Hospitality
Businesses within the hospitality market, including hotels, motels, private clubs, golf courses and restaurants, have been facing many challenges— changing population demographics, an uncertain economy, pressure on employee wages, a turbulent real estate market and even severe weather conditions are putting pressure on their operations. Hospitality-based businesses need advisors who are both up-to-date on these changes and experienced in providing business solutions.
At Wolf & Company, we provide specialized and comprehensive services to the hospitality industry through our Hospitality Industry Group. Wolf & Company Hospitality Industry Group members have extensive industry experience as well as strong technical accounting and tax experience. We realize these clients cannot afford to be represented by a CPA firm that does not understand the complex issues and regulations confronting this industry.
Wolf & Company serves a large number of hotels, motels, private clubs, golf courses and restaurants. Additionally, the firm is an active member of PKF North America and PKF International, associations of independent accounting firms known throughout the United States for their lodging industry and private club expertise. We are able to provide our clients with results of major industry studies and trend information made available by these associations. To receive copies of our hospitality industry studies, see our resource guides.
In addition to our traditional audit, accounting and tax services, Wolf & Company LLP delivers services tailored specifically for the hospitality industry. These include, but are not limited to:
Audit & Accounting Services:
- Financial reporting to satisfy requirements of lenders, investors, members and government agencies
- Internal control evaluations and overview of cash handling procedures
Tax Services:
- Tax structuring and planning
- Business entity structuring
- Issues related to not-for-profit status
- Overview of tax credits available and taken
- Estate and succession planning
- Compensation structure, including deferred compensation
Financial Consulting:
- Financial forecasts and projections
- Evaluating financial alternatives
- Cash flow management
- Domestic and international ADR, REVPAR, occupancy rate analysis and comparison to industry-wide performance
- Results-oriented evaluations of operations such as inventory controls, menu pricing, tip reporting and allocation
- Litigation support
- Fraud detection and prevention
- Real estate valuation
Management and Operational Consulting:
- Internal operation reviews
- Qualified plan structure and administration, including 401(K) plans
- Risk management studies
- Cost segregation studies
Technology Consulting:
- Vendor selection studies
- Conversion assistance
For more information on our services for the hospitality industry contact Michael C. Senko, Partner-in-Charge, Hospitality Industry Group.
Check out our Hospitality Industry newsletter.