HOTEL Finance Consulting
WHY FINANCE AND ACCOUNTING ARE CRITICAL TO OPERATIONS
Finance and Accounting are the backbones of any successful hotel or organization for various reasons.
Firstly, accurate financial information allows a hotel owner’s leadership team, owners, potential owners, development teams, management teams, and lenders to make informed strategic decisions to increase their property’s business value, shareholder value, revenue stream, and profitability.
Secondly, on top of informing executive decision-making, effective financial management is crucial in all operating expenses and making sure that hotels and hospitality companies comply with any external laws and regulations that apply to them. Keeping hotel accounting 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 hotel owner and business.
Hiring a financial consulting professional or an economic consulting firm is a proven corporate finance strategy implemented by many hotels and hospitality companies to avoid the potential financial losses they or other businesses would suffer if any financial issues were discovered during external audits. It is also beneficial as an initial audit of your hotel business itself’s financial standing, which can be used to inform any future value creation processes and your hotel’s 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 broad range of in-depth review includes the assessment of your business’s current strategies and processes, procedures, internal controls, overall code compliance, internal and external GAAP financial reporting, internal and external audit status, treasury, tax, budgeting, revenue forecasting, labor and expense management, cash flow, capital expense planning financial analysis, and data analytics.
The information collected from this internal audit is then used to inform any hotel accounting services, real estate finance, and corporate finance strategies that will be implemented to achieve your business objectives. To get maximum value out of this hotel accounting services finance strategy development process, you must hire senior executives with the right experience and expertise who can identify the problems and opportunities quickly and design the right financial strategies efficiently.
HOSPITALITY INDUSTRY EXPERIENCE
SSP only works with seasoned hotel Industry Experts on finance and corporate finance, whose experience with independent hotel owners as well as branded properties and the hotel industry gives them the ability to identify the ideal finance and corporate finance strategies for your hotel accounting firm, while making sure that your company also complies with any external obligations that it is required to fulfill.
A significant part of a Finance Expert’s work is also centered around data security and data privacy. To protect your assets and money, you need to have an adequate data breach response plan to ensure that the data concerning your and your client’s money, finance, and business intelligence is well protected in case of any future breach.
SSP Finance Experts will also look at your accounting software and bookkeeping software. They can save you thousands of dollars in legal costs by ensuring all your transactions are well documented and all your paperwork is in order. The industry value of these services is invaluable to small businesses, as they will not only prepare your company for any future external audits but also prevent any accusations of fraud that may result from inconsistent accounting and 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
Hotel Accounting Software
- Key Performance Indicators Development
- 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
Accounts Payable and Account Receivable
What is 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 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 according to your goals. On top of compliance reviews and various other financial services they can provide, a significant 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 cannot only 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 to increase its value on capital markets. A corporate finance professional can be tasked with various matters, including capital raising, company restructuring, financial backing search, mergers, acquisitions, and changes in ownership oversight and other financial services to improve profits.
Corporate finance professionals can often work as corporate finance consultants. 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, ensuring you get the highest support possible for optimal results.
What are the internal controls?
Internal controls and risk management systems include policies and procedures to ensure 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 can manage the risks it 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 to reduce the risk of unauthorized data access and 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 adequate.
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, regardless 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 to make sure they operate and conduct transactions with their clients ethically and legally.
What is hotel finance?
The financial department at a hotel can monitor costs and ensure revenue is made to profit. It’s inevitable for finance departments to have job opportunities that are purely based on finance or aren’t hospitality-related. However, hospitality finance solutions address complex issues continually adapting and changing in the hospitality industry, such as portfolio management and client acquisition.
What is hospitality financing?
Hospitality loans differ from other types of loans as their underwriting requirements are aimed at meeting the unique needs of the hospitality industry and the high-level needs of hospitality business owners. The hotel industry generates additional income as a result of daily hotel activities.
How can I get capital for a hotel business?
You can start a hotel with money from your bank account or by securing a few additional sources like investors using consulting hotel investment strategies. The most common loans for hotel companies are the SBA 7s and SBA 554 loans.
What is a hotel accounting system?
Hotel accounting consists of many different financial operations, including revenue control, rate of occupancy, and revenue sources. A hotel management system offers a complete package of software tools and features for streamlined accounting processes.