Hotel Accounting
As an enhancement to the traditional hotel accounting, financial reporting and tax services we provide, we also perform a variety of specialized advisory services for our hotel clients. Such services include but are not limited to the following:
- Review of hotel systems of internal accounting control and operational practices.
- Comparative analyses of hotel results of operations with both national studies and area hotel operating data.
- Feasibility studies for prospective hotel developments and acquisitions, including site and market reviews and financial projections.
- Hotel franchise issues including impact from encroachment by other hotel developments and their effect on valuation.
- Interpretation of recent legislative developments impacting hotels from both a tax and operational aspect.
In addition, we have been retained on a number of occasions in a litigation support role and have experience on both a consulting basis and as an expert witness at trial.
Our financial reports are prepared in accordance with the “Uniform System of Accounts for Hotels” which allows for meaningful management analysis and comparison of hotel operating results with other hotels and national studies.
Most of our work is normally performed at a client’s hotel to allow us to access the records and to observe operations.
We are familiar with many of the property management systems currently being utilized by hotels including both front and back office applications.
Although auditing, accounting and tax services provided by certified public accounting firms are based on generalized principals and regulations that apply to a broad range of businesses, the specialized reporting and financial characteristics of the hotel industry indicate that hotel operators can benefit from a firm with experience in the hospital industry.
