Accounting, Financial Reporting & Cost Control
Understanding the financial, economic and market underpinnings of the hotel industry is a complex business.
Venerts Hotel Management possesses the sound judgment and proven management skills to help you realize your goals and the potential of your investment. We have the commitment, depth, objectivity, stability and the drive to improve both business income and value.
Operating with a centralized accounting office, Venerts maximizes efficiency and reduces operating costs for each property. Our positive results point to a strong record for increasing positive returns on investments.
At Venerts, the accounting department is responsible for generating monthly financial statements. Payables are authorized at the property and forwarded to the Venerts Hotel Management office for payment. This capitalizes on the advantages of a decentralized system for approvals, but maintains centralized oversight for internal controls. The success of this system is due largely to its reporting flexibility and exacting controls on costs and expenditures. Standard functions such as accounts payable, cash management, payroll, general ledger, internal controls, budgets and forecasts, and fixed cost management are handled at the corporate level. Risk management, including insurance procurement, is centralized as well.
Venerts Hotel Management processes payroll on a bi-weekly basis for all properties. Our accounting department files all mandatory payroll tax returns, generates W-2 forms and handles the filing and payment of state and local sales taxes. Using the accrual basis of accounting, Venerts Hotel Management provides administrative personnel at each property with timely and accurate financial statements to ensure that staff operates efficiently and with current information.
The resources of Venerts Hotel Management’s centralized system optimizes economies of scale throughout all aspects of accounting. The Venerts system demands fewer accounting personnel and produces highly accurate, informative and timely financial information.
The centralized office also closely monitors daily accounting reports, supervises payroll processing, prepares monthly bank reconciliations, files sales and use tax returns, pays invoices and manages hotel cash flow. Taking on these duties, Venerts Hotel Management frees up on-site hotel personnel to focus on the needs of guests and employees.
Hotel ownership receives monthly reports, including an analysis of present, past and projected performance. Monthly financial statements offer balance sheets, cash flow statements and income statements. Quarterly reports are prepared to show and explain trends, market conditions, sales updates and capital improvement expenditures.
Timely financial information combined with an extensive background in financing, refinancing, hotel construction, management and accounting give Venerts Hotel Management the edge in operating your property at its full potential.