News & Update

Every business in Thailand and all over the world, for that matter, involves and requires an accounting department which will handle all financial matters relevant to the operation of the business. That would include payroll, credit and collection, management of financial resources of the business, internal auditing, bookkeeping and setting up of accounting system for the business. For big companies, these services are handled in-house due to the volume of confidential information that has to be protected. Relatively small-scale companies would rather outsource their accounting requirements to an accounting firm in Phuket as this arrangement would be more cost-effective compared to maintaining a full division of accounting personnel. A lot of accounting firms in Phuket can provide the basic accounting services and other value-added services such as tax assistance, business services and even legal services.

Hiring an accounting firm in Phuket is one option taken by many business entities based and operating in the country. This option offers convenience, savings on money and unprecedented expertise on the accounting task or service required. Hence, it is not difficult to convince business owners in Phuket to entrust their accounting needs to a reliable and trustworthy accounting firm offering the best accounting services and more.

But how do you find the best accounting firm in Phuket? What needs to be considered when looking for an accounting firm in Phuket? There is a multitude of accounting firms that can lay claim to being the best in Phuket, but if they are not able to satisfy the criteria listed below, they can’t be the best. Look for accounting firm:

• that has full knowledge of the accounting and tax laws of Thailand relevant to the nature of your business
• that has professional accounting and tax experts that can advise on how your business can reduce its tax exposure with an implementable accounting procedure or plan within acceptable business practices.
• that can provide Thailand-specific financial advisory, tax planning and compliance and related services
• that can commit to keeping your books up-to-date in real time and ensure transparency and compliance with the local provisions of the laws and the business’ tax plan.
• that can commit to filing your business’ tax returns on time
• that are constantly informed and updated with the latest news related to accounting, taxation or other business processes; any recent changes in accounting and tax laws
• that can commit time for consultation and discussion especially if there are new rules which have direct effect on the business
• that has no record of incurring penalties for clients as a result of negligence
• that can guarantee a resulting efficient and effective day-to-day operations of the business due to a highly efficient accounting system enforced

Additionally, you should look for an accounting firm that satisfies confidentiality criteria listed below:

• client information should be treated as strictly confidential
• data, information or documents collected from the client should be stored in a highly secure area with access restrictions
• data, information or documents should have back up and stored in a dedicated and secure server
• 24/7 monitoring of the storage facility using video surveillance cameras installed inside and outside the facility
• strict receiving and releasing procedures with necessary paper trail to determine point of breach if any
• facility has fire protection measures and devices
• implements destroying of hard copies of data for disposal in the presence of the client’s representative
• constantly updates the client with any replacement of personnel assigned to them or to secure the data of the client

As the accounting process involves volumes of confidential information which should never fall on the wrong hands, these criteria need to be complied with and satisfied by a trustworthy and reliable accounting firm in Phuket.