- Do you only serve Hospitality?
- How do you define what constitutes the hospitality industry?
- What geographic areas do you serve?
- Is my accounting outsourced overseas?
- What makes your service unique within hospitality accounting providers?
- How is Hospitality accounting different?
- When you say end to end back office solution, what does that include?
- What benefits do I get from using your services?
- What special technology do you use?
- Do you provide advice to help run my business?
- Is any of your technology proprietary?
- Do I need to change my ERP system (general ledger accounting system) if I use you?
- Can you do my tax return? Do you offer tax services?
- Will I save money if I use you?
- How difficult is transition from my current accountant or accounting department?
- What do you cost?
- Can you help me raise money or obtain financing?
Overwhelming our clients are hospitality related. We can and do service every industry but specialize in Hospitality. The largest department in our company is exclusive to hospitality.
Hospitality is any business that serves food and beverage, provides entertainment or lodging and all companies that directly service them. Obvious examples are restaurants and bars, hotels, cafes and coffee houses. Hospitality also includes other businesses such as kitchen suppliers, food warehouses, linen services, museums, delis, bagel stores, food delivery routes, breweries, event planners, ecommerce that deals in food among many others.
We provide services to clients in all 50 states.
No. All work is completed in our offices located in the USA.
In addition to all the services one might expect we provide more. Among the things that make us unique:
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We provide a weekly flash report to provide key business information rather than wait until after month end.
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We provide a 2 week cash projection and then review it against accounts payable to determine the necessary timing for paying bills.
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We conduct a month end statement review to find missing invoices.
Technology - There are systems specifically designed to service this industry that can provide competitive advantages when used properly. Expertise - In order to properly advise clients our professionals must understand things such as back of the house, front of the house, price costs and expense segregation. There are also specific industry reporting standards. Tips – Keeping track of tips, proper payroll reporting and the FICA tip credit are unique to this industry. Success Rate – Hospitality is a very difficult business to succeed in. What is difficult becomes impossible if good books are not maintained and proper analysis performed.
Our definition, which goes further than most firms, encompasses bookkeeping, accounting and finance. While there is no exact segregation of responsibilities, typically: Bookkeeping consists of entering data, maintaining the general ledger, responding to vendor inquiries, and completing reconciliations. We eliminate the need for bookkeeping staff. Accounting is when the data is turned into reporting. This includes such tasks as completion and lite analysis of financial statements, cash management, credit applications complex intercompany transactions, payroll processing and tax filings. We complete all of these tasks, thereby eliminating the need for an internal accounting department. Finance is when the numbers are used to drive the business. This includes budgeting, forecasting, investor reporting, maintaining banking relationships, We eliminate the need for a finance department at larger companies and provide finance functions to smaller ones who otherwise would not have access to such services. Typically we become the CFO for smaller companies and work closely with the CFO in larger ones.
Many:
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We understand your industry.
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High end expertise at a cost savings.
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Organization, peace of mind, more time to focus on growth and operations.
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Our network of contacts.
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Assistance in finding reliable suppliers and vendors.
We use systems the specifically address the needs of hospitality which include ERP, POS (point of sale), AP (accounts payable) processing and reporting software specific to hospitality metrics. This includes Quickbooks, Restaurant365, Compeat, PlateIQ, XtraChef and a range of payroll systems and POS providers.
Yes. We are not typical bookkeeper/accountants. We are here to help drive your business forward and grow in profitability.
Yes. We have developed special reporting applications designed to streamline processes. Much of the reports we produce are custom. We also have custom software that interfaces with just about every POS and AP system available.
We can accommodate any ERP system as well as setup a new one or transition from the one currently used to a more appropriate system.
We offer a full range of tax services including annual Federal and any and all State tax filings, sales tax, commercial rent tax and many other filings for tax requirements.
Let us show you how. Every client we have worked with has found they saved 50% or more versus the cost of doing the work internally.
Tasks are outlined, a project plan is put in place and then executed. We have done this many times and make it easy.
Our solution is custom to each client’s specific needs and therefore pricing is calculated based on service requirements. Services
Indirectly we can help. We can introduce you to our network of commercial banks, venture capital funds and lenders who work specifically within the hospitality sector. We also put together special reports geared specifically to investors and lenders.