How Finanshels Is Redefining SME Accounting in the UAE

In this insightful interview, Muhammed Shafeekh shares the journey behind building Finanshels—one of the UAE’s fastest-growing accounting platforms.

Can you share a brief note about yourself?

I’m Muhammed Shafeekh, founder of Finanshels.com, where we’re redefining how SMEs in the UAE manage their accounting and tax operations.

The numbers speak for themselves—94% of businesses in the UAE are SMEs, yet financial management remains one of their biggest hurdles. Traditional bookkeeping is slow, expensive, and often unreliable, leading to poor decision-making and, in some cases, business failure. That’s where Finanshels steps in.

Since launching in 2022, we’ve built a team of 80+ professionals and serve over 2000+ businesses across Dubai. But this is just the beginning. With the UAE targeting 1 million SMEs and an $800 billion economy by 2030, we’re here to bridge the financial gap and empower entrepreneurs with real-time financial insights.

Why did you choose to start a business?

Entrepreneurship has always been my calling. I started building ventures at the age of 19. But the real turning point came in 2022 during a trip to Dubai. I noticed something striking—despite being a global business hub, most SMEs in the UAE still relied on outdated, manual financial operations. Compare this to India, where fintech giants like Razorpay have automated everything from payments to tax compliance. The gap was clear, and so was the opportunity.

I knew then that I had to build a solution that would bring the same level of financial automation to the UAE.

How did you start your business?

Most founders think about building a product first. I did the opposite—I focused on sales.

I started by calling a few friends and asking, “Hey, if you need bookkeeping or financial advisory, I can help.” That’s how we got our first clients—pure hustle, no marketing, no fancy office.

Once we had around 100-150 clients, we started developing our tech infrastructure. The goal was clear: replace manual bookkeeping with automation and provide real-time insights to business owners.

Today, we’re still just scratching the surface. With 250,000 SMEs in the UAE and very few firms offering automation, the opportunity is massive.

What do you wish you’d known before you started Finanshels?

I wish I had understood how critical financial health is to a business’s survival.

Over 50% of SMEs in the Middle East fail, and 82% of those failures are due to poor financial management. I’ve personally seen founders go into severe debt, and in some tragic cases, even take their own lives because of financial stress.

The problem isn’t just bad business decisions—it’s a systemic failure in financial operations. Traditional accountants still work in outdated models, focusing on compliance rather than advising businesses on growth. That’s why Finanshels isn’t just an accounting firm; we’re building an AI-driven financial platform to give founders real-time insights and control over their finances.

Did you have any support in your journey?

Absolutely! No founder succeeds alone.

One of the biggest advantages of doing business in the UAE is the culture of networking and collaboration. The UAE operates on strong business relationships, and building the right connections has been crucial to our growth.

I’ve also been fortunate to have mentors who guided me in the early days, and a team that believed in the vision from day one. Many of my initial hires were professionals I had worked with in previous roles, and that trust helped us scale quickly.

What is your greatest challenge as a business owner?

Scaling while maintaining efficiency.

Many startups rush into hiring and expansion without optimizing their core operations. At Finanshels, we’ve taken a different approach—growing lean while investing heavily in automation.

Another challenge is educating business owners about the importance of real-time financial insights. Many SMEs still operate reactively, looking at numbers only when problems arise. Changing this mindset takes time, but it’s one of the most rewarding aspects of our work.

What advice would you give to your past self before opening your own business?

“Don’t just count on your idea; count on execution.”

The market doesn’t care about great ideas—it rewards great execution. If I could go back, I’d tell myself to focus on three things:

Sales first, product second – Get clients before building a full-fledged product.

Hire smart, not fast – A lean, skilled team will always outperform a bloated one.

Cash flow is king – Many businesses fail not because of a bad product, but because they run out of cash. Always keep a financial buffer.

Reflecting on your path to entrepreneurship, what key piece of advice would you offer to aspiring founders?

1. Solve a real problem, not a perceived one.

Too many startups fail because they build products nobody actually needs. Before starting Finanshels, I spent months talking to SMEs to understand their biggest pain points. Find a gap, validate it, and then build.

2. Focus on revenue from day one.

Your first priority should be getting paying customers, not raising money. A profitable business is always in a stronger position than a heavily funded but loss-making one.

3. Adapt quickly.

The UAE’s business landscape is evolving rapidly. What works today may not work tomorrow. Be ready to pivot and embrace technology—90% of accounting operations will be automated in the next decade, and we plan to be at the forefront of that shift.

4. Resilience is everything.

Entrepreneurship isn’t glamorous—it’s a grind. There will be failures, setbacks, and moments of doubt. But if you stay committed to your vision and keep executing, the results will follow.

The UAE is a land of immense opportunities, but success here isn’t given—it’s earned. And at Finanshels, we’re just getting started!