas management.

Can outsourced accounting include tax filing?

Yes, tax filing can be included when it forms part of the agreed engagement. Accounting and tax filing remain separate responsibilities and should be confirmed from the company’s requirements.

Can WMC take over from our current accountant?

Yes. WMC can review the available records and handover information before agreeing the transition and recurring scope.

What information is needed to start?

Typical items include company and tax registration details, prior accounting records, trial balance, financial statements, bank statements, tax filings and reporting requirements. The exact list depends on the business.

Need an outsourced accounting function in Thailand?

Tell WMC about your current records, reporting needs and preferred level of support.

Contact WMC