Restaurant industry has grown exponentially during the past decades in UAE. UAE has a pot of ethnicities for restaurants we see today. Despite the UAE demographics, there is a wide option for any number of cuisines from all over the world. Dubai provides amazing facilities and locations to start restaurant businesses. Since municipality restrictions are rare, which made it easier for the businesses to open. Along with that, there is always high demand from the side of customers to explore new concepts, which results in new establishments. Accounting for restaurants will allow them to achieve financial peace within the business. New restaurant start-ups are driven by the art infrastructure and the ease of doing business. A growing variety of foreign and local concepts in the restaurant industry have raised the level of competition in the sector. Highest standards to be maintained for being accepted by the public and tourists. Technology has paved a way to customers for everything taps away. Today, one can search and order food, ask for delivery through their phone apps. This trend is good for customers as well as technology companies for their business expansion. Major expenditures to track:
* Accounts Payable: Paying your suppliers and buyers on time makes efficiency in the purchase management system.
* Inventory: A better inventory management system helps to avoid food shortages and wastages along with smooth functioning. On tracking consumable supplies helps to find average daily cost
* Payroll: It’s difficult to maintain the track in working hours of employees. Multi positions and working hours can be different from the front office and back office functioning.
* Cash Management: Cash flow management services help in analysing cash inflow and outflow of business.
* Sales: Revenue earned from food and beverage categories.
* Reconciliation: Frequent reconciliation of your accounts, including bank accounts, credit cards, loans ensures the right accounting system.
Accounting for restaurants begins with the preparation of the chart of accounts and classifying the expenses based on their occurrences. The chart of accounts includes the following items:
As a team of highly qualified professionals and experts we assure the following accounting services to restaurants with at most care and maintain high ethical values. Our services are:
Bookkeeping is a complex task in an accounting system. CDA promises the best Outsourcing Services in Bookkeeping that is suitable for your business to grow as well as to comply with the existing Tax laws of the Emirates. It includes:
Business advisory services emphasis on making strategies for the success and growth of a business. The advisors are a collection of business coaches, mentors and accountants. They examine the previous trends and combine them with forecasts, ask questions to understand the whole picture of the client’s businesses. Some key ratios are considered they are:
Based on the above values the new business strategies are introduced.
Preparation of monthly budget vs actuals reports, management reports upon a request of the owner or manager and developing of accounting policy and reports
Ensuring proper internal controls and frequent review of accounts with accuracy and materiality. Our services are to:
Our external audit services include the following functions:
CDA provides the following VAT Accounting services to restaurant companies:
CDA provides restaurant-specific accounting for restaurants across UAE, we provide specialised accounting services and remain trustworthy in strategizing business ideas. Our services include Bookkeeping & Accounting, VAT Consultancy, TAX, CFO Services, Management Accounting and Internal Audit.
“Great team! impressed with their work, I wish CDA all the success.”
Managing Director, Al Sakab Restaurant LLC
To open a restaurant business in Dubai the FOOD CODE to be followed: set up by the Food Control Department of Dubai Municipality. It was established to instil safety standards.
The food code applies to:
Special food license includes a liquor business, which is to be applied at police headquarters. Dubai government-imposed tax rate of 30% for the sale of liquor.
As accounting consultants, we conduct a study on our client’s requirements and recommend the suitable accounting software pertaining to the client’s needs. We help to automate the process and provide training.
Our prices are in competitive nature, we charge 50% advance payment for all our services. Our monthly rates are based on the following factors:
On purchasing suitable accounting software, it helps in accounting, bookkeeping and VAT services along with the generation of various reports timely.
Our consistent reach to customers service requirements and prioritised decision making helps in business success. Our expert team and their proactive business advice on accounting and tax compliance make us unique in this arena.
Yes, we prepare the chart of accounts according to cuisine and apply the cost centre to know the actual cost and benefit out of each cuisine.
9. What kind of accounting service do you prefer in house Accounting or Outsourced Accounting?
For start-ups, we always recommend outsourcing your accounting work and once the business is established, you can opt for in-house which is cost-effective and professional in nature.
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