Accounting is the scorecard of business. While guests fill rooms, tight financial operations result in profits.
Our hotel management company understands the role of a well run financial operation in increasing your hotel’s bottom line. Newport Hospitality Group’s professional accounting staff centralizes the reporting of all your property's funds. Financial performance is compared to industry and specific property benchmarks, allowing our team to correct variances long before they turn into major problems, and helping our owners to make well-informed financial decision.
NHG’s accounting team has countless years of experience in hospitality specific accounting. The group works extensively with private and public investor groups and is highly sensitive the both of their individual needs.
The NHG accounting team focuses on developing and generating financial reports to help operations and owners refine the business results. A summary of these reports and activities is listed below:
- Manages all your property's funds
- Handles all accounts payable centrally
- Produces monthly P&Ls
- Maintains balance sheet & general ledger
- Conducts property audits
- Manages insurance, including property, liability and health
- Payment of all taxes relating to hotel operations
- Processes payroll in-house, including quarterly reports and W2s