To assure both a high degree of operating efficiency and administrative accuracy, an audit is conducted no less than twice a year. In addition to a thorough inspection of the physical property, the audit consists of a complete examination of the hotel’s cash handling and reporting methods, the accuracy of daily reports, and analysis of payables and receivables, a check of all employment records, and a detailed review of all front office and administrative procedures.
Both monthly and quarterly reports are prepared for ownership. These reports include an analysis of present, past and projected performance. The monthly financial statements include balance sheets, cash flow statements and income statements.
A quarterly report is prepared to show and explain deviations in the income statement from the budget, personnel changes, market conditions, sales updates and capital improvement expenditures.
Additional Services provided:
- General ledger analysis.
- Fixed asset recording and maintenance.
- Accounts payable management and check writing.
- Accounts receivable management and monitoring.
- Daily revenue reporting and analysis.
- Daily cash reporting and cash flow analysis.
- Coordination of bi-weekly payroll with our payroll service.
- Preparation of bi-weekly payroll management and overtime reports.
- Preparation of monthly sales and use tax returns.
- Preparation of monthly financial statements and reports.
- Analysis of operating variance and monthly/quarterly/annual projections.
- Preparation of annual operating and capital budgets.
- Comprehensive internal audits.
- Other consulting services for our owners including income tax assistance and new development analysis
- Monthly profit and loss, cash flow and balance sheet produced and distributed.
- Annual operational audits
- Annual budgets – proprietary software makes accurate budgeting a three – four hour process
- Cash control supervision
- Quarterly payroll analysis
- Coordination of external audits