Accounting and Bookkeeping Services in Saudi Arabia

As the economy grows and more businesses enter the country, the demand for accounting and bookkeeping services increases as these services are crucial to setting up a company in Saudi Arabia. According to the Saudi government, maintaining the financial books of the company is mandatory for company formation in Saudi Arabia.

An Introduction to Bookkeeping Service

The process of Bookkeeping includes maintaining a journal to record everyday business transactions. It also involves recording and balancing the general ledger with daily transactions. A record book is maintained containing the company's liabilities and assets. The accounting process is done quarterly from bookkeeping records. On the basis of these reports, the accountants can analyse the numbers and make forecasts about the business and its growth.

Accounting Service in Saudi Arabia

Accounting is vital in obtaining useful insights and helps in the financial reporting of the business. The Companies Act 1965 is the provisional act under which accounting, auditing and financial reporting requirements are defined in the Kingdom of Saudi Arabia. According to it the financial records and statements must be submitted to the authority. The Ministry of Commerce and Investment regulates businesses' accounting and auditing requirements that should satisfy the standards defined by the Saudi Organization for Certified Public Accountants (SOCPA).  

Every company must prepare and file copies of the Board of Directors’ report and financial statements with the Ministry of Commerce and Investment (MOCI) within six months of the fiscal year-end. 

Benefits of Bookkeeping and Accounting Services

Following the best practices of Bookkeeping and accounting allows businesses to operate more efficiently. Also, availing these services comes with a host of other benefits listed below:

  • Daily recording of transactions, assessment of business operations, and financial analysis to improve decision-making.
  • All financial aspects comply with Saudi local authorities' laws and regulations.
  • Expert auditors provide an in-depth understanding of the business and critical insights that can accelerate its growth.
  • These services can save a lot of time, which businesses can use to focus on other growth aspects to start business in Saudi Arabia.
  • The services are readily available and require a lower amount of expenditure.

If you are looking to avail Accounting and Bookkeeping services in Saudi Arabia, then do have a look at the services provided by Business Setup Worldwide. 

Our Services

Accounting and bookkeeping services are an umbrella term. There are other services included in the particular services. Business Setup Worldwide is a top consultancy that assists entrepreneurs and business owners with accounting services. We have years of experience setting up a company in Saudi Arabia.  BSW provides the following services regarding accounting and bookkeeping services:

  • Auditing 
  • Payroll processing
  • Management auditing
  • Tax preparation and filing
  • Financial statement preparation