ACCOUNTING SERVICE THAILAND

ACCOUNTING SERVICE THAILAND:
SANET LEGAL & ACCOUNTANCY CO. LTD.

WE ARE YOUR OUTSOURCING PARTNER FOR ACCOUNTING IN THAILAND

Under the umbrella of the Sanet Group, operating in Thailand since 2005, Sanet Legal & Accountancy offers comprehensive services for the trusted outsourcing of your accounting in Thailand. With a focus on medium-sized companies, Sanet takes on the entire range of your financial accounting tasks at reasonable terms. With three tiers of packages, Sanet clients get tailored support exactly as they need it. The cooperation between Sanet’s accounting experts and the German and Austrian lawyers of the German law firm in Bangkok provides a competent service package for every need.

This site not only informs you about our Bangkok Accounting Service, but also provides facts about Thai accounting regulations.

OUR ACCOUNTING SERVICES IN THAILAND

OUR ACCOUNTING MANAGEMENT TEAM

ROLL-OUT OF ACCOUNTING

It all starts with the initial implementation or modification of your accounting system. This is precisely where our experienced Thai auditor, who has spent decades reviewing and auditing the accounting of SMEs, will start supporting you.

Sanet will guide your team through the process:

• We take care of licensing and initial installation of your accounting software. We use QuickBooks, a widely used software in Thailand, which allows quick consolidation through extensive Excel evaluations.

• We configure the master chart of accounts and define your reports.

• On request, we create invoice, reminder and order form templates in your company design to support your payment transactions. The system will transfer documents generated in this way directly into QuickBooks.

• We train your internal accounting staff on the program and their duties. Usually, no education as an accountant is required.

Chulalux C. Denk
SANET CEO

Sunee Wassananukul
CERTIFIED PUBLIC AUDITOR

Chutikan Boonsookij
SENIOR ACCOUNTANT

THE ONGOING PROCESS

Typically, you will have one employee responsible for creating your invoices very easily in the system we have set up. The same employee will also review and pay incoming bills internally. He or she will send the documents to Sanet Legal & Accountancy at the end of every month, together with your bank statements. Sanet may also obtain the account statements directly from your bank with your authorization.

Sanet will then take action:

• Sanet enters the documents into the agreed income, cost or balance sheet accounts. If our client pre-assigns accounts, we check the entries overall.

• Sanet reconciles the bookings with the bank accounts.

• Sanet prepares the monthly reports as agreed with you.

• Sanet submits the statutory tax statements and advises on which payments are to be carried out and when.

• On request and for a fee, we also take care of payment transactions in the initial period.

MONTHLY REPORTS

Of course, our clients’ management needs to be kept regularly informed about the company’s financial situation. Ten working days after handing over the documents to Sanet Accountancy, our Bangkok Accounting.

Sanet will generally deliver the following reports, i.e. if agreed:

• The profit and loss statement

• The current balance sheet

• The fixed asset list

• Outstanding accounts (A/P and A/R)

• The aging report of overdue accounts receivable

TAX REPORTS

Thailand’s Revenue Department sets strict guidelines for regular declarations. This even includes advance tax payments based on your own income estimates. Should these deviate significantly from the later year-end result, then interest will have to be paid on those taxes that were not pre-estimated. Timely and correct reporting also helps to avoid tax audits, which very rarely end without significant additional payments.

Let Sanet as your Accounting Service Thailand handle these reports:

• The monthly “Vendor Tax Report”

• Mid-Year Tax Report (PND 21)

• Year-end Tax Report to the Revenue Department

• Year-end Financial Report to the Ministry of Commerce

• If agreed, the monthly Withholding Tax

AUDITING

It is also not permitted in Thailand for the annual accounts to be audited by the same accountancy firm that prepared the year-end closing. It is for this reason that the senior auditor at Sanet Legal & Accountancy can only carry out audits of annual financial statements that were not prepared by Sanet itself. However, we are also happy to recommend accurate and trustworthy auditors for Sanet’s clients who will perform this task in respect of your annual accounts.

Sanet Legal & Accountancy – more than just your accounting service in Thailand

The close cooperation between our Certified Public Accounting Thailand and our Thai and German lawyers offers you a wide range of services beyond mere accounting, which are essential for the compliance of your company and your accounting in Thailand. Here are a few advantages:

BOI Accounting

The Thai Board of Investment (BOI) grants numerous tax and non-tax incentives. In return, however, supported companies must regularly report on whether they fulfill the conditions that were attached to the support. This ensures that you (continue to) retain the privileges arising from the BOI incentives. Sanet will be pleased to carry out this reporting for you.

Yet be careful: For manufacturing businesses, we recommend hiring an experienced BOI accountant in-house. In some cases, weekly reports on the use of purchased materials within the promoted project are required. This is where outsourcing becomes expensive. In practice, outsourcing is here not as close to the responsible BOI office as an experienced BOI accountant will be. Creating Careers, the Sanet Group’s recruitment agency in Thailand, also provides competent support in the search for a BOI accountant.

Shareholder Meetings

It is essential for every company to ensure that ordinary and extraordinary shareholders’ meetings are properly called and documented in accordance with Thai regulations. For example, at many meetings, Thailand requires the date of the meeting to be published.

An improperly called or conducted shareholders’ meeting may lead to the invalidity of, for example, the appointment of directors, the confirmation of the annual results, the distribution of profits or the utilization of profits or losses. The same counts for substantial resolutions of an extraordinary shareholders’ meeting.

Sanet Legal & Accountancy assists you with proper preparation and documentation.

Shareholder Decisions

Careful assessment of the permissibility and formalities of such resolutions is required for important decisions, such as capital increases, appointments or dismissals of directors, issuing bylaws for the Board of Directors or amendment.

Income from Thailand

Salaries and wages in Thailand have a progressive scale similar to those in Europe. There are also exempt amounts here. After that, however, the tax scale quickly rises to a maximum rate of 35%. If you would like to check your own income in Thailand or your employees’ net salary before entering an employment contract, our payroll department will be happy to help you with a specific calculation.

As a client of the Bangkok Accounting by the Sanet Group, our advisors will also be happy to assist you in preparing your personal tax return at the year-end. Our lawyers also have many years of experience with issues relating to foreigners, such as double taxation agreements with Germany or Austria. We are happy to provide our non-binding advice on the choice of your country of residence or also questions about medical insurance and similar personal topics.

Sanet CEO Chulalux C. Denk, our Certified Public Auditor Sunee Wassananukul and Senior Accountant Chutikan Boonsookij are managing the Sanet Accounting Team.