Ask the right questions

May 2017 Newsletter

HOTEL INTERNAL AUDITS & SURPRISE PROPERTY INSPECTIONS

WHAT WE DO
Audit Hotel is focused on how to better manage your property by reviewing your existing operational procedures with best practices commonly found throughout the hospitality industry. We verify compliance of your standard operating procedures and provide a comprehensive review of internal control procedures for each department of your hotel. We do surprise property inspections which often uncover items previously unknown to ownership.

We are hospitality Accounting experts! And offer a wide level of experience and knowledge to each engagement .
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HOW YOU BENEFIT

VALUE

You benefit in many ways by having an expert hospitality professional conduct a surprise property inspection of your hotel. We bring industry standard best practices, economizing existing procedures with more efficient ways to get problems solved, and get an inside look on how well your hotel is being managed.

We apply quantitative scoring to audit results for comparison between multiple properties. We also provide a narrative report identifying each issue found with the recommended corrective action needed.

Our audits and inspections are independent and objective, and enhance detection of potential fraud by evaluating and improving effectiveness of risk management. We introduce new technology to improve your standard operation procedures (SOP) to achieve better operational efficiency and internal control.

Our consulting services can be expanded as needed during the course of the engagement based on the initial findings. We price our audits to allow multiple visits per year to your hotels.

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FALSE INVOICE SCAMS

Is your company following invoice processing best practices?  This is a common scam, someone in a position of trust, creates and approves invoices from a fictitious company which purport to supply goods and services to the hotel, and then pocket the money.
In order to reduce the occurrence of theft from false invoice scams, here are some basics for purchasing, receiving, and processing payments for goods and services that should be reviewed and/or implemented:
Separation of Duties – Ensure that payment documents are processed with different people involved.  Best practices is to have different people:
  • Approve purchases
  • Receive ordered deliveries
  • Approve invoices for payment
  • Review and reconcile financial records
Accountability, authorization, and approval.  Ensure that you authorize, review and approve invoices for payment based on signed agreements, contract terms, and purchase orders.  Best practices:
  • Verify receipt of goods and services to against contract , purchase order and invoice.
  • Obtain pre-approval of consulting agreements.
  • Monitor that invoices are paid timely.
  • Reconcile ledgers for accuracy of recorded transactions.

Security of Assets.  Once you receive your purchased goods, secure them in a safe location.  Periodically count your inventory, and compare results with amounts shown on previous counts.

Review and reconciliation.  Your reconciliation activities confirm that paying for approved purchases and that you have been billed correctly.

Using proper internal controls, you can ensure that goods and services are received, and payments are properly processed.

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CLICK HERE TO SCHEDULE YOUR AUDIT TODAY!

Give us a try and see for yourself.

Visit us at: www.audithotel.com

Call now to schedule your audit!
Call John at:
(424)­ 235­-4506

john@audithotel.com