The unique nature of hotel accounting may not be familiar to accountants from other industries. Sear Hospitality recommends to clients that their accountants have a minimum of fifteen years’ experience, working directly with hotels. This time is valuable in mastering the issues that often seem confusing to non-hotel accountants but represent the everyday occurrences in your hotel.
We can deliver detailed Budgets and P&L’s with proven industry benchmarks and custom fit them to your specific hotel. Sear Hospitality can then identify and correct variances before they turn into major problems, allowing us to assist our clients to make well-informed financial decisions.
Sear Hospitality can assist in managing all of your hospitality accounting needs, implementing industry standard hospitality financial systems and assist with training your team to deliver the required standards. This will ensure production of quality financial services and information, which is a vital tool required to drive financial returns.
Sear Hospitality focuses on generating financial reports to help operations run your property effectively. Our services and optional reports are listed below:
- Implementation of accounting and cost control systems.
- Oversee and processing of all Accounts Payable.
- Produce Capital, Cash Flow & Operational Budgets.
- Produce Monthly P&L reports.
- Maintain Balance Sheet & General Ledger.
- Conduct property financial audits.
- Payroll processing and required reporting and payments.
- Daily financial audits of trading results, the PMS on a daily basis.
- Supervision and monitoring of Debtors, Guest Ledger & Deposits Ledger.
- Posting daily revenue files into bookkeeping system.
- Daily balance checks of the Ledgers.
- Daily reconciliation of Credit Card Receipts, Cash Receipts and Direct Bank Deposits.
- Enter approved invoices into the General Ledger via Receipt Bank.
- Prepare weekly and monthly Supplier Payments, with supporting information for the approval of the owners.
- Forward Remittance Advices to Suppliers following payment.
- Reconcile monthly Supplier Statements and action any missing invoices.
- Post Month End prepayments and Accruals Journals.
- Reconcile General Ledger.
- Reconcile Balance Sheet with supporting information.
- Prepare and reconcile GST accounts for BAS Lodgement.
- Monthly P&L report with comments on cost variances to budget.
- Process Superannuation via the payroll system.
- Supply Payroll tax calculations, if required.
