The hospitality industry is a very competitive space. Because there’s so much competition within this space, hotels are always on the lookout for ways to keep costs under control and make their money work even more efficiently. Since finding those opportunities requires financial data, it’s crucial for hotels to always have books that are up to date. While current financial reporting is very important for hotels, that doesn’t mean it makes sense for this type of business to manage everything on their own.
There are several issues that can arise when a hotel tries to handle all their accounting and tax planning on their own. The first is that work simply doesn’t get done. If keeping the books and other accounting practices are passed around an organization, it’s easy for things to start falling through the cracks. The second issue is even if accounting duties are assigned to a specific in-house team member, they’re not going to have the same knowledge level as an accounting professional.
Cost is the other big issue. When this type of work is handled in-house by a hotel, it takes one or more employees away from other responsibilities. As a result of those multiple factors, it’s easy to understand why the demand for hotel CPA firms in Blue Ash Cincinnati is so high. If you’re in need of professional accounting in the hotel industry, we can help.
At Tristate Accounting, the hospitality industry is one of our areas of expertise. We understand the impact of factors like seasonality that have such a big effect on businesses in this space. If you’re in need of financial expertise for your hotel, here are some of the ways we can help:
Hotel Accounting and Tax Services
From keeping books updated to ensuring that tax filings are submitted on time, accounting and tax requirements can place a significant burden on hotels. Although there’s a lot that needs to be done, there’s no reason that your team has to face these challenges alone. Because we have such an experienced team, we can assist with all of your accounting and tax needs.
Since it’s common for hotels to employ a variety of staff members, payroll can become a very cumbersome process. Instead of having your resources drained by this task, Tristate Accounting can manage the entire process for you and ensure that all aspects of payroll are done as efficiently as possible.
Business Advisory for Hotels
Not only can we provide the correct financial data needed to make major business decisions, but we can use our industry experience to help provide guidance. If you’d like to speak with a member of our team about how we can help your hotel’s financial health, you can reach us at (513) 791-6288