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I.P.D. Hospitality, Inc. produces a Monthly Operational Review that includes a fully detailed profit and loss statement, accounts payable, accounts receivable, budget commentary and capital improvements update.
I.P.D. Hospitality, Inc. views each hotel's owner individually and will create an accounting program to fit ownership needs. At most IPD managed properties, the owner controls the main "depository account" into which I.P.D. Hospitality, Inc. deposits all funds. Twice a month, I.P.D. Hospitality, Inc. requests a transfer into an "operating account". This account is used to pay all of the payables. I.P.D. Hospitality, Inc. utilizes this process to give ownership the final authority in transferring funds for any payables. Additionally, each owner has control of what the business is spending and a direct control of cash flow.
These controls create a financially responsible relationship between I.P.D. Hospitality, Inc. and each property owner.
The accounting services include the following: receive and input all property invoices; payment of invoices as instructed by I.P.D. Hospitality, Inc. or/ and ownership; recap all payrolls on a monthly basis; compute all sales and hotel tax and input as payables using the IPD daily report; compute monthly income journal; reconcile any manual checks and all bank accounts including the deposit, operating, and the payroll account; verify all deposits, including credit cards and cash deposits. All month's ending numbers are transferred to our computer accounting program to complete the profit and loss statement, balance sheet and summary of profitability.
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