Outsourced Accounting Services in Thailand

Contents

Outsourced Accounting Services in Thailand

When Outsourced Accounting May Be Useful

Outsourcing can help when you need a local accounting process, additional capacity or clearer reports for overseas management.

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

What an Outsourced Accounting Engagement May Include

The scope depends on your records, transaction volume, reporting needs and the responsibilities we agree. Services may 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 part of outsourced accounting. A broader engagement may also cover month-end closing, reconciliations, reporting, tax coordination and communication with overseas finance teams.

Monthly Accounting and Closing

Monthly accounting keeps your local ledger and supporting records current. We agree on a document timetable, review the information received and flag items that need 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 prepares agreed schedules or management reports from the Thai accounting records.

The reporting format depends on your group's requirements. Local statutory records and group management reports serve different purposes, so we agree on what each needs at the start.

Accounting and Tax Coordination

Accounting records your transactions and financial information. Tax filing means preparing and submitting the returns that apply to your activities and registrations. The two are related, but they are separate pieces of 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 Thai accounting records as well as reports for overseas directors, shareholders or parent-company finance teams. We discuss the reporting format and coordination responsibilities alongside the local accounting process.

For broader accounting, tax and corporate requirements, see the accounting and reporting page.

How the Engagement Starts

1. 01

   Understand the business

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

2. 02

   Review current records

   Consider available accounting records, prior filings and reporting requirements.

3. 03

   Define responsibilities

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

4. 04

   Establish the workflow

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

5. 05

   Begin recurring support

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