Vesta Hospitality Accounting Services and Hotel Accounting Procedures
At Vesta Hospitality, we recognize the importance of proper hotel accounting procedures, as it is the foundation upon which all financial decisions are based. We have a knowledgeable and dedicated hotel Accounting Team to ensure the highest level of support possible to each investor. With a comprehensive centralized hotel accounting system, we provide essential hotel accounting services to our investors interested in accounting for hospitality.
Hospitality Accounting Services & Hotel Accounting
The suite of services offered by Vesta Hospitality is a comprehensive foundation upon which hospitality success is built. We have copious experience in hospitality accounting and management of hotel properties. Here are just a few of the hotel accounting services we are able to provide:
Daily Operations Reports
Daily labor, revenue, purchasing and operating statistics, all compared to forecasts or budget, are prepared at your property under corporate review and supervision.
Cash Flow Reports
Provided weekly, monthly or on an as-needed basis at the corporate level with input on revenue and expenses from your property.
Accounts Payable
Centralized processing of all property payables, including the preparation and mailing of checks.
General Ledger Maintenance
Using the chart of accounts conforming to the Uniform System of Accounts for the Lodging Industry.
Financial Statements
Prepared monthly by the twentieth of each month, our reports include detailed department statements listing current period actual, budget, variance, last year/same month and the same information year-to-date, source and use of funds, balance sheet, general ledger and profit and loss summary.
Tax Reporting
Submission of state and local sales and occupancy tax forms as well as assistance with income tax information.
Bank Reconciliation
Monthly reconciliation of all bank accounts.
Training
Property personnel training as necessary to upgrade performance and reduce labor costs.
Internal Audit
Utilizing an outside professional agency, we recommend a full internal audit on a regular basis to ensure that all our policies and procedures are followed for effective management.
Budgeting
A competitive budget will be developed annually as a tool for management.
Payroll Management
Our corporate office works closely with an outside payroll service on your behalf to prepare payroll checks and file payroll taxes. Payroll information is submitted to the outside service via the corporate office.
