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Firstly the accounting reports & English translations are important in Thailand. Our accountant can prepare the necessary accounting report for your Thai company based on the financial statements and the result of bookkeeping. The report can be translated into English if you require. A sound accounting report is essential not only for your own business sake but in dealing with government bureaucracy especially when it comes to licenses renewal, visas, and work permits for foreign employees and among other things.
Firstly there are two main types of accounting software used by bookkeepers: desktop and cloud-based. Desktop software is installed on a computer at the office. Cloud based software is accessed online through a web browser. Both types of software allow a bookkeeper to enter data into spreadsheets and generate reports. Business tax as well as Social Security payments need to be be accounted for.
If you own a small business, you need to understand how to create financial statements. You’ll use these documents to report on the performance of your business. These reports will help you make decisions about whether to invest more money into your business. This can be to hire new employees, or buy new equipment. Likewise also see the company registration in Thailand for foreigners.
In Thailand, your accounting software package is a needed tool for your company. The accounting software allows you to manage your financial records. Likewise completing your Thai tax filings. From this, you can also show the performance of your business to investors as well as your business partners. There are only two options from here. Firstly there is the desktop software and then there is the cloud-based accounting software in Thailand. Lastly see the article on bookkeeping services in Thailand as well.
The desktop accounting software would be installed on your computer as your office. There are several desktop options available in Thailand. Most prefer desktop accounting software as it is more secure and there is not likely to be a data breach.
Advantages
Firstly there is data security as everything is locally stored. This makes the risk much lower. Secondly, there is also speed and performance. This is because all of the data is locally held. Thirdly there is cost. Desktop software is normally done once off. Some of the larger brands are annual subscriptions.
Lastly, the data is local so it cannot be shared with partners in another location. Data backups and software updates also need to be taken care of.
Firstly the cloud-based accounting software can only be accessed online. Most times but not always it is done through the browser. This setup is trendy because it can share data across locations. The system of systems normally comes with an annual fee.
Advantages
Firstly the data can be shared between offices. This makes it an easy solution for larger SMEs in Thailand, Secondly, the software is automatically updated, and being cloud-based the software is much more scalable. Lastly, the cloud-based software may pose security risks since data is stored online
It is therefore vital to enlist the services of a professional accounting firm to assist you with preparing the accounting reports of your company in both Thai & English languages. G.A.M. Accounting can help you with preparing a sound accounting report through its well-experienced accounting department. So, see our article on our accounting service in Thailand.
