Accounting for Hospitality in the UAE

“For over 30 years, Paperchase has provided bookkeeping and financial management services to the hospitality industry, globally, however, we do so much more than just bookkeeping. We consider ourselves to be partners to each of our clients, offering insights, problem solving, supporting business growth and training” comments Manit Singh, Business Development Manager, for UAE.

We know fast-moving hospitality businesses need tight financial controls to manage and understand the day-to-day running of their business. To gain those insights, you may have a full-time financial controller in your business. Then you may not, and that is why you may need Paperchase.

In the UAE Paperchase is fast gaining a reputation, as the ‘go to’ accountancy specialist for the hospitality market as it’s the only sector that we work in. Hospitality is in our DNA, that is where Paperchase was born and we help our clients to develop as businesses, to grow and to thrive.

In the UAE we work with hospitality groups, such as: D-ream International, RIKAS, OY Hospitality, Orange Hospitality, KITOPI, Addmind and Magna. In our client portfolio, we include such brands as Zuma, LPM, Coya, Twiggy by La Cantine, Mimi Kakushi, Nammos, Sfumato, IL Borro, Clap, 1-Oak, Sumosan, and Amazonico, to name but a few.

Why you may need Paperchase

Paperchase becomes your finance department and on a daily, weekly, monthly basis, will manage your finances, reconcile your accounts, creating concise reports giving a precise insight to where your business is financially. Paperchase understand your business, as hospitality is the only sector we operate in with Paperchase providing support to more than 500 hospitality brands around the world with over 1,000 establishments in: UAE, UK, Europe, and the USA, and a client base with over 30 Michelin Stars.

Paperchase creates reports that bring together all your data from across your platforms into one central space for you to analyse. Using our own online tools to help jobs get done away from the office, your team can be on the floor, focusing on the guest experience. Your Paperchase team will include specialists in each area of operations, such as supplier relations, reconciliations, procurement, recruitment, staff training, and so on, meaning you are ready to grow, and we have the resources to support that ambition.

Our teams are there to make your life better by making sure your invoices are organised, your payment schedule supports your cashflow, your credit notes are received, your tax returns are completed, and your sales platforms are reconciling with your bank.

Paperchase Delivers

The whole service delivery from Paperchase focuses on providing hospitality businesses with unique regular insights into their business and planning for growth through:

Tailored Bookkeeping – Delivering a level of bookkeeping aligned with your needs, removing unnecessary complications for smaller businesses whilst capturing the complexities of larger businesses. Paperchase delivers a tailored service via a team of experts in their field.

Supplier Liaison – Paperchase will take on the financial responsibility of managing your supply chain, managing invoices, the issuing of credit notes and creating timely payment schedules for you to approve, allowing you to focus on your business.

Reconciliations – Providing weekly account reconciliations, meaning there are no surprises when reviewing your management accounts. Any discrepancies are caught early and cleared by your account dedicated team. A traditional accountancy practice may not offer this service and the longer a business is without a reconciliation, the longer that business is in the dark.

Robust Weekly Reports – With access to all your operational integrations we pull together a weekly ‘Mini P&L’, which enables you to manage your business more proactively by seeing everything in one space.

Cashflow Management – Paperchase clients have access to bespoke tools designed exclusively for the hospitality industry to help you understand and take advantage of opportunities in your business.

Scalability – Paperchase is a global business with extensive resources ready to support your business as it grows, fortifying your team without any impact on timelines or internal structure.

Timelines – A dedicated team is allocated to each client account and will ensure all deadlines are met, as Paperchase understand the pace of hospitality and the need to deliver reports in a timely and organised manner.

Manit Singh, concludes: “For businesses in the UAE wishing to expand into Europe, the UK, and USA, talk to us as we can support you with, finding prime sites, investment, logistical and operational matters as we have the skills and resource to help.”

Contact Manit Singh:

M: +971 566 688 695       E: [email protected]        W: www.Paperchase.ac