Frequently Asked Questions
Will I have a dedicated accountant with FinSol Plus?
| Absolutely. At FinSol Plus, we are committed to the highest professional standards. Once subscribed, you’ll have a dedicated accountant assigned to your business, supported by a shared accounting supervisor and tax expert. Additionally, depending on your plan, you’ll receive a monthly financial review session with a CFO-level consultant, providing strategic insights, uncovering opportunities, and addressing potential risks. All services are offered remotely through secure, digitized communication channels, ensuring safety and convenience. FinSol Plus is your reliable, trusted, and committed financial partner, dedicated to supporting your business’s growth and success. |
What should I expect from FinSol Plus?
| FinSol Plus offers a comprehensive, end-to-end financial operations service, tailored to meet your business needs. Starting with our Essential Plan, here’s what you can expect from us: – White-glove onboarding and training. – A dedicated, qualified accountant. – An assigned, shared accounting supervisor. – Accurate monthly books and year-end financial packages. – Monthly reports, including P&L, balance sheet, cash flows, and financial KPIs. – Direct communication channels with your accounting team. – Limited customer invoicing and vendor bill accounting. – Scheduled bill payments. – Prepare an annual statutory audit file. Higher-tier plans come with additional deliverables, which you can explore on our website. FinSol Plus is committed to delivering reliable, professional, and personalized financial services as your trusted business partner. |
What technology does FinSol Plus use for bookkeeping, financial reporting, and tax compliance, and why was it chosen?
| FinSol Plus partners with Odoo ERP for accounting, dashboarding, and document management. Odoo is a robust, cloud-based solution with over 50 integrated applications, widely adopted across the MENA region and highly localized for Saudi Arabia. For our engagements, we implement the Accounting, Dashboards, and Documents modules as part of our core scope. Additional technology stacks can be integrated for clients on higher-tier plans to meet specific needs. Odoo’s comprehensive platform ensures seamless, secure, and efficient financial operations tailored for growth. |
Is support included? Can I ask questions?
| Yes! Support is included in your plan. Your dedicated finance expert is happy to answer any questions you might have. We strive to respond to inquiries in a business day or less. See our pricing page for more details. |
What types of companies can FinSol Plus serve?
| We have many classes of customers of all sizes and industries. We specialize in working with high-growth technology startups, e-commerce providers, professional services, non–profits, and more. Contact us to see if FS+ is the right fit for you. |
Why is bookkeeping and financial reporting important for small and startup businesses in Saudi Arabia?
| Small businesses and Startups in Saudi Arabia should maintain bookkeeping for compliance and growth. Under Saudi commercial law, companies like LLCs, Joint Stock Companies, and Partnerships must issue and file annual financial reports, often through the Qawaem portal, with audits required for certain entities, especially those with foreign investments. FinSol Plus provides comprehensive bookkeeping and financial reporting services, ensuring businesses meet regulatory standards and are prepared for expansion. Accurate records are also essential when seeking investment, as they demonstrate financial stability during venture capital or private equity firms’ due diligence. |
What’s the difference between bookkeeping and accounting, and how do they work together?
– A dedicated, qualified accountant. – An assigned, shared accounting supervisor. – Accurate monthly books and year-end financial packages. – Monthly reports, including P&L, balance sheet, cash flows, and financial KPIs. – Direct communication channels with your accounting team. – Limited customer invoicing and vendor bill accounting. – Scheduled bill payments. – Prepare an annual statutory audit file. Higher-tier plans come with additional deliverables, which you can explore on our website. FinSol Plus is committed to delivering reliable, professional, and personalized financial services as your trusted business partner. |
How do Accounting and Finance differ, and how do they work together?
| Accounting tracks and reports past transactions, creating essential financial data, while Finance uses this data to manage resources and drive growth. FinSol Plus integrates both in a comprehensive platform, ensuring a synchronized approach that fully supports business success. |
How do Finance and Financial Planning and Analysis (FP&A) integrate to support business growth?
| Finance manages resources and cash flow, while FP&A focuses on forecasting, budgeting, and analyzing trends to guide future planning. FinSol Plus provides a comprehensive, integrated platform that ensures a seamless approach to stability and growth. |
How do Finance and Financial Planning and Analysis (FP&A) integrate to support business growth?
| Finance manages resources and cash flow, while FP&A focuses on forecasting, budgeting, and analyzing trends to guide future planning. FinSol Plus provides a comprehensive, integrated platform that ensures a seamless approach to stability and growth. |
Why is tax compliance essential for businesses, and what does it entail for Saudi companies?
| Finance manages resources and cash flow, while FP&A focuses on forecasting, budgeting, and analyzing trends to guide future planning. FinSol Plus provides a comprehensive, integrated platform that ensures a seamless approach to stability and growth. |
How do Finance and Financial Planning and Analysis (FP&A) integrate to support business growth?
| Tax compliance ensures businesses meet Saudi tax laws—including VAT, Withholding, Excise, RETT, Income Tax, and Zakat—protecting them from penalties and risks. FinSol Plus offers a fully integrated platform for tax compliance and planning, enabling accurate filings, timely records, and strategic tax management to optimize benefits. The attached Saudi Tax Compliance table provides an at-a-glance view to help businesses understand compliance requirements based on their ownership structure and operational scope. |
What’s the difference between accrual and cash bookkeeping?
| Cash bookkeeping only tracks when money enters or leaves a bank account. Accrual bookkeeping is a more sophisticated approach that records when the money was earned or owed. Most larger companies use accrual and FS+ does accrual from day one so there’s no painful transition later. |
Are Accounts ReceivablesP/Accounts Payable services included in the essential plan?
| They are included by default. But massive customer invoices (such as invoicing to consumers) are not included in our plan as we expect our clients to accommodate the massive traffic in the core front-end application they use for their services or products. |
When should I engage a fractional CFO vs. hire a full–time CFO?
| You should use a fractional CFO services in two situations: If you are a small, growing business where you don’t have many needs or the ability to pay for a full-time CFO, or If you are a large business that only needs CFO services occasionally. |
What does a controller or CFO do?
| Think of a controller as the master of all numbers, especially those beyond basic cash accounting. They’re the superheroes handling accruals, prepaid, deferred revenue, revenue recognition, IFRS, KPIs, and any reporting that deepens your financial history. On the other hand, a CFO is like your financial Jedi, guiding you through the galaxy of strategic decisions. Need advice on funding, cash flow forecasting, equity management, or financial modelling? They’ve got you covered. They’re the ones who can help you answer big questions like, “Can we afford to hire more team members?” or “What salary should we offer?” Basically, if it involves money and strategy, your CFO is the go-to guru! |
What does the process for FinSolPlus CFO Services look like?
| Get started by filling out the form here. Our account executives will set up a call to discuss what fits your business needs and answer any questions. After you sign up, our CFO team will further scope out the details of supporting your financial needs and timelines during a kickoff call. Our goal is to deliver robust financial analysis and expert support to unlock growth for your business. For more details on our CFO Services, see here. |
Does FinSol Plus break out revenue and costs by product and/or channel?
| Yes, FinSol Plus can break out revenue and costs in your P&L by product line and/or channel. Depending on the degree of granularity you’d like to capture, we recommend doing this in the P&L itself for simpler break-outs (e.g., revenue by channel) and via a detailed KPI dashboard for more complex analysis (e.g., monthly profitability by SKU). |
How does FinSol Plus structure its pricing, billing, and plan adjustments?
| FinSol Plus offers services and products primarily through annual subscriptions, with some one-time charges for specific services. Our Essential and Growing plans provide standard service levels, billed monthly based on transaction volume. If your transaction volume consistently increases or decreases over three consecutive months, we’ll offer a plan upgrade or downgrade, which will adjust the remaining subscription period accordingly. Monthly reports track your transactions, and quarterly averages are provided to keep you informed. Our billing system is transparent, and all records are accessible anytime through your dedicated customer portal. |
What are the payment terms, and which services are paid to FinSol Plus?
| Payment for all one-time services is prepaid and wired to FinSol Plus’s designated bank account, net of any applicable taxes, including WHT and VAT. For subscribed services, the full annual subscription is prepaid, and service termination is governed by our standard payment terms. If a refund is applicable, it will be processed through the assigned bank account, subject to bank fees and any tax deductions. Due to FinSol Plus’s committed expenses, the cancellation terms may impact the final refund, as outlined in our payment terms agreement. |
How should I calculate my monthly expenses? What does that include?
| Our goal is simple and transparent pricing. In examining different models, we found that expenses closely reflected business complexity while also having the advantage of being simple to calculate. To determine the best FS+ plan for your business’ needs, we also factor in the number of financial institutions, transactions, and hours of support. |
Why do you price based on expenses?
| Finance manages resources and cash flow, while FP&A focuses on forecasting, budgeting, and analyzing trends to guide future planning. FinSol Plus provides a comprehensive, integrated platform that ensures a seamless approach to stability and growth. |
What is your cancellation policy? What if I prepaid for the year?
| Your subscription will continue until the end of your billing cycle. If you decide not to renew after the year is over, you can let us know in advance and we’ll stop billing you for the next cycle. |
When I prepay for a year, does that lock in my price?
| No, if your business is growing rapidly, your books are growing in complexity as well. If your expenses and other support needs change and exceeds the amount you’ve prepaid for, you’ll get billed the difference that month. |
Your Essential plan includes connections to two financial institutions, but my business uses more than four. Does that mean I'm a Customized plan customer?
| For simple Pre-revenue companies, we usually expect that two institutions or fewer accounts are most likely the case. In case you are holding more than this, we offer the option of adding additional financial institutions or accounts to your Essential subscription for a flat fee. |
What are the tax compliance requirements for businesses in Saudi Arabia, and how do they vary by business type and ownership structure?
Which businesses are required to register for VAT in Saudi Arabia, and what are the revenue thresholds?
| In Saudi Arabia, companies must register for Value Added Tax (VAT) with the Zakat, Tax and Customs Authority (ZATCA) if their annual revenue exceeds SAR 375,000. This threshold applies to both resident businesses and foreign entities conducting taxable business activities within the Kingdom. Additionally: Businesses with annual revenue between SAR 187,500 and SAR 375,000 may register voluntarily. Companies with revenue below SAR 187,500 are exempt from VAT registration. It’s also essential for companies to monitor revenue levels regularly, as reaching the threshold requires prompt registration to avoid penalties. For detailed guidance, you can refer to the official ZATCA page on VAT registration requirements:ZATCA Income Tax Guide. |
When VAT return filing is required in Saudi Arabia?
| In Saudi Arabia, the VAT return filing frequency depends on the annual revenue of the business: Monthly Filing: Required for businesses with annual revenue exceeding SAR 40 million. Quarterly Filing: Required for businesses with annual revenue below SAR 40 million. VAT returns must be submitted by the end of the month following the end of the filing period. For example, a monthly VAT return for January must be filed by the end of February. For more information, refer to the ZATCA guidelines on VAT filing: ZATCA Income Tax Guide. |
Which types of companies are required to file income tax in Saudi Arabia, and how does it differ from Zakat obligations?
| In Saudi Arabia, income tax filing is required primarily for: Foreign-owned companies: Businesses that are partially or fully owned by foreign investors are subject to income tax on their profits. Mixed ownership companies: Companies with both Saudi and foreign ownership file income tax on the foreign-owned portion, while the Saudi-owned portion is subject to Zakat. Branches of foreign companies: Branches operating in Saudi Arabia must file income tax on their profits. Saudi-owned companies and GCC nationals (if fully owned by them) are generally subject to Zakat instead of income tax, following specific regulations for Zakat compliance. For more details, you can refer to the Zakat, Tax, and Customs Authority (ZATCA) guidelines: ZATCA Income Tax Guide. |
Which types of companies and ownership structures are required to file Zakat in Saudi Arabia?
| In Saudi Arabia, Zakat filing is required for: Saudi-owned companies: Businesses that are fully owned by Saudi nationals or citizens of GCC countries are subject to Zakat on their equity and profits. Mixed ownership companies: For companies with both Saudi/GCC and foreign ownership, the Saudi/GCC-owned portion is subject to Zakat, while the foreign-owned portion is subject to income tax. Sole proprietorships and partnerships: If they are fully owned by Saudi or GCC nationals, these businesses are also required to file Zakat. Zakat is generally calculated on the company’s Zakatable assets, including capital, retained earnings, and other financial elements relevant under Zakat regulations. For more detailed guidance, consult ZATCA’s resources on Zakat requirements: ZATCA Zakat Guide. |