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In today's increasingly competitive and regulated market place, organisations - both public and private - must demonstrate that they have adequate controls and safeguards in place. The availability of qualified internal audit resources is a common challenge for many organisations.
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At Grant Thornton, our International Financial Reporting Standards (IFRS) advisers can help you navigate the complexity of financial reporting so you can focus your time and effort on running your business.
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Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
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We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
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Grant Thornton's executive recruitment is the real executive search and headhunting firms in Thailand.
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We provide retained recruitment services to multinational, Thai and Japanese organisations that are looking to fill management positions and senior level roles in Thailand.
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Available positions for executive recruitment portal
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The Applied Reasoning Test (ART) is a general intelligence assessment that enables you to assess the level of verbal, numerical reasoning and problem solving capabilities of job candidates in a reliable and job-related manner.
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We provide background checks and employee screening services to help our clients keep their organisation safe and profitable by protecting against the numerous pitfalls caused by unqualified, unethical, dangerous or criminal employees.
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If you’re buying or selling financial securities, you want corporate finance specialists experienced in international capital markets on your side.
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Does your company need a health check? Grant Thornton’s expert team can help you get to the heart of your issues to drive sustainable growth.
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From time to time, companies find themselves looking for temporary accounting resources. Often this is because of staff leaving, pressures at month-end and quarter-end, or specific short-term projects the company is undertaking.
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With experts working in more than 130 countries, Grant Thornton can help you navigate complex tax laws across multiple jurisdictions.
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If your company operates in more than one country, transfer pricing affects you. Grant Thornton’s experts can help you manage this complex and critical area.
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Employing foreign people in Australia, or sending Australian people offshore, both add complexity to your tax obligations and benefits – and we can guide you through them.
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Business Process Outsourcing
Companies, large and small, need to focus on core activities. Still, non-core activities are important, and they need to be leaner and more efficient than most companies can make them sustainably. For Grant Thornton, your non-core activities are our core business. Grant Thornton’s experienced outsourcing team helps companies ensure resilience, improve performance, manage costs, and enhance agility in resourcing and skills. Who better to do this than an organisation with 73,000 accountants? At Grant Thornton we recognise that that outsourcing your F&A functions is a strategic decision and an extension of your brand. This means we take your business as seriously as we take our own.
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We provide practical digital transformation solutions anchored in business issues and opportunities. Our approach is not from technology but from business. We are particularly adept at assessing and implementing fast and iterative digital interventions which can drive high value in low complex environments. Using digital solutions, we help clients create new business value, drive efficiencies in existing processes and prepare for strategic events like mergers. We implement solutions to refresh value and create sustainable change. Our solutions help clients drive better and more insightful decisions through analytics, automate processes and make the most of artificial intelligence and machine learning. Wherever possible we will leverage your existing technologies as our interest is in solving your business problems – not in selling you more software and hardware.
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Technical Accounting Solutions
The finance function is an essential part of the organisation and chief financial officer (CFO) being the leader has the responsibility to ensure financial discipline, compliance, and internal controls. As the finance function is critical in every phase of a company’s growth, the CFO role also demands attention in defining business strategy, mitigating risks, and mentoring the leadership. We offer technical accounting services to finance leaders to help them navigate complex financial and regulatory environments, such as financial reporting and accounting standards, managing compliance requirements, and event-based accounting such as dissolutions, mergers and acquisitions.
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Whether you are a local Thai company or a multinational company with a branch or head office in Thailand you are obliged to keep accounts and arrange for a qualified bookkeeper to keep and prepare accounts in accordance with accounting standards. This can be time consuming and even a little dauting making sure you conform with all the regulatory requirements in Thailand and using Thai language. We offer you complete peace of mind by looking after all your statutory accounting requirements. You will have a single point of contact to work with in our team who will be responsible for your accounts – no matter small or large. We also have one of the largest teams of Xero Certified Advisors in Thailand ensuring your accounts are maintained in a cloud-based system that you have access to too.
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We offer Staff Augmentation services where our staff, under the direction and supervision of the company’s officers, perform accounting and accounting-related work.
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More and more companies are beginning to realize the benefits of outsourcing their noncore activities, and the first to be outsourced is usually the payroll function. Payroll is easy to carve out from the rest of the business since it is usually independent of the other activities or functions within the Accounting Department. At Grant Thornton employees can gain access to their salary information and statutory filings through a specialised App on their phone. This cuts down dramatically on requests to HR for information by the employees and increases employee satisfaction. We also have an optional leave approval app too if required.
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IBR Optimism of Thailand Mid-Market Leaders Suggests Potential Underestimation of Challenges Ahead: International Business Report, Q1 2024Bangkok, Thailand, April 2024 — The Grant Thornton International Business Report (IBR) for Q1 2024 unveils a strikingly optimistic outlook among Thailand's mid-market business leaders, juxtaposed with the looming challenges that will shape the nation's economic future. With a Business Health Index score of 13.5, Thailand outperforms its ASEAN, Asia-Pacific, and global counterparts, signaling a robust confidence that may overshadow critical issues such as demographic changes, skills shortages, and the necessity for digital advancement.
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Workshop Corporate Strategy and Company Health Check WorkshopThroughout this workshop, we will delve into the life cycle of companies, examining the stages of growth, maturity, and adaptation. Our focus will extend to the current business environment, where your Company stands today, and how our evolving strategy aligns with the ever-changing market dynamics.
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Tax and Legal update 1/2024 Introducing the New “Easy E-Receipt” Tax scheme with up to THB 50,000 in Tax DeductionsThe Revenue Department has introduced the latest tax scheme, the “Easy E-Receipt”, formerly known as “Shop Dee Mee Kuen”. This scheme is designed to offer individuals tax deductions in 2024.
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TAX AND LEGAL Complying with the PDPA – A Balancing ActOrganisations must be aware of the circumstances in which they are allowed to collect data to comply with Thailand’s Personal Data Protection Act.
Grant Thornton in Thailand is proud to officially unveil the International Business Report (IBR) findings for H2 2021. The report delivers comprehensive analysis of forward-looking economic indicators, based on surveys from 10,000 mid-market businesses as well as 100 interviews with company leaders across various sectors.
As the world continues to deal with the COVID-19 crisis, this IBR synthesises the business community’s views and expectations moving forward, so that the necessary preparations can be made.
This review highlights some of the key findings from the IBR, beginning with global and Asia-Pacific trends, before taking a deeper dive into the key insights for Thailand.
A quick note before proceeding: This IBR is not reflective of the recent discovery and global outbreak of the COVID-19 Omicron variant, as it is based on data collected in October and November 2021.
Global findings
The International Business Report for H2 2021 suggests that a steady global economic recovery is in sight, even as the pandemic continues. 70% of surveyed global mid-market business leaders indicated a sentiment of economic optimism – a 1 percentage point (pp) increase from H1 2021, and a steep increase of 20pp compared to H2 2020. These numbers indicate a significant improvement in economic confidence from a year ago, when the pandemic was a relatively new phenomenon.
Ian Pascoe, CEO and Managing Partner at Grant Thronton in Thailand, attributes the rise of this global economic confidence to businesses’ success in adapting to this new normal. “Whether it is cutting costs, restructuring internal operations, or optimising cash management, more businesses are rising to the challenge,” he said. “In fact, despite the ongoing supply chain disruptions, our latest IBR survey shows that 45% of respondents expect an increase in international exports over the next 12 months – that’s a 15pp increase from last year.”
Luxsamee Deetrakulwattanapol, Partner in Audit Services at Grant Thornton in Thailand, welcomed the increase in business optimism, but nevertheless raises concern over the Omicron variant. “While this economic positivity is certainly good news, the findings might look different had the Omicron variant come a little earlier.”
Findings for Asia-Pacific
As with the IBR’s global findings, economic optimism in the Asia-Pacific region is relatively encouraging. 69% of respondents indicated a sentiment of overall optimism moving forward, reflecting another steep (13pp) increase from H2 2020. Business concerns remain, however – particularly relating to inflation.
The current economic recovery comes with increased demand and a supply shortage, leading to inevitable concerns surrounding inflation. For instance, the IBR survey shows that 56% of mid-market business leaders expect an increase in energy costs – a 4pp surge compared to H1 2021. The latest energy shortage, and the increased prices that accompany it, has prompted countries like Singapore and Thailand to forecast their 2022 inflation rates to jump to 3.8% and 3%, respectively. For Thailand, a 3% inflation rate would be its highest in 10 years.
Kesanee Srathongphool, Audit Partner at Grant Thornton in Thailand, warns of the impacts stemming from such an inflation increase. “Expect selling prices of energy-related commodities such as LNG and natural gas, as well as other raw materials and products, to increase as a result of this rise in inflation.”
Tanva Mahitivanichcha, Tax & Legal Partner at Grant Thornton in Thailand, opined on what businesses can do to prepare during a period of inflation. “Be proactive. Talk to your suppliers, lock in long-term, fixed price contracts rather than inflation rate adjustments. Remove unnecessary business costs. Make an extra effort to retain your customers. These moves will help your business get ahead of the curve.”
Findings for Thailand
60% of mid-market business leaders in Thailand expressed optimism for the future – a rate higher than pre-COVID levels. This welcome news should, however, be understood in the context of the report’s economic uncertainty score. This measurement, which tracks the lack of economic predictability in the future, remains at a concerning 74%, or 2pp higher than in H1 2021.
“Even without Omicron, Thailand’s foundational industries like tourism and hospitality are not in top shape – leading to this uncertainty,” said Adulpol Charukesnunt, Financial Advisory Services Director at Grant Thornton in Thailand. “But businesses are by no means powerless. Other trends are rising, like outsourcing, technology investment, and government incentives.”
Indeed, many businesses affected by the pandemic are focusing more on their core functions and services, and outsourcing their other operations to conserve resources. New IBR data includes a survey of 101 businesses in Thailand, which reveals that 46% have entered into outsourcing agreements since the pandemic began, along with another 6% having plans to outsource in 2022.
Jean-Paul Binot, Director of Business Process Outsourcing at Grant Thornton, stresses the importance of smart outsourcing. “Outsourcing lets businesses adapt in times of uncertainty, saving money while increasing overall productivity,” he said. “We are seeing more outsourcing to sectors like IT and computer services, as well as human resources and management.”
Other trends across Thailand are also emerging in light of this pandemic, such as an emphasis on pursuing various Board of Investment incentive packages. These initiatives are aimed at facilitating technological innovations, while providing a government stimulus for ailing businesses.
IBR survey results also shine a light on other trends across Thailand. 74% of respondents expect an increase in profitability, 63% plan to increase their research and development efforts, 63% forecast an increase in exports, 54% anticipate an increase in revenue from non-domestic markets, and 52% are planning for an increase in employment.
The issue of employment remains crucial to a lasting economic recovery. With Thailand suffering its highest jobless rate since 2005, Ratna Wright, Partner of Business Consulting at Grant Thornton in Thailand, emphasises talent distribution as a key variable within each industry. “Skilled personnel are necessary for growth in all sectors,” she said. “Instead of viewing talent as an additional cost, businesses should consider their people as valuable assets.”
With tourism and hospitality among the sectors taking financial hits, Thailand’s economic recovery efforts will depend on the ability of businesses to weigh these trends and opportunities when plotting their course forward.
Anticipating 2022 and beyond
High economic optimism and other positive indicators point to a bright year ahead – but caution remains warranted.
“The past two years have been turbulent, and many respondents continue to express a significant level of economic uncertainty,” said Chris Cracknell, Chairman of Grant Thornton in Thailand. “Nothing is guaranteed heading into 2022, especially with Omicron on the loose. But our IBR should give you a good idea of what to expect over the coming months.”
To position your business for success in 2022, contact Grant Thornton in Thailand today.