A client came to us recently after being previously slammed for incomplete VAT claims. What might have been a minor issue was neglected by his previous accounting team, leading to an injunction to immediately pay penalties of nearly 50% of the redressed amount.  The Dangers of Carefree Accountants What happens when your accountant doesn’t care?Rotten Accounting Can Put Your Visa at RiskTo make matters worse, the business owner couldn’t renew their Visa and had to leave the countr....

What is Value Added Tax (VAT)?VAT is an indirect tax, calculated on the sale of goods or services in Thailand.The general rate of VAT is 7%, but there are exceptions to this when even levels of 0% may apply; such as, on sales or services to state-owned entities or the government.There are also exemptions, such as smaller companies, medical and educational services, transportation, and many others. At b-accounting we are here to help you with this tortuous issue, helping you to identify savings, so maximising profit.Thailand Accounting Upda....

More than ever, accounting matters for your personal and business finances.Of course, strong records will keep you organized and compliant, but your ability to maintain an organized system for record-keeping will ultimately affect your bottom line.   Believe it or not, your accounting has an impact on your profitability.  Organization is KeyWhen your records are in order and well kept, doors of opportunity open to you.  Rather than fumbling through piles of paperwork, you will be able to locate client records quickly and eff....

Improve your business’ profitability with these 5 simple tips!5. Use Good ResourcesFor any business, there isn’t much room for waste.  Take the time to examine the affect your resources have on your business’ productivity.  Durable machines and better employees will save you money in the long run.  Evaluate your current resources and adjust accordingly. 4. Monthly Sales GoalsA business must know exactly how much they need to turn profits and grow. Communicating goals clearly to your staff pushes your business in a stro....

Financial statements are the report cards of your business.  Use them to update investors, assess profitability, and keep your business legal.UPDATING INVESTORSAt any board meeting or shareholders meeting, the presentation of financial statements is a common, if not necessary occurrence. Reports like the financial statement or balance sheet condense necessary financial information into quick, easy-to-understand summaries of the business’ revenue, expenses, profit, assets, and liabilities.  In order for investors and officers to be c....

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