CPAs & Tax Advisors
Visitors come to the Black Hills for the monuments, parks, and family-friendly activities, but they come back year after year because of the hospitality.
Our CPAs and hospitality accounting experts know this highly competitive, cyclical industry and provide our clients with proper financial management so they can focus on their business goals and their guests.
We serve as a trusted hospitality tax advisor, specializing in providing comprehensive tax advice and services to entities such as hotels/motels, resorts, campgrounds, tourism, restaurants, fast food establishments, and others. Our expertise extends beyond traditional tax compliance to encompass a wide range of financial matters.
We are committed to helping you achieve your financial goals. We provide tailored solutions for your specific needs, including financing arrangements, cash flow forecasting, tax planning, and bookkeeping. By partnering with us, you can confidently navigate the complexities of the hospitality industry and maximize your financial success.
How We Can Help
Tax Prep & Planning
For many hospitality companies, cost segregation studies are an important step in deferring income tax liability and tax efficiency when real estate is involved. Work opportunity and tip credits, and looking at LLC versus S Corp are examples of the many important factors we weigh when it comes to tax planning in this industry.
Audit, Reviews & Compilations
For most small to medium size hospitality companies, an audit, review, or compilation is required by lenders to assess the company’s financial health and its ability to meet debt obligations.
In addition, a company may enter into a partnership or franchise agreement that requires an audit, review, or compilation performed for financial transparency. Some companies may also choose to have audits performed as part of risk management and evaluation of internal controls.
Bookkeeping & Payroll
We offer full service back-office staff support, from accounts payable and payroll, to sales tax and monthly financial statement preparation. We also offer review services for businesses who have their own accounting team but would like to have their data reviewed for accuracy.
We recommend business owners seeking efficient income tax preparation to utilize efficient bookkeeping services, like Accounting CS.
Bank Loan Financing & Negotiations
We can help you work with your bank when it comes to negotiating basic terms of rates, balloon dates, guaranties, covenants, etc.
Entity Selection
Entity selection can be complex and include many factors including real estate holdings, profitability, ownership group, and the tax situation of each owner. Selecting the proper entity can generate favorable tax outcomes while avoiding long term consequences.
Internal Control Systems Development
Internal controls are vital to any company’s performance and can identify and prevent areas of potential risk such as theft, fraud, or inefficiency.
Some common examples of internal control systems used within the hospitality industry include bank and credit card reconciliations, periodic inventory counts of food and other retail items, vendor invoice review and approval prior to payment, reconciliation of revenue and cash receipts (typically done by shift), review of payroll and benefits prior to payment, and monthly financial statement review.
Management Consulting
Many of our business valuation advisors and hospitality experts are involved in ownership of restaurants and hotels. They have first-hand experience with negotiations, consulting, and business strategies that have the best long-term outcome as the primary goal.
Need Our Services?
Our CPAs and hospitality accounting experts are here to work with clients on specific problems and help them celebrate their successes.
Greg Miner
As the lead tax partner in our hospitality group, Greg enjoys working directly with restaurant, bar, and hotel owners to explore opportunities for additional profits as well as tax efficiency. As a CPA and tax advisor for the hospitality industry, Greg is constantly staying updated on the market trends and new tax laws to make sure his clients are ahead of the curve.