Sales and Marketing
Revenue Management
Accounting and Finance
Human Resources
Purchasing
Information Technology
 
Accounting and Finance

From the expertise and experience of the corporate and regional level, the properties are given oversight and direction in all accounting disciplines.

TPG uses the Uniform System of Accounts for the Lodging Industry 10th edition to establish standardized reporting formats and account classifications in the preparation and presentation of their financial statements.

TPG properties follow established company polices and reporting requirements. The policies and procedures ensure all revenues are captured and reported properly, payroll and expenses are kept within budget and forecast, and property assets are protected. Time and attendance is monitored daily to the established schedules. The Time and Attendance system limit punches to the associates' schedule.

The system is enhanced with Biometric detection to limit only the employee to punch in or out. Labor schedules are based on forecasted revenues each week and are adjusted during the week if forecasted demand changes. Declining balance expense checkbooks are used to keep expenses from exceeded budget and forecast. An on-line purchasing program has been instituted which requires on-line approval by the Director of Finance and General Manager prior to the order being placed and the hotel has established purchase order limits. If these limits are exceeded, Regional and or Corporate approval is needed. TPG uses an extensive internal audit program provided by a third party to ensure TPG Policies and Procedures are adhered to.

 

TPG uses an internet based accounting software package that allows regional and corporate access to daily results as well as drill down capabilities of the monthly results. TPG currently requires forecasting of the remainder of the year at the beginning of each month, a mid-month forecast is completed updating the current month. If revenues are declining from the beginning of the month, expenses and labor expenditures are reduced. The current month forecast is again completed the third week of the month. The property adjusts expense as much as possible to offset any declines in revenues with the requirement being at least 50% flex to the revenue decline.

With access to hundreds of comparable hotels, TPG is able to benchmark hotels to analyze where there are cost reduction opportunities.

  The Procaccianti Group, under the leadership of James Procaccianti, focuses in asset management solutions, hospitality management services, commercial property development,
real estate investment management, construction management services, and real estate design. ©2011 The Procaccianti Group. All Rights Reserved.