12 Things to Look for When Hiring Accounting Services for Cafes in Dubai
Starting and growing a small to medium-sized cafe in Dubai is a cherished dream. It is so much more than just serving coffee – it is equally about providing the ambience, the acoustics, the food, the aroma of the coffee and ultimately creating a space where customers can relax, socialize, and feel refreshed.
As a small medium business Café owner, you take on multiple roles – you’re the barista, the manager, the accountant, the marketer – and sometimes, more often than not, you are even the serving staff.
Initially, managing multiple roles is necessary and even exciting. However, as your business grows, so do the responsibilities and challenges. You find yourself managing reservations, supervising staff, ordering supplies, and dealing with finances.
Then, you become a little stable and you want to grow your business, streamline operations without compromising on the service you offer but again there is only so much time in a day.
That’s when it hits you – you realize you cannot do everything on your own, and that’s okay. Acknowledging the need for help, especially in areas that require specialized knowledge like accounting and finance is not your weakness, in fact, it is a sign of wisdom paving the path to strategic business growth.
It’s a crucial step towards ensuring the sustainability and success of your business. In this article, accounting experts at Horizon Biz Consultancy, share 12 accounting services to look for when considering outsourced accounting services for Cafes in Dubai.
The 12 Accounting Services for Cafes in Dubai
Here is a detailed list of accounting services for cafes in Dubai and what you, as a small to medium-sized business owner, can expect from them:
Bookkeeping
Accurate record-keeping of all financial transactions, including sales, purchases, and expenses.
What to expect?
- Recording of daily transactions.
- Maintenance of financial records.
- Preparation of financial statements.
Financial Reporting
Preparation of financial statements that reflect the financial health of the cafe.
What to expect?
- Preparation of income statement, balance sheet, and cash flow statement.
- Detailed reports on sales, expenses, and profitability.
- Analysis of financial performance.
VAT Compliance
Managing VAT registration and ensuring the cafe is charging VAT on applicable services and products.
What to expect?
- Managing VAT registration.
- Calculating VAT liabilities accurately.
- Filing VAT returns timely.
Payroll Services
Managing payroll to ensure that employees are paid accurately and on time.
What to expect?
- Accurate and timely calculation of salaries, commissions, and benefits.
- Managing payroll taxes and filing necessary documents.
- Detailed payroll reports.
Inventory Management
Effective management of inventory levels to avoid stockouts or overstocking.
What to expect?
- Tracking inventory movements.
- Providing insights to optimize inventory levels.
- Reports on product sales and wastage.
Cash Flow Management
Monitoring and managing cash inflows and outflows.
What to expect?
- Monitoring cash inflows and outflows.
- Providing cash flow forecasts for planning and decision-making.
- Insights on optimizing payment terms with suppliers and clients.
Budgeting and Forecasting
Preparation of budgets and forecasts for planning and decision-making.
What to expect?
- Preparation of budgets reflecting the cafe’s goals and objectives.
- Forecasts for planning and decision-making.
- Analysis of variances between actual and budgeted/forecasted figures.
Management Accounting
Analysis of financial data and providing key performance indicators (KPIs).
What to expect?
- Analysis of financial data for informed business decisions.
- Analysis of the profitability of different menu items.
- Providing KPIs for measuring and improving the cafe’s performance.
Accounts Receivable and Payable Management
Managing money owed to the cafe and money owed by the cafe.
What to expect?
- Managing outstanding receivables and payables.
- Detailed reports on outstanding receivables and payables.
- Insights on optimizing payment terms and collection processes.
Tax Planning and Compliance
Ensuring compliance with local tax laws and regulations.
What to expect?
- Advice on tax planning and compliance.
- Preparation and filing of tax returns.
- Guidance on tax treatment for different types of income and expenses.
Financial Analysis
Interpretation of financial data to identify trends, challenges, and opportunities.
What to expect?
- Analysis of financial data to provide insights into the cafe’s financial performance.
- Detailed analysis of revenue, expenses, and profitability.
- Insights on improving financial performance.
Audit Preparation
Preparing for an external audit by ensuring financial records are accurate, complete, and in accordance with applicable accounting standards and regulations.
What to expect?
- Preparation of necessary financial statements and documents required for an external audit.
- Ensuring the cafe’s financial records are accurate and complete.
- Support during the audit process.
Still Not Sure? Get a Free Consultation
Acknowledging the need for help in areas that require specialized knowledge, such as accounting and finance, is a crucial step towards ensuring the sustainability and success of your cafe in Dubai.
Outsourced accounting and bookkeeping services can provide the expertise, accuracy, and timely reporting needed to manage your business’s financial aspects effectively.
Whether you are just starting or looking to grow your cafe, consider the benefits of outsourcing your accounting and bookkeeping needs.
If you need professional help with your accounting and bookkeeping, get in touch with us at +97 1508413395 for a free consultation of an extended 30 minutes at Horizon Biz Consultancy Dubai.
Our team of experts will guide you and assist you in managing your accounting and financial needs, so you can focus on what you do best – making your customers feel welcomed and satisfied.