Not only can we put together your weekly, monthly, quarterly and yearly financial numbers, we can also interpret what they mean for the successful continuation of your enterprise.
Increasing labor costs, competition and government regulations such as tax reform and higher minimum wage requirements are just a few of the myriad issues impacting the hospitality industry, which already operates on razor-thin margins.
Fortunately there are ways to help mitigate the impact of those issues, such as taking advantage of the Work Opportunity Tax Credit, mastering tip reporting and tip credit calculations, becoming PCI compliant and turning to cost segregation to increase your cash flow. That also includes identifying which entity selection is best for your business, understanding how to best leverage state and local tax (SALT) deductions, and improving your supply chain management to optimize your purchasing.
Regardless of your size, the key to business growth is understanding your organization in real time so you can quickly make the right decisions. Streamlining your bookkeeping and/or accounting procedures with technologies such as Restaurant365, Intaact, QuickBooks or another cloud-based application can give you 24/7 access to custom financial reports.
Based in the heart of a region known for its world-class restaurants, hotels, museums and tourist attractions, the Ericksen Krentel team is ready to help you achieve your goals and setting you up for continued success. That can be done in a variety of ways, from assisting your team with regular bookkeeping to completely outsourcing your accounting needs. Our services provide you with paperless document management, valuable analysis on quality control, easy year-end accounting and tax services and an advisory team to help you establish a plan of action. That is achieved in three main areas:
- Monthly or quarterly review or input proper general ledger account coding
- Monthly bank account reconciliation
- Maintain depreciation schedules
- Monthly or quarterly adjusting journal entries
- Monthly sales tax preparation for all taxing jurisdictions
- Monthly or quarterly “Management-Use Only” financial statements
- Real-time out-sourced accounting functions
- Accounts payable and accounts receivable management
- Real-time cash management and cash flow schedules
- Monthly or quarterly compiled financial statements for external use
- Variance analysis and comparative financial reporting
- All compliance services and all performance services
- Budget advisory services and preparation assistance
- Financial strategy and modeling (forecasts and projections)
- Market analysis
- Financial operations/internal controls advisory services
- Strategic planning (financial and organizational)
Those services extend to businesses in the following hospitality segments:
- Performing arts
- Spectator sports
- Charter bus industry
- Sightseeting (land, water, other)
- Agents and managers
- Independent artists, writers and performers
- Museums and historical sites
- Amusement parks and arcades
- Other amusement and recreation: (golf courses and country clubs, marinas, fitness centers and bowling centers)
- Motion picture and video industries
- Drinking establishments
Whether it’s accounting or audits, tax compliance or planning, outsourced CFO and advisory services or litigation support, including business interruption claims assistance and valuation services, we’re here to help put your numbers to work for you so providing top-quality service to your customers and guests remains priority No. 1.
Your knowledge source for achieving your business and personal financial goals.
W. Eric Powers