How to Double Your Accounting Firm’s Efficiency? Insights from Wafeq Next Riyadh



At the recent Wafeq Next event held in Riyadh, leading accounting firm partners and financial professionals from across Saudi Arabia gathered to explore the future of the accounting profession amid rapid digital transformation. The session was led by Hussam Al-Shahri, Director of Firms at Wafeq, who addressed one of the most pressing challenges facing accounting firms today:

• How can each accountant in a firm double their productivity
• And how can overall accounting efficiency be enhanced?

Understanding Accounting Efficiency

Al-Shahri began by defining the concept of efficiency, explaining that achieving goals with fewer resources is the essence of efficiency in any business. From an accounting perspective, efficiency is measured by the value each accountant creates—how many clients they serve and how accurately and quickly they complete their tasks. He emphasized that the biggest challenge accounting firms face today is not financial—it’s time and effort. These are two critical resources that Wafeq aims to optimize through automation and artificial intelligence.

Watch the full session to discover how you can double the productivity of every accountant in your firm.

The Efficiency Challenge

Through field studies and continuous discussions with accounting firms across the Kingdom, the Wafeq team identified the most common daily challenges:

• Chasing clients to collect documents and invoices.
• Manually entering invoice data.
• Reconciling bank statements line by line.
• Errors in tax filings that are only discovered after submission.

These challenges consume valuable time and effort, limiting accountants’ ability to deliver greater value to their clients.

Wafeq’s Smart Tools — Designed to Empower Accountants and Boost Efficiency

During the session, several smart tools developed by Wafeq were showcased, each designed specifically to address the real operational pain points that accounting firms face. These tools streamline daily work, enhance operational efficiency, and reduce human error.

Every tool solves a real challenge accountants face every day:

1. Centralized Inbox A dedicated workspace for collecting all client documents in one organized place, eliminating the chaos of scattered invoices sent via email or WhatsApp. This keeps documents structured, accurate, and easily accessible.
2. Optical Character Recognition (OCR) An AI-powered tool that automatically reads invoices, extracts their data, and enters it into the system. Over time, it learns from usage, becoming even faster and more accurate in processing large volumes of data.
3. Bulk Upload Allows accountants to upload hundreds of invoices simultaneously, saving manual data entry hours. Combined with OCR, Wafeq automatically recognizes and records all details with high accuracy, significantly reducing manual workload and errors.
4. Sheet View An Excel-like workspace built into Wafeq. Accountants can edit, copy, paste, and seamlessly analyze data without switching between systems. It combines the familiarity of Excel with the reliability and speed of Wafeq’s cloud system.
5. Bank Statement Upload Automatically matches and reconciles bank transactions. By uploading a statement, Wafeq identifies matching records, flags missing ones, and completes reconciliations in minutes instead of hours, a breakthrough in month-end closing.
6. Tax Review Checklist An intelligent feature that reviews VAT returns before submission, automatically identifying and classifying potential errors as minor alerts or critical issues requiring action. This ensures compliance and minimizes tax risks.
7. Smart Shortcuts With simple commands like Ctrl + B, users can instantly access any report or page in seconds. This improves efficiency during client meetings and daily workflows by cutting navigation time.
8. Consolidated Financial Reports A feature that compiles data from multiple entities under one client into a unified report, whether an income statement or a balance sheet. This allows firms to provide a complete financial overview in seconds without manual consolidation.
9. Multi-Client Management Enables accountants to work on multiple client accounts simultaneously through independent tabs — with no data conflicts or automatic updates — simplifying multitasking across clients.

Wafeq’s Vision: Growth Through Partnership

Wafeq’s vision is clear — to help accounting firms grow with Wafeq, not just through it. The platform’s mission goes beyond offering tools; it’s about building long-term partnerships with accounting firms, ensuring Wafeq becomes a cornerstone in their journey toward greater efficiency and sustainable growth.

Al-Shahri concluded the session with a message to all accounting firms:

• Utilize Wafeq’s advanced automation features for daily operations.
• Train accounting teams to fully leverage smart tools.
• Connect with Wafeq’s dedicated account managers who offer personalized support for every firm.