FINANCIAL MANAGEMENT
In any business financial planning and accounting are keys to a success or failure of a business. Timely and accurate accounting information, properly presented, allows owners and asset managers to make sound business decisions. Besides presenting the historical perspective, accounting can play a vital role to achieve future goals.
MTEL uses The Uniform System of Accounts, endorsed by the American Hotel and Lodging Association to present financial information. The following is a summary of the financial management services MTEL offers:
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Financial Reporting
- Profit/Loss Statement and Balance Sheet
- Monthly Account Reconciliation
- Bank Reconciliation
- Statement of Cash Flow & Analysis
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Accounts Payable
- Vendor Invoices
- Utilities
- Loan Payments
- Partner Distribution
- Electronic/ACH Payment
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Reporting
- Check Registers
- Open Liability Reports
- Vendor Aging
Sales
- Local/State Sales Tax Filing
- Help Manage Sales and Use Tax Audits
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Payroll Processing
- Centralized Data Collection
- Check and Advice Printing
- Direct Deposit
- Garnishment Processing
- New Hire Reporting
- Third Party Tax Filing and Compliance
- Reports
- Exployment Verifications
- W-2 Reporting
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Treasury Management
- Maintaining Inner Company Balances for Multiple Units
- Daily/Weekly Sweep of Accounts
- Cash Flow Projects
- Assist with Banking Relations
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Fixed Asset Reporting
- Maintaining Fixed Asset Ledger
- Tax, Book and AMT
- Preparation of Depreciation Schedules
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Both monthly and quarterly reports are prepared for ownership. These reports include an analysis of present, past and projected performance. The monthly financial statements include balance sheets, cash flow statements and income statements. A quarterly report is prepared to show and explain deviations in the income statement from the budget, personnel changes, market conditions, sales updates and capital improvement expenditures.
MTEL very soon plan to install an offsite Application Service Provide (ASP) over the internet. This will enable the hotels to input daily revenue and statistical data and financial data such as accounts payable, credit cards and direct billing data. Our accounting staff will then process these data. The end result is that managers, owners and corporate staff can review financial data on line at any time over the internet using a web browser.
Using our ASP accounting will be most advantageous to our clients. MTEL can either perform all of the accounting functions, from disbursements to statement processing, at our corporate office or decentralize any portion of the process to the hotel level. MTEL believes in tight internal and cash controls, combined with strong manager responsibility to maximize profitability.
With an ever expanding and well experienced staff in the hospitality industry, MTEL is competent and knowledgeable in providing services to our clients that will maximize cash flow and return on investment for any investor, for any type and size of hotel property.