Did you know that delaying the inquiry about uploading financial statements could expose your company to violations?
It could even result in suspension of services by the Ministry of Commerce. That’s why it’s essential to regularly monitor your company’s accounts and take proactive steps, including conducting periodic inquiry about uploading financial statements to ensure your company’s legal standing. Preparing the financial statements for Saudi companies is the responsibility of the company’s accountant or a financial consulting firm like Al-Hamli & Partners, which provides filing and inquiry services to ensure full compliance.
How Are Financial Statements for Companies Legally and Professionally Prepared?
First, what are financial statements? They are a type of accounting record that reflects the company’s financial performance over a certain period. These records include: the balance sheet, income statement, cash flow statement, and the statement of changes in equity.
The preparation process of financial statements for companies includes five key steps:
- Collecting the necessary accounting data from company books and records.
- Reconciling accounts and verifying the accuracy of financial transactions.
- Preparing the statements in accordance with Saudi accounting standards and the Saudi Organization for Chartered and Professional Accountants (SOCPA).
- Reviewing the statements by a licensed legal accountant or licensed accounting firm.
- Finally, uploading the financial statements through the “Qawaem” platform provided by the Ministry of Commerce, which enables you to: inquire about statement submission, check the status of financial statement submission, and inquire about statements using the commercial registration number to determine whether the submission has been completed or not. For more information, contact us at 0539300404.
The Importance of Preparing financial statements for Saudi companies According to Local and International Standards
All companies, regardless of size, must prepare and submit financial statements for companies to the concerned authorities, such as the Ministry of Commerce and the Zakat, Tax and Customs Authority. The importance of inquiry about uploading financial statements and confirming the submission of financial statements lies in ensuring the process is completed successfully to avoid violations or procedures from regulatory authorities like the Administrative Investigation Department or Administrative Investigation Department Riyadh.
All these tasks can be completed efficiently by hiring a specialized team of certified accountants and auditors from a financial consulting firm or legal accounting firm, offering you legally compliant preparation of financial statements in line with both local and international standards, along with full digital support tailored to digital transformation in Saudi Arabia.
At Al-Hamli & Partners, we provide services for inquiry about financial statements for companies, helping clients avoid any penalties imposed by oversight bodies while delivering detailed and comprehensive reports to support businesses and entrepreneurs.
Inquiry about uploading financial statements is a Key Element in Financial Governance
Corporate governance is a system of rules and procedures that organize the relationship between company management and shareholders to ensure fairness, transparency, and sound decision-making. That’s why financial inquiries, particularly inquiry about uploading financial statements, have become essential elements in corporate governance. These inquiries not only enhance control and ensure compliance with Saudi standards, but also confirm the accuracy of the prepared financial statements, increase investor confidence, promote transparency, and reduce financial risks.
Financial statements for Saudi companies and checking the status of financial statements are no longer secondary or routine tasks. They are essential pillars that reflect the financial position of a company and support effective financial and administrative decisions. Conducting inquiry about statement submission contributes to financial governance through digital transparency in submission and tracking, enabling certified financial reporting to official entities.
Also Read:
- Discover the biggest accounting firms in Saudi Arabia in 2025
- The importance of a Certified Chartered Accountant Office in growing your business
- A guide to choosing the best office of chartered accountants and auditors in Saudi Arabia
- How to choose a legal accountant in Dammam – A complete guide for entrepreneurs and business owners
- The Key Challenges Faced by Entrepreneurs with VAT in Saudi Arabia
- How bookkeeping helps you make smarter financial decisions
- What is internal auditing and how does it reduce risks for your business?
- Learn about key internal auditing standards and how to implement them
Our Services Cover All Aspects of inquiry about uploading financial statements with Accuracy and Professionalism | Al-Hamli & Partners
At Al-Hamli & Partners, a financial consulting firm, we focus on providing complete accounting and financial services to small and medium-sized enterprises, not just large corporations. We understand what these companies need in a financial partner, especially when they lack in-house accountants or certified auditors.
The inquiry about uploading financial statements is one of the biggest challenges for such businesses due to limited knowledge of the applicable laws, regulations, and Saudi compliance requirements. We offer integrated solutions for preparing financial statements for companies, in compliance with both local and international accounting standards. Keep in mind, delaying the verification of financial statement submission may lead to:
- Financial penalties by the Ministry of Commerce
- Legal accountability
- Failure to secure future financing or government contracts
- Difficulty in assessing your company’s financial performance. For more information, contact us at 0539300404.
Conclusion:
Preparing and submitting financial statements for companies is a crucial practice that reflects a company’s transparency, credibility, and commitment to accounting standards, while also promoting sound financial governance. Inquiry about uploading financial statements also ensures tax compliance and helps the company avoid penalties or violations.
At our firm, we don’t just provide this service; we also conduct regular follow-ups for each financial file to ensure up-to-date information. We understand the consequences of neglect or delay in inquiry about statement submission. Rely on us now for your financial statements to ensure accurate filings, reliable decisions, and the best possible strategies for your company.
Common Questions:
How are financial statements reviewed?
Financial statements are audited by an independent legal auditor to confirm their accuracy and compliance with accounting standards. A report is issued indicating whether the statements reflect the company’s actual financial position.
Are small companies required to file financial statements?
Yes. Small companies in Saudi Arabia are required to prepare and upload financial statements if registered with the commercial registry. Submissions must be made through the “Qawaem” platform. For more information, contact us at 0539300404.
What are the types of financial statements in order?
The main types, in order, are: Balance Sheet – Income Statement – Statement of Changes in Equity – Cash Flow Statement – Notes to the Financial Statements.
Who is responsible for preparing financial statements?
The company’s accounting department or internal accountant is directly responsible. The statements must be certified by a licensed accountant before submission to the authorities. Alternatively, you can rely on a certified legal accounting firm such as Al-Hamli & Partners. For more information, contact us at 0539300404.
