In Saudi Arabia, your VAT returns, zakat and corporate income tax filings, group reporting and statutory audit all draw on closed accounting periods. A close that slips, or arrives unreconciled, puts every one of those obligations at risk at once. This service runs the full cycle for you, from the first source document of the month to a signed-off period close you can build on.
What this covers
- Document capture and coding: collecting invoices, receipts, contracts and payroll outputs, then posting them with consistent account and VAT coding from day one of the period.
- Subledger processing: keeping receivables, payables and payroll journals current so the general ledger reflects the real state of the business, not last month’s picture.
- Reconciliations: agreeing bank accounts, intercompany balances and control accounts every period, with each difference explained and cleared before close.
- Adjusting entries: booking accruals, prepayments, depreciation and provisions so the period reflects economic activity rather than just cash movements.
- Close checklist and sign-off: working through a documented close checklist with senior review at defined points, so nothing is closed on assumption.
- Reporting handoff: delivering a closed trial balance and supporting schedules ready for management reports, group packs and tax preparation.
How Innovant delivers
Innovant operates your close against an agreed monthly calendar with a named owner for every task on the checklist. Exceptions are escalated to you as they are found, not discovered at year end, and the close file for each period is archived so auditors and tax advisors can trace any number back to its source document. Over time the calendar tightens as recurring issues are engineered out.
If month end currently depends on heroics or on one indispensable person, Talk to an advisor about putting your close on a managed footing.