Starting a legal practice in Thailand and engaging an accounting company in Bangkok can present many logistical challenges. Today, the business community continues to expand rapidly. It is vital to have a firm grasp of what is expected of one’s international practice and to ensure the needs of your new clients are met.
Thailand has seen an increase in the number of foreign law firms operating here over the past few years. The country offers a highly skilled work force and a lucrative business environment.
Some of the issues that business owners might want to address with their accounting and business consulting companies are summarized below. RSM has worked with large multinational firms for years and has gathered important insights from a consultant in Bangkok, Thailand.
A RSM provider will work with your firm to develop and manage an implementation plan for Thailand-based clients. The implementation plan is designed to provide adequate training, research and development, and production capacity for a firm’s strategic goals. It can be tailored to meet the needs of the client.
Providing the local accounting and consulting firm with high quality output will help to provide benefits that resonate throughout the firm and help the firm to secure good growth potential for the firm. The client will be able to leverage the best technology, capabilities, and expert service provided by the firm. The firm will provide efficient accounting, bookkeeping, tax preparation, and other related services to its clients.
Before engaging an accounting and consulting firm in Bangkok, make sure you choose one that will not only address your firm’s needs but that will also offer a better representation of your company to your client’s client base. There are many differences between a “standard” firm and a “CDA” (consulting, development, international) firm. The CDA (consulting, development, international) firm is a business entity that prepares and files returns for clients. A CDA firm does not conduct litigation or serve as the representative of a corporate owner.
Although “CDA” firms are very similar to standard firms, they do typically work closely with the client. The CDA firm does not engage the firm’s attorneys to bring suit against clients or administer client tax laws. A CDA firm performs many of the same tasks, but does not provide the same level of expertise.
Even though a CDA firm might present similar client services, the primary responsibilities of the firm may differ. A CDA firm might be able to handle such things as valuation, contract administration, international tax planning, procurement, information systems, and taxation. The primary difference between a CDA firm and standard firm is that CDA firms should have a strong foreign law attorney to assist clients on legal matters.
When beginning an international practice in Thailand, it is important to determine whether your client’s practices will require separate staffs. Offices located in Thailand might have a specialized tax practice and also require an attorney to prepare and file returns. Offices located in the United States might require an account manager, bookkeeper, and tax consultant to perform all of these functions.
Finding a consulting, international law firm in Bangkok that provides the accounting, bookkeeping, and tax preparation services you need for your firm will involve some level of face-to-face interaction with the staff. This is a good way to find out whether the financial solutions you want to implement will meet your firm’s objectives.
To supplement your RSM consulting, consult with your local attorney about the options available to you as a business owner. You might want to discuss alternative revenue management solutions that are more cost-effective than the traditional method of deducting expenses, usually at the last minute before the tax filing deadline.
Having the right accounting and consulting firm in your local region can be a critical component of your success. It is crucial to make sure that you work closely with an international law firm and consult with your local attorney before making the final selection.