Thailand, as opposed to Western countries, has a relatively low standard of living, driving the average wage down.There are many factors to consider when exploring the idea of doing business in Thailand, so we’ll help add a few PROS to your list:6. Wages and HoursThailand, as opposed to Western countries, has a relatively low standard of living, driving the average wage down.5. Population and DiversityThailand’s 68 million people are quite diverse, with people from all over Asia, and each of these groups means different skills, broadening t....

Happy New Year from B-Accounting!Every new year comes with new goals and visions for the future, and that’s one of the most thrilling things about owning a business.  However, while a new year means excitement, it also means reports and taxes.Step 1:The first step on the road to being compliant to the Thai Revenue Department is to hold an Ordinary General Meeting 120 days maximum after the closing date of the fiscal year, where the externally audited annual report is reviewed and approved.  Step 2: Next, auditors and accou....

Managerial vs. Financial AccountingIt’s our birthday!  B-Accounting has reached our 5th year of business this month, and we are proud of our growth. In celebration, we’ve revamped our website, take a look!Accounting is often associated with plain old numbers, and while this is obviously true to a certain degree, accounting functions in different ways to serve vastly different purposes within an organization of any kind.  In general, there are two functions: managerial and financial.   Managerial AccountingManagerial....

The National Wage Committee, after meeting more than 5 hours, raised the minimum wage somewhere between 5 and 22 baht. The new minimum wage takes effect April 1st. Will this affect your business?How much the wage increases depends on where the workers—and your business—are based. For example, if you’re in Phuket, Chonburi or Rayong, expect minimum wage to rise to 330 baht from 310. 19 other provinces are in the same boat.At the low end, Yala, Patthani and Narathiwat have a minimum wage of only 308 baht a dayThe impact varies, depending on....

The latest World Bank Report for East Asia and Pacific, 2016-2018, suggests that growth in the region will remain resilient over the next three years, but that in the longer term there are significant risks, and countries need to take measures to reduce financial and fiscal vulnerabilities.In particular, the Report recommends that countries address constraints to sustained and inclusive growth, by filling infrastructure gaps, reducing malnutrition and promoting financial inclusion.For Thailand, the World Bank forecasts growth at 3.1% in 2017 an....

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