Sometimes you set up a company in Thailand to handle only marketing, or servicing clients, or any other functions for the head office overseas. You do not think that the Thai operation is big enough to justify having an accounting and financial department in the Thai company. MSNA is an excellent answer to your business needs.
Some of our clients in Bangkok have their headquarters outside Thailand, with their HR, accounting and finance in Hong Kong, Singapore, the US, Australia or Europe. They have MSNA handle the payroll of their staff in Bangkok, process their vendors’ payment requests and take care of the invoicing and issuing receipts and tax invoices for their Bangkok operation.
Payroll: Usually, MSNA processes payroll calculation for the client’s employees, taking into account the allowances and deductions allowed by the Thai tax law, then sends the month’s payroll summary and detailed calculation of payroll taxes and social security to the client for approval. Then we send the data to the client’s bank to process the deposits into the employees’ accounts. With some clients, they send the money into our account for us to issue our checks to deposit into the employees’ accounts. Then we send the confidential payroll slip to each employee.
Processing vendors’ invoices: We gather all the invoices from the client’s suppliers, make sure the invoices have been approved by the client’s authorized person and prepare payment vouchers with accounts coding and withholding tax certificates for the transaction. We then send everything with supporting documents via email to the client’s finance department overseas to approve. With some clients, the clients send the money to us and we issue our checks to pay the suppliers. With others, the clients let us log on to their bank’s website to process the checks online and the authorized person overseas logs on to approve them. Later we pick up the checks from the bank and distribute them to the vendors at our office.
Invoicing and issuing receipts and tax invoices for the client: We issue invoices with the details supplied to us by the client, send them to their clients, follow up to check if the payment has been processed, then we issue receipts and tax invoices and send them to exchange for the client’s checks. We then deposit the checks into the client’s account.
Accounting service: I believe it is the most important thing that a Bangkok company with overseas headquarters needs. You need your accounts to be done in compliance with the Thai accounting standards and the Thai tax laws. Your accounts need to be signed off by a qualified and licensed Thai accountant. Also your accounts need to be audited by a Thai CPA.
For your Thai accounting needs in Bangkok, please contact www.msnagroup.com.