Nhandra Accounting Associates – Hospitality Group – provides accounting services to the Hotel and restaurant industry. With over 30 years of experience we have applied our knowledge and experience to providing proper accounting guidance to this industry. Most important we provide Hospitality Departmentalized Financial Statements so that one can understand how their business is running and most important the banking industry and investors wants these types of financial statements.
We have both a basic service which uses “ Creative Solutions” Accounting Software, or the “Focus Software” which is a full service program for hotels and restaurants providing an accounts payable program and payment of bills, review of Payroll, Insurance, and Real Estate Bills and preparation of a very detailed industry specific financial statement. This program provides Month to date, year to date and monthly comparative financial statements. As part of the financial statement we provide a detailed balance sheet each month.
Whichever service is right for your business, you will receive a monthly year to date financial statement with departmental percentages to see that your business is where it should be. We also provide on the financial statement the occupancies, average daily rates, Rev Par to show where your properties are performing and where changes may be needed. We also assist in preparing budgets and projections.
Our experience comes as owner, manager, developer, consultant and of course Accountant to many hotel and restaurant companies. Primarily, we serve Independent and franchised hotels and not chains. Today, as clients we have a Residence Inn, Hampton Inn, Radisson Hotel, Quality Inn, Comfort Inn, Holiday Inn Express, Country Inn, Days Inn and Best Western Hotel. We serve independent hotels and are presently working with a developer to restore a Historic Building in the Town of Huntington, NY into a new Boutique Hotel and Restaurant. We welcome your questions as relates to your properties.
We have been involved in assisting developers to design and build hotels, such as “The Inn at Fox Hollows”, Woodbury, Long island, NY. We acquired a site from Princeton University Trust to develop a Hampton Inn. We have built ground up during the 1980’s , we have completed construction for financial institutions. We have supervised a major renovation for a luxury hotel in NYC while managing the Stanhope Hotel at 81st Street and Fifth Avenue. Joel Mason received the coveted “Inn of the Year” award by Choice Hotels for a Quality Inn Hotel he managed.
Our team has managed hotels such as the 257 room Headquarters Plaza Hotel located in Morristown, New Jersey and the 175 Suite Stanhope Hotel located in NYC. We have led teams for developers on such projects as the 111 room Hampton Inn located in Princeton New Jersey as well as the 145 unit All Suite Independent “Inn at Fox Hollow” located in Woodbury, Long Island New York. We have managed Holiday Inns such as the 232 room Holiday Inn at Newark International Airport. We have won “The Inn of the Year” award from Choice Hotels, out of over 1500 hotels, for the 240 room “Quality Inn” located in Philadelphia at the Airport.
We have worked on financially distressed properties and have put plans together to transform these properties into viable profitable properties with the ability to sell them at fair value. Our team members have been trained both in Europe and the United States and some of our associates are multilingual.
We are available to assume the responsibility of opening hotels that are under construction. We can develop the staffing guide, set up hiring, arrange the move in and opening and then turn the property over to the manager we hired. We will then supervise him for a period of time to assure a smooth beginning.
We have relationships with very experienced hospitality consultants such as HVS International, CB Richard Ellis, and Cushman Wakefield when a Feasibility Study, Appraisal or Market Study is required. We work with several legal firms that have considerable experience in Real Estate and Hotels and Certiorari Firms to protest your Assessed Valuations when necessary. Hotels are considered operating business’s and therefore a distinction is made between the real estate and the operations to determine the assessed value. We also work with Engineering firms to develop Cost Segregation Studies for improved results in writing off fixed assets.
When you have a need, give us a call. We will respond quickly.
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