Accounting?
I have just begun working with a couple people that are getting into the hotel industry. They are close to retirement and want someone to help keep a reign on the day to day operations of their properties. There will be multiple properties that will be franchises of many mother companies which will entail many different computer systems. The first hotel has been open approx. one year and the next will be online in two months. I am technically considered a bookkeeper. If anyone has any tips on how to keep a tight handle on the properties (out of state) I would really appreciate any tips. Really any thing that you can share in hotel management would be great!!!! I have bookkeeping exp., but not hotel and they have built hotels for 40 years, but never owned. HELP.
Quite the undertaking. This sounds as though there should be a team as part of management in bookkeeping, accounting, tax credit and planning and so forth. With the hotel business as a hospitality business invites international customers. So it may be benificial to international incorporate. Thus making 85% of annual income tax credit (no income tax). As well as falling in the category of tourism provides additional tax credits. It would seem that in order to turn revenues into advantaged profit is contingent to what column you write down the figures. You may find it advantagious to speak with a tax lawyer who has experience with international corporation. Check stock ticker of competitors to learn of their company profile management staff.
Hope this helps, good luck,
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