Whatever accounting requirements and needs for your business, Panwa Group is your solution.
Accounting, as literary defined, is the art of measuring, describing, and interpreting economic and business activity. It is the process by which the profitability and solvency of a company can be measured. It also provides information needed as a basis for making business decisions that will enable management to guide the company on financial stability aspect. Being the language of business, its purpose is to provide financial information for business planning and decision making about an economic entity. These includes not only the maintenance of accounting records, but also the design of efficient accounting systems, the performance of audits, the development of forecasts, income tax work, and the interpretation of accounting information. The management of a business entity needs much detailed accounting data for use in planning and controlling the daily operations of the business. They also need specialized accounting information for long term planning and for major decisions.
Thus, our team is specialized
not only in transmitting accounting information to our client, but also sharing different ideas and suggestion to make the business more successful.
We provide monthly and yearly accounting entry depend on your request, such as Journal, General Ledger and preparing Financial Statement (according to generally accepted accounting principles and under Thai regulations), including submission of financial statement to auditor. Accounting standards are needed so that financial statements will fairly and consistently describe financial performance. Without standards, users of financial statements would need to learn the accounting rules of each company, and comparisons between companies would be difficult. Accounting standards used today are referred to as Generally Accepted Accounting Principles (GAAP). These principles are “generally accepted” because an authoritative body has set them as appropriate. The purpose of these “general rules” is to guide the accountants in measuring and reporting the financial events that make up the life of a business. Here in Thailand, two organizations set the standard. The first is the "Institute of Certified Accountants" and the second is the "Auditors in Thailand". This organization is composed of registered and approved auditors and professional accountants, and its function is to establish new accounting standards, disseminate new professional information to its members, and to propose new auditing standards.
Some of our major accounting functions and your benefits include:
For in house accounting, our professional accounting team are very glad to teach / train, review and joint with your inside meeting and teach your staff how to do by themselves all the possible way to achieve a competitive business growth.
We provide satisfactory services, thus, allowing you to focus on your business activities and objectives without interruptions.
Our monthly or quarterly financial report makes you understand the financial status of your business,
Our payroll services helps your payroll function effective and efficient
You only pay the necessary tax you have to pay
Our team can help you do business planning for your success
Furthermore, our services shall be practiced carefully under the Accounts Act of B.E 2000 authorized by the Director-General of the Department of Business Development, Ministry of Commerce.
Bookkeeping means the recording of all financial transactions undertaken by an individual, organization or a business entity. It is the record-making phase of accounting. The recording of transactions tends to be mechanical and repetitive; it is only small part of the field of accounting and probably the simplest part.
Here in Panwa Group, we update and maintain accounting records, including those which calculate expenditures, receipts, accounts payable and receivable, and profit and loss. We have a wide range of skills and expertise in maintaining an entire company’s books. Our staff makes numerous computations each day using computers to calculate and record data. We usually perform two common bookkeeping methods in keeping records for our business client’s day-to-day financial transactions aside from our computerized bookkeeping software. These are the single-entry bookkeeping system and double-entry bookkeeping system. In single-entry bookkeeping, income and expense accounts are recorded primarily in a “Revenue and Expense Journal”. Separate account records are maintained for petty cash, accounts payable and accounts receivable, and other related transactions such as inventory and other expenses. While in double-entry bookkeeping, we do posting or recording of transactions twice using the debits and credits. These include purchases, sales, vouchers, receipts and payment. We make sure that all business and financial transactions are recorded in the correct book, from journal entries, general ledger up to the trial balance stage. From these, we prepare balance sheet, profit and loss statement, changes in equity, etc. Bookkeeping is really important in the preparation of financial statement.
Posting or recording transactions in journals and on computer files and update the files when needed
Review computer printouts against regularly maintained journals and make necessary corrections
Review invoices and statements to ensure that all the information appearing on them is accurate and complete,
Compare computer reports with actual reports
Verify records of transactions posted by other staff by checking figures, postings, and documents to ensure that they are correct, mathematically accurate, and properly coded.
We also use specialized accounting software, spreadsheets, and databases to make our bookkeeping services more convenient for our clients. This makes us save more time and to do additional responsibilities and services, such as payroll, procurement, and billing. Many of these responsibilities need writing and sending letters, email and fax messages and making phone calls to clients.