Cheap Best Outsource Accounting Services in Thailand

Running a business in Thailand comes with enough complications. The last thing you want is a fine of 200,000 THB just because your financial reports were inaccurate or did not follow the Thai Financial Reporting Standards.

That’s why choosing the right accounting firm matters. At S & F CONSULTING FIRM CO. LTD, our team handles everything from reports to bookkeeping with care and accuracy. If you want reliable accounting services in Thailand, you are in the right place!

What Are the Accounting Standards Followed in Thailand?

Are you aware that companies in Thailand are legally required to prepare financial reports that comply with the Thai Financial Reporting Standards? These standards are set by the Federation of Accounting Professions in Thailand. 

1. If you operate a large business in Thailand, you must follow the full TFRS. These rules help you prepare clear and complete financial statements.

2. If you own a small or medium-sized business, you may not need to follow the full TFRS. Instead, you can use TFRS for Non-Publicly Accountable Entities. These are simpler and easier to use.

3. You also need to follow the Accounting Act of 2000. This law says that you must keep your accounting records in Thai. You must also use Thai currency in your reports.

4. Every year, your financial statements must be reviewed and signed by a licensed Thai accountant. You also need to submit your reports to the Department of Business Development under the Ministry of Commerce.

What Types of Accounting Services Are Available in Thailand?

Now, let's be honest—preparing financial reports can be quite a challenge for local and foreign business owners in Thailand. Thus, top accounting firms in Bangkok, Thailand provides the following accounting services: 

Monthly Accounting Services

1. Monthly VAT Filings 

If your business earns more than 1.8 million THB per year, you need to register for VAT in Thailand. Every month, your accounting service providers in Thailand will file the PP.30 form even if your sales are zero.

This form reports your output VAT and input VAT. They also make sure all your tax invoices are collected and submitted properly with your VAT report.

1. Withholding Tax Filings 

If you run a business in Thailand, you need to handle withholding tax every time you pay salaries, rent, or contractor payments. Thus, accounting firms will:

• Calculate the right tax amounts

• Deduct them properly

• File monthly reports with the Revenue Department

There are three main forms used for this:

• PND.1: This form is used when you pay salaries or wages to your employees.

• PND.3: This is for payments made to non-resident individuals, like a foreign consultant who doesn’t live in Thailand.

• PND.53: It is used when you need to pay Thai companies or individuals who are not your employees. 

1. Social Security Contributions

As soon as you hire an employee aged 15 to 60, your accountant will register your company with the Social Security Office within 30 days. Every month, they will:

• Calculate your contributions based on employee salaries. 

• Submit the SSO.1-10 form.

• Ensure payments are made before the 15th of the month.

1. Bookkeeping and Journal Entries

In Thailand, businesses need to prepare monthly journal entries for income, expenses, petty cash, accounts receivable, and accounts payable. But don’t worry – accounting firms in Thailand can handle all of this for you. 

1. Preparation of Monthly Financial Statements

Accountants in Bangkok, Chiang Mai or Khon Kaen will prepare monthly income statements and balance sheets for your business. These documents are not submitted to the government. However, they must always be ready in case of an audit or a Department of Business Development inspection. 

1. Bank Reconciliation and Cash Flow Management

A crucial service provided by accounting companies in Thailand is reconciling your business's bank accounts with your internal accounting records monthly. Plus, they will monitor the money coming into your business and the money going out to provide a clear picture of your liquidity.

1. Inventory Movement Reports 

If your business trades or manufactures products in Thailand, you need to prepare monthly inventory reports. These reports show how much stock you buy, sell, and have left each month. They also help confirm that your year-end balance sheet reflects your actual inventory.

Accounting companies in Thailand track every product that moves in or out of your storage. Plus, they prepare detailed reports to keep your records clear and audit-ready.

Annual Accounting Services

1. Annual Financial Statement Preparation

At the end of every fiscal year, your accountant must prepare a full set of financial statements that comply with TFRS. These include:

• Balance sheet

• Income statement

• Statement of cash flows

• Statement of changes in equity

1. Annual Audit by a Thai-Licensed CPA

Whether your company earns profit or not, you are required to get your annual financial statements audited and signed by a Thai CPA. Your accounting firm will coordinate the entire audit process and work closely with the auditor to make sure everything is accurate and submitted on time.

3. Annual Corporate Income Tax Filing 

PND.50 form must be filed within 150 days after your accounting year ends. Your accountant will calculate your total revenue, expenses, and net profit. Then, they will apply any allowable deductions under Thai tax law to determine your actual tax liability.

4. Annual Withholding Tax Summary 

By the end of February each year, your accounting service provider must submit a summary of all monthly salary withholding taxes for your employees. This report shows total wages paid and tax withheld throughout the year.

5. Personal Income Tax Returns 

Company directors, shareholders, and employees must file their personal income tax returns between January and March.

• Use PND.90 if you earn both business and employment income.

• Use PND.91 if your income comes from employment only.

A Thai accounting firm can help prepare and file these forms to make sure you take advantage of any deductions you are entitled to.

What Technology Is Used to Provide Accounting Services in Thailand?

Most accounting companies in Thailand use modern technology to make their services faster and more accurate. If you work with a professional accounting firm, they will likely use cloud-based accounting software to manage your books. So, you can access your financial reports anytime and from anywhere. 

Popular accounting software used in Thailand includes:

• QuickBooks.

• Xero.

• FreshBooks.

• Thai Accounting Pro.

• AccountingSuite.

• FlowAccount.

• Zoho Books.

These tools help record income and expenses, create invoices, manage payroll, and file tax returns. Some firms also use ERP systems if your business is large and needs more detailed tracking.

How Much Do Different Accounting Services Cost in Thailand?

Note: These prices are not fixed. The amount you pay for accounting services in Thailand will depend on the size of your business, your business location, your specific requirements, and the accounting firm you choose to hire.

What Are the Top Accounting Firms in Bangkok, Chiang Mai & Phuket?

Here is a list of top accounting firms that offer their services to businesses in Bangkok, Chiang Mai, and Phuket.

1. S & F Consulting Firm Co. Ltd

S & F Consulting Firm has been helping global clients with accounting services since 2012. Our experienced accountants know how to handle your books, balance sheet and tax reports. Our team prepares everything using your invoices and bank statements. 

We provide services like bookkeeping, journal entries and profit-loss statements. If you are a foreign business owner in Thailand, we will guide you through Thai tax laws without making things confusing. You also do not have to worry about hidden taxes on our service fees. We offer clear communication and reliable support. 

1. Kreston Thailand 

Based in Bangkok, this accounting firm provides audit services as well as legal advice. Their team works with both local and foreign companies. You can trust them to keep your business on the right track with Thai laws.

1. Plizz Thailand

If you are a small business owner in Bangkok, Plizz might be a good choice for you. They offer online accounting services that are easy to use. Their pricing is also very clear. This is helpful if you are trying to manage costs.

1. PKF Thailand

PKF has a good reputation in Chiang Mai. They offer services like tax filing, audits and business advice. They also have English-speaking staff which is great for expats in Thailand.

1. Siam Legal

If your business is based in Phuket, Siam Legal is one of the reputable firms in the area. They help with bookkeeping, payroll and business setup. Many foreign business owners use their services.

How Can You Benefit from Using Professional Accounting Services in Thailand?

1. You Won’t Face Penalties for Late Tax Filings 

If you file your PP.30 or PND.50 forms late in Thailand, you will face a penalty. 

• The penalty for late filing of the PP.30 VAT return in Thailand is 300 THB (if submitted within 7 days after the due date)

• For PND.50, the penalty ranges from 2,000 THB to 20,000 THB. 

If you underpay or pay taxes late, you will be charged a surcharge of 1.5% per month on the unpaid amount. Additionally, if you submit these forms with incorrect numbers, you may face extra surcharges on underpaid tax. 

In some cases, you could also face additional penalties if the errors are seen as intentional or negligent. Many small Thai businesses face audits just because they didn’t track input and output VAT properly. 

But when an accounting firm handles it for you, they make sure every number matches and every form is submitted on time. You won’t need to worry about penalties.

1. You Can Easily Apply for Loans or Investment

Banks and investors in Thailand always ask for up-to-date financial statements. If you don’t have these ready, they will move on. But accounting firms prepare these for you on time and in the format banks trust. 

1. You Can Focus on Growing Your Business

Entrepreneurs in Thailand often spend hours trying to figure out how to prepare financial statements. But once you hand this over to an accountant, you get free time to focus on sales, products, or customers.

1. Helps You Make Better Business Decisions

Thai accounting firms don’t just record your income and expenses. They show you where your money is actually going. Thus, you will be able to cut unnecessary expenses in a few months after getting monthly reports from the accounting firm. 

How to Choose the Right Accounting Firm in Thailand?

1. If your business is in Bangkok, Chiang Mai, or Phuket, select a firm that already deals with the local Department of Revenue there.

2. If you run a restaurant, factory, or online store, the firm should already serve clients in that field. They will know what reports and taxes apply to you.

3. If Thai is not your first language, you should work with a firm that can clearly explain financial reports and laws in English.

4. Visit their office or ask for a video call. See how they communicate and if they answer your questions clearly.

5. If you are based in Bangkok or Chiang Mai, look for online reviews from other businesses in those areas. Google Maps and Thai business forums often have real feedback.

6. It is better to have the same accountant each month. This keeps your books consistent and avoids repeated mistakes.

Frequently Asked Questions

Q: Can I get online accounting services in Bangkok?

Yes, you can. Many accounting firms in Bangkok now offer online services. You can send your documents through email or cloud storage. They will prepare your reports and send everything back to you online.

Q: Are there English-speaking accounting services for foreigners in Thailand?

Many accounting firms in Thailand have English-speaking staff. This is very helpful if you are not fluent in Thai.

Q: What accounting services do I need as a foreign business owner in Thailand?

You need services like bookkeeping, monthly tax filing, profit and loss reports and balance sheets. You also need help with VAT returns and annual audits.

Q: What documents should I give to an accounting firm in Thailand?

You need to share your sales invoices, purchase receipts, bank statements and payroll records. You also need to provide your company registration papers and tax ID.

Q: Is my business data safe with an accounting firm in Thailand?

Yes, most trusted accounting firms use secure systems to protect your data. Before hiring any firm, you should ask about their data protection policy.

Q: Do I need monthly accounting even if my business is small?

Yes, you do. Monthly accounting helps you stay updated with tax filings and business reports. The Thai Revenue Department requires regular tax submissions. If you miss them, you may face penalties.