AjarnRichard Posted July 15, 2016 Share Posted July 15, 2016 I was told that here in Thailand, every company must hire an accountant. So, if you, as the head of the company wanted to keep and manage the books, to give an auditor at the end of the year, you would still need to hire an accountant to keep the books. And this is apparently 'the law'. Has anyone heard of this before? Richard Link to comment Share on other sites More sharing options...
impulse Posted July 15, 2016 Share Posted July 15, 2016 (edited) Apparently it can be farmed out to a contractor. Although our company is probably bigger than yours, I don't know how we'd even begin to comply with all the Thai reporting requirements without a Thai speaking accountant (we have several) who has an established relationship with the taxing authorities, the customs department, etc. Filling out the forms in Thai is just the start of their work. [url="http://www.bdo-thaitax.com/bdo/financial-report"[/url] Edited July 15, 2016 by impulse Link to comment Share on other sites More sharing options...
TravelerEastWest Posted July 16, 2016 Share Posted July 16, 2016 No you do not need to hire an accountant but you do need bookkeeping done in a timely manner. You can engage the services of an outside accountant. Link to comment Share on other sites More sharing options...
BigFun Posted July 16, 2016 Share Posted July 16, 2016 At the end of the financial year (31, Dec.) you are required to produce financial statements. To do this you have until end of May in the coming year before receiving late fines. If you are fluent in Thai I guess you could hand the self produced accounts to a Thai auditor although strictly speaking 'accounting work' of any kind is a protected profession. Having end of year accounts produced and audited by (2 different) Thai accountants is not difficult or expensive. You can outsource this process, it needn't be in-house. Link to comment Share on other sites More sharing options...
JacChang Posted July 16, 2016 Share Posted July 16, 2016 We hire an outside accountant who checks in every so and often, and we hand him all the documents he requires. Link to comment Share on other sites More sharing options...
mrfaroukh Posted July 16, 2016 Share Posted July 16, 2016 It is like you doing a crime and have no lawyer in the court. If you fell you can defend yourself then carry on and accept the consequences. It is always better for the company to have an accountant because they know the law and they are the one who can also save you money. Link to comment Share on other sites More sharing options...
blackcab Posted July 18, 2016 Share Posted July 18, 2016 As noted, accountancy is a prohibited occupation for a foreigner. That said, you could get any Thai person to make up your accounts - it's more a matter of whether the external Auditor would sign off on the accounts at the end of the year. They will not sign off garbage. The other thing is that your accountant will probably be taking care of your social fund, income tax, PND, VAT, SBT and other financial matters for a quite modest fee. If you are running a legitimate business it's going to be better for you to focus on growing your profitability rather than completing accounts in Thai. You might be able to do anything, but you can't do everything. Link to comment Share on other sites More sharing options...
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