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Hospitality Accounting Services

Hospitality industry in UAE

UAE is known for its hospitality sector offering upscale and premium hotel properties and delectable cuisines from across the globe in terms of restaurants, cafes, dark kitchens. Cosmopolitan population of the country makes it lucrative for business owners and investors from all over the world to establish their branch/chain/outlet in UAE.

Hospitality is critical to UAE’s economy as it contributes almost 5% in country’s GDP and provides overall employment of 10%. This makes hospitality sector one of the viable option to do business for. Government also provides certain incentives and relaxed policies to boost the same.

STAGE 1: RECORDING AND BOOKKEEPING

We offer virtual head office services for managing their backend operations online. We blend our accounting & bookkeeping services, so you have the data & the insights to improve your company’s financial health. Whether it’s an incorrect balance sheet, general ledger, or misplaced purchase order, we’re here to help you stay on top of due dates for bills, invoices, & track cash flow. For expansion and growth, we do assist in menu engineering and operations. Also managing the employees and their payroll can be taken care of by us.We help with following things in your hospitality business-

  • Accounting & Bookkeeping
  • Bank Reconciliation
  • Trial Balance, Balance Sheet & Profit and Loss Account
  • Cashflow reporting
  • VAT & Excise Laws Compliances and Advisory
  • Vendor Reconciliation
  • Accounts Payable & Receivable reports
  • Payroll Processing as per UAE labour laws

STAGE 2: REPORTING AND ANALYSIS

With proper recording of all the transactions done in your business by our bookkeepers, we also prepare reports and provide analysis on basis of that. Business intelligence reports are a part of our deliverables. It helps in determining your cost of goods sold, inventories and how you can maximise your sales based on the analysis done. We do following things for your hotel/restaurant/café-

  • Cost of Sales report (prepared on the basis of detailed accounting of procurements done in the business)
  • Sales Analysis
  • Sales Mix Analysis
  • Inventory management which includes stock evaluation and Stock variance reports
  • Cost management and Variance Reports
  • Validation of Trade details
  • Checking of procurements and vendor accounts
  • Checking on other operational expenditures
  • Menu Engineering which means helping you in reworking or preparing a new menu for the restaurant/hotel/café

STAGE 3: ENHANCEMENT AND IMPLEMENTATION

After we have prepared reports and have done analysis on what and how business should be, there is a constant process of enhancing the already present system and technology. Optimising available Enterprise Resource Planning system or POS system would benefit the business to be more efficient in less costs. We also try to optimise below things-

  • Analysis of current POS and Inventory management systems
  • Optimization of ERP system already implemented
  • Identifying an appropriate ERP system if there is none at present
  • Training to existing staff members for effective use of technology
  • Defining a dedicated process to increase business efficiency

Benefits

We recommend to opt for virtual head office services or for cloud accounting services, considering following advantages-

  • Reduced operational expenses
  • Increased productivity
  • Optimise fixed cost expenditure
  • Accurate demand forecasting
  • Managing product perishability
  • Optimized revenue streams
  • Optimized technology and process orientation
Hospitality Accounting Benefits

HBC can help with its Check-up and Compliance routine

We are one of the leading accounting and auditing firms in UAE and can help in checking up your applicability of ESR and compliance related requirements. Also helping you with the Ongoing ESR compliance and business readiness for the ESR:

1

ESR requirements

Reviewing your activities against ESR requirements. Whether you are compliant or not.

2

Compliance Check

If you are carrying out any business activity covered under ESR, will review the economic substance, make a report and guide you to meet the ESR compliance.

3

Filing of ESR

After reviewing all reports from ESR perspective, will file all relevant documents and reports to concerned authority before deadlines.

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