How is Hospitality accounting different?
Technology - There are systems specifically designed to service this industry that can provide competitive advantages when used properly. Expertise - In order to properly advise clients our professionals must understand things such as back of the house, front of the house, price costs and expense segregation. There are also specific industry reporting standards. Tips – Keeping track of tips, proper payroll reporting and the FICA tip credit are unique to this industry. Success Rate – Hospitality is a very difficult business to succeed in. What is difficult becomes impossible if good books are not maintained and proper analysis performed.