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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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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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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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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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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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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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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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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.
The effective application of artificial intelligence, as we’ve argued at length elsewhere, has already begun to reliably distinguish forward-looking businesses from those still coasting on the momentum of previous successes. Of course, this level of operational advancement remains difficult to achieve, as the integration and scaling of AI solutions represent a long and complex journey — though it is well worth the investment when implemented skilfully.
Artificial intelligence comes in various forms, from the relatively simple automation of repetitive tasks, to the pattern recognition of social media algorithms or self-driving automobiles, to the broad language models of ChatGPT and the like. Yet at bottom, AI is just a fancy term for software that processes information quickly and helpfully.
As we will see, HR managers across industries therefore have much to gain by embracing AI, as the deluge of information they typically deal with can be sorted, managed, and analysed at high speed through tailored software solutions.
Moreover, these AI tools enable an increase in quality — not merely because their output is accurate and insightful, but also because they ease the burden on your HR professionals, who might otherwise burn out from overwork and repetition. By handling standard administrative tasks with ease, AI allows existing staff to take on more creative and forward-looking projects, raising the value ceiling for your HR department as a whole.
Still, the smooth and successful integration of AI within an organisation’s HR department is by no means guaranteed. Effective transformation requires careful planning and decisive execution at the strategic, technical, and cultural levels. Let’s look at each of these in turn.
AI Strategy and Roadmap
As with other forms of transformation, the first step with AI implementation is to assess your organisation's HR needs and objectives. To that end, we recommend bringing in an external consultant to help identify areas where AI can bring the greatest improvements in both value and efficiency.
The possibilities here are vast, and prioritising them correctly will depend on the shortcomings of your current system. AI can be embedded in your recruitment efforts, by (for example) serving as a chatbot that can answer basic questions from prospective applicants 24 hours a day. This type of software can be integrated into your organisation’s website, its social media profile, or both.
Other roles for AI could include a dashboard to help your organisation keep track of progress toward its hiring objectives, or current employee movements by department. Additional HR tasks can also be automated using AI technology, such as the sorting of potential candidates for current and future job vacancies, as well as the optical scanning and AI-powered processing of their CVs.
Successful prioritisation of objectives allows for the development of a sensible AI strategy moving forward, including a detailed roadmap which is tailored to the organisation's HR goals. At this stage, it is important to define key milestones and implementation plans in order to coordinate the forthcoming transformation efforts and properly communicate expectations to outside partners.
AI Vendor Selection and Implementation
With strategy in place, it is time to evaluate potential AI vendors, as well as the technology solutions that align best with your HR requirements. Your outside consultant should have the experience and industry knowledge to assist in this important step of vendor selection and contract negotiations.
Both the consultant and vendor company will then provide implementation support and project management for your AI solutions. By referring to your detailed strategy and roadmap information, they will begin customising the AI software so as to fit your organisation's HR processes and workflows.
Change Management and Training
Before replacing manual processes with artificial intelligence software, your organisation and its consultant will assess the expected impact of AI implementation on the HR department and its workforce. With some tasks requiring less time and fewer employees moving forward, it will be important to reallocate the department’s resources toward other areas.
The success of these reorganisational efforts will depend on the development and application of change management strategies. Here, as in the previous stages, planning and preparation go a long way toward ensuring the smooth adoption of AI solutions.
Perhaps ironically, it tends to be the human element that gets in the way of successfully deploying AI solutions for HR departments. It is therefore essential to design and deliver training programmes which will upskill your HR professionals on AI concepts, tools, and best practices, helping them adapt to new workflows and processes enabled by AI.
Apart from the practicalities of using AI on a day-to-day basis, a key emphasis of these training efforts should also involve reassuring existing employees that the coming changes will benefit them as well as the company as a whole. Rather than replacing most of your existing HR staff — an understandable concern for many in the business world — AI will empower them to replace many of their repetitive administrative tasks with more creative strategic work that will help shape the future of the company in the months and years ahead.
This combination of clear understanding, improved competence, and increased motivation will help your newly empowered HR team maximise its effectiveness through the use of tailored AI tools.
Overcoming Indecision
As with any new technology, the biggest challenge often comes down to figuring out where and how to begin. For many companies, the newness of AI/automation technology suggests that either its popularity is a passing trend, or its benefits remain relatively untested. This mindset leads to inaction, whose primary outcome is to let one’s competitors get a head start. Later, as new iterations of AI software make the technology even more advanced, the perceived difficulty of adopting it also increases.
Yet one of the most salient features of today’s AI software is its versatility. There is never a bad time to adopt it, and benefit from the myriad advantages it brings, provided the transformational onramp is constructed and navigated skilfully.
If your organisation would like to learn more about AI in the HR space, or begin its transformational journey, our experienced team at Grant Thornton in Thailand can help. Contact us today to get started.