Finance and Accounting are the backbones of any successful hospitality organization for a variety of reasons. Firstly, accurate financial information allows a hotel’s leadership team, owners, potential owners, development teams, management teams, and lenders to make informed strategic decisions aimed at increasing their property’s business value, shareholder value, and profitability.
Secondly, on top of informing the executive decision-making, effective financial management is crucial in making sure that hospitality companies comply with any external laws and regulations that apply to them. Keeping up to date with all of these can be a time-consuming and demanding task for your company to carry out internally, and failure to complete it efficiently may result in serious financial consequences for your business.
Hiring a financial consulting professional or a financial consulting firm is a proven corporate finance strategy implemented by many hotels and hospitality companies in a bid to avoid the potential financial losses they would suffer if any financial issues were discovered during external audits. It is also extremely useful as an initial audit of your business’s financial standing, which can be used to inform any future value creation processes and your overall business growth strategy.
Strategic finance consulting typically starts with a business evaluation also known as a GAAP analysis, during which a Corporate Finance Expert helps your company take stock of its current state. This in-depth review includes the assessment of your current strategies and processes, procedures, internal controls, overall code compliance, internal and external GAAP financial reporting, internal and external audit status, treasury, tax, budgeting, forecasting, labor and expense management, cash flow, capital expense planning, and data analytics.
The information collected as a result of this internal audit is then used to inform any finance and corporate finance strategies that will be implemented to achieve your business objectives.
In order to get maximum value out of this finance strategy development process, it is important that you hire senior executives with the right experience and expertise, who can identify the problems and opportunities quickly and design the right financial strategies efficiently.
SSP only works with seasoned Industry Experts on finance and corporate finance, whose experience with independent as well as branded properties gives them the ability to identify the ideal finance and corporate finance strategies for your firm, while making sure that your company also complies with any external obligations that it is required to fulfill.
A great part of a Finance Expert’s work is also centered around data security and data privacy. In order to protect your assets, you need to have an effective data breach response plan in place to make sure that the data concerning your and your clients’ finance is well protected in case of any future breach.
SSP Finance Experts will also look at your accounting and bookkeeping and can save you thousands of dollars in legal costs, by making sure all your transactions are well documented and all your paperwork is in order. The industry value of these services is invaluable, as they will not only prepare your company for any future, external audits, but they will also prevent any accusations of fraud that may be a result of inconsistent documentation of your business transactions.
Our Areas of Expertise
- Operational Analysis At The Corporate, Portfolio, Or Asset Level
- Strategic And Business Financial
- Planning & Pull Through
- Asset Repositioning
- Enterprise Risk Assessment
- Privacy Risk Assessment And Gap Analysis
- PCI Risk Assessment And Gap Analysis
- Corporate Governance
- Business Continuity Plan
- Internal/External Audits Of Hotels, Vendor And Corporate Finance Functions
- Internal Control Reviews Over Hotel, Corporate Finance, And Shared Service Operations
- Sarbanes Oxley Readiness, Ssae 18 (Soci) Design, And Management Testing For Both
- Fraud Investigations And Fraud Prevention Control Design
- Cyber Incident And Data Breach Incident And Response Management
- Finance Systems Selection & Implementation
- Payroll Compliance Reviews
Meet our industry experts
Background and Expertise
Dr. Donald W. Wise is a tenured multiple award-winning senior investment banking executive with extensive domestic advisory and consulting experience. Wise is the Co-founder and Senior Managing Director of Turnbull Capital Group. The Turnbull Capital Group team has executed approximately $19.5 billion of hospitality transactions, debt and equity placements, restructuring, bankruptcies, and lender owner real estate over the past 37 years.
Prior to founding Turnbull Capital Group, Wise was the founder of CBRE Hotels, a division of the world’s largest commercial real estate services firm. He was also the founder of the Global Hospitality Industry Leisure and Hospitality Investment Banking hospitality lending practice at Johnson Capital in 2007, which is now Walker & Dunlop.
Finance & Accounting
Background and Expertise
Neil Grammer, CPA, is the Executive Managing Member of Grammer & Associates, which provides accounting, audit, and advisory services to hospitality, healthcare, and not-for-profit organizations. With over 30 years total experience and 17 in hospitality with Interstate Hotels & Resorts and Marriott International, Neil is well versed in business process design, enterprise risk management, internal control design, IT security, privacy, fraud prevention, corporate investigations, and corporate compliance.
Before forming Grammer & Associates, Neil was the Senior Vice President of Audit and Compliance for Interstate Hotels and Resorts, one of the world’s largest independent hotel management companies. Outside of work, Neil currently serves as Chair of the HSCSN Health Plan (a managed care health plan for children with special needs in Washington DC) and Vice-Chair of the HSC Health Care System.
What is a corporate finance consulting?
Corporate finance consulting is a bespoke service aimed at assessing and adjusting the financial viability of your business and its financial strategy. Corporate finance consulting services can also be used if you want to attract investors and increase the value of your business in capital markets.
What does a finance consultant do?
Finance and corporate finance consultants review and readjust your financial strategy and adjust it in accordance with your goals. On top of compliance reviews and a variety of other services they can provide, a great part of their process is strategy and value creation.
Consulting by SSP is however carried out exclusively by Experts on Finance — senior finance consultants with decades of hospitality experience — who have the ability to not create winning strategies, but who can also support your in-house finance team during their implementation process
What is a corporate finance professional?
The primary task of a corporate finance professional is to manage a company’s capital and capital assets, with the goal of increasing its value on capital markets. A corporate finance professional can be tasked with a wide range of matters, including capital raising, company restructuring, financial backing search, mergers, acquisitions, and changes in ownership oversight and other activities to improve business.
Corporate finance professionals can often work as corporate finance consultants and when selecting the right corporate finance consultants for your company, it is important to view their track record in the hospitality industry. SSP only provides consulting services delivered by senior finance professionals, making sure that you get the highest level of support possible.
What are the internal controls?
Internal controls and risk management systems include policies and procedures to ensure that adequate accounting records are maintained and transactions are recorded accurately and fairly to permit the preparation of consolidated financial statements.
Do auditors review internal controls?
Yes. An internal control review is an overall analysis of a company’s internal control system to determine if it's functioning as intended and if it's able to manage the risks that the company may face during its day-to-day operations.
What is data breach incident management?
A data breach response plan is a strategy put in place in order to reduce the risk of unauthorized data access and to mitigate the damage caused if a breach does occur.
What are Sarbanes Oxley SOX requirements?
The Sarbanes-Oxley Act of 2002, commonly called "Sox", or " Sarbox, " protects American investors from fraudulent corporate accounting practices. As well as increasing management accountability, Sarbanes-Oxley requires companies to define, document, and test their internal control structure. This means that companies not only have to document their internal controls more rigorously, including financial reporting systems, but their auditors have to confirm that these controls are effective.
What does PCI stand for?
PCI or Payment Card Industry Data Security Standard is a set of safety regulations created by the major credit card associations to protect your clients’ card data. It defines the best practices for card security that every ownership group should implement at all hotels independently of their size or location.
What is an example of corporate governance?
Corporate governance in the business context refers to the system of rules, practices, and processes by which companies are governed, in order to make sure they operate and conduct transactions with their clients ethically and legally.