Annual Audit 2006: How Much You Payed Auditor?

[junkofdavid2]

Hello!

Just wondering...

1) How much did you pay your 2006 Annual Auditor?

2) Did you encounter any problems dealing with him/her during the Auditing process?

I have a small company with only one employee (me), and my auditor charged me 8,000 baht. Another company quoted me 15,000 for the same job.

For accounting service with an accountant affiliated with the same auditor, I pay 3,000 per month and that already includes 1) Preparation of all financial statements until end of the year, 2) filing and paying of Vat, 3) filing and paying of withholding tax, 4) filing and paying of my personal income tax, 5) filing and paying of my social security, 6) all other monthly routine accounting filings with the government, if any. No need to pay her any extra money at the end of the year to prepare financial statements. It also already includes any traveling/transportation expenses she may incur when going to the government offices for filing. (Apparently, some of these filings can be done on the internet, and can be payed over-the-counter at any bank branch. For those that cannot be done at the bank or internet, I guess she just files my documents at the same time that she files the documents of other clients.)

Let's share and compare!

Just so we have a good idea of prices.

Cheers!

Mike

[stoneman]

I own a medium size "Amity Treaty" company...

Our accountant is 5k baht per month and the annual audit is 15k baht. And we have never had a problem..All paperwork and reports always filed correctly.

Amity companies are always scrutinized more closely. We get regular visits from the tax and labor depts...Never any problems...always, just checking..

Remember..you usually get what you pay for...

Stoneman

[Moonfruit]

Our monthly accounting bill is 6,500 baht for a small (12 fulltime and around 8-10 part time) employees. We do have thousands of transactions every month though so accounting is a nightmare.

Annual audit was 13,000 thb.

[junkofdavid2]

I find Moonfruit's accountant cost very reasonable, but that's just my personal opinion.

Anyone else? Please share

[N47HAN]

Well would appear ive been ripped then

End of yr was 30,000 ! charges are 4 k a month for having 4 thais and me

Accountant told me this was the auditors charge and not hers ?!

And was based on income for the year (4million turnover)

Pissed me off anyways as the company didnt start till december and had only one cheque through its books! But she insisted it was based on turnover and nothing else !!

be intresting to see others.

[Moonfruit]

Well would appear ive been ripped then

End of yr was 30,000 ! charges are 4 k a month for having 4 thais and me

Accountant told me this was the auditors charge and not hers ?!

And was based on income for the year (4million turnover)

Pissed me off anyways as the company didnt start till december and had only one cheque through its books! But she insisted it was based on turnover and nothing else !!

be intresting to see others.

If your company was only formed in December, that makes the audit very easy! Especially if there was only one transaction, though there are other epenses they take into account like company setup costs etc etc. 30,000 sounds like a con to me. Ask her for the invoice from the auditor and pay directly, thats what i did.

4,000 for your accounting seems reasonable enough to me.

[junkofdavid2]

30,000 sounds like a real con, unless it included your income taxes (or some other type of government fee?) for the year 2006? Is that possible?

Edited June 4, 2007 by junkofdavid2

[Dazzler]

Dear junkofdavid2

Can you give me the name and contact details of your accountant and auditor please. Seems like a good deal.

Thanks.

[smartecosse]

Hello!

1) Preparation of all financial statements until end of the year,

2) filing and paying of Vat,

3) filing and paying of withholding tax,

4) filing and paying of my personal income tax,

5) filing and paying of my social security,

6) all other monthly routine accounting filings with the government, if any.

3000 seems cheap in you are a farang as I was under the impression that a minimum 30k salary attracted 1500 tax and 1500 social security per month and 3% withholding on that would be 900 baht

[steveromagnino]

Hello!

1) Preparation of all financial statements until end of the year,

2) filing and paying of Vat,

3) filing and paying of withholding tax,

4) filing and paying of my personal income tax,

5) filing and paying of my social security,

6) all other monthly routine accounting filings with the government, if any.

3000 seems cheap in you are a farang as I was under the impression that a minimum 30k salary attracted 1500 tax and 1500 social security per month and 3% withholding on that would be 900 baht

I think they mean the cost of going to the effort of filing and also of going to the bank and paying the VAT, not the actual VAT itself.

3k is about what my company pays, and an annual audit of about $15k-$20k baht I think.

[Dazzler]

So can anyone give me the details of a good accountancy firm to use for my small company?

[Isaanresting]

Hi

I have a 5mil company, 4/5 Thais and myself.

Monthly I pay 15,000 baht (includes all fee's and VAT)

Anual Audit is 28,000 baht

Is this high?????

[Isaanresting]

Hello!

1) Preparation of all financial statements until end of the year,

2) filing and paying of Vat,

3) filing and paying of withholding tax,

4) filing and paying of my personal income tax,

5) filing and paying of my social security,

6) all other monthly routine accounting filings with the government, if any.

3000 seems cheap in you are a farang as I was under the impression that a minimum 30k salary attracted 1500 tax and 1500 social security per month and 3% withholding on that would be 900 baht

Is it not 60,000 a month for a farrang and wp etc?

[Wekhin]

Well would appear ive been ripped then

End of yr was 30,000 ! charges are 4 k a month for having 4 thais and me

Accountant told me this was the auditors charge and not hers ?!

And was based on income for the year (4million turnover)

Pissed me off anyways as the company didnt start till december and had only one cheque through its books! But she insisted it was based on turnover and nothing else !!

be intresting to see others.

I am a thai accountant and would like to say that 30K for 4M turnover is really a ripoff, except that your business is a rather complex manufacturer or there are a lot of details to be accounted for.

[Wekhin]

Hi

I have a 5mil company, 4/5 Thais and myself.

Monthly I pay 15,000 baht (includes all fee's and VAT)

Anual Audit is 28,000 baht

Is this high?????

That is hard to say. It depends on your type of business, complexity of a/c works that need to be done, the amount of work, etc.

[junkofdavid2]

Hello!

1) Preparation of all financial statements until end of the year,

2) filing and paying of Vat,

3) filing and paying of withholding tax,

4) filing and paying of my personal income tax,

5) filing and paying of my social security,

6) all other monthly routine accounting filings with the government, if any.

3000 seems cheap in you are a farang as I was under the impression that a minimum 30k salary attracted 1500 tax and 1500 social security per month and 3% withholding on that would be 900 baht

3000 is the accountant's service fee only, not government fees and taxes... government fees and taxes will vary from month to month depending on how big your sales are, and how much tax you withheld from employees and suppliers.

[junkofdavid2]

Dear junkofdavid2

Can you give me the name and contact details of your accountant and auditor please. Seems like a good deal.

Thanks.

PM me your contact details, and I'll have her call you.

Take note that one reason why she charges me that price is because my company has very few transactions a month, and only 1 employee (me).

Dunno how big or how busy your company is; but if it's not that busy, she should charge you about the same price.

Cheers,

Mike

Edited June 19, 2007 by junkofdavid2

[johnliu]

Hi, any know what is the avg rate for change of company address to the following depts

1)dept of business development

2)revenue development

3)ministry of labour

4)social sercurity office

i just moved ofc and need to change to the new address,and or possible to go change on our own without help of the lawyer and what papers are needed,thanks

[joepublic]

Hi

I have a 5mil company, 4/5 Thais and myself.

Monthly I pay 15,000 baht (includes all fee's and VAT)

Anual Audit is 28,000 baht

Is this high?????

That is hard to say. It depends on your type of business, complexity of a/c works that need to be done, the amount of work, etc.

11M Turnover, 9 staff, 3 Foreigners.

Monthly Accountant 6K + very reasonable extra for WP , company registratoin, director and sharholder changes

Auditor 15K.

These figures are typical now that I know my way around Thailand

One thing I will say.

NEVER, NEVER use NAT group. First year of trading they charged me 60,000 for some 15 mins (incorrect) advice about BOI and dual taxation structures, and then 16K per month for what was a 2 employee company. They also provide the worst advice I have ever had. They lead the sale with one short haired english speaking boss, who you will never see again. After then, you get non englisg speaking staff, who dont have the slightest clue about anything other than how to do ledger entries.

In Thailand, there is no getting round the fact that you will find it very difficult to find an accountant to proactively suggest cost saving and tax efficient mechanisims. These things you need to study yourself, particularly about BOI tax free regulations which are a mystery to 99% of all accountants here.

Just my tuppance worth

[wolfmanjack]

Well would appear ive been ripped then

End of yr was 30,000 ! charges are 4 k a month for having 4 thais and me

Accountant told me this was the auditors charge and not hers ?!

And was based on income for the year (4million turnover)

Pissed me off anyways as the company didnt start till december and had only one cheque through its books! But she insisted it was based on turnover and nothing else !!

be intresting to see others.

If your company was only formed in December, that makes the audit very easy! Especially if there was only one transaction, though there are other epenses they take into account like company setup costs etc etc. 30,000 sounds like a con to me. Ask her for the invoice from the auditor and pay directly, thats what i did.

4,000 for your accounting seems reasonable enough to me.

Personally I would like to know what business he is in where he had 4 million turnover in 1 month ??

My monthly for my accountant is 2,000 and my audit was 7,000. I only did around 6 million baht for the year.