You don’t have to be well-versed in finance to be a successful hotelier, as long as you have a team of experienced accountants backing you up. MyHotelAccountants offers a full spectrum of services for taking care of your hotel’s financial well-being.
That’s something that our clients discover every day while working with us:
Tax Services
Keeping track of all the tax implications of running a hotel can be overwhelming on the best of days. This is why many hoteliers turn to a team of CPAs to take care of everything related to taxes.
At MyHotelAccountants, we pride ourselves on our reliability and attention to detail. We can provide you with the peace of mind that comes from knowing that your taxes are in order. Toward this end, we offer a full range of services such as:
Tax Preparation – We use cutting-edge systems and methods to deliver all-in-one tax preparation services. Our software platform allows us to keep track of all changes in real-time for comprehensive and error-free tax filing. In working with a team of experienced CPAs, your hotel will be fully compliant with what’s required by the IRS and state departments of taxation.
Tax Planning – Effective tax planning benefits your hotel’s financial standing. We’ll make sure that you’re not going to get overwhelmed by taxes or pay any more taxes than you have to. Our team keeps track of all the regulatory changes that affect tax filing to help our clients plan for everything accordingly.
IRS Audit Presentation – Audits are bad news and auditors are aware of this. They may use the fear to their advantage and adjust your taxes in the government’s favor. Here at MyHotelAccountants, we know how to protect our clients and their finances. We can take care of any federal and state tax audits and potentially tip the scales in your favor.
IRS Liens and Levies – Liens and levies don’t have to mean that the IRS will go ahead with asset seizure. Our experts know how to work around this or find solutions that you can live with. If you ever find yourself in a predicament with the IRS, remember that MyHotelAccountants has the answer for your hotel.
Payroll Services
In-house payroll can occupy a lot of your staff’s time. Not to mention that the tax implications of payroll mean that you’ll have to find highly qualified employees.
Rather than wasting your time and brainpower on payroll, why not let MyHotelAccountants take care of it for you? You can focus more on what you do best and your employees will be able to make any withholding changes accurately. Here are some of the things that you can expect:
Comprehensive and Timely Reports – From sick days to tax forms like W-2, W-3, and 1099’s, we can facilitate prompt and straightforward reporting. Our reports are user-friendly and highlight the information that you care about the most. We’ll take care of the hard work and provide you with the data that you need.
Online Payroll Processing – Our goal is to save your company as much time as possible. For this, we offer a simple and secure online framework for payroll management. We’ll maintain all your payroll records such that you always have access to the data that you need.
Custom Payroll Reports – Payroll regulations change on a regular basis. To keep you abreast, we offer custom payroll reports for compliance purposes. These include:
- Liability insurance audits
- Social security audits
- Worker’s compensation audits
Accounting Services
At MyHotelAccountants, we go far beyond offering basic hotel revenue accounting services. Aside from reliable reporting, our goal is to help your hotel unlock new growth opportunities. To make this happen, we provide guidance and consultation based on the following records:
Operating Statement – In addition to tracking your revenue and expenses, the income statement contains a great deal of information. We’ll help you identify unexpected costs to give you better control over your hotel’s expenses. With our help, you’ll be able to allocate your hotel’s budget in a way that boosts operating performance.
Balance Sheet – A routine inspection of the balance sheet reveals a lot of information about your hotel’s financial standing. We’ll show you if your hotel is ready for growth and its biggest strengths. We’ll also show you if there’s any immediate action that you can take to improve your cash flow.
General Ledger – The general ledger is your central depository of all things related to your hotel’s accounts. Every transaction goes into it and you can’t afford to have undetected errors or it will affect a number of reports. Our hotel business accounting services include keeping and updating your hotel’s general ledger with accuracy and excellent organization. The relevant reports can be ready in short order whenever you need an overview of your finances.
Strategic Business Planning
One thing that you can always expect from MyHotelAccountants is actionable information. We know and appreciate how valuable your time is.
For this, we offer strategic planning for helping your hotel achieve outstanding results in different timeframes. Here’s a quick representation of what we offer:
Financial Planning – Proper planning allows you to predict the future instead of having to rely on hope. We’ll take into account all the relevant aspects of your hotel’s performance to project revenue, costs, profits, and other key figures.
Management Planning – Effective management is essential to a hotel’s growth. It ensures a smooth guest experience and eliminates the waste of resources. In this regard, we can help to plan your hotel’s systems, staff, and other management needs with maximum efficiency in mind.
Marketing Planning – Marketing is a major expense in the hospitality industry. Our experts can plan effective marketing campaigns and strategies for your hotel. We’ll highlight what you can do to increase ROIs and attract new guests.
Unlimited Consultations
MyHotelAccountants strives to support our clients’ growth every step of the way. That’s why we’re available whenever you need us. With the help of our consultation services, you’ll be able to solve any issues with promptness and make decisions with confidence.
Our consultation services encompass the following and more:
Tax Consultations – We know that taxes are confusing and complicated to many. But you don’t have to waste time digging for answers when we have them at our fingertips. Should you need any tax-related information, we’re at your beck and call.
Performance Tracking – Our team of experts has a great understanding of industry-specific performance metrics. These include RevPAR, ALOS, CPOR, and many others. Not only will we help you track these metrics, but we’ll also provide suggestions for boosting them. In doing so, you’ll unravel many growth opportunities.
Management Consultations – Not sure if you should move to a new CRM platform? How about staff revisions? We’ll leverage the power of data to help you make the right management decisions.
Hotel Accounting Consultations – We’re here for your hotel so you don’t have to bother with the books. If you need help understanding your financial statements or certain positions, you only have to get a hold of us. Our experts have well-reasoned explanations at the ready to help you understand your hotel’s finances better.
External Financing
External financing might be necessary for the continuous growth of your hotel. It’s just that lenders are very cautious about trusting hoteliers with their money. You’re going to have to go above and beyond to prove that you’re a reliable borrower.
This gets a lot easier if you’re working with MyHotelAccountants. Our team has extensive experience with helping hoteliers secure the financing that they need. We know what lenders want to see and how to showcase your creditworthiness accordingly. Our external financing services are as follows:
Loan Proposal Preparation – We prepare loan proposals for the highest likelihood of approval. Courtesy of our meticulous due diligence, your lender will find every corner covered in a proposal that presents your hotel in the best light.
Financial Statement Preparation – Accuracy and attention to detail are among our biggest strengths. Moreover, we always put ourselves in the lender’s position when compiling financial statements and loan proposals. We’re known for delivering error-free and attractive statements that prove our clients’ reliability as a borrower.
Professional Representation – The loan application process can be stressful and tedious, what with the lender scrutinizing every detail of the proposal. A small slip-up at any point might be enough to jeopardize your application. To prevent this, our team will represent and advocate for you. We’ll handle the lender and all of the inquiries with the utmost professionalism and go above and beyond to secure the financing that you need.
