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proven hotel financial planning & reporting

Commencing January 1, 2015, the hotel industry will have a new, significantly revised set of guidelines governing accounting for hotels.
HP Hotel Management utilizes the new 11th AHLA edition of the Uniform System of Accounts for the Lodging Industry and cloud-based M3 accounting software for reporting and presenting property financial statements. This is considered to be the guide for hotel owners, managers and other interested parties. The standardization established by the Uniform System permits internal and external users of financial statements to compare the financial position and operational performance of a particular property with similar types of properties in the lodging industry.
The process took almost three years and the edition reflects the first time that ownership interests were included in the Financial Management Committee that was previously comprised of operators, industry consultants, CPAs. This is just one of the many things that distinguishes hotels and the hotel industry from every other class of real estate, and the new rules will have a significant impact on a number of matters in hotel management agreements.

HP Hotel Management Accounting Procedures are as follows

  • Daily income verification and reconciliation
  • Account Payable Processing
  • Payroll processing
  • Capital expenditure budgeting
  • Weekly Cash Flow Reports
  • Daily Income Verification & Reconciliation
  • Roll daily report into the General Ledger
  • Review Cashier Summary Report submitted by the property daily
  • Record the information gathered for annual tax return preparation
  • Account analysis: review and make required adjustments to all accounts
  • Evaluate receivable balances for proper and accurate billing and collection
  • Review information that is entered into M3's Daily Report Module by the property
  • Weekly Check Runs
  • Process weekly AP packets from the properties
  • Petty Cash Reimbursements
  • Bank reconciliations
  • Integrate payroll entries with month-end accruals
  • Report quarterly and year-end payroll taxes
  • Record retention of all accounting related transactions
  • Track information and preparation of 1099s
  • Monthly sales and accommodations tax reporting and filing - state and local
  • Monthly Profit & Loss (P&L) Statement and Balance Sheet production
  • Verify that cash deposits and credit card transactions have been processed
"HP Hotel Management provides Accurate, Transparent, Real Time, Cloud Based, Uniform Reporting"