Accounting and bookkeeping services in Oman

Accounting requirements in Oman

• Companies must keep proper books of account and supporting documents. Records must be retained for the statutory period, generally ten years under the tax and commercial rules.
• Financial statements are prepared under International Financial Reporting Standards (IFRS).
• Most companies must have their annual financial statements audited by a licensed auditor in Oman and submit them with the corporate income tax return. Some small entities may be exempt from audit if they meet the thresholds.
• VAT-registered businesses must keep records that support their VAT returns, including e-invoicing data as Oman's e-invoicing system is phased in.

Our accounting services

• Monthly or quarterly bookkeeping in cloud accounting software
• Bank reconciliations, accounts payable and receivable
• Payroll accounting and end-of-service provisions
• Management reports: profit and loss, balance sheet, cash flow
• Year-end close and preparation of IFRS financial statements
• Audit coordination with your appointed auditor
• VAT-ready records and support with e-invoicing readiness

How it works

1. We agree the scope, software and reporting calendar.
2. You share invoices, receipts and bank access through a secure workflow.
3. We post and reconcile transactions and send monthly reports.
4. At year-end we prepare the financial statements and work with your auditor.
5. The tax return is filed on time with the audited accounts.

Who needs this service

Every company we set up in Oman — from a one-person SPC consultancy to a trading LLC with a warehouse — has to keep proper books, file corporate tax returns and, in most cases, produce financial statements that an auditor can sign. Outsourcing makes sense when you don't yet have an in-house finance team in Oman, or when your group accountant is abroad and needs a local partner who knows Omani tax and VAT.

Benefits of outsourced accounting

Audit-ready from day one

Your books are kept to IFRS with supporting documents organised, so the year-end audit is quicker and cheaper.

Tax and VAT handled together

The same team that keeps your books prepares your corporate tax and VAT returns, so figures agree across filings.

Clear monthly numbers

Management accounts each month show profit, cash and receivables, so you can make decisions without waiting for year-end.

Lower cost than a full-time hire

You pay for the hours you need, without visas, payroll and Omanisation considerations for an in-house accountant.

What it costs

Fees depend on the number of transactions, bank accounts, invoices, staff and whether VAT applies. A small service company with a few dozen transactions a month costs far less than a trading company with stock and imports. We quote a fixed monthly fee after reviewing your volumes, and audit fees are quoted separately by the auditor.

Documents we need from you

• Bank statements and access to online banking (view only)
• Sales invoices and purchase bills, ideally through a shared folder or accounting software
• Payroll and WPS records
• Contracts, leases and loan agreements
• Prior-year financial statements and tax returns, if any

Common mistakes

• Leaving bookkeeping until year-end, which makes the audit slower and more expensive.
• Mixing personal and company expenses.
• Missing VAT registration once taxable supplies pass the threshold.
• Filing tax returns that don't match the audited accounts.

Why MakeMyCompany

We set up your company, so we know its structure, activities and obligations from the start. Our Muscat team keeps books, prepares statements, coordinates with your auditor and files tax and VAT on time. See also how to do bookkeeping in Oman and how to prepare a financial statement.

Frequently asked questions

Is audit mandatory in Oman?

Most companies must submit audited financial statements with their annual tax return. Certain small businesses may be exempt from audit if they meet the thresholds. We confirm your position each year.

Which accounting standards apply in Oman?

IFRS is the standard framework for companies in Oman.

When are financial statements due?

The annual corporate tax return, supported by the financial statements, is due within four months of the financial year-end, which is 30 April for calendar-year companies.

Can you work with my existing software?

Yes. We work with most cloud accounting packages, or we can set one up for you.

Which accounting software do you use?

We work with common cloud accounting platforms and can work in your group's system if you already have one.

Do you also arrange the external audit?

We prepare audit-ready accounts and coordinate with an independent licensed auditor, who issues the audit opinion.