Alchemist- An accounting and consulting firm for your assistance.

Accounting & Book keeping for Saudi SME’s made easier

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“It was during the summer of 2017, one of our clients who have companies in Dammam and Dubai asked me whether we can manage his accounting data entry and reporting for Saudi also in addition to what we do for his company in Dubai. That is the time we seriously thought about the challenges faced by SME’s in Saudi to get an affordable and professional resource to manage the day to day accounting job”. Says Noufal Ahmed, Partner of Alchemist Accounting & Consulting about ‘Muhasibi – Exclusive accounting solution for Saudi businesses’.

‘Muhasibi’ is designed keeping the SME’s who is looking for affordable ways to manage the business. Introduction of VAT from 2018 made accounting function also one of the key element of any business as managing sales and purchases. Non-availability of accurate information on time may lead to fines and penalties due to various VAT non-compliances.

Outsourcing is the way ahead

Outsourcing of various operations of the company is very accepted and well known in western countries for a long time. However, it is not that much widely practiced aspect in the Middle East. But now, it is changing. Penetration of the internet and other communication channel makes everybody available every time anywhere. The main idea behind outsourcing is that ‘Let the experts do what they are good at’

‘Why should i have a teashop to drink a tea?, says one of the existing client of Alchemist who runs an IT business in Riyadh. I am having my software projects outsourced to India and have my implementation team sitting here. We have approximately 200 transactions a month. Why should i hire an accountant in my payroll when i don’t have that much work for a fulltime accountant and i don’t know how to manage an accountant?. That is the reason i hired Alchemist for managing my books.