Bookkeeping and Accounting for VAT in Saudi Arabia

Ever since the introduction of VAT in Saudi Arabia, since January 1, 2018, business or establishment owners ought to be vigilant on how much in taxes they owe the government to avoid paying hefty fines and penalties.

Bookkeeping is the only way a business owner can keep track of the tax payable to the government. Besides, bookkeeping also helps you arrive at Profit and Loss, Receivables and Payables and Cash Flow to help grow your business and make more money.

Hence, while TQS offers outsourced bookkeeping and accounting services for calculation of VAT in Saudi Arabia, we also ensure regular bookkeeping helps you in the ways mentioned above to grow your business.

Bookkeeping for Late and Non-Filing of VAT in Saudi Arabia

The Zakat Tax and Customs Authority (ZATCA) has implemented VAT in Saudi Arabia since January 1, 2018. Since the tax regime is relatively new, many business owners haven’t warmed up to accounting and bookkeeping practices, complying with reporting and filing requirements, etc.

If a business owner hasn’t kept record of all the transactions through proper accounting for years, the fines and penalties levied may be steep. So, TQS will also help you clear all the backlogs in bookkeeping and accounting to eliminate all the fines and penalties that have accrued for years.

Our Outsourced Accounting and Bookkeeping Services offers the services listed below:

  • Maintaining general ledgers: We can maintain your general ledgers, which are the foundation of your accounting system and contain a record of all financial transactions.
  • Reconciling accounts: We can reconcile your bank and credit card accounts to ensure that your books are accurate and up-to-date.
  • VAT compliance: We can help your business comply with the Value-Added Tax (VAT) regulations in Saudi Arabia, including VAT registration, calculation and submission of VAT returns, and VAT consulting.
  • Reporting: We can provide accurate and timely financial reports, including balance sheets,income statements, and cash flow statements, to help you make informed business decisions.

Refunds for VAT in Saudi Arabia

Do you know certain types of businesses can also avail VAT Refunds? We, at TQS, will help you sort through and meet the Documentation requirements, Thresholds, Application Processes and Accounting Standards to avail the VAT Refunds your business is eligible for. Our bookkeeping and accounting experts will leave you with foolproof records, documentation and complete compliance requirements to ensure you get your refunds.

Profit and Loss Accounting

One of the important functions of Bookkeeping and Accounting is Profit and Loss Accounting. Just running a business without knowing your profit and loss status will not result in sustainable business operations. Most of the businesses fail only because they don’t have clear indicators via numbers on their business and its overall health. Profit and Loss Accounting is an indicator of the overall health of your business, which can help you scale your operations. Our Accounting Experts at TQS will give you a clear picture of the profits your business is making so your expansion plans can turn into successful endeavors.

Cash Flow Management

Cash Flow is the sum of all the cash that comes out of or leaves the business. More than profit and loss, the state of your cash flows is far more important. Only when a business generates enough cash, the business is considered to be a successful enterprise.

Making profits without cash flow indicates that the business is under a lot of pressure to perform its daily operations. This can lead to failures and closure of the business itself in the long run. Bookkeeping and Accounting enable you to arrive at your cash flow figures and make sense of them.

Accounts Receivables & Payables

Most businesses fail due to the imbalance between accounts receivables and payables. Managing your accounts receivables and payables can help you manage your cash flow and working capital effectively. Business owners may sometimes forget their receivables and payables while focusing on the ebbs and flows of their business. Good accounting practices keep an eye on the receivables and payables and act as a reminder to collect your receivables and delay your payables as long as you can.

Wages & Salaries

Some business owners through the thick and thin of their business forget paying double the salaries or make double payments and lose money. Bookkeeping and Accounting keep a record of all your transactions, where you can refer to remind yourself whether or not you have made a payment of salaries and wages to your employees. What better way to keep track of it all than regular bookkeeping?

At Top Quick Solutions Corporation for Business Services, our team of experienced and knowledgeable accountants are dedicated to providing high-quality services that are tailored to your specific business needs. We use the latest bookkeeping software and technology to ensure that your financial records are accurate, secure, and accessible at all times.


By outsourcing your bookkeeping needs to Top Quick Solutions Corporation for Business Services, you can save time, reduce costs,and focus on growing your business. We understand the unique challenges and opportunities of doing business in Saudi Arabia and can provide the support and guidance you need to succeed.