OUTSOURCED ACCOUNTING
& BOOKKEEPING SERVICES
IN RIYADH & SAUDI ARABIA
Maintaining accurate and compliant financial records is essential for businesses in Saudi Arabia. At Creation Business Consultants, we provide tailored accounting and bookkeeping services to meet the unique needs of businesses of all sizes, from SMEs to multinational companies. Our expertise ensures your financial operations are precise, efficient, and fully compliant with Saudi regulations, including ZATCA requirements.
WHY OUTSOURCE YOUR ACCOUNTING AND BOOKKEEPING IN SAUDI ARABIA?
Managing your company’s finances can be time-consuming and complex. By outsourcing your accounting and bookkeeping functions, you gain key benefits:
- Expertise in Saudi Tax Regulations: Stay fully compliant with the latest tax laws, including Zakat, VAT, and other local requirements, with our dedicated team.
- Accurate Financial Reporting: Receive precise, up-to-date financial statements that empower you to make informed, strategic decisions.
- Peace of Mind: Focus on growing your business while we manage the complexities of accounting, reporting, and tax compliance with efficiency and reliability.
OUR ACCOUNTING & BOOKKEEPING
SERVICES IN SAUDI ARABIA
Creation Business Consultants provides a wide range of services designed to support your business’s financial needs, including:
- Sales Invoice Issuance: Timely and accurate invoicing that complies with Saudi tax laws and your business’s unique schedule.
Purchase Invoice & Petty Cash Recording: Efficient recording of all purchase invoices and petty cash transactions, ensuring proper documentation and integration into your accounting system. - Bank Transaction Review & Reconciliation: Thorough review and reconciliation of bank transactions to ensure accuracy and consistency with sales and purchase records.
- Accrual & Prepayment Account Preparation: Accurate preparation of accruals and prepayments, in line with IFRS or GAAP standards, for reliable financial reporting.
- Payroll Processing: Timely posting of payroll transactions, ensuring compliance with local labour laws and tax regulations.
Monthly Financial Reporting: Generation of monthly Profit and Loss (P&L) statements and balance sheets, offering a clear picture of your financial health. - End-of-Year Financial Statements: Preparation and filing of annual financial statements, ensuring you’re prepared for tax filings or audits.
Additional Accounting & Bookkeeping Services:
- VAT Compliance & E-Invoicing: Ensure full VAT compliance and digital invoicing in line with ZATCA regulations, including timely VAT filings and e-invoicing for seamless tax reporting.
- Zakat Compliance: Accurate Zakat calculation and filing to ensure your business remains compliant with Saudi Arabia’s Islamic tax laws.
WHY BUSINESSES STRUGGLE
WITHOUT PROFESSIONAL
ACCOUNTING SUPPORT?
Without professional accounting support, businesses face numerous challenges:
- Regulatory Compliance Risks: Non-compliance with Saudi regulations, such as those set by ZATCA, can lead to fines, penalties, and potential damage to your business’s reputation.
- Time-Consuming Processes: Handling accounting in-house often diverts valuable time and resources away from core business functions and strategic priorities.
- Data Accuracy Challenges: Errors in financial records can result in inaccurate reporting, hindering informed decision-making and impacting your financial health.
- Technology Integration Issues: Without the right accounting tools and seamless system integration, financial processes can become fragmented, inefficient, and prone to errors.
- Complex Reporting Requirements: Preparing accurate reports for tax filings and internal analysis can be overwhelming, increasing the risk of costly mistakes without expert guidance.
CLIENT SUCCESS STORIES
Small Business: Boutique Retail Store
- Challenge: A boutique retail store struggled with manual bookkeeping, leading to errors, missed VAT deadlines, and cash flow inconsistencies.
- Solution: We introduced automated invoicing, streamlined recording of petty cash, and performed regular bank reconciliations to ensure accurate financial records and VAT compliance.
- Result: The business achieved a 20% reduction in accounting errors and improved cash flow visibility, enabling better operational decisions.
Medium Business: Construction Firm
- Challenge: A construction firm faced challenges complying with ZATCA regulations, managing payroll posting, and preparing monthly financial reports.
- Solution: We took over the firm’s bookkeeping, handled payroll postings, and ensured compliance with Saudi tax regulations through accurate financial reporting and VAT filings.
- Result: The firm avoided significant ZATCA penalties and improved its financial reporting efficiency by 30%.
Large Enterprise: International Technology Company
- Challenge: An international tech company managing multiple subsidiaries struggled with multi-currency transactions, integration of financial systems, and maintaining compliance with IFRS standards.
- Solution: Our team centralized their bookkeeping, managed monthly financial reports, and ensured compliance with ZATCA and IFRS standards across all jurisdictions.
- Result: The company saw a 25% reduction in discrepancies and a 35% improvement in reporting accuracy, empowering them to make strategic decisions with confidence.
HOW CAN
CREATION BUSINESS
CONSULTANTS HELP?
We simplify accounting and bookkeeping, saving you time, reducing costs, and ensuring financial accuracy.
- Free Review: Identify gaps with a complementary accounting and bookkeeping assessment.
- Expert Guidance: Stay compliant with advice from experienced accounting professionals.
- Risk Reduction: Avoid errors and penalties with reliable, secure financial solutions.
- Focus on Growth: Let us handle the financial details so you can focus on growing your business.
Contact us today for your free review and discover how we can streamline your accounting and bookkeeping processes!
ACCOUNTING & BOOKKEEPING FAQs
Zakat is a mandatory Islamic levy applicable to certain assets. In Saudi Arabia, businesses owned by Saudi nationals or GCC citizens are required to pay Zakat, while non-Saudi businesses are subject to corporate income tax. For more information, visit our Saudi tax consultancy page.
Zakat is calculated based on the Zakatable base, which includes specific assets and liabilities. The rate is 2.5% annually, applied to qualifying assets. For more information, visit our Saudi tax consultancy page.
E-invoicing is the electronic issuance, processing, and storage of invoices. It ensures compliance with ZATCA regulations, reduces tax evasion, and enhances transparency. For more information, visit our Saudi tax consultancy page.
Regular bookkeeping and staying informed about local tax requirements are key to compliance. Our experts can guide you through the process to ensure adherence to Saudi tax laws.
We recommend regular updates to your financial records to maintain accuracy and ensure timely compliance with tax regulations. This supports informed decision-making and keeps your business financially healthy.
ACCOUNTING & BOOKKEEPING MODEL
We remove the bureaucracy and complexity with company setup, enabling businesses to be operational as soon as possible
Expert
Consultation
Finance Review
& Strategy
Comprehensive Accounting
& Compliance