COMPREHENSIVE HOSPITALITY SOLUTIONS, LLC
What does your service cost?
Likely less than what it’s costing today, especially when time spent is taken into consideration. Every client is unique. Any Company listing package solutions offers a one size fits all solution. That goes against our business model to provide the most individualized service, so price quotes must be individualized.
What software do you use?
We use a variety depending upon the function. The top two ERP systems we use are Compeat and Quickbooks Enterprise but we have clients using many others. For Vendor Invoice Management we use PlateIQ, Zaru and xtraCHEF. Our systems connect to every major bank and we can accommodate virtually all POS systems.
How experienced is your staff?
Everyone above the staff level has at least 5 years experience in Hospitality accounting. Some have managed restaurants, bars, hotels and sports complexes.
How long does it take to deploy Comprehensive Hospitality Solutions systems and services?
Comprehensive Hospitality Solutions can quickly deploy its services in your business because our systems and procedures are already tested and operating with live customers in real environments. You avoid the internal development learning curve time and expense of figuring it out on your own. Typical implementations range from 10-20 days.
Keep in mind as we build historical data the value of the analytics we provide becomes more valuable.
What method of accounting is used, cash or accrual?
Unless otherwise directed we maintain all books on an accrual basis. This matters because with any meaningful analysis revenue must be matched with expenses. Otherwise fluctuations will render your KPI’s, Cost analysis useless.
Accrual based accounting is also critical for cash flow management. Using this basis allows the identification of anticipated revenue and upcoming expenses. Accrual basis books prepaids and accrued expenses for better tracking of monies due, expiring licenses, and many other under the radar items and expenses.
Accrual basis accounting allows for flux analysis that helps identify expenses not recorded. Should an important bill such as rent or electric go unpaid it becomes obvious in the numbers.
In short should be considered standard for your business.
Wouldn’t I be better off hiring an in-house bookkeeper?
In most cases, no. To hire an in-house bookkeeper, first you must find that person, check their credentials, negotiate a salary, hire and train them, and manage them. That can be very expensive both in time and money for a business owner. You must also provide office space, desk, computer, office supplies, and software for them to use. You incur payroll tax expenses, vacation and sick time, and the cost of other benefits for that employee. If the person you hire is part-time, you must manage their hours and will only have access to them when they are at work. If they go on vacation, get sick, or leave the company, you may have a large gap in your accounting and payroll. However, with Comprehensive Hospitality Solutions, if a staff member is sick or leaves, there is no burden upon the client. We will always have another experienced and knowledgeable employee on hand to cover the necessary bookkeeping responsibilities. Furthermore, in some cases, there can be security concerns when only one person has access to all your business financial information, data, bank accounts, statements, and checks. With Comprehensive Hospitality Solutions, internal controls and the division of tasks among our employees allows for resilient security protection.
Can you help raise capital or obtain financing?
We have a network of quality commercial lenders and can make introductions.We do not deal with companies specializing in expensive financing options.
My business is small… why shouldn’t I just hire a part-time bookkeeper?
All of our staff is full time. Companies who have part-time in-house bookkeepers find that problems may occur when the employee works part-time, calls in sick, or even leaves the company on short notice. With Comprehensive Hospitality Solutions, you get full-time, reliable, professional service. We will be able to answer your questions immediately, not just on Tuesdays and Thursdays. Most importantly, you have decades of experience running your back office instead of a part-time practitioner who is not likely to be as up to date on critical issues. You will save money with Comprehensive Hospitality Solutions and have the benefit of the back office capabilities of a much larger organization.
Do I need any in house accounting staff when using your services?
It depends upon the size of your business. Usually not, although many of our larger clients employ a Controller or CFO to coordinate and laisse with their (CHS) account team.
Do I give up some control by using Comprehensive Hospitality Solutions services?
You don’t give up any control. We are not managing your business. We are a service provider, the same way that ADP or Paychex may have processed your payroll in the past. You maintain complete control over the management of your business and you maintain complete control over your cash. We provide the data and suggest solutions, but you approve any operational changes and all invoices for payment and sign all checks ensuring proper segregation of duties over the cash function.
Can Comprehensive Hospitality Solutions prepare my taxes at year end?
Yes. Our CPAs prepare your Federal and any State return. Additionally, we have experience in completing returns with complex Partner structures.