Specialized Accounting for Hotels & Lodging
We are a hospitality accounting firm with over twenty years of collective experience in the lodging and hotel industry. At Specialty Bookkeepers, we understand accounting for hotels and cater to the unique needs, priorities, and pain points of lodging managers and owners. Our goal is to make your job easier by providing dedicated support in managing your books efficiently and proactively so you can focus on what really matters – providing your guests an exceptional experience.
Our Hotel Bookkeeping Services & Expertise
While we offer a comprehensive suite of accounting and financial services, we want to specifically highlight the importance of the following hotel bookkeeping services we offer based on our years of experience and industry knowledge.
Cash Flow Management & Seasonality
Track and monitor how much money is coming in and out of your property while understanding the impact of seasonality to ensure proper planning and establish year-round financial stability.
Maximize your earnings by strategically managing costs and operational efficiencies. We will work with you to uncover new revenue streams while maintaining and protecting your current investment.
Clean & Timely Financial Reporting
Get clear and easy-to-understand financial reports on time every month that help you make informed business decisions, contributing to the stability and long-term viability of your business.
Hotel Accounting Expertise
Our knowledgeable bookkeepers are experienced with common industry adjustments, such as fixed asset management, average daily rate, and cost per occupied room calculations. We can easily report on the numbers that matter most to you.
Income Tax Savings & Strategy
We know income tax planning when it comes to accounting for hotels including but not limited to, cash policies, pre-paid assets, and depreciation schedules. We will help you implement proven strategies or work with your tax preparer to help save you money during tax season.
Accounting for Hotels - USALI Based Reporting
Our financial reporting, including both monthly and annual statements, adheres to USALI (Uniform System of Accounts for the Lodging Industry) standards, the standardized process for financial reporting in the hotel industry worldwide.
Why does this matter? This format presents key performance indicators that hotel owners and managers can leverage to make strategic decisions and cost-saving improvements. Furthermore, it ensures your operational information is presented in a consistent and clear format to the lodging industry, which can help you secure better rates for credit while simultaneously appealing to investors or board members. With this reporting, we help our clients take advantage of numerous benefits including but not limited to:
- Cost Comparability & Cost of Sale Margin
- Flexibility & Ease of Adaptation
- Management by Responsibilities
- Departmental Accountability
- Benchmarking Tools – Profit Margin, Labor Margin, Average Daily Rate %, Etc.
- Data & KPI’s unavailable with Property Management Systems
easily Integrate with Your Property Management System
We understand there’s a multitude of property management systems available for hotels and even though we are bookkeeping experts, we pride ourselves on embracing technology and tools to make life easier. Regardless of your current process, we can easily integrate your property management system with your accounting software to accurately capture your revenue and monitor your guest ledger. Furthermore, we recommend a toolkit of helpful programs that can streamline processes and give you time back in your day.
Ready to Chat? Schedule a Free Consultation
Specialty Bookkeepers is proud to be a preferred member of the Association of Lodging Professionals and the American Glamping Association. Find us at industry conferences, webinars, and member exclusive channels.