CPAs and Firms Specializing in the Hospitality Industry
Keep your hotel profitable with CPAs and firms specializing in the hospitality industryHotel accounting is a creature unto itself. The requirements of an accounting firm servicing the lodging industry are far more specific than other industries. Whether you are looking for an in-house hotel accountant or an accounting firm servicing the lodging industry, you want to make sure they bring the expertise you need.
Even if you have a hotel CPA on staff, you may be well served by bringing in CPA firms for lodging companies once a year to review the work going on in your property. There are several areas that CPAs and firms specializing in the hospitality industry can look into that might not be appropriate for a hotel accountant to do. Services that an outside hotel accounting firm could review include:
1. Forensic accounting that only can be performed by outside hotel accounting services
2. Fraud investigation that should include oversight of your hotel accountant
3. Financial analysis, comparing your property’s performance to area competitors
Use an accounting firm servicing the hospitality industry when your property is being sued
Give your hotel accounting services a break during a fraud investigation with an outside hotel CPAAccounting companies servicing the hospitality industry will want unfettered access while investigating fraud accusations. By bringing in accounting companies servicing the hospitality industry, you can include your hotel accountants in the investigation and not put them in a confrontational position with other employees.
Build a marketing plan based on a review by an accounting firm servicing the hospitality industryHotel CPAs typically are influenced by management and their own experience with other properties in the area. Outside hotel accounting services can analyze your P&L statements and compare them to competitors to help you build a successful marketing campaign.
- Consider the background of hotel CPAs that you bring in. The more direct hospitality experience he or she has had, the quicker he or she can hit the ground running.
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