FAQs
Bookkeeping
Is bookkeeping mandatory in Saudi Arabia?
Yes, all businesses in Saudi Arabia are required to maintain accurate accounting records in compliance with SOCPA standards and ZATCA requirements.
How does bookkeeping help with compliance?
Accurate bookkeeping ensures that all transactions are recorded properly, making it easier to file VAT, Zakat, WHT, and CIT returns.
Do small businesses also need bookkeeping?
Absolutely. Even startups and SMEs benefit from bookkeeping, as it helps maintain financial clarity, avoid penalties, and support growth.
How often should bookkeeping be done?
Ideally, bookkeeping should be updated daily or weekly. We provide monthly reconciliations and reports to keep your records accurate.
VAT, Zakat & Tax Filing
Who needs to file VAT in Saudi Arabia?
Any business registered for VAT in Saudi Arabia must file returns monthly or quarterly depending on their registration type.
What is Zakat and who must file it?
Zakat is a mandatory financial obligation for Saudi-owned and GCC-owned businesses. It is filed annually with ZATCA.
What is Corporate Income Tax (CIT)?
Foreign-owned businesses or mixed entities in Saudi Arabia are required to file CIT returns annually.
What happens if I miss a tax filing deadline?
ZATCA imposes penalties and interest charges for late or incorrect filings. Partnering with experts ensures you stay compliant.
CFO & Budget Advisory
Do I need a CFO if I already have an accountant?
Yes. Accountants handle records and compliance, while CFOs provide strategic insights, budgeting, and financial planning.
Can startups benefit from CFO advisory services?
Absolutely. Startups need cash flow planning, budgeting, and forecasting to grow sustainably and attract investors.
Is your CFO service outsourced or part-time?
Our CFO service is flexible you get expert guidance when you need it, without the cost of hiring a full-time executive.
How often do you provide financial reports?
We provide monthly, quarterly, or project-based reports depending on your business needs.
Financial Reporting & Analysis
What are SOCPA standards?
SOCPA refers to the Saudi Organization for Chartered and Professional Accountants, which sets the local accounting and reporting standards.
Why is financial reporting important if I already do bookkeeping?
Bookkeeping tracks transactions, while financial reporting organizes the data into structured reports that support compliance and decision-making.
How often should financial reports be prepared?
Most businesses benefit from monthly or quarterly reports, with year-end financial statements for compliance.
Can you prepare customized management reports?
Yes. We prepare tailored management reports and KPIs to match your business goals and industry.
Audit Preparation & Support
Is an audit mandatory for Saudi businesses?
Yes. Most companies must prepare annual audited financial statements in line with SOCPA requirements.
What documents are needed for an audit?
Typically, financial statements, ledgers, invoices, reconciliations, payroll records, and tax filings.
Can you help with VAT/Zakat-related audits?
Yes. We specialize in preparing documentation and supporting businesses with ZATCA-related audit requirements.
How early should I start preparing for an audit?
Ideally, 2–3 months before year-end to allow time for reviews, corrections, and documentation.
Withholding Tax (WHT) Compliance
What is Withholding Tax in Saudi Arabia?
Withholding Tax (WHT) is a tax deducted at source on payments made to non-residents for services, royalties, interest, or other specified transactions.
Who must file WHT returns?
Any Saudi business that makes payments to foreign vendors, contractors, or service providers is required to file monthly WHT returns.
How often do WHT returns need to be filed?
WHT returns must be filed monthly with ZATCA.
What happens if WHT is not filed correctly?
Incorrect or late filings can lead to penalties, fines, and interest charges from ZATCA.