Aviaan Accounting provides the best outsourced accounting and bookkeeping service to restaurants in Dubai, Abu Dhabi, Sharjah, UAE. Our professionals are aware with restaurant industry rules and regulations and the respective accounting procedures. We provide following accounting services:
- Bookkeeping, maintaining records and transactions
- Financial and accounting analysis
- Business advisory and consultancy
- CFO and controller service
- Audit and tax service
The restaurant industry has evolved at an accelerated pace during the past decades in UAE. UAE has restaurants of various ethnicities today despite the demographics. UAE possesses an extensive choice for any number of cuisines from all over the world. Dubai provides several facilities and locations to start restaurant businesses. Government restrictions are minimum, which makes it simpler for business owners to open restaurants in UAE. Restaurants are looking to explore a new concept, which is resulting in new establishments. Accounting for restaurants is crucial to allow them financial viability within the business.
The art infrastructure and the ease of doing business are driving new restaurant innovations. A growing variety of international and local concepts in the restaurant industry have raised the competitiveness. Restaurants need to maintain the highest standards for being accepted by the public and tourists. Technology has paved the way by making restaurants accessible for customers. Today, ordering food is a click away by using mobile apps. The situation is ideal for customers as well as technology companies for their business expansion.
What are the points of importance in Restaurant Accounting Services in Dubai, Abu Dhabi, Sharjah, UAE?
- Ensure efficiency of accounts payable management by paying vendors on time.
- Better inventory management to avoid food shortages and wastages for smooth functioning.
- Monitor the consumable supplies to identify the average daily cost.
- Track the working hours of employees and employees management for the smooth running of the business.
- Analyzing cash inflow and outflow of business.
- Categorization of revenue earned from food and beverages.
- Reconciliation of Bank Account, Daily Sales & Cash Deposit, Credit Card Statement, POS, and Sales with Online Channels.
- Preparation and Filing VAT returns and Submitting VAT refund in Dubai, UAE.
How to perform accounting for restaurants in Dubai, Abu Dhabi, Sharjah, UAE?
Accounting for restaurants in Abu Dhabi, UAE starts with the chart of accounts and classifying the expenses based on their occurrences. The following needs to be prepared:
- Revenue including Sales of Beverages, Food Items, and Others.
- General Expenses including the Cost of Raw Materials and Discounts.
- Fixed Expenses including Rent, Insurance on Building, Security Alarm Services, Building Repair and Maintenance, Property Taxes, Utilities, and Disposal Services.
- Labour Expenses including Salaries and Wages, Health Insurance, and Meals and Discounts of Bartender, Bussers, Host/Hostess, Servers, Cooks, and Dishwashers.
- Other Operating Expenses like Bad Debt, Licenses and Permits, Corporate Taxes, Marketing Expenses, Linens, Laundry and Uniforms, Restaurant Decor, Office Supplies, Fines and Penalties, Postage and Mailing, Interest Expense, and Depreciation Expense.
Viable accounting for restaurants in Dubai, UAE is one of the most vital components of making business conducive. Since the net revenues in restaurants are slim, it is essential to keep an eye on the accounting cycle. For better accounting, business owners have to comprehend the intricate details of the food and drink industry. Approaching a well-known accounting firm is an appropriate way ahead. Looking for an accounting firm is a cumbersome task.
Aviaan Accounting helps clients since we are flexible and professional enough to cater to their needs within time and budget. We have experience providing accounting and bookkeeping services to small, medium, and large-scale organizations in the UAE using our trained and certified staff.