Business challenges – Why outsourcing matters?

ASEAN, the Association of Southeast Asian Nations, is a political, social and economic union of ten member states in Southeast Asia that was formed on 8 August 1967. As one of the founding members of this trade bloc, Thailand's exporters have access to a market in excess of 600 million people as well as millions more through free trade agreements with 14 other countries. The Kingdom's customs duties are imposed under the Customs Act and the Customs Tariff Decree and are collected on both imports and a limited number of exports.

As one of the most popular capital cities in the world, Bangkok attracted over 22.78 million visitors in the year before the pandemic according to the Mastercard Global Destination Cities Index*. Many of these unique visitors to the Thai capital regularly take advantage of the multiple high-end shopping malls and the 7% VAT tourist refund, spending over US$20 billion as stated in the same report.

With Covid-19 now fading into the background in most Western countries and coming under control elsewhere around the world, the focus of many business owners, CEOs and CFOs is shifting to how can they transform their finance operations and capabilities. One key area of interest is payroll, where increased flexibility, accuracy, confidentiality, and control by a centralized team with global reach helps decision-makers reach their profitability goals.

Once you’ve made the decision to go down the payroll outsourcing route, you can rest assured that tackling your monthly payroll management task is taken completely out of your hands. This means calculating how much staff are due to be paid (both local and expatriate), including complex statutory payments, commissions, travel expenditure, overtime, Social Security Fund (SSF) contributions as well as sickness payments, and more is done for you.

Today’s challenge for small business owners and mid-sized companies is making sure that every employee contributes to the ongoing success of the company. In many instances, this includes either the business owner or another senior member of staff taking on at least two roles, such as a secondary function as HR manager or accountant. While this ancillary position may only need to be filled for a few days out of each month, the fact remains that a person taking on an extra workload often does so without the proper training.