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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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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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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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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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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.
Thailand’s push toward its 4.0 economic model gained a lot of momentum in 2018, as the government made investments and policy changes in countless areas to smooth the way for business. The way forward is clear on most fronts, and the next decade is sure to be an exciting one for Thailand and the advanced manufacturing and digital economy that is well on its way.
Yet uncertainty continues to cloud some issues. 2019 could prove to be a pivotal year in determining how Thailand deals with some of its longer-term questions.
The final numbers are yet to be recorded, but most estimates put Thailand’s 2018 economic growth at around 4%. This healthy growth rate is expected to continue into 2019, where estimates tend to cluster around the 3.5–4% range.
But how this growth occurs, and what effect it has on the country’s population, will depend in large part on the trends we see in 2019. Put simply: will Thailand continue to focus on the flashy and new, or will the government also divert resources to slower-moving projects that are less exciting to contemplate? The latter are unlikely to inspire headlines, but are equally necessary to achieving a stable foundation for the country’s future.
Novelty vs maintenance
Investors are continuing to view Thailand in a positive light thanks to the country’s strong fundamentals and heavy investment in new infrastructure. With all the attention focused on the expanding airport and proposed high-speed railway in the eastern economic corridor, however, it appears the state of the country’s existing infrastructure has been relatively overlooked.
Aging expressways, train lines and public transport systems continue to clog commutes in and around Bangkok unnecessarily, slowing down the city’s potential for day-to-day business. Time will tell whether this or future governments are willing to commit enough resources to these types of essential (but less sensational) projects.
Ensuring a soft landing
In a similar vein, much ink has been spilled over the new digital economy the country plans to embrace, as well as the advanced manufacturing industries being courted by tax holidays and other incentives. Lost amid the predictions and excitement is a realistic assessment of Thailand’s existing industries that don’t have the plans or resources necessary to make the qualitative leap into the digital and automated realm.
Thailand’s shift towards an advanced economy is accelerating at every opportunity, but the faster things change, the harder it will be for current businesses to keep up. Progress and efficiency are worthy goals, to be sure; but the lack of a path forward for many established companies could lead to some painful realisations in the years ahead, unless help becomes available from official bodies.
By the same token, those who receive the necessary education will find themselves in great demand as new factories open up lucrative positions for people with the right skillsets. But not everybody receives this education and, indeed, many commentators have pointed out that Thailand’s learning institutions are unable to adequately prepare students for employment in the digital age.
With many of the outstanding business and infrastructure-related issues now on their way to being resolved, 2019 will show whether the government in Thailand will rise to meet the challenge of upgrading schools as quickly as it wants to upgrade the economy.
Some international educational organisations have begun entering the Thai market in order to meet the demand for skilled workers. This process will need to be accelerated soon if the domestic workforce is to stay in tune with the coming economic changes.
The dichotomy of leadership
The pattern in each of the above cases is that a focus on newness can lead to a neglect of the old. Likewise, even though business drives the economy, an over-commitment of resources to industry can leave the rest of society behind.
This very phenomenon was recently highlighted in the Bangkok Post, which openly chastised the government for dodging the implications of the latest annual Global Wealth Report by Credit Suisse:
- The report highlights that in 2018, Thailand's richest 1% controlled 66.9% of the national wealth, overtaking their peers in Russia, whose share of all wealth fell from 78% to 57.1%. In 2016, the 1% owned 58.0% of Thai wealth.
- Banyong Pongpanich, a financier and a former member of the State Enterprise Policy Commission, studied the statistics and concluded that Thailand's inequality gap has become the worst in the world.
- This prompted the government and relevant state agencies issue a response to refute the claim. [But] the fact is that the inequality gap is one of the critical and chronic problems that have obstructed the country's sustainable development…. To narrow the inequality gap, the government has to start by accepting the painful truth that we have a deep-rooted problem.
The upcoming elections will play a large role in determining how the government responds to this and many other issues affecting long-term progress and development in Thailand. Although the success of the business community sets the parameters of economic progress for the entire nation, that success also depends on a cohesive society where opportunity is equal, hard work is rewarded and resources are spent efficiently.
The engine of Thailand 4.0 has started at last, and the wheels are already in motion. A remarkable future is surely waiting as we rise together to meet it. The decisions made in 2019 will determine whether the road ahead is clear or bumpy, and how quickly we reach our destination.