Top Accounting And Tax Companies in Thailand

The accounting industry is an integral component of Thailand's economy, providing essential financial services to businesses and individuals. This article delves into key statistics, factors contributing to the industry's growth, trends, and future outlook, highlighting the challenges and opportunities facing Thailand's accounting sector.

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CompanyHeadcountContactDescriptionDecision Maker
KPMG MALAYSIA2,172

ACCOUNTING PLUS CO., LTD.4 +66 2 090 9639

Accounting Plus goes beyond the digits to bring you tax and accounting services in Thailand with a relationship built on trust and friendship. Your all-in-one solution.Our services include:Accounting servicesTaxation servicesCustomised payrollsConsultancy and auditing

AMERICAN ASIA TAX COMPANY LTD.2 +66 80 204 4696

American Asia Tax Company Ltd. was established to provide American tax advice and services to US taxpayers living in Thailand and throughout Southeast Asia. With our qualified and international team, we are well equipped to assist American taxpayers with everything from US tax preparation and foreign bank account reporting to American tax planning related to retirement or foreign companies. Whether you require assistance on a personal or corporate level, we are ready to serve as your US tax preparers and advisors. Our services include the following:US Federal Income Tax Preparation US State TaxesAmending US Federal or US State TaxesFinCEN 114a Foreign Bank Account ReportsIndividual Tax Identification Number Applications US Tax Planning and Advice If you have any questions or would like to get in touch, please contact us at:james@americanasiatax.com+66 8 0204 4696

PLIZZ (THAILAND)22 +66 2 821 5100

Based in Bangkok, Plizz provides technology-powered accounting and legal services to SMEs, helping them lessen time spent in all their accounting & tax obligations so they can focus on developing their business.Our services:Our competitively priced services are available for one flat monthly fee with no hidden extras - and that’s a promise!Our all-inclusive packages give you full online access to your accounting data, you can see what’s been dealt with, what is pending, etc... in complete transparency with no nasty surprises:-Bookkeeping-Tax Filing & Submissions-Payroll & Social Security-Document Filing-Compliance & Finance Management-Monthly Reporting-Annual Audits -P/T Consulting -Legal services (incorporation, corporate secretarial compliance, liquidation, BOI | FBL, etc…)-Immigration services (visa & work permit)Our Solution and Team of Professionals:Our unique solution will simplify your working processes, but it is our experienced certified accountants and lawyers who make the real magic happen. Complete Financial Control:Thanks to meaningful insight into your finances, your accounting data is now a powerful tool to help drive your business forward.High Level Security:We take every care to ensure your data is encrypted and receives maximum protection through our high level servers.Paperless Bookkeeping:No more Excel reports, no more piles of paper. Your accountant will have done all the hard work for you! Lower costs and simplify your processes by switching to an automated accounting solution. No more piles of bills!Unbiased Expert Advice:Small / You’ll have unlimited chat, email or phone access to your team of bookkeepers plus we also have finance experts on hand to help with specific needs. Our accountants and lawyers will take the time to get to know you to become an extension of your team!

BDO LLP SINGAPORE411 +65 6990 2838

BDO in Singapore is a full-service professional services firm providing audit, tax and advisory services. We have a long history of serving small and medium-sized enterprises (SMEs), large privately-held businesses and multinational companies across a broad spectrum of industries in Singapore. With a strength of over 550 employees, we offer a comprehensive range of services, including Audit and Assurance, Business Restructuring and Forensic Accounting, Cybersecurity, Tax Advisory, Risk Advisory, Business Advisory, Financial Risk and Governance, Management Consulting and Business Outsourcing Services. BDO LLP is an independent member firm of BDO International - the world’s fifth-largest accountancy network. We are part of a global brand and accounting network with over 1,713 offices across 164 countries.

BDO IN THAILAND105 +66 99 492 1592

BDO in Thailand provides comprehensive audit & assurance, advisory, corporate & International tax and business services & outsourcing services to organizations large and small. We offer a fresh approach to professional services, combining tailored solutions with tech-based innovation to meet the needs of each individual client. Through extensive local and international insight, our leadership team helps companies do business with ease in Thailand and beyond.We believe that success in today’s marketplace depends on agility and adaptation – for our clients as well as ourselves. By building close relationships, and monitoring progress through frequent touchpoints, our experts can deliver results that are precisely in line with client goals. BDO in Thailand is a member firm of BDO International, the world’s fastest-growing accounting and advisory group – and also one of the largest. We benefit from the valuable expertise of this worldwide network, with its 1,617 offices spread across 167 countries and territories. We also join the group in prioritising Resources, Responsiveness, and Relationships as fundamental keys to success. These qualities – together with committed teamwork, community involvement, and a diverse mindset – let BDO in Thailand stand out among its peers.

BDO60,637 +65 6828 9118

BDO is the leading provider of professional services within the mid-tier of our profession. We are proud to deliver seamless client service, from 1658 offices in 167 countries, across the world. Our 91K+ professionals continuously transform our approach by embracing future-oriented technology and focusing on quality. Strategic decisions and investments made in recent years have further equipped the organisation with the global infrastructure and innovative solutions needed to deliver long-term value for our clients.As a purpose-driven organisation, we do better.

SIDEKICK47 +64 3 443 4417

Business Sidekicks getting you where you want to be through Accounting, Tax & Advisory services.

GRANT THORNTON BHARAT LLP5,840 +65 6805 4110

Follow us on Twitter @GrantThorntonIN.Grant Thornton Bharat is a member of Grant Thornton International Ltd. With 6,500+ people across 14 offices around the country, Grant Thornton Bharat is one of the preeminent Indian professional services firms and offers end-to-end solutions for a business lifecycle. Through its people over profit focus, client centricity and impact on the ecosystems within which it operates, the Firm is reshaping the values of the profession and Going Beyond to Shape a more Vibrant Bharat. Grant Thornton Bharat is creating, preserving and transforming value, every day with its sector-first approach and services spanning Assurance, Tax, Advisory, Technology and Consulting. www.grantthornton.in

MDD FORENSIC ACCOUNTANTS335 +65 6327 3785

Founded in 1933, MDD is a leading international forensic accounting firm that provides economic damage quantification assessments for its clients.Collectively, our staff and partners speak over 30 languages and hold 18 distinct professional designations. We frequently work with law firms, government entities, multi-national corporations, small businesses, insurance companies and independent adjustment firms.With over 40 offices in Australia, Brazil, Canada, Hong Kong, Japan, New Zealand, Singapore, Thailand, Korea, the UAE, the UK and the USA, MDD is proud of its exceptional dedication, singularly qualified experts and demonstrated results in this highly specialized area of accounting.

GRANT THORNTON SINGAPORE193 +65 9642 5657

Grant Thornton is a global network with over 60,000 passionate people in member firms across over 130 countries, with one common goal — to help organisations realise their ambitions in any environment. Businesses are facing unprecedented challenges. This demands a different type of adviser. One willing to go beyond what’s expected to deliver an experience that’s more personal, agile and proactive. Our whole team is dedicated to listening and helping businesses achieve their goals. And we mean everyone, from partner to staff. Bringing together global scale with local insight, teams at Grant Thornton focus on the real issues, engage collaboratively, and offer solutions that are both insightful and practical.

MAZARS23,428 +65 6224 4022 ext. 1263

Mazars is an internationally integrated partnership, specialising in audit, accountancy, advisory, tax and legal services*. Operating in 95+ countries and territories around the world, we draw on the expertise of more than 47,000 professionals – 30,000+ in Mazars’ integrated partnership and 17,000+ via the Mazars North America Alliance – to assist clients of all sizes at every stage in their development.*Where permitted under applicable country laws

CPA AUSTRALIA1,344 +61 1300 737 373

Our core services to members include education, training, technical support and advocacy.Employees and members work together with local and international bodies to represent the views and concerns of the profession to governments, regulators, industries, academia and the general public.Our VisionOur goal is to partner with members, so they are prepared for today and tomorrow in a globally connected worldOur PurposeWe are partners for progress. Through trusted relationships we develop business professionals with tomorrow’s capabilities.WHAT IS A CPA?A Certified Practising Accountant (CPA) is a finance, accounting and business professional with a specific qualification. Being a CPA is a mark of high professional competence. It indicates a soundness in depth, breadth and quality of accountancy knowledge.CPAs are highly respected by employers and members. It provides members with an internationally recognised qualification as well as the opportunity to complete specialist training and continuing professional development (CPD).Find out more at cpaaustralia.com.au View our social media house rules www.cpaaustralia.com.au/terms/social-media-house-rules

PKF THAILAND54 +66 2 108 1599

PKF Thailand is a professional services firm headquartered in the heart of the financial district of Bangkok and is a member of PKF International’s global family of legally independent firms. PKF is also the only global accounting firm with an active branch in the Eastern Seaboard – heart of the government’s Eastern Economic Corridor initiative.With highly skilled and experienced management and staff, PKF Thailand has worked relentlessly to establish itself as the firm of choice for both international and local clients alike. PKF has exceptionally high governance standards and controls and is licensed by Thailand’s SEC to carry out audits on public listed companies.The PKF International network consists of over 400 offices, operating in 150 countries across five regions. We specialise in providing high quality audit, accounting, tax, and business advisory solutions to international and domestic organisations in all our markets.

PWC MYANMAR28 +65 9118 0811

PwC Myanmar helps organisations and individuals create the value they’re looking for. Our firm is comprised of highly qualified local professionals with years of international experience, supported by domain experts from PwC Singapore; a combination that brings you in-depth, on-the-ground knowledge base while tapping on PwC’s global reach and expertise. We are committed to helping organisations adapt their commercial interests successfully, transform and develop their operations, solve their business issues, and identify as well as maximise the opportunities they seek.

SIAM INTERNATIONAL ACCOUNTING MANAGEMENT LTD.6 +66 2 391 3906

SIAM INTERNATIONAL ACCOUNTING MANAGEMENT LTD. is a specialist international tax consulting company based in Bangkok, Thailand.

GRANT THORNTON LLP (US)13,968 +65 6805 4110

Forget what you think you know about professional services. We go beyond what’s expected and help others do the same.Grant Thornton is the U.S. member firm of Grant Thornton International Ltd, one of the world’s leading independent audit, tax and advisory firms. That means our network has more than 60,000 professionals in more than 135 countries who are ready to help public and private organizations of all sizes take on today’s challenges. But what sets us apart isn’t just what we do – it’s how we do it. Here, we believe in making business more personal and building trust into every result. We’re collaborators – obsessed with quality and ready for anything – who understand the value of strong relationships. It’s how we challenge the expectations of business and empower our people and clients to do it, too. One thing we won’t do? Grant Thornton LLP will never request money or any form of payment for services via social media. Please report any concerns at 1-800-810-3503.Grant Thornton” refers to Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and the member firms are not a worldwide partnership. Services are delivered by the member firms. GTIL and its member firms are not agents of, and do not obligate, one another and are not liable for one another’s acts or omissions. Please see grantthornton.com for further details.

KPMG227,087 +65 6213 3388

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We have 227,000 outstanding professionals working together to deliver value in 146 countries and territories. With a worldwide presence, KPMG continues to build on our successes thanks to clear vision, defined values and, above all, our people. Our industry focus helps KPMG firms’ professionals develop a rich understanding of clients businesses and the insight, skills and resources required to address industry-specific issues and opportunities.The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

SCS GLOBAL GROUP126 +65 6221 1718

SCS-Invictus is an international group of advisory & professional services firms founded in 2002. We are an independent and results driven organization, committed to providing practical, value-added and quality services. Our expertise stems from the vast experience of our seasoned partners, and a key group of professionals who have prior experience in the largest international professional services network firms, established consultancy companies, banks & other financial institutions.SCS-Invictus provides a wide range of professional services, including:• Accounting, Financial Reporting and Company Support services• Assurance• Business Advisory and Consulting• M&A and Corporate Finance• Tax Advisory and ComplianceSCS-Invictus is currently located in 19 countries, and assisting our clients in over 30 locations, including APAC region, India and USA. Our network of around 400 professionals is complemented by joint ventures and strategic alliances, bringing the total talent pool to over 1,500. Our intellectual capital and operating philosophy help us to provide seamless solutions to our clients across the globe.Deriving from our multicultural background, SCS-Invictus offers services in English, Japanese, Mandarin, Bahasa Malaysia / Indonesia and other local languages.Our clientele ranges from SMEs to large MNCs. SCS-Invictus’s list of reference clients includes many notable Japanese companies such as Dentsu, Hitachi, Mizuho Bank, NEC, Oji Paper, Sumitomo and Toray. However, we have also helped international firms from other countries such as Vopak, Thales Group and Moet & Hennessey.

ADMINISTRATION OUTSOURCING CO LTD11 +66 2 684 1699

Accounting without insight is just numbers. We provide a one-stop service that turns book-keeping entries into business strategies. Our world-class services eliminate the time-consuming financial tasks that impact decision-making by providing managers with a clear snapshot of their company’s financial situation at any given time, as well as providing a clear indication of what the financial impact of decisions would be.Every business is different, and was can tailor our services to fit your needs. We are able to provide the following services:• Regular one-to-one meetings to go through your numbers and explain where you are doing well, where you are not, and how you can do more of what you are doing well. • A monthly report which will detail out the highs and lows of your company’s performance for the past period, with suggested actions on how to achieve greater results. • Work with you to come up with effective business strategies which will lead to greater profitability, either by increasing revenue or by controlling costs. • Help produce forecasts and projections for those looking for additional investment. We will also attend meetings with investors if so required.We can also take care of the following daily administrative tasks, so that you can get on with running your business.• Collecting accounting information and documents for processing.• Providing easy to understand financial reports in English, and submitting all necessary tax returns to the relevant Thai authorities on your behalf.• Collecting and banking customer cheques.• Making supplier payments. • Payroll service.• Liaising with the Revenue Department.

Top Accounting And Tax Companies in Thailand

Key Statistics from 2022

The industry contributed approximately 0.6% to the country's GDP, with a total value of THB 135 billion (USD 4.04 billion). Moreover, the sector provided employment opportunities for over 120,000 individuals, representing about 0.31% of the Thai labor force.

Factors Contributing to Growth and Success

Several factors have contributed to the growth and success of Thailand's accounting industry, including:

Government initiatives:

The Thai government has introduced various measures to support the accounting sector, including tax incentives, regulatory reforms, and capacity-building programs aimed at enhancing the skills and expertise of accounting professionals.

Growing SME sector:

The Small and Medium Enterprises (SME) sector in Thailand has experienced significant growth in recent years, leading to an increased demand for accounting services.

Internationalization:

The integration of Thailand's economy with global markets has led to a growing demand for accounting professionals with international expertise, driving growth in the industry.

Sub-sectors’ Growth and Comparison to Previous Years

In 2022, the Thai accounting industry experienced varied growth rates across its sub-sectors, reflecting the diverse needs of businesses and the evolving financial landscape.

The audit and assurance sub-sector witnessed a growth of 5.8% in 2022, driven by the increased demand for compliance with complex financial regulations and the need for transparency. This growth rate outpaced the previous year's 4.2%, signaling a heightened focus on reliable financial reporting.

Tax advisory services, another prominent sub-sector, experienced a robust growth rate of 6.7% in 2022. The upsurge is attributable to the ever-changing tax landscape and businesses seeking expert guidance to navigate the complexities of tax compliance. This growth rate surpassed the 5.4% observed in 2021.

Meanwhile, the management consulting sub-sector, which includes services such as financial planning, risk management, and process optimization, registered a remarkable growth rate of 8.3% in 2022. This surge, compared to the 6.9% in 2021, highlights the growing importance of strategic financial management and the need for companies to adapt to shifting market conditions.

Lastly, the incorporation of advanced technologies and digital tools in the accounting industry led to a burgeoning demand for IT advisory services, which recorded an impressive growth rate of 9.1% in 2022. This figure eclipses the 7.5% growth observed in the previous year, emphasizing the critical role of technology in shaping the future of the accounting profession.

Key Trends and Technological Disruptions

The accounting industry in Thailand is undergoing significant transformation, shaped by technological advancements and evolving market demands. Key trends and disruptions include:

Digitalization and automation:

The adoption of digital technologies and automation tools is transforming the way accounting services are delivered. Cloud-based accounting software, AI-driven data analytics, and robotic process automation (RPA) are streamlining financial processes and enhancing efficiency.

Shift towards advisory services:

As technology automates routine accounting tasks, accounting professionals are increasingly focusing on providing value-added advisory services, such as financial planning, risk management, and strategic consulting.

Growing demand for sustainability reporting:

With the rise of environmental, social, and governance (ESG) concerns, businesses are increasingly seeking accounting professionals with expertise in sustainability reporting and ESG compliance.

Challenges

Despite its growth and success, the accounting industry in Thailand faces several challenges, including:

Skill shortages:

The rapid pace of technological change has created a skills gap in the accounting profession, with a growing demand for professionals adept at using digital tools and providing specialized advisory services.

Regulatory complexities:

As Thailand's regulatory landscape evolves, accounting professionals must navigate complex and changing compliance requirements, posing a significant challenge for the industry.

Cybersecurity risks:

With the increased reliance on digital technologies, the accounting industry is more vulnerable to cybersecurity threats, necessitating the need for robust security measures and data protection practices.

To address these challenges and capitalize on future opportunities, Thailand's accounting industry must focus on investing in talent development, embracing digital transformation, and adapting to changing market demands. By doing so, the sector can continue to thrive and support the nation's economic growth and development.

Future Outlook

Embracing Innovation and Collaboration

To remain competitive and navigate the future landscape of the accounting industry, firms in Thailand must embrace innovation and collaboration. This includes:

Adopting new technologies:

Firms should invest in cutting-edge technologies such as AI, machine learning, and blockchain to enhance efficiency, streamline processes, and offer better insights to clients.

Developing strategic partnerships:

Forming strategic alliances with technology companies, educational institutions, and other industry players can help accounting firms access new technologies, resources, and expertise, enabling them to better serve their clients.

Fostering a culture of innovation:

Encouraging a culture of innovation and experimentation within firms can help drive the adoption of new technologies, business models, and service offerings, enabling firms to stay ahead of the curve in a rapidly changing industry landscape.

Preparing the Workforce for the Future

As the accounting industry evolves, so too must its workforce. Firms in Thailand should prioritize talent development and upskilling to ensure their professionals are equipped to navigate the changing industry landscape. This includes:

Providing continuous learning opportunities:

Offering training programs, workshops, and certifications can help accounting professionals stay abreast of the latest industry trends, technologies, and regulatory requirements.

Encouraging cross-functional collaboration:

Fostering collaboration between accounting professionals and experts in other fields, such as technology and data analytics, can help drive innovation and ensure the workforce is equipped with the necessary skills to succeed in the future.

Cultivating a growth mindset:

Encouraging a growth mindset within the workforce can help accounting professionals stay adaptable and resilient in the face of change, ensuring they are well-prepared to tackle the challenges and opportunities that lie ahead.

Conclusion

Thailand's accounting industry is poised for continued growth and success, driven by a supportive government, a robust economy, and the adoption of new technologies. However, the industry must also confront several challenges, including skill shortages, regulatory complexities, and cybersecurity risks. By embracing innovation, collaboration, and talent development, the sector can navigate these challenges and seize the opportunities presented by the changing landscape, ultimately contributing to the nation's economic growth and development.

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By Melissa Goh
Published on 29 May 2023