Hospitality Accounting

accounting-serviceLaskaris & Laskaris was organized in 1973 and our primary area of practice is the hospitality industry, offering accounting and advisory services to our restaurant, hotel and private club clients. Our founding principals gained their experience beginning in 1948 with Horwath & Horwath (later known as Laventhal & Horwath), an international accounting and consulting firm for the hospitality industry. Our firm has recruited its senior staff members from controllership positions in the hospitality industry in order to provide our firm with the expertise required to render effective services in this specialized field. We are members of the National Club Association and Pennsylvania Restaurant and Lodging Association.

The services provided on an ongoing basis to our private club clients range from performing annual audits for the purpose of expressing an opinion on the club’s financial statements to assisting with monthly financial report preparation. We also prepare any required annual Federal and State tax returns for both taxable and tax exempt club entities.

We prepare annual Reports of Employee Benefit Plans (Form 5500) if required and address various issues concerning club plans, including recent legislative developments affecting employee benefit programs.

In addition to the aforementioned services, we also perform a variety of specialized advisory services for our private club clients. Such services include but are not limited to the following:

– Review of club systems of internal accounting control.
– Analysis of club food and beverage operational practices including inventory control, purchasing procedures, menu pricing and costing.
– Comparative analyses of golf operations (for country clubs) and golf course maintenance costs with national studies and area club data.
– Interpretation of recent legislative developments impacting private clubs from both a tax and operational aspect.

Our financial reports are prepared in accordance with the “Uniform System of Accounts for Clubs”, which allows for meaningful management analysis and comparison of your operating results with other clubs and national studies. Most of our work is normally performed at the Club to allow us to access the records and to observe operations. As many auditing procedures can be performed prior to year end, it is often helpful to also be present on an interim basis. We are familiar with many of the data processing systems currently being utilized by country clubs, including Club Connect and Club Soft, which are installed at a number of our clients.