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Hospitality

Hospitality

The intricacies of running a hospitality business require experienced guidance. The Witt Mares Hospitality Industry Team is a specifically designed group of consultants and advisors specializing in providing you services geared towards your industry.

With our experience performing accounting, auditing, tax and special consulting services for the hospitality industry, we’ll look for ways to help you increase efficiency, profitability and your bottom line. We will also recommend strategies to promote your financial security and plan for financial peace of mind.

Our firm can help you establish financial goals and implement plans to attain them. With over 60 hospitality industry clients, we understand the challenges that face your business and will assist you in responding with comprehensive advisory and support services, helping you make positive decisions.

Services

We offer the following services for:

Finance

  • Forecasted/Projected Financial Statements
  • Monthly Financial Reporting & Analysis
  • Assistance in Obtaining Financing Through Banks or Public Development Funds
  • Accounting System Designs

Tax Planning & Preparation

  • Estate Planning
  • IRS, State & Local Audits
  • Preparation of Financial Statements & Income Tax Returns
  • Tax Planning Strategies

Management Advisory Services

  • Accounting Staff Hiring & Training
  • Assistance in Selecting a Point of Sale Cash Register System
  • Systems of Control to Deter Theft
  • Payroll Services
  • Results-oriented Evaluations of Operations such as Inventory Controls, Menu Pricing, Tip Reporting & Allocation
  • Access to Industry Statistics
  • Buy-Sell Agreements
  • Business Valuations
  • Retirement Planning Services
  • Litigation Support

Issues & Perspectives

2010 Forecast: Flat Occupancy - Following 2009 losses, the US hotel industry can expect flat occupancy in 2010 before growth of 2 percent in 2011, according to research from STR reported in Lodging Hospitality. The forecast suggests cautious optimism among industry executives as hoteliers look to stabilize operations. Rates and revenue per available room (RevPAR) are forecast to drop 3.2 percent for 2010 before increasing in 2011. Among industry segments, RevPAR in 2010 is expected to drop the most for economy hotels, at 6.7 percent, and the least for midscale hotels without food and beverage services, at 1.2 percent.

Bookings via Smart Phone Rise - More travelers are using their smart phones to book hotel rooms. Mobile booking revenue is expected to surge to $76 million in 2010, up from less than $20 million in 2008. As a result, hotels are increasingly refining their mobile websites and creating new apps for iPhones, BlackBerrys, Androids and similar phone models, according to USA Today. Hilton Hotels introduced iPhone booking apps for each of its seven brands in 2009, garnering more than 150,000 downloads in just four months. Other companies, such as Omni Hotel, enable customers to check in by using smart phone apps.

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Witt Mares Hospitality Team

We'll look for ways to help you increase efficiency, profitability and your bottom line.

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