Many small and medium-sized enterprises (SMEs) in Thailand face penalties and cash-flow issues not because of poor performance, but often due to avoidable accounting mistakes.
Here are some of the most common ones:
Late or incorrect tax filings
VAT, withholding tax, and corporate income tax deadlines are often missed, leading to penalties and surcharges.
Mixing personal and company finances
Using one bank account for both personal and business expenses creates compliance risks and unclear financial records.
Incomplete bookkeeping records
Missing invoices, receipts, or supporting documents can cause problems during audits and tax reviews.
Incorrect VAT treatment
Applying VAT incorrectly — or failing to register when required — is a frequent issue among growing businesses.
No regular financial review
Many SMEs only review their accounts once a year, which makes it harder to control costs and plan ahead. Often this is paired with insufficient lower grade accounting support who doesn't highlight important fats and guide SME's.
No sufficient communication/consulting
Very simple frequent and adequate English communication highlighting monthly accounting and legal information to correctly plan ahead and decide.
Your solution
- Detailed and higher skilled accounting is not just about compliance — it helps business owners make better decisions.
- At M&E (Thailand) Co. Ltd., we support SMEs and foreign-owned companies with clear, reliable, and compliant accounting services in Thailand.