hotel accounting

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hotel accounting

Hospitality Financial Leadership: Hotel Finances for Dummies

David Lund | April 1, 2019

David Lund My primary responsibility as the head of the finance and accounting departments in the hotel was to ensure the books were clean and balanced. What I really got paid for was serving as the "chief financial information officer." The reality was the financial information I had to work with stunk! In every business, communication is important, but especially around the financial piece of the business. Communication is key. Great communication can make the business successful, help it grow, cause it to take on a life of its own. Poor communication can make the business die either a long, lingering death or a swift, unexpected deat...

Hotels to Face New Accounting Regulations That Could Impact Bottom Line

Clark Nuber | October 10, 2018

(Bellevue, Wash., October 10, 2018): Hotels, motels and inns should prepare now for changing accounting regulations that will impact how they recognize revenue. "These new Generally Accepted Accounting Principles (GAAP) may significantly impact the bottom line of hospitality businesses," said Julie Eisenhauer, a CPA and shareholder of Clark Nuber, PS, in Bellevue, Wash. "Although the new rules won't take effect for private companies until 2019 and 2020, businesses would be wise to start planning for them now." One significant change involves customer loyalty programs, which allow customers to acquire additional accommodations or service...

Hospitality Financial Leadership – Creating a Hotel Accounting Policy Manual – The Dos and Don’ts

David Lund | February 12, 2018

By David Lund After recently completing a policy manual for a client, I want to share what worked for this hotel company and what could work for you. I also want to clear the air on policy vs. procedure. I know it is a big challenge to get a policy manual together for a hotel or hotel company. The big brands have resources to get the job done but the smaller brands and management companies do not have the same bandwidth. It is a project that always gets kicked down the calendar to another month or quarter. Check out another article I have written on why creating a hotel accounting policy manual is so challenging: http://hotelfinancialco...

Purchase Price Allocations for Hospitality Assets

Tim Sauer | May 10, 2017

By Tim Sauer I recently attended a presentation where the presenter used a hamburger as an analogy for a cost-segregation study. While most people just see a hamburger, he sees a beef patty, lettuce, tomato, cheese, and a bun. That is to say, he doesn't see a single piece of real estate, but numerous smaller assets that comprise the larger asset. The same can be said of a purchase price allocation (PPA). Introduction to Purchase Price Allocations As the name implies, the objective of a purchase price allocation is to allocate the purchase price of an asset to its component parts. Unlike a cost-segregation study, which allocates cost for...

M3 Accounting + Analytics AccKnowledge® Customer Base Surpasses 4,000 Hotels

M3 Accounting + Analytics | November 9, 2015

M3 Accounting + Analytics, provider of cloud-based hotel-specific accounting software, operations reporting and business analytics, recently onboarded the 4,000th active property onto its accounting platform, AccKnowledge®, making the Gainesville, Georgia based company the largest known provider of hospitality-specific accounting software. M3's product family includes not only a hotel accounting platform that incorporates document imaging and automatic import of PMS data to minimize manual entry, but also a business intelligence and analytics solution, M3 Link®, and a tablet-deployed punch-capture and labor management tool, M3 R...

Award Winning BlackLine Systems Now Tailored Specifically for Hospitality by PAS

PAS | January 27, 2015

PAS and BlackLine Systems announce global partnership Gaithersburg, MD – PAS is bringing the world's most trusted solution for Finance Controls and Automation, BlackLine Systems, to hospitality. Leveraging their in-depth experience in hospitality operations and their hands free integration platform, pasUNITY, PAS is creating an unparalleled solution surrounding the Financial Close - Balance Sheet, Bank and Credit Card Reconciliation Automation. The security and integrity that comes with pasUNITY integrations, eliminates many of the human errors that are commonly associated with such sensitive financial information. "We know what makes...

Real-Life Experiences for the Next Generation of Hoteliers

M3 Accounting + Analytics | January 22, 2015

Program implemented through the University of South Florida Sarasota-Manatee College of Hospitality and Technology Leadership provides industry standard software to over 20 universities. (GAINESVILLE, GA – 01/22/15) When Casi Johnson was a college student majoring in hospitality management, she thought she knew a lot about hotel accounting from working in a hotel during her schooling. In a recent blog post describing her experience 17 years ago, Johnson explained, "I loved being able to work in the hotel at night and craved the hands-on learning experience it offered to complement what I was learning in school, taking what was learned...

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