Accounting and Taxation Services


Accounting

Actually, accounting is not less important than manufacturing and marketing to entrepreneurs .  

Accounting information can make the business owner aware of all aspects of the company's financial status. Accounting can also make it be possible for your business to know the performance, financial status and security of your business.  It will not only help you know the main income or  secondary income of your business ,but it also analyzes the strengths and weakness of your business ,then it can create a strategy and develop policies increasing profits. By the accounting office will record the account lists that occur in the operation , such as investment, incomes and expenses and nonessential  expenses to the operation and expenses that make your profits become lower (to consider for dropping  nonessential  expenses and for internal control). And preventing a corruption which may be happened in the business without a private part (owner part) recording, is recorded  lists and information, a financial report, such as the balance sheet and deficit profits reflected in the operation as following :

Deficit profits will reflect the result of operation in a particular time that how much income or expenses are the business have? , profits or losing result. Besides also helps in assessment of capability in the future such as; analysis a tendency of growth of income from accounting office

Balance sheet will reflect a business’s financial status  such as;  property , obligation and owner belonging part that How stable is business? Existing assets will indicate the potential of growth and capability in competition of business in the future. Besides it also indicates liquidity and risk at the moment

Cash flow statement will reflect changes business’s financial status in a particular time will be divided 3 into activities which are;

  1. Cash flow from proceeding activity

  2. Cash flow from investment activity

  3. Cash flow from making money activity

By numbers shown in financial budget can be analyzed as a financial ratio to evaluate success in operation such as; business liquidity evaluation, property performance evaluation, business’s profitability evaluation and ability of payment.

Unless your business need to do account .You also need to submit tax correctly as specified by law that given juristic person must be submitted a tax application 2 times per year  the first time  called “Half-year corporate income tax submitting” must be submitted within 60 days from the last day of  first every 6 months  of  account period by using only “Por.Ngor.Dor.51” to submit the matter. And second time called “End-Year earnings income tax submitting” must be submitted within 150 days from the last day of account period in that year by using “Por.Ngor.Dor.50” to submit  that 2 times of submitting  can be submitted by themselves or let authorized agent from the company to submit it instead if you are in Bangkok area you can do it  at revenue department or if you are in provincial area  can do it at district office at that company is located. Besides Nowadays both of Por.Ngor.Dor.51 and Por.Ngor.Dor.50 can be submitted online at the revenue department website. Or if you worry about difficulty of document we can help you to do account and  submit tax for your convenience and if you operate in Hua Hin area, you can contact us immediately.


Tax Planning

When an entrepreneur decides to start a business, he or she must first think of administrative factors—fundraising, administration and taxation to ensure that the business will eventually reach the intended target. The important thing that entrepreneurs should focus is a business model selection and a tax plan for the greatest business profit. Generally, there are two models of business which are ordinary person and juristic person. The most popular and commonly known for the latter is founding a company or Juristic Partnership which is considered to be more flexible than other types of business. Tax planning is so important that entrepreneurs should pay attention and learn because the profitability of your business is a measure of how successful your business is.

Tax planning is a preparation for an action both short and long term regarding tax. The purpose is to ensure that tax payment and any action regarding tax of an organization follow rules, process and conditions of Tax law. This is a way to efficiently reduce taxes and prevent any penalties or undesirable consequences from an incorrect tax payment. Consequently, tax planning shows a way to maximize tax savings, reduce cost and maintain a balance of entrepreneurs’ financial status.

Since most entrepreneurs do not pay a lot of their attentions to tax planning and an accounting system to ensure a consistency between accounting and tax, the most important thing for an effective tax planning is a business data collection for a need analysis which will be useful for further reference.

Some entrepreneurs may be worried and confused about their tax planning and presenting their taxes to the Revenue department. As a result, feel free to let us become part of your tax planning so that you will run your business correctly and it will grow steadily according to plan.


Auditing

Juristic persons have a duty to keep accounts and to close them at the completion of an accounting cycle. Such accounts should be examined and signed by a certified public accountant (CPA) or a tax auditor (TA) for a financial statement certification before delivering them to the Minister of Commerce and the Revenue Department or other relevant government agencies even though there are no business operations.

An annual accounts and financial statement auditing service should be in accordance with a general accounting standard under laws of the Minister of Commerce and the Revenue Department, and provide the following services;
          1.  Interim Audit
          2.  Internal Audit
          3.  Special Audit
          4.  Annual financial statement Audit

There should be the certified public accountant (CPA) or the tax auditor (TA) who has considerable expertise in auditing in the companies so that the examination will be in accordance with the general accounting standard and the relevant laws, and so that there is a correct as well as appropriate data in the financial statement. This will increase an efficiency of customers’ business administrations and reduce risks in the business operations.

After the annual audit, the companies should report an evaluation of an efficiency of internal controls in accounting and others specifying weaknesses, shortcomings as well as solutions of the companies’ internal control systems. This should be reported to the companies’ directors since such errors may cause frauds or loss or liabilities to the operations.

Limitation of auditing

             1. Auditing accounts and financial statement in accordance with the certified accounting standard, for example, procedure of accounting transaction test, internal controls and information disclosure in financial statement. Additionally, examining whether principles of accounting used in the companies are correct and suitable, and predicting important financial transaction.
             2. Reporting the accounting and financial errors to the directors, for example, the shortcomings of the internal controls, the appropriateness of the accounting system, the suggestion of document management system, the frauds that may occur, and other prominent issues affecting the current and future operating performance outcomes.
             3. Making the annual report of an auditor in accordance with regulations of the Minister of Commerce so that the auditor can comment whether the financial statement presenting the companies’ financial position and operating performance outcomes correctly. In case there is a suspicious activity report, the companies should discuss and explain reasons as well as facts of such issues before reporting the audit.
             4. Delivering the financial statement to the Minister of Commerce and the Revenue Department, and providing the relevant documentation.


Financial Consulting

Nowadays, there are a lot formats of saving money. Each format has condition. It gives result to consumer differently. Investment is one format of saving money which consumer can bring savings to invest to get benefit, but at the same time we know well that investment always come with risk. For this reason we have to study format of investment and result. Investment consists of 5 kinds as follows.

  1. Deposit money with the bank is very stable investment. Consumer can deposit any kind of money with commercial bank or savings bank. It’s use saving money to invest to get certain result not risk. Amount of saving money will get higher all the time. Deposit money with bank can do a lot of kinds, for example collect money kind, saving money kind and fixed deposit. Each kind has deposit condition differently following kind and business of bank. 

  2. Depositing money with other money institute. Money institute which do capital business which is capital business. Credit Fonsie Trust Company is money institute which register to be company limited. Deposit money with 2 formats of money institute. Although person who deposit will get higher result than commercial bank, but favor to deposit money with bank still high. Because deposit money with other institute which is not the bank start to has role in Thailand for a while. People are not confident. There are few branches. It’s inconvenient.

  3. Buying special saving lots and government bond are good save up kinds. Consumer can buy any special saving lots. Savings bank will do special savings lots to be evidence to deposit money. One unit of lots which has a prize once a month and when expire at 3 years. Consumer will get money back with interest following specify rate. Buying government bond is document that government guarantee. There are lot of kinds which species time to redeem for people who buy for long term saving and pay back interest for 6 months. Market age of that bond consumer can get money back when it expires.

  4. Doing insurance can save money every year. It helps to save money for the future. It has certain time and format to collect money.

  5. Buying stock in stock exchange. Stock exchange is stock selling market which means business or institute proceeds property business. They perform as property trade buyer agent.

Property traded which are ordinary shares, preference shares, debentures and Government bonds. Buying or selling shares on the stock market consumers must contact the companies that act as agents in the stock trading. The share market called (Broker). These companies are listed as member companies of share market and there are other companies that act as agents shares the same but not a member of the stock market called (Sub broker) will contact the broker. Stock is trading to another.

The sale of stock shares to consumers who buy shares on the stock exchange. If you want to sell the stock because seeing that high prices or urgent need to use cash for other benefits It's a stock offering. The offer must include a fixed selling price. The company will offer to sell on the stock market in the amount and price of shares that consumers want to sell. When sold notice. Consumers just need to deliver the share certificates, signed with the company. Instruments for the transfer of shares the company will pay for the shares sold.

From the above investment model. We can see that there are a variety of conditions. And different returns .To get the most benefit of your investment. It is necessary to have knowledge or study before investing. But if you are worried about investing. We will be happy to advise you.


Due Diligence

Due Diligence is an investigation of a business whether in whole or in part depending on objectives and desires of each customer. It might be performed for various purposes but mainly for the customers to know a target business’ financial position and performance. The customers will receive basic information which helps in business consideration and later contributes in considering the possibility before or after making acquisition (Pre and post-acquisition review) so that they know the information or some product more in detail. In addition, it is undertaken so that the customers know the information or fact which leads to decision making in merger, demerger or divest the business that they think does not make much profit as anticipate, or leads to price or business valuation as well.

For this reason, it is necessary for service providers for due diligent to fully understand characteristics of business in which the customers are interested, working environment, business problems and risks which the companies faced in the past, are facing in the present or may be face in the future.

The scopes of service of Due Diligence inquiry can be divided into 3 main types as follows;

  1. Financial Due Diligence

    An investigation of the business’ financial position placing emphasis on the financial data derived from reviewing financial figures and data in order to know the correctness of such data and to analyze possible impacts on property’s value, liabilities or capital which might make a difference from the data in accounting or financial statement on the stipulated date.

  2. Legal Due Diligence

    An investigation in law, rules, regulation, specific types of tax as well as contracts made between the companies and outsiders or company’s employees in order to know the rights and duties, encumbrances or liabilities which might have an effect on the business’s operation or a binding effect on a person who acquires the business.

  3. Operational Due Diligence

    An investigation of possibility in operation in order to know strengths and weaknesses of the current business operation. If the acquisition already occurs, this helps the purchaser to know how to make a change. However, the performance levels of Operational Due Diligence which consist of Desk Top Review and In Depth Review depends on reasons and desires of the customers.