Legal service for foreign clients
Virtual CFO for Scaling Businesses in Thailand
Senior finance leadership at a cost a mid-sized company can carry.
Quick answer
Around the hundred-million-baht mark, most owners find their bookkeeper can say what happened but nobody can say what to do next. A virtual CFO fills that gap: a thirteen-week cash model, metrics tied to real margin, bank facility negotiation, and an investor-ready data pack — billed monthly instead of carrying a full-time executive's total cost.
From THB 35,000 — From THB 35,000/month, by engagement days and company size · First reporting pack within 30 days
Who this is for
- Fast-growing firms with tight cash
- Family businesses in generational handover
- Startups preparing a funding round
- Subsidiaries reporting to an overseas parent
What you receive
- A rolling thirteen-week cash forecast
- A management KPI pack with variance commentary
- Annual budget with quarterly tracking
- Materials for lender and investor negotiations
- Attendance at management meetings on an agreed cadence
Documents to prepare
- Latest statements and trial balance
- Aged receivable and payable schedules
- Loan agreements and repayment schedules
- Business plan and sales forecast
How it works
5-step process
- 1
Diagnose the financial position
Liquidity, debt structure, and earnings quality in the first thirty days.
- 2
Build the tracking tools
A cash model and metrics the team actually updates weekly.
- 3
Prioritize decisions
Three moves with the fastest margin impact go first.
- 4
Execute with the internal team
We pair with the chief accountant so the method stays in-house.
- 5
Review and hand over
When a permanent hire is right, we help select and transition.
In depth
Virtual CFO for Scaling Businesses: what foreign clients need to know
Owners preparing to sell shares, admit an investor, or merge with another business usually discover the obstacle is not price but numbers that cannot be explained: profit mixed with the owner's private spending, stock counts that disagree with the ledger, and commitments absent from the accounts. Our shared-CFO role is to put the house in order before the other side's reviewers arrive.
Getting the accounts review-ready before merger talks open
Buyers price repeatable earnings, not reported profit. The first step is to isolate what is not ordinary operations: shareholder personal spending, one-off gains on asset sales, and owner remuneration set above or below market. Accounts adjusted for these support a higher opening figure and attract fewer challenges.
What delays deals most is usually basic: stock never physically counted, long-overdue receivables with no allowance, and director loans without agreements. Clearing those one or two reporting periods ahead affects price more than a polished presentation deck.
Deal structure and the tax outcomes that differ sharply
Selling shares and selling assets produce different tax results. An individual's disposal of shares in a limited company is treated differently from the company selling machinery and lease rights item by item. Buyers usually prefer assets — they take only what they want and get a fresh cost base — while sellers prefer shares to end their exposure at once. This is where the numbers must be run before the form is agreed.
Certain forms of business transfer carry specific tax conditions that must be followed in the right order and within fixed deadlines — the relevant registrations, notifications to agencies, and VAT treatment of the assets moved. Performed out of sequence, the planned benefit disappears entirely and cannot be recovered afterwards.
Post-merger reporting an investor can actually act on
After closing, the harder task is merging two charts of accounts into something comparable, settling on one set of accounting policies, and eliminating inter-company items in combined reporting. Without that, monthly figures contradict each other and the board stops trusting any report within the first quarter.
We build a short decision pack — profit by business line, a thirteen-week cash forecast, and working-capital indicators — because a long report nobody reads does not help directors see a problem before cash runs short.
Cost structure: government fees vs professional fees
| Item | Official fee | Professional fee | Note |
|---|---|---|---|
| Financial readiness review before negotiation | Actual DBD fees for certificates and filed financial statements | THB 35,000–90,000 | Produces the clean-up list to complete before the data room opens |
| Adjusted accounts and tax analysis of the deal structure | Registration fees vary with the type of change filed | THB 60,000–200,000 | Compares share and asset routes as net proceeds in the seller's hands |
| Ongoing shared-CFO retainer | No government fee | THB 25,000–120,000 per month | Depends on the number of group entities and board meeting frequency |
A manufacturer discounted over unexplainable stock
Situation: The buyer found a gap between book stock and the warehouse count and pressed for a discount
What we did: We recounted the warehouse, set an obsolescence policy, and presented two comparable periods showing a stable trend
Outcome: Talks returned to the original range and closed without another round of diligence
A family group combining two companies
Situation: The two used different charts of accounts and revenue policies, so combined reports conflicted
What we did: We set one chart of accounts, aligned the policies, and eliminated inter-company items monthly
Outcome: Management could see true profit by line and worked from one set of numbers group-wide from the next quarter
When to act, and when waiting is fine
A buyer or investor has already made contact
Clear stock, aged receivables and director loans before opening the data room
Personal and company spending have never been separated
Separate them from this period on: buyers discount ambiguity by more than the amounts involved
You are choosing between a share sale and an asset sale
Model net proceeds under both routes before signing any letter of intent
The business is still small and cash flow is comfortable
A full engagement is premature; a rolling cash forecast alone is enough for now
FAQ
Frequently asked questions
How does this differ from a bookkeeper?
Bookkeepers record the past; a virtual CFO uses those numbers to decide the future and owns the outcome with you.
Is there a minimum term?
Six months is realistic — finance changes show after two quarterly cycles.
Can you work with our current accountant?
Yes, and we should — we upgrade what the existing team produces rather than replace them.
How far ahead should accounts be cleaned up before a sale?
Aim for at least two comparable periods — buyers look at the trend, not a single year.
How does a shared CFO differ from the bookkeeper?
The bookkeeper records and closes the books; this role uses the same numbers to plan pricing, working capital and deal structure.
Does a merger require changing auditors?
Not necessarily, but review independence and capacity, since audit scope usually grows after combining.
Is an outside valuation necessary?
It is needed where multiple shareholders or lender covenants are involved; deals between familiar parties can negotiate from adjusted accounts.
Related services
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A number you can defend to buyers, sellers, banks, and the Revenue Department.
Internal Controls Design & Internal Audit
Close fraud gaps with process, not with trust.
Written by: Thai Law & Accounting Services — attorneys and licensed accountants
Reviewed by: Reviewed by a Notarial Services Attorney registered with the Lawyers Council of Thailand.
Last updated: 2026-08
Information as of August 2026. Government fees and processing times change — verify with the relevant agency before acting, or let our team verify for you.