Many new business owners assume that if they haven't started generating revenue, there's no need to worry about bookkeeping. Unfortunately, that assumption can lead to compliance issues, financial blind spots, and missed tax opportunities.
At Finzoryx, we often meet founders who regret waiting too long.
1. Bookkeeping Isn’t Just for Big Companies
Whether you’re a solo freelancer, startup, or SME — bookkeeping helps you:
- Track your expenses and startup costs
- Monitor your cash burn
- Prepare for VAT and Corporate Tax
- Present clean records if you're raising funds or applying for a loan
2. FTA Requires Records — Revenue or Not
Even if you have no revenue, you must still:
- Maintain books of accounts
- File Corporate Tax with financials attached
- Be ready for FTA audits, especially after license cancellation or for deregistration
FTA doesn’t accept “no revenue” as a reason for non-compliance.
3. Expenses Today, Tax Benefits Tomorrow
Recording your startup costs now allows you to:
- Claim legitimate deductions when you become taxable
- Calculate losses that can be carried forward for Corporate Tax
Without proper records, you may lose out on future benefits.
4. Late Bookkeeping = More Headaches
The longer you delay:
- The more complicated backlog work becomes
- Important receipts and bills might get lost
- It becomes more expensive and time-consuming to fix
5. Clean Books Help You Grow Confidently
Early bookkeeping gives you clarity to:
- Understand your financial runway
- Build investor-ready statements
- Avoid surprises in tax or penalties
Conclusion
You don’t need to wait for revenue to start bookkeeping. You need to build a foundation now — one that gives you clarity, compliance and confidence to prepare your business for real growth.
Need help getting started?
📩 Email: connect@finzoryx.com
📞 Call/WhatsApp: +971-503978121