Accounting Firms Selection Processes of Small and Medium Business Enterprises (SMEs) in Thailand
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Abstract
All business companies in Thailand are required to submit their official financial accounting statement to Thai government authority, The Ministry of Commerce. The most small and medium enterprises (SMEs) in Thailand could not afford to hire their own accountants to prepare their own financial accounting statement, thus, private accounting firms are hired instead. The purpose of this research was to study the processes of SMEs in accounting firm selecting. The study was a qualitative research using in-depth interview of 18 SMEs’ owners and analyzed by content analysis. The results revealed that processes of accounting firm selecting of SMEs began with process of gathering important information, including size of their business, accounting firm’s knowledge of tax and accounting standard required by law, accounting fee. The process of identifying alternative accounting firms is mostly referred by friends and business partners or searched through government website, such as Revenue Department or Business Development Department. Finally, the alternative evaluation process is mostly based on reputation and work experience, in term of accounting accuracy and taxation, of that accounting firm, recommendation of friends or business partners concerning that accounting firm.
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