Accurate and Transparent Financial Services
Financial Reporting and Budgeting
Charlestowne Hotels utilizes the cloud-based M3™ accounting software and AHLA Uniform Chart of Accounts as the primary systems used to record the hotel’s financials and produce accurate reporting. Charlestowne’s vice president of finance is a certified CPA, offering more than two decades of hotel accounting experience and currently oversees eight corporate accounting managers. Each onsite accounting manager works directly with members of the corporate accounting department to ensure that the following are diligently performed:
- Daily income verification and reconciliation
- Weekly account payables
- Petty cash reimbursements
- Payroll processing
- Monthly Profit & Loss (P&L) Statement and Balance Sheet production
- Capital expenditure budget
- Cash flow statement
Once month-end procedures, including bank reconciliations, are complete, the final balance sheet and P&L are issued from the corporate accounting office. This process assures appropriate checks-and-balances with the daily income and deposit verifications.
On a daily and weekly basis, the regional director of operations logs into M3 to review the month-to-date results to detect any potential variances as early as possible and make operational adjustments as needed.
The monthly reporting provided to the owner(s) includes the balance sheet, P&L, updated cash flow analysis, and Charlestowne Hotels’ unique “Experience Report” that contains a plethora of both qualitative and quantitative data about the hotel’s operating results.
Hotel Accounting Procedures are as follows:
Daily Income Verification & Reconciliation
- Review information that is entered into M3’s Daily Report Module by the property
- Review Cashier Summary Report submitted by the property daily
- Verify that cash deposits and credit card transactions have been processed
- Roll daily report into the General Ledger
Monthly Financial Reporting
- Bank reconciliations
- Account analysis: review and make required adjustments to all accounts
- Evaluate receivable balances for proper and accurate billing and collection
- Issue monthly Balance Sheet and Statement of Income and Expenses
- Monthly sales and accommodations tax reporting and filing – state and local
Weekly Check Runs
- Receive invoices electronically from the property for payment
- Receive weekly packet from the property with invoices
- Process checks for payment and mailing
Petty Cash Reimbursements
- Receive check copies and receipts for Petty Cash checks from the property for weekly reimbursements.
- Match receipts to checks and evaluate the validity of the expense(s)
- Process bi-weekly payroll via time clock entry at the property
- Deliver checks to the property with detailed payroll reports
- Integrate payroll entries with month-end accruals
- Report quarterly and year-end payroll taxes
- Record the information gathered for annual tax return preparation
- Record retention of all accounting related transactions
- Track information and preparation of 1099s
One size does not fit all…
Our approach is bespoke; our results are consistent. Our properties are recognized as much for their individuality as for their performance. In other words, we tailor our management to deliver the best results for your asset.