The back office accounting review starts with a comprehensive review of the IT technology systems used by your back office, general ledger system, PMS, POS, time system, and payroll processing. We provide recommendations for cloud based applications and lower cost solutions commonly used by other hotels.
The inspection continues with an analysis of monthly close procedures, such as the booking of adjusting journal entries (AJE), financial statement preparation and reporting using the Uniform System of Accounts for the Lodging Industry.
In addition we inspect procedures for bank statement reconciliation, prepaid expenses, fixed asset booking, accounts payable and invoice processing, accruals, LT debt and other liabilities. We review the process used for annual budget, CapX budgeting, and long-term planning.
The back office accounting review can apply to single or multiple properties.