Hotel Accounting Services
Strand Hospitality Services, strives to provide managed properties with a full service centralized accounting department that understands the complexities of the hospitality industry. All accounts are kept in conformity with the Uniform System of Accounts for the Lodging Industry and are reviewed on a continual basis.
Strand Hospitality manages all aspects of the accounting function from our offices in Myrtle Beach, SC. Our Chief Financial Officer, John A. Johnson, CPA, our Controller, Joan McFarland and their staff of accounting professionals handle the demands of a multi-property accounting system. They are able to provide managed properties a complete hospitality accounting solution on a daily basis. Constant assistance is provided with all accounting functions to each property. Strand Hospitality provides the property with a comprehensive hospitality operations guide that covers all aspects of on-property administration. These policies and procedures are reviewed annually by both our hospitality accounting staff and our independent certified public accounting firm to make sure they are up-to-date with the most current standards in the industry. The accounting department also provides training on a wide array of hospitality accounting issues to the on-site management staff as needed.
Strand Hospitality Services currently utilizes a state of the art centralized accounting system which allows our hospitality management company to spot and respond to costs and performance changes quickly. Strand Hospitalityuses this web-based business intelligence to drill down into financial data to get a better look at specific account information and monitor and manage trends.
Standalone accounting services available to hotel owners:
- General ledger analysis
- Fixed asset recording and maintenance
- Accounts payable management and check writing
- Accounts receivable management and monitoring
- Daily revenue reporting and analysis
- Daily cash reporting and cash flow analysis
- Coordination of bi-weekly payroll with our payroll service
- Preparation of bi-weekly payroll management and overtime reports
- Preparation of monthly sales and use tax returns
- Preparation of monthly financial statements and reports
- Analysis of operating variance and monthly/quarterly/annual projections
- Preparation of annual operating and capital budgets
- Comprehensive internal audits
- Other consulting services for our owners including income tax assistance and new development analysis