Accounting for restaurants and bars in UAE is recommended for those who have businesses in the food service field and who are obliged to comply with the requirements imposed by law. With the help of our Dubai accountants, you can outsource this type of service for the smooth running of your business in this country. In the following lines, you can find information about accounting for restaurants and bars in UAE.
Table of Contents
What does accounting for restaurants and bars in UAE refer to?
In addition to the classic payroll and bookkeeping services in Dubai, UAE, restaurants and bars must also comply with other procedures. Here are some of them:
- Inventory management is essential for the smooth running of businesses in the food service field in the UAE. A specialist in the field can take care of these aspects.
- Accounts payable refers to a management system, with the help of which, providers and buyers are paid on time for the services and products offered.
- Cash inflow and outflow can be analyzed with cash flow management services. An expert in the field, such as our accountant in Dubai, can provide you with the necessary support.
- Managing accounts is another aspect related to business and accounting for restaurants and bars in UAE, and here, a good accounting system can help.
Support for accounting for restaurants and bars in the UAE
The chart of accounts is used for the classification of expenses for restaurants and bars and refers to:
- drink and food sales – revenues, and expenses,
- rent expenses,
- building insurance,
- property taxes, utilities,
- operating expenses like licenses and permits, marketing, office supplies, etc.
We recommend those interested in accounting for restaurants and bars in UAE contact our accounting firm in Dubai for information and support.
Why choose our Dubai accountants?
We have a team of qualified accountants in the food service industry. Our specialists can offer you bookkeeping and payroll services, using the most suitable software in the field. We also know how to manage charts of accounts and we constantly communicate about business cash flow with the owners of such businesses.
Below are some statistical data about the food service industry in the UAE:
- The food service profit sector in the UAE was valued at USD 8.9 billion in 2021.
- The most profitable channel in 2021 was QSR (quick service restaurant).
- A 9% increase in CAGR (Compound annual growth rate) is expected in UAE until 2026.
Describing the hospitality sector in the UAE
Restaurants, bars, and catering companies are the engine that maintains the food service industry. In the UAE, this industry generates annual profits of billions of dollars, only in 2021 being valued at USD 8.9 billion. Here is some information about this extremely developed industry:
- Deliveries and takeaways are among the important services, largely supported by digitization.
- FSR or full-service restaurant is the third most profitable sector in UAE, where there are hundreds and maybe thousands of economic operators all over the country.
- In recent years, emphasis has also been placed on plant-based food and restaurants that offer vegan and vegetarian menus to attract this sector of customers.
So, if you want more information about accounting for restaurants and bars in UAE, we recommend the services of our specialists. We can also provide you with details regarding the audit in Dubai for the company you own in this city, so contact us right away.