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Internal audit
In today's increasingly competitive and regulated market place, organisations - both public and private - must demonstrate that they have adequate controls and safeguards in place. The availability of qualified internal audit resources is a common challenge for many organisations.
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IFRS
At Grant Thornton, our International Financial Reporting Standards (IFRS) advisers can help you navigate the complexity of financial reporting so you can focus your time and effort on running your business.
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Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
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Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
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Looking for permanent staff
Grant Thornton's executive recruitment is the real executive search and headhunting firms in Thailand.
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Looking for interim executives
Interim executives are fixed-term-contract employees. Grant Thornton's specialist Executive Recruitment team can help you meet your interim executive needs
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Looking for permanent or interim job
You may be in another job already but are willing to consider a career move should the right position at the right company become available. Or you may not be working at the moment and would like to hear from us when a relevant job comes up.
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Practice areas
We provide retained recruitment services to multinational, Thai and Japanese organisations that are looking to fill management positions and senior level roles in Thailand.
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Submit your resume
Executive recruitment portal
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Update your resume
Executive recruitment portal
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Available positions
Available positions for executive recruitment portal
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General intelligence assessments
The Applied Reasoning Test (ART) is a general intelligence assessment that enables you to assess the level of verbal, numerical reasoning and problem solving capabilities of job candidates in a reliable and job-related manner.
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Candidate background checks
We provide background checks and employee screening services to help our clients keep their organisation safe and profitable by protecting against the numerous pitfalls caused by unqualified, unethical, dangerous or criminal employees.
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Capital markets
If you’re buying or selling financial securities, you want corporate finance specialists experienced in international capital markets on your side.
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Corporate simplification
Corporate simplification
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Expert witness
Expert witness
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Family office services
Family office services
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Financial models
Financial models
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Forensic Advisory
Investigations
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Independent business review
Does your company need a health check? Grant Thornton’s expert team can help you get to the heart of your issues to drive sustainable growth.
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Mergers & acquisitions
Mergers & acquisitions
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Operational advisory
Grant Thornton’s operational advisory specialists can help you realise your full potential for growth.
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Raising finance
Raising finance
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Restructuring & Reorganisation
Grant Thornton can help with financial restructuring and turnaround projects, including managing stakeholders and developing platforms for growth.
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Risk management
Risk management
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Transaction advisory
Transaction advisory
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Valuations
Valuations
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Human Capital Consulting
From time to time, companies find themselves looking for temporary accounting resources. Often this is because of staff leaving, pressures at month-end and quarter-end, or specific short-term projects the company is undertaking.
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Strategy & Business Model
Strategy & Business Model
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Process Optimisation & Finance Transformation
Process Optimisation & Finance Transformation
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System & Technology
System & Technology
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Digital Transformation
Digital Transformation
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International tax
With experts working in more than 130 countries, Grant Thornton can help you navigate complex tax laws across multiple jurisdictions.
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Licensing and incentives application services
Licensing and incentives application services
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Transfer pricing
If your company operates in more than one country, transfer pricing affects you. Grant Thornton’s experts can help you manage this complex and critical area.
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Global mobility services
Employing foreign people in Australia, or sending Australian people offshore, both add complexity to your tax obligations and benefits – and we can guide you through them.
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Tax compliance and tax due diligence review services
Tax compliance
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Value-Added Tax
Value-Added Tax
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Customs and Trade
Customs and Trade
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Service Line
グラントソントン・タイランド サービスライン
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Business Process Outsourcing
Companies, large and small, need to focus on core activities. Still, non-core activities are important, and they need to be leaner and more efficient than most companies can make them sustainably. For Grant Thornton, your non-core activities are our core business. Grant Thornton’s experienced outsourcing team helps companies ensure resilience, improve performance, manage costs, and enhance agility in resourcing and skills. Who better to do this than an organisation with 73,000 accountants? At Grant Thornton we recognise that that outsourcing your F&A functions is a strategic decision and an extension of your brand. This means we take your business as seriously as we take our own.
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Technology and Robotics
We provide practical digital transformation solutions anchored in business issues and opportunities. Our approach is not from technology but from business. We are particularly adept at assessing and implementing fast and iterative digital interventions which can drive high value in low complex environments. Using digital solutions, we help clients create new business value, drive efficiencies in existing processes and prepare for strategic events like mergers. We implement solutions to refresh value and create sustainable change. Our solutions help clients drive better and more insightful decisions through analytics, automate processes and make the most of artificial intelligence and machine learning. Wherever possible we will leverage your existing technologies as our interest is in solving your business problems – not in selling you more software and hardware.
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Technical Accounting Solutions
The finance function is an essential part of the organisation and chief financial officer (CFO) being the leader has the responsibility to ensure financial discipline, compliance, and internal controls. As the finance function is critical in every phase of a company’s growth, the CFO role also demands attention in defining business strategy, mitigating risks, and mentoring the leadership. We offer technical accounting services to finance leaders to help them navigate complex financial and regulatory environments, such as financial reporting and accounting standards, managing compliance requirements, and event-based accounting such as dissolutions, mergers and acquisitions.
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Accounting Services
Whether you are a local Thai company or a multinational company with a branch or head office in Thailand you are obliged to keep accounts and arrange for a qualified bookkeeper to keep and prepare accounts in accordance with accounting standards. This can be time consuming and even a little dauting making sure you conform with all the regulatory requirements in Thailand and using Thai language. We offer you complete peace of mind by looking after all your statutory accounting requirements. You will have a single point of contact to work with in our team who will be responsible for your accounts – no matter small or large. We also have one of the largest teams of Xero Certified Advisors in Thailand ensuring your accounts are maintained in a cloud-based system that you have access to too.
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Staff Augmentation
We offer Staff Augmentation services where our staff, under the direction and supervision of the company’s officers, perform accounting and accounting-related work.
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Payroll Services
More and more companies are beginning to realize the benefits of outsourcing their noncore activities, and the first to be outsourced is usually the payroll function. Payroll is easy to carve out from the rest of the business since it is usually independent of the other activities or functions within the Accounting Department. At Grant Thornton employees can gain access to their salary information and statutory filings through a specialised App on their phone. This cuts down dramatically on requests to HR for information by the employees and increases employee satisfaction. We also have an optional leave approval app too if required.
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IBR Optimism of Thailand Mid-Market Leaders Suggests Potential Underestimation of Challenges Ahead: International Business Report, Q1 2024Bangkok, Thailand, April 2024 — The Grant Thornton International Business Report (IBR) for Q1 2024 unveils a strikingly optimistic outlook among Thailand's mid-market business leaders, juxtaposed with the looming challenges that will shape the nation's economic future. With a Business Health Index score of 13.5, Thailand outperforms its ASEAN, Asia-Pacific, and global counterparts, signaling a robust confidence that may overshadow critical issues such as demographic changes, skills shortages, and the necessity for digital advancement.
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Workshop Corporate Strategy and Company Health Check WorkshopThroughout this workshop, we will delve into the life cycle of companies, examining the stages of growth, maturity, and adaptation. Our focus will extend to the current business environment, where your Company stands today, and how our evolving strategy aligns with the ever-changing market dynamics.
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Tax and Legal update 1/2024 Introducing the New “Easy E-Receipt” Tax scheme with up to THB 50,000 in Tax DeductionsThe Revenue Department has introduced the latest tax scheme, the “Easy E-Receipt”, formerly known as “Shop Dee Mee Kuen”. This scheme is designed to offer individuals tax deductions in 2024.
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TAX AND LEGAL Complying with the PDPA – A Balancing ActOrganisations must be aware of the circumstances in which they are allowed to collect data to comply with Thailand’s Personal Data Protection Act.
According to the latest data from the International Business Report (IBR), Grant Thornton’s global survey of mid-market companies, business leaders are being cautious about their future investment intentions. Across the board, in the second half of 2022 plans to invest were slightly down compared to H1 2022. Investment in staff skills has fallen by 2% to 53%, research and development intentions are down by 4 points to 51% and investment in technology is down by 3% to 57%.
While it's understandable that some businesses are being more wary during the current economic and geopolitical uncertainty, the fact that more than half of mid-market businesses are maintaining investment in skills, R&D and tech demonstrates their desire to keep moving forward. Business leaders that maintain focused investment during the current economic headwinds are likely to be better positioned to sustain value and grow once economic uncertainty lifts.
Global investment in tech, R&D, and skills over last five years
Oupa Mbokodo, head of advisory, Grant Thornton South Africa (SNG Grant Thornton)
“It rarely makes sense to hold back on investment during an economic slowdown. The bigger risk for businesses is that, when the uncertainty ends, you may be behind your competitors. Business leaders may also miss out on an opportunity to create (invest in) new revenue streams”
“While it is important to hold on to cash, it is equally important to have a robust investment strategy for an organisation. You need to understand the market in which you operate, understand the cycles of the economy, and know exactly under what circumstances your specific organization can thrive.”
Business leaders who will be best positioned for growth when economic conditions improve will be those that scenario plan and can see past the immediate challenges to the opportunities beyond. Organisations need to be future focused to ensure they remain sustainable over the long term. In this light, innovation can lead to higher productivity and new markets, which then has a positive impact on the wider economy, can improve the social impact of the organisation and can benefit the environment, if done sustainably.
Claire Scott, partner, Grant Thornton Australia
“Many mid-market businesses are only at the beginning of their ESG journey. We’re not yet at the stage where a firm’s sustainability significantly impacts their attractiveness for investment, but we’re certainly heading that way. And, when it does come, it will actually happen quite quickly, not least because there are regulatory changes coming in that are going to force a shift in thinking. This is already happening with the ‘Social’ element of ESG. A lot of the clients we work with are actively working to address diversity and inclusion issues and do more to support different groups across society. Done right, this isn’t only the right thing to do, but can also improve decision making, increase productivity, and make the firm more attractive to investors.”
Productivity remains elusive, but firms with the right strategy will find ways to evolve
Over the last several years, productivity growth has been sluggish in many developed markets. As the World Economic Forum demonstrates, for some firms digitalisation has been a gamechanger, though not all businesses have been able to reap the gains from digital investment. New technologies, including AI, may well offer a new boost for certain businesses, but identifying the areas which will have the biggest impact on productivity is key.
Ian Pascoe, CEO and managing partner, Grant Thornton Thailand
“Over the last 20 years global productivity growth has been virtually stagnant. It has either flatlined or, even worse, actually declined. This is all during a period where we have had some of the greatest technological changes ever seen, we're more connected than we've ever been, and yet that has not led to an increase in productivity. Firms making investments in these areas really need to think about how it will impact productivity, because so far it often hasn't happened as business leaders would have hoped.
“Businesses absolutely need to be looking at technology, and working out how they can make investments that keep them ahead of their competitors. But they also really need to interrogate what that technology will bring and how it's linked to productivity.”
Investment in technology remains the priority for business leaders, at 57%, with investment in staff skills the next highest on the list at 53%. Investment in plant and machinery is not seen as key for many firms, at 44%, while investment in new buildings remains at the bottom of the list, cited by 36% of businesses (down from 40% in H1 2022).
Shona O’Hea, partner, Grant Thornton Ireland
“Mid-market firms have become much more savvy about how they invest in technology. A few years back there was more appetite to do large scale transformations, buying chunky pieces of software which were sold as silver bullets to solve all your company’s problems. Since then, firms have learnt a lot about the implementation of tech, and they’re using this knowledge to make better use of the latest developments available in artificial intelligence, robotics, machine learning, and virtual reality.
“Now business leaders have realised you can’t get everything done in one push of the button. So there is more deliberation before embarking on large tech transformations that may take years to implement and being much more tailored in how they invest in tech, business leaders are getting added value with less cost.”
Poor access to cash remains a real concern
According to Grant Thornton’s latest data, business leaders’ fears over a shortage of finance have eased somewhat over the last year, but it remains a real concern for many. Just under half (47%) of business leaders cited access to cash as a constraint on their growth, compared to 50% in the second half of last year.
Global percentage concerned by access to cash (data over time – last 11 years)
Ian Pascoe, CEO and managing partner, Grant Thornton Thailand
“As interest rates go up in several markets, chief executives and chief financial officers are finding themselves in an unfamiliar situation. For years it’s been relatively easy for businesses to get money. But, as interest rates have gone up, the model has changed, and the pricing of risk has gone up too.
“Underperforming businesses will fail because they won’t have access to the debt market as the risk is just too high. So firms really need to get the fundamentals right. They need to test their business plans and make sure they’re demonstrating just how robust they are.”
When inflation is brought back under control, advanced economies’ central banks are likely to bring real interest rates back towards pre-pandemic levels. The IMF suggests that recent increases in real interest rates are likely to be only temporary. But this is little solace for business leaders now. Globally, just under 12% of firms see interest rates and funding as a significant threat. This challenge, along with ongoing economic uncertainty, events in the banking sector and stubborn inflation, will continue to undermine firms’ investment ambitions, meaning they need to plan carefully to make sure they are as attractive as possible to investors.
Percentage that see interest rates and funding as a significant threat per region
Kalpana Balasubramanian, CEO and chief thinker, Grant Thornton dGTL
“When funding investment, business leaders need to think a bit more laterally than they have previously. For example, many banks have created sustainable finance targets which they are looking to fulfil. At the same time, both venture capital funds and private equity funds have developed criteria including ESG metrics. There may be pools of cash available for those firms that can show they meet certain sustainability or social criteria. Firms that can demonstrate that they are sustainable over the long term will find it easier accessing finance.”
Roy Nicholson, principal, Grant Thornton USA
“It’s absolutely right that, faced with the challenges we see today, business leaders are taking a second look at their organisations and thinking of the investments they need to make in order to emerge stronger in the future. The truth though is that firms should be making these decision on an ongoing basis, and they should be constantly trying to identify ways of operating more efficiently so that they can leverage those cost efficiencies to innovate in the future.”
This should be a continual improvement activity. Firms need to harness a mid-market mindset and their entrepreneurial spirit so that they remain focused on continually improving their processes and constantly innovating. Leaders that can achieve this and put in place the right plan to weather the challenges of persistent inflation, rising costs, and skills shortages, will be in a position to grow as markets begin to recover.