What are the main pitfalls that young and established companies fall into regarding accounting and auditing?
Many of our clients are foreign. They assume that the regulations will be broadly the same as back home and often simply refuse to acknowledge that they are not when given the evidence otherwise. Why is it that many companies have difficulties handling their own accounting or payroll, and need the kind of services Double Impact provides? It depends on the type of company. If they are quite small, it is really hard to keep staff and every time a staff member leaves, the job may have to be relearned. Companies that outsource can concentrate on developing their core businesses. Even large companies outsource to us. It can save them money and make them more efficient as well as help them concentrate on what they are good at. Are Thailand’s tax and audit regulations that much different to other nations? On paper no, but in practice tax and audit regulations are fairly backward here. One reason is that it is essentially a very protected industry. Even in Vietnam there is far more internation
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