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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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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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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.
This generation represents the end of an era for business. Workforce expectations have radically changed, and new advances in AI promise major upheavals in how work is performed. Less appreciated, though just as impactful, is Thailand’s dramatic and accelerating dive toward an ageing society.
If current demographic trends continue, Thailand’s low birth rate will mean 24 million fewer citizens by the end of this century — a loss of more than one-third of the country’s population. Averaged out, this population decline translates to 311,000 fewer people each year from now until 2100. Moreover, the remaining population will be considerably older than at present, and have fewer advanced degrees within the workforce.
Automation is facilitated by the rise of remote work and AI, and is the only realistic tool that businesses can use today to make up for the coming decline in talent and expertise. Yet as we will see, applying this tool successfully requires a delicate touch. Up to 50% of all robotic process automation (RPA) projects end in failure, and other forms of digital transformation lead to similarly uncertain outcomes.
Many companies, wary of committing to a transformation process whose prospects for success are uncertain at best, may decide to keep their heads down and forge ahead as before, putting off such changes until sometime in the indefinite future.
Though understandable, this instinct to stay the course flies in the face of two important facts. The first is that successfully automating work processes results in radical quality and efficiency improvements across the board. The second is that every business has competitors, and some of those competitors are inevitably going to use automation to their advantage. Even if your company were to somehow sidestep the demographic issue and recruit all the best talent moving forward, it would still be unable to compete with a fully optimised rival whose software accomplishes complex tasks 24 hours a day, and is trained to constantly seek out opportunities for competitive advantage.
Rather than avoiding change, companies should learn from organisations that have already made RPA work. By applying the right lessons learned from experience, businesses can avoid common transformational pitfalls and focus their attention on the processes that can benefit most from automation. Our brief guide below will highlight some of the issues worth considering.
First steps
Some processes benefit from RPA, others don’t, and in many cases the steps needed to automate a given task would be cumbersome and complex. Businesses beginning their automation journey should consult an outside expert who can determine which processes to automate first, and which are best saved for later.
Their analysis can help your organisation determine the proper routes for each process — including how to improve, automate, outsource, digitise, analyse, and augment each element of your workflow, as appropriate.
This discovery phase should also identify one process, which will be treated as a proof of concept. Ideally the automation of this task should be of high value but low complexity, to serve as an example — for company managers as well as employees — of what this transformation involves, how it is achieved, and the benefits it will bring to everyone in the organisation.
On the heels of this first successful RPA project, the company and RPA consultant should finalise an extended automation roadmap for the coming period. This roadmap should again target the easier processes first, to keep the learning curve manageable. It should also include firm plans for communicating with, and training, all affected employees regarding the upcoming changes.
Scaling up
Expanding and strengthening this new automation engine will enable your business to reach its medium- and long-term goals. We recommend the following initiatives, under the guidance of an expert consultant:
- Spend 6 to 8 weeks developing an Automation Operating Model (AOM) to serve as a master plan for automation.
- Set up a Centre of Excellence — a multi-stakeholder project that should include HR, Marketing, IT, and an Executive Sponsor. Perhaps counterintuitively, automation often fails when left in the hands of the IT team alone; they tend to think that RPA is a nice-to-have, but not essential, and they soon turn their attention to more habitual tasks.
- Use an automation scorecard to track KPIs, such as the number of working hours recovered, employee attrition, and customer satisfaction.
- Outsource initial proof of concept and subsequent processes to be automated, but always with an eye toward building expertise in-house in parallel, to let your organisation begin automating more and more independently.
- Work towards setting up a Citizen Developer Programme. This specialised system will enable your employees to automate their own jobs within their own departments on an ongoing basis, thereby unlocking continuous, internally generated operational improvement for decades to come. In Thailand, for example, AIS created 1,482 RPA-knowledgeable Citizen Developers, who in turn have thus far conducted over 1,000 projects to improve the working process.
Naturally, the success of these initiatives requires complete clarity of vision, the full and enthusiastic cooperation of employees across the workforce, as well as close coordination between upper management and external consultants.
Everyone involved must understand what will happen, and how the changes will benefit them. For business leaders, RPA goes a long way toward future-proofing the organisation amid a brewing demographic crisis. Moreover, with high-powered software handling routine tasks, both quality and efficiency will rise. The data collected by this software can also be analysed and turned into recommendations for improving the enterprise as a whole.
For employees, the dawn of true automation means an end to many monotonous tasks, enabling a greater focus on creativity and engagement in the workplace. With busy-work a thing of the past, employees in all departments can contribute meaningfully to the direction of the organisation, bringing their unique expertise and perspectives to whatever challenges and opportunities the future may bring.
Grant Thornton can guide you through every step of the automation journey. Contact us today to get started.