When you are passing by a lavish dining space, then you might think how cool the place is and how lucky the owner is to follow the passion. Both speculations are true, but you might not be able to see the hard work and dedication of months that goes behind it. Having a restaurant is a rewarding step in anyone's career because the person is trying to follow the passion for being on their food journey ensuring the best service. However, there are so many logistics which are overlooked, and one such thing is the accounting of the restaurant on which everything in the setup is based on. Money is crucial for operating a business which is directly related to customers, but for a top-notch place, one has to master the art of accounting. When one cannot do it on their own, then they should take on professional assistance to avoid any loopholes resulting in failures. If you are looking for professional accountants or related services in the UAE, then you definitely need to look for the best accounting firms in Dubai to get the finest deal. This article is going to focus on essentials related to accounting which every restaurant owner must know by heart. Top accounting-related essentials for the restaurant owners:There is a lot of money flowing in on a daily basis in any given well-working restaurant. If the restaurant does not have an organized structure and system related to accounting, then it is going to be a huge mess. It will not confuse the stakeholders but also mismanage everything else resulting in poor operations. Accounting for a restaurant business is no easy task, but it can definitely be handled by following simple essentials: Profit-loss statements:The statement is the set mark and an essential way to track the financial elements such as cost of food, raw food, service, logistics, operations, and even human resources. The statement will be one comprehensive document and restaurants will update as things will go whether weekly, monthly or annually. Cash-flow information sheet:Another best practice in restaurant accounting is establishing a report for the cash flow to understand the incoming and outgoing money. In other words, you want to know the money which the restaurant has and how much you need to spend to have smooth working operations. Profit margin:Honestly, the profit margin for a standard restaurant is thin, and you cannot increase it if you do not maintain the profit margin element. On a weekly basis, the restaurant owner should sit with the accountant and analyze the progress as well as net profit margin. This is because you might have a lot of revenue coming in, but that is taken by operating cost resulting in loss so monitoring the net profit is crucial. Closing remarks:Restaurants operations are crucial for the success and long term sustainability so there must not be any overlooking happening. If you are not good at maintaining the accounting essentials, then opt for the services from the best big four accounting firms in Dubai give that you are in the city.
If that is not the case, then check out the ones nearby you or simply use this article as a guide. Good Luck!
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An auditing firm is a long term business partner of yours that you will working with closely throughout the years. They will be a significant part of your company’s success path and this choosing the right audit firm partner is not something that should be taken lightly. Since choosing an audit firm could be a long term commitment, look for a firm that doesn’t have much employee turnover, you don’t want to be working with new and fresh faces every year, wasting hours on hours explaining your type and nature of business and still getting nowhere. There are other several points while looking for Best accounting firms in Dubai that will be highlighted as you move forward with this article. Steps to follow on your way to select the ideal audit firmThere are so many new competitors in the market offering various packages and perks. But there are several factors that you need to take into account before going ahead with an audit firm, a lot depends on how you proceed with the initial task of narrowing down the firms, following are a few ways to make sure you get the best of the lot for your company: QualificationsFirst of all, ensure that the firm you’re looking for is strong on the papers then go and dig deep into their qualifications and certifications, see if they’re certified from a reliable and trustworthy source. There are a very few audit firms that are globally certified, if you find one, hold on to them! All Under One RoofThere are firms that are certified in numerous kinds of services and it is quite possible that you find a firm that does everything you need, just imagine how neat and easy the work would be if only a single firm was managing all your auditing tasks. But do make sure that the work they’re doing is certified and reliable, not just offering of services, they need to be the best at it. Pricing and ValueThe firm you’re going to partner with for the auditing services will be a long time commitment, make sure to negotiate your way into getting the best value for suitable amount of money being paid, and always look for a middle way to get the best of both worlds while negotiating for prices with any company. Customer satisfaction and ServicesGet into touch with the top hierarchy as well as the people who will be working with you during the audits in the negotiation phase. You need to ensure that people you’re getting into business with are compatible with your values and mission, understands your concerns and will provide the best value for the task given and also be a helping hand before or after the audit is finished. Customer service of an audit firm defines who they are and what they are striving for as a firm. ExperienceIt is very important that the firm you’re scouting for has prior experience in the field you’re working in. It will help them get a better idea of what to do and how to do so that your workflow can be smooth and efficient. You can find the Best accounting firms in Dubai based on their qualifications, pricing and experience according to your needs and taste.
When you are doing business, then you need to pay tax to the government for that. However, just like any other process, the value-added tax also has different types and procedures. Different businesses fall under different categories so that rules and regulations will be different based on the category. Because it is a newly introduced concept in UAE, so companies are still trying to understand the process of dealing with it. The most common problem is not being able to understand which category their business fall for the VAT. Because it is a confusing process, so business owners often seek professional assistance. In case you are looking for such help too you can always opt for the best VAT consultancy in Dubai for top-notch advice on the VAT matter. While you are checking their services out, read on this article to understand the types of VAT which exist and the difference between each one of them. Everything one should know about various types of VAT:The different business offers different products, and the type of VAT which will be applicable to them is determined by the goods a firm will be providing to the customers. There are three main types of VAT, which are consumption type, Income type, and gross national product. Each of these depends on the conditions businesses pay the tax on all capital goods. Following is extensive information on different types and the difference between each one of them: Consumption Type VAT:When it comes to the VAT type that is based on the consumption type, then it refers to the tax which is imposed on the product when the value is added in from production to the point of sale. The user pays the tax based on the cost of the product. Under this category of the tax, the goods which are bought from the different firm are not included. This is because the base of the tax is the consumption which will make everything regarding the business different than other types. Income type VAT:This is another category for the VAT which does not exempt the good purchased from other firms during the year of purchase, which is the exact opposite from the consumption type VAT category. The process of tax or the amount of the tax is both for the consumption and overall investment. In other words, you pay the tax on the net income. Gross national product type VAT:This type is the combination of the income and consumption-type VAT because it does not exempt the purchased goods in the year of purchase. It also does not exclude the depreciation deduction from the tax. In other words, businesses following this type of VAT are on consumption, gross and net income Concluding words:The VAT is a complicated process, and among these three types, consumption one is most widely used. If you are still not sure which one to follow then take on the professional advice from the Best VAT consultancy in Dubai so that you choose the right type which fits well with your business.
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