Accounting - Saudi Arabia
Bookkeeping in Saudi Arabia
Our English and Arabic speaking Accounting Services Team has extensive experience in offering bookkeeping and accounting support services to mid-sized and large MNCs in Saudi Arabia.
We are bookkeeping in either our tax compliant software or the software of our Clients. We are currently supporting Clients using SAP, Microsoft AX, Zoho and Paytraq.
GTC can support large volume of transactions in its own Shared Service Center with the use of Artificial Intelligence and advanced accounting tools.
Accounting Requirements in Saudi Arabia
The Kingdom of Saudi Arabia has the a number of accounting defined in various laws. Below we give a summary of the main requirements. For a more detailed analysis you can refer to our Insights section.
Books
All companies in Saudi Arabia should have accounting books in Arabic language.
Invoices
All companies in Saudi Arabia, that are registered for Value Added Tax (VAT), should issue electronic invoices (e-invoices) for both local and cross-border transactions.
Financial Statements
SOCPA requires the application of ‘IFRS Accounting Standards that are
endorsed in Saudi Arabia and other standards and pronouncements endorsed
by SOCPA’
SMEs should use full IFRS Accounting Standards or IFRS for SMEs Standard.
Record Keeping
Accounting books, records and other accounting documents should be maintained for a period of 6 years from the end of the relevant fiscal / tax period. For example records of fiscal / tax year ended in 31/12/2019 should be maintained until 31/12/2025.
Closing
Our main aim is to support the operations of our Clients with compliant and high value added services. We are operating and supporting Clients in Saudi Arabia since 2017 and we have the necessary know-how to provide that peace of mind when Saudi tax authorities (ZATCA) will come to audit.