The restaurant industry has developed and grown during the past years in the UAE. UAE is a home for the ethnic restaurants we see these days. Moreover, there is a good range of cuisines from all over the world in spite of the UAE demographics. Also, Dubai gives you amazing locations and facilities to start a restaurant. Now, it is easier to open a business in the UAE because of the rare municipality restrictions. However, it is important to know the importance of accounting services for restaurants.
Moreover, customers always look for new concepts, which results in new startups. Also, no matter which business you plan to run, you still need accounting set up in UAE. Accounting for restaurants will allow them to achieve financial peace within the business. Also, new restaurants are made with attractive art infrastructures.
ebs accounting provides the best accounting services to restaurants in Dubai, UAE. Our team is well aware of the rules and regulations of restaurants. Moreover, we provide tailored accounting services for restaurants in Dubai.
Financial and accounting analysis
- Bookkeeping, maintaining transactions and records
- CFO and controller service
- Audit and tax services
- Business consultancy and advisory
Important Points in Accounting Services for Restaurants
Here are brief important points in accounting services for restaurants in Dubai, UAE.
- Better inventory management to avoid wastage and food shortages for better functioning.
- Better accounts payable management by paying vendors on time.
- Analyze cash outflow and inflow of business.
- Make the employee management better and track the working hours of employees.
- Make the categories of revenues earned for beverages and food.
- Filling and Preparation of VAT returns and Submitting VAT refunds in Dubai, UAE.
- Daily sale and cash deposits, bank account reconciliations, and credit card statements.
Problems Restaurants face with accounting
Restaurants in Dubai face Similar accounting challenges but with some more layers. Now, let’s discuss some of the common problems they face in UAE.
Tax Compliance
Dubai has introduced a 5% VAT with specific rules. Also, keeping up with VAT and staying compliant with the regulations. Moreover, Businesses in Dubai handle both local and federal tax authorities, requiring compliance with different reporting requirements and regulations.
Cash flow management
Running a restaurant is a symphony of aromas, flavors, and happy customers. Also, it is important to keep the financial pulse of your restaurant healthy. Moreover, it is a secret sauce to master cash flow management to long term success.
So, you must know that your restaurant is not just serving delicious food but also making profits. Moreover, here are some of the main ingredients to add up your cash flow management recipe:
- Invest in accurate sales forecasting
- Embrace the power of detailed record-keeping
- Calculate the cost of each dish on your menu
- Utilize automated payment processing
- Manage your inventory to avoid wasted ingredients
Lack of industry expertise
Not all accounting firms are integrated with the specific needs of restaurants. Also, this can lead to misinterpretations of regulations, missed opportunities, and inaccurate calculations. Additionally, it is a task to find an affordable accounting service in Dubai that provides comprehensive solutions.
Communication gap
Miscommunication between accountants and restaurant owners can lead to misunderstandings, errors, and frustration. So, finding a team that provides clear explanations, regular updates, and proactive communication is crucial.
Technology limitations
Some restaurants rely on outdated accounting software or manual processes. Also, this needs to improve the efficiency of the accounting tasks and data accurately. Moreover, find a service that embraces your modern technology and integrates with the restaurant systems.
What to look for in a restaurant accounting service in Dubai?
Industry expertise
You should choose a team with a proven track record of serving restaurants in your specific format or cuisine. Also, they will understand your unique challenges and tailor their services accordingly.
Technology savvy
You must embrace the digital age with an accounting team that utilizes automation and cloud-based tools. Moreover, this is done to streamline processes and provide real-time data access.
Strong communication
You should look for a firm that has clear communication and keeps you informed. Also, it is crucial to have a clear discussion on the accounting services for restaurants.
Scalability
Next, your accounting needs must evolve as your restaurant grows. Moreover, you should find a partner that adapts and scales its services to support your journey.
Conclusion
Running a restaurant in Dubai is a delectable blend of culture and financial finesse. While dishes tempt you at a restaurant, managing expenses, optimizing cash flow, and navigating are also important. Also, food-loving entrepreneurs don’t have to worry about the accounting hassle. ebs accounting services for restaurants will transform your financial chaos into a profitable masterpiece. Now, here are the services we provide to not only restaurants in UAE.
- Bookkeeping and payroll management
- Cost control and restaurant-specific solutions
- Dedicated expert support
- Cloud-based technology
ebs provides catered accounting services for restaurants across the UAE. Also, we provide specialized accounting services and trustworthy ideas. So, services include accounting and bookkeeping services, Auditing, Due Diligence audit services, and many others. So, if you want to thrive your business then get in touch with our experts to discuss more about our services and contact us today.
FAQ’s
What to know about opening restaurant businesses in Dubai?
If you want to open a restaurant business in Dubai the FOOD Code is to be followed. Also, this is set by the Food Control Department of Dubai Municipality. Moreover, instills safety standards in Dubai.
What classification of businesses comes under the food code?
The food code applies to the following businesses:
- Hotels, restaurants, cafeterias and cafes
- Grocery, supermarket, and catering services
- Supplies to ship, desert camps, canteens and events
- Warehouse and food factories
- Food packing material manufacturers
- Mobile vending operations
What are the special food licenses in UAE?
A liquor business requires a special food license, which is to be applied at police headquarters. Moreover, the Dubai government imposed a tax rate of 30% for the sale of liquor.