Bangkoks New Mumpreneurs Need Accounting Services Too, and Heres Why

Bangkok — or Thailand as a whole, for that matter — offers much potential for women looking to do business. It has one of the highest percentages of female entrepreneurs in Asia, thanks to a more inclusive society that provides various funding, growth, and leadership opportunities for them. 

Even mothers are venturing into the Thai business world, whether it’s to contribute to the family finances, give their children future financial freedom, or simply to pursue their dreams. 

But like anywhere in the world, launching a new enterprise here comes with financial challenges. This is doubly so when you’re juggling your business and motherhood. You may even want to consider outsourcing to one of Thailand’s many accounting firms. 

Let’s look into the many reasons why mumpreneurs in Bangkok should hire accounting services. 

The Financial Challenges of Being a Mum and Entrepreneur

Starting a venture, even just an SME, is financially demanding in itself. This is even more so if you’re a mum too. You’ll likely be managing different finances, ranging from your business’s budget to household expenses and childcare costs. 

Some common money management hurdles mumpreneurs face include: 

• Time Constraints - Juggling your business and family responsibilities often leaves little to no time for proper bookkeeping and tax planning, much less analysing your financial records. 

• Poor Cash Flow - Since you won’t have as much time to study your books, you won’t have a clear understanding of your income and expenses. You could end up covering more costs than expected and losing more money than what you earn. 

• Balancing Personal and Business Finances - It can be tricky to manage both of these even if you have separate accounts for them. For instance, you might end up constantly using the funds for your business to spend on emergency household needs, or vice versa.

• Compliance Issues - Not all entrepreneurs are well-versed in Thailand’s regulatory framework. Coupled with your other obligations, it’s easy to make mistakes with matters such as tax filings and payroll. 

  
  

All these challenges can make it difficult to unlock your business’s full potential and could even lead to burnout that puts a strain on your relationship with your family. 

How Can Thailand’s Accounting Services Help Your Business?

While a support system with loved ones can be priceless, it would be in your best interest to work with experts on Thailand’s accounting processes. They can give you the financial foothold to take your new enterprise higher. 

Here are just some of the ways they can improve your business’s finances:

Update Your Financial Records 

Accounting firms can record all your transactions, be it the sales made or the payments to suppliers. They will also ensure that the entries are updated and correct so your financial reports and statements will be accurate. 

Optimise Your Tax Plans

Accountants can also help search for applicable tax incentives and other benefits so your business can save more money on taxes. They can also calculate your taxes in a timely manner so you don’t risk filing late or inaccurate returns, which would lead to costly penalties. 

Financial Guidance

Many of Bangkok’s accounting service providers offer more than just bookkeeping and tax compliance. They can also advise you on matters such as improving your invoicing and budgeting, or the financial risks involved if you make certain investments. Their insights can help you make more sound decisions that can greatly impact your new business’s future. 

Free Up More Time 

Who doesn’t want to have more hours to spend with their family? Having someone else handle your accounting for you frees up one of your most valuable resources: time. Not only would you be able to focus more on actually growing your business, but you can be more present for your loved ones as well!

Outsource Your Accounting Needs in Thailand to the Right People

If you want to make the most of your time and money, be sure to hire a firm that’s experienced in accounting for Bangkok SMEs. Or if you’re in another city, go for a provider in that area. You’ll want your finances to be managed by people who know how to work with businesses similar to yours. They would be able to give you more relatable advice so you can achieve your goals.

As a budding mumpreneur, there’s always the temptation to handle everything yourself — especially where money is concerned. But don’t be afraid to partner with others who know more about growing your business. With their expertise, you can grow your enterprise into one to be reckoned with in Thailand.