Accounting Services for Maximum Profitability
Financial and managerial accounting systems are the cornerstone for strategic decision making in the ever-changing hospitality industry. Our experienced, knowledgeable accounting staff is focused on issuing timely and accurate monthly financial reports and maintaining strong internal controls. This allows Wright Investments, Inc. to collect, analyze and interpret financial information to ensure our hotels are operating cost effectively, profitably and enables us to respond quickly and decisively to any situation.
Our centralized accounting and reporting systems include vital information such as balance sheets, income statements and cash flow reports. Internal audits are performed on a regular basis to ensure that our hotels are complying with policies and procedures outlined in the company’s Operational and Accounting manuals.
Accounting and Finance Capabilities include:
- Financial Reporting – daily reporting of key revenue statistics; monthly income statements, balance sheet and cash flow reports; full year forecasts and other various analytical reports.
- Payroll – all aspects of the payroll function including daily labor productivity tracking, year end processing of W-2’s and other required regulatory reports.
- Accounts Payable – the processing, verification and payment of vendor invoices including year end processing of 1099 reporting for vendors.
- Cash Management – forecasting and management of the hotel’s cash resources, including the investment of cash balances where necessary.
- Detailed Budgets – preparation for the annual operating budget, business plan, capital expenditure budget and cash flow projections.
- Standard Operating Procedures – formal documented procedures are established within the company to ensure consistency and adherence to the 10th Edition of the Uniform System of Accounts for the Hotel Industry.
- Management Information – preparation of statistical information to operating executives and ownership to to provide a full understanding of the performance of each hotel.
Compensation, insurance, associate benefits and retirement options are regularly monitored to ensure they are competitive, attractive and affordable for our hotel owners. Through our Human Resources Division, we provide complete staffing services, including comprehensive and on-going training, employee screening and payroll services.
For more information about our accounting and professional services, email Roy Stephenson or contact us at 901-755-9501.