Streamlining Financial Reporting for an SME in Oman

Intro

As SMEs in Oman scale, many face gaps in financial reporting that hinder decision-making and regulatory compliance. This case study explains how we transformed an SME’s fragmented reporting processes into a structured, accurate, and compliance-ready system.

Client Background

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The client is a fast-growing trading SME based in Muscat with operations in consumer goods distribution. The company grew from a small team of 6 employees to over 30 within two years. Their internal finance team consisted of one accountant with limited exposure to structured reporting methodologies.

Challenges

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• Monthly closing regularly delayed by 10–15 days
• Inconsistencies in accounting treatments across different product categories
• Missing documentation for supplier invoices and stock movements
• Limited awareness of Oman tax authority requirements for VAT documentation
• Management received financial statements that varied month to month, reducing trust in the numbers

Solution

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We conducted a three-phase transformation project:

1. Diagnostic Review

• Assessed bookkeeping accuracy and process flows
• Reviewed system configuration, invoice templates, and VAT compliance
• Identified gaps in supporting documentation

2. Process Re-engineering

• Introduced a standardized chart of accounts aligned with IFRS and Oman VAT requirements
• Implemented monthly closing checklists, approval workflows, and documentation controls
• Created automated Excel and system-based templates for expense tracking, supplier reconciliation, and VAT filing

3. Staff Training & Monitoring

• Trained the accountant and operations team on accurate posting methods
• Provided training on VAT-compliant invoicing and credit note issuance
• Monitored the first three closing cycles to ensure smooth adoption

Within three months, the company reduced closing time by 40%, eliminated recurring posting errors, and gained accurate, reliable financial data for management decisions.