Accounting and advisory market/Forvis Mazars

Editorial staff

Forvis Mazars, a leading international audit, tax, legal, and financial advisory firm with an office in Thailand, has announced its continued strong performance and ambitious growth strategy. Within the next four years, the firm aims to become the fifth-largest tax and accounting firm in Thailand.

Under its plan, the firm remains committed to organic growth, talent development, and delivering client-centric solutions.

Rob Hurenkamp, managing partner of Forvis Mazars Thailand, expressed pride in the firm's achievements in the previous year, noting that despite economic challenges, the company achieved double-digit growth. "We are proud of what we achieved despite market difficulties. Our strong growth reflects our commitment to delivering high-quality services and investing in our people," he said.

Forvis Mazars is making huge investments in strengthening its tax and financial advisory services, positioning itself for further expansion. It is also enhancing its audit service line to ensure compliance with evolving global quality standards, reinforcing its competitive edge in the Thai market. These investments are already yielding positive results, attracting top talent and allowing the firm to capitalize on increasing demand for tax and financial advisory services.

“Our investments in tax and financial advisory are paying off. We are attracting top talent and strengthening our position in the market," Mr Hurenkamp said. Recognizing that employees are crucial to success, the company emphasizes their professional growth.

Following a recent merger, the firm is accelerating expansion with a focus on advisory services. Substantial investments in tax and financial advisory will drive this growth, while improvements in audit services ensure compliance with international quality standards.

"We aim to be the fifth-largest accounting firm in Thailand within four years. To achieve this, we are making strategic investments and ensuring our audit quality aligns with global standards," Mr Hurenkamp said.

As part of its strategy, Forvis Mazars is committed to supporting Thai entrepreneurs by offering accessible accounting tools such as HR Easily, a payroll and HR software, and XERO accounting software. The firm’s expertise in interpreting financial data and translating it into actionable business strategies helps businesses make informed decisions.

Recognizing the financial challenges faced by Thai SMEs, particularly in accessing funding, the firm actively advocates for government policies that support SMEs and improve access to capital. "We believe in the potential of Thai SMEs and are committed to helping them navigate financial challenges and achieve sustainable growth. Government support in facilitating access to funding is crucial," he added.

The Thai accounting, tax, and financial advisory market is estimated to be worth 20-25 billion baht and is growing at a rate of 5-6% annually. While the Big 4 firms hold 85% of the market, Forvis Mazars aims to increase its market share from 2.5% to 3.5%, securing its position as the fifth-largest firm in the industry. Currently generating approximately 600 million baht in revenue, the firm continues to experience strong double-digit growth.

With globalization reshaping tax policies, the introduction of the global minimum tax presents both challenges and opportunities. The company is well-positioned to help businesses navigate these changes, ensuring compliance while optimizing tax strategies.

"Tax changes driven by globalization present opportunities for our business. Companies will need expert guidance to adapt, and we are ready to assist our clients to handle these challenges," Mr Hurenkamp said, adding that the firm remains steadfast in its commitment to growth, innovation, and delivering exceptional value to clients, paving the way for a stronger presence in Thailand’s accounting and advisory market.

Forvis Mazars has offices in over 100 countries. In Thailand, the company provides accounting outsourcing, audit, tax, legal, and financial advisory services to clients from diverse industries and countries. Its comprehensive services meet the current and future needs of clients worldwide, consistently delivering exceptional experiences.