Accounting for hotels in UAE involves balance sheets, cash flows, profit & losses, and any other important documents. An accountant in Dubai can help you with the accounting for the hotel or hotel chain you own. Thus, you can get a clear picture of the financial position of your business, and in the following lines, you can read some interesting information about this topic.
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Is accounting for hotels different from standard accounting?
It cannot be said that accounting for hotels in UAE is different from the already-known procedures related to standard accounting. The difference can be made by a specialist who has experience strictly in the field of hospitality, deepening this area to offer complete professional services. Thus, just like for any company, accounting assumes the following:
- Registration of all the financial transactions, respectively the cash flow in the firm. It is also called bookkeeping.
- Payroll services that imply the procedures of calculation and distribution of salaries in the company, in this case, the employees of the hotel.
- Tax advice and compliance with respect to the local tax legislation.
- Audits for hotels in Dubai, managed by specialists in the field. You can hire our audit firm in Dubai for this endeavor.
- Debt monitoring up to date.
- Annual financial statements as required for businesses in the UAE.
These are some of the procedures and formalities related to accounting for hotels in UAE. You can also benefit from risk assessment and evaluation for your firm in Dubai so that you can protect your business against any possible financial risks. You can find out more if you contact our accounting firm in Dubai.
Accounting for hotels in UAE, extremely effective
Compliance with accounting procedures and the implementation of specific rules in this endeavor are important for the smooth running of a business. Hotel owners can thus know exactly what are the equally important revenue sources and variable expenses. Also in this direction, to have correct accounting and operate correctly on the market, operating expenses, occupancy rate, and other important hotel metrics will be taken into account. Thus, it can be clearly said whether the hotel management, as well as the operated systems, are at normal parameters, and the profitability rate is according to expectations.
Why use our accountants in Dubai?
Accounting is fundamental for the proper functioning of a hotel or a hotel chain, and thus a correct financial report can be made. You can also process salaries in the company, and manage the budget, with complete monitoring to ensure that the respective hotel operates correctly and is profitable.
Starting from these ideas, we recommend the services of our accounting firm in Dubai and more precisely of our specialists. We have the necessary experience for managing the accounting for hotels in the UAE, so don’t hesitate to talk to us.
Find below some statistical data about business in UAE:
- Over 665,000 companies are operating in the UAE with various business licenses.
- Around 85% of the companies registered in the UAE are in the category of micro, small, or medium enterprises.
- According to the most recent changes in the law, a corporate tax rate of 9% will be introduced for businesses that generate profits over AED 375,000, starting from June 2023.
- Over 81% of the active licensed businesses are located in Dubai.
Do you want more information about accounting for hotels in UAE? We recommend you contact our accounting firm in Dubai.