Accounting and Payroll
Regency Hotel Management operates with a centralized accounting office to maximize efficiency and reduce operating costs for each property. The Hotel Accounting Department is responsible for generating the monthly financial statements. Each property maintains its own general ledger and set of bank accounts. The payables are authorized at the property and forwarded to the Regency Hotel Management office for payment, allowing the advantages of a decentralized system from the approval standpoint, but maintaining centralized control from an internal control standpoint.
Regency processes payroll on a biweekly basis for all properties and also files all mandatory payroll tax returns and generates W-2’s. The Accounting Department is also responsible for the filing and payment of state and local sales taxes. Regency operates with the accrual basis of accounting, providing our managers and operations personnel with a timely and accurate financial statement to help them to be more effective managers with current and up-to-date information. Regency Hotel Managements centralized accounting system is more efficient and allows us operate with fewer accounting personnel on property saving payroll costs.
Please contact us to learn more about our hotel accounting and hotel payroll services.