About Wafeq
Wafeq is a cloud accounting platform built for small and medium-sized businesses in the Gulf. It offers bookkeeping, invoicing, VAT reporting and e-invoicing tools in Arabic and English, designed around the tax and regulatory requirements of the region, particularly Saudi Arabia and the UAE.
Many small businesses in the Gulf have relied on spreadsheets or accounting software designed for other markets. These tools often do not handle local requirements well, such as VAT rules, Arabic invoices or government e-invoicing systems. Wafeq was built specifically for these needs.
A major driver of demand has been e-invoicing regulation. Saudi Arabia's tax authority, ZATCA, introduced mandatory electronic invoicing, requiring businesses to issue invoices in a specific digital format and, in later phases, to integrate with the authority's systems. Wafeq provides compliant e-invoicing, helping businesses meet these rules without building their own integrations. The UAE is also moving toward e-invoicing, which extends the relevance of this capability.
Beyond compliance, Wafeq covers core accounting functions: recording income and expenses, managing bank reconciliation, tracking receivables and payables, and producing financial reports. Businesses can invite accountants to collaborate on the platform, which is useful for companies that outsource bookkeeping.
The software is cloud-based, so business owners and their accountants can access up-to-date financial information from anywhere. This helps small companies understand their cash flow and financial position more clearly.
Wafeq has raised venture funding to develop its product and expand its customer base.
SMEs make up the majority of businesses in both Saudi Arabia and the UAE, and governments have introduced VAT and digital tax requirements that increase the need for proper accounting systems. At the same time, many business owners are looking for simple tools that do not require specialist knowledge.
Local-language support and built-in compliance are Wafeq's main advantages over global accounting tools, and it is profiled on Startups UAE as one of the region's SME accounting software companies.
Many small businesses in the Gulf have relied on spreadsheets or accounting software designed for other markets. These tools often do not handle local requirements well, such as VAT rules, Arabic invoices or government e-invoicing systems. Wafeq was built specifically for these needs.
A major driver of demand has been e-invoicing regulation. Saudi Arabia's tax authority, ZATCA, introduced mandatory electronic invoicing, requiring businesses to issue invoices in a specific digital format and, in later phases, to integrate with the authority's systems. Wafeq provides compliant e-invoicing, helping businesses meet these rules without building their own integrations. The UAE is also moving toward e-invoicing, which extends the relevance of this capability.
Beyond compliance, Wafeq covers core accounting functions: recording income and expenses, managing bank reconciliation, tracking receivables and payables, and producing financial reports. Businesses can invite accountants to collaborate on the platform, which is useful for companies that outsource bookkeeping.
The software is cloud-based, so business owners and their accountants can access up-to-date financial information from anywhere. This helps small companies understand their cash flow and financial position more clearly.
Wafeq has raised venture funding to develop its product and expand its customer base.
SMEs make up the majority of businesses in both Saudi Arabia and the UAE, and governments have introduced VAT and digital tax requirements that increase the need for proper accounting systems. At the same time, many business owners are looking for simple tools that do not require specialist knowledge.
Local-language support and built-in compliance are Wafeq's main advantages over global accounting tools, and it is profiled on Startups UAE as one of the region's SME accounting software companies.