Restaurant Accounting Services
Most of the entities operating in the restaurant and hospitality industry seek out different ways to boost efficiency of their business operations as well as reduce their financial outlay without having to compromise customer experience or quality, especially in today’s fiercely competitive business environment. As a restaurant owner managing employees, ensuring that your customers are happy and satisfied, dealing with vendors, and setting aside some time to ensure that your accounts are proper and accurate, could be very exhausting as well as time-consuming.
Push Digits Chartered Accountants provides quality restaurant accounting and bookkeeping services both in the free zones and the mainland UAE. Our team of professional accountants and bookkeepers understand what you need to ensure that your business keeps functioning particularly from a financial point of view. At Push Digits, we have qualified professionals in the field of accounting and finance, with the help of which we offer pre-occupied restaurant and franchise owners with business solutions that will not only help them in making through such a competitive business environment, but thrive by achieving great success!
Our Accounting Services for Restaurant and Franchise Owners
At Push Digits, we provide our clients with quality accounting services which includes the following:
- Setting up of the accounting system and the chart of accounts (in case of a start-up);
- Recording business transactions on a daily basis (sales, purchases, journals, etc.) in accordance with the applicable accounting standards and principals;
- Allocation of receipts and payments to match invoices;
- Preparing a bank reconciliation statement either on a weekly or monthly basis;
- Coordinating with the auditor with regards to the external audit of financial statements;
- Making budgets and forecasts;
- Extracting monthly management reports highlighting the critical areas of improvement including areas to improve business efficiency;
- Extracting balance sheet, income statement and cash flow statement on a monthly basis;
- Extraction of monthly expenses report;
- Preparing general ledger reconciliations;
- Categorizing revenue earned from food and beverages separately.
- Reconciliation of daily sales and cash deposit, POS, credit card statement, and sales with online channels;
- Comprehensive financial reports (operational & financial ratios and many others);
- Data file backup and storage;
- Setting up the Payroll System;
- Reviewing and processing payroll;
- Preparing accounts receivables and accounts payables reconciliations;
- Aged payables Management (creditors);
- Aged receivables Management (debtors);
- Monthly review of your financials by a professionally qualified Partner;
- Monthly presentation of your accounts to help you better understand your financial position and performance;
- Helping in filing of VAT returns
- Preparing any reconciliation required by external auditors
- Co-ordination with other departments;
- Ratios Analysis;
- Break-even Analysis (if requested);
- Labor, food, beverage paper% report;
- Any other report required by the restaurant or franchise owner(s); and
- Excellent customer support.
Accounting Software and Solutions
We support multiple accounting software and solutions which includes the following:
- Tally ERP 9 Accounting Software;
- Zoho Accounting Software;
- Sage Accounting Software;
- Xero Accounting Software;
- Quickbooks Accounting Software and many more.
Therefore, it can be said that we have expertise in most accounting platforms and solutions that are being used by businesses operating in different industries all across the world. In addition, our highly skilled and trained accounting professionals not only ensure swift implementation accounting solutions but also provide client personnel with an opportunity to learn something new.
Benefits of Outsourcing your Accounting Service to Push Digits
Customizable Accounting Service Packages: We customize our accounting service packages according to the accounting and reporting requirements.
Qualified and Experienced Workforce: We have qualified accounting professionals that have vast experience of working in the restaurant and hospitality industry.
Cost-Effective: The fee we charge to our customers is just a fraction of what your accounting team is taking right now. You can choose to pay us on the following basis or else we can prepare a customized proposal based on your needs and requirements:
- Pay hourly
- Pay daily
- Pay weekly
- Pay monthly
- Pay one-off (in case it is a one-off assignment or project)
Saving Time: One of the main benefits of outsourcing your accounting services to our prestige accounting firm is that you will get more time to focus on the core activities of your restaurant/ franchise.
Tax Awareness and Compliance: Our services would also include reviewing your accounts from the point of view of tax compliance. Our tax department would review your accounts on a monthly basis to ensure that you are complying with all the applicable tax laws and regulations.
Business Analysis: Our accounting services also includes reviewing your financial position and performance on a weekly/ monthly/ annual basis through conducting an in-depth analysis of your accounts and business operations.
Latest Technology: Our qualified and experienced accounting professionals are experts in using the latest technology available for the purpose of bookkeeping and reporting.
Data Security: All of our accounting, audit and tax professionals comply with strict confidentiality agreements and data security policies to ensure that your valuable information or documents/ record are safe at all times.
Best Accounting Practices: Our accountants and bookkeepers follow industry standard accounting processes and practices so that to help you in obtaining greater control as well as ensuring that you are complying with all the relevant rules and regulations.
24X7 Support: Our experienced accounting professionals will be available at your service 24X7. Our aim is to ensure that accounting issues of your restaurant get addressed as soon as they arise.
Why Push Digits Chartered Accountants?
Push Digits Chartered Accountants is a well-known name when it comes to providing first-class accounting, auditing and tax services in the UAE as well as the rest of the world. Our standard of expertise, knowledge, capacity and ability continues to be unparalleled both in the free zones and the mainland UAE.
Frequently Asked Questions (FAQs)
Q1: Where will the accounting be done?
We provide our clients with services as per their needs and requirements. After a detailed discussion with the client entity’s management, we provide advice to our clients regarding the accounting solution and package that will suit their company the most. This includes giving them advice on whether we provide services at their premises or from our office. Irrespective of the location from which we provide our services, our accountants will be available 24/7 to help you out with your accounting and financial matters.
Q2: Does the outsourcing of the accounting function helps in reducing cost?
Outsourcing of the accounting function benefits you in the following ways:
- Assistance in addressing and tackling complicated accounting and financial matters,
- Saving costs related with employee compensation and insurances,
- Compliance with all the applicable rules and regulations,
- Quick completion of audits,
- Filling of VAT returns on a timely basis;
- Error-free and timely recording of all transactions;
- Professional advice and support with respect to making important business decisions.
Q3: What is the pricing structure of your accounting services?
Our prices are market competitive and are usually based on the following factors:
- Nature and type of the client entity;
- The industry in which it operates;
- Nature of the entity’s business operations;
- Duration of the contract;
- Skills and experience of the accounting resource that is to be allocated for the client entity; and
- Number of visits.
Q4: Which accounting software do you recommend to your clients operating in the restaurant industry?
As a professional accounting firm, we first conduct a detailed study on our client’s operational and accounting needs, and then recommend the accounting software that is most suitable for our clients keeping in mind the requirements of our client entities. We also help our clients in automating different business procedures and processes.
It is important to mention here that our accounting professionals have experience of working in a number of different accounting software solutions. We can handle all the accounting and financial matters of our clients irrespective of the accounting software they use.
Q5: Should a restaurant purchase an accounting software if it already has a POS machine?
A suitable accounting software not only helps a restaurant in maintaining record of all its business transactions but also helps with the generation of a number of different business reports and that too on a timely basis.
Q6: What makes us different from other accounting service providers?
Our ability to meet the needs and requirements of our customers on a consistent basis as well as helping our customers in making informed business decisions helps our customers in achieving growth and success. Our team of accounting experts and their pro-active business advices with regards to compliance with accounting standards and tax rules and regulations, makes us and our services unique in the field of tax and accounting.