You can't be too small for the 11th edition
Let's talk about Hotel Industry Accounting Compliant vs Comparable
We don't need all those accounts in the 11th Edition
This is the sentiment of most midscale and economy owners I have met over the past 10 years. There are two specific problems with these statements: 1. No one uses all the accounts in the 11th Edition. And 2. Any time an owner needs to show their financials to an outside interest or compare their earnings to an outside interest, this statement will mean trouble.
Comparable with as few as 44 Accounts
That number is right (yes we proof read this). You will be able to compare to Hotel Industry Accounting standard reports with as few as 44 accounts. Now this does not include balance sheet or below the profit line. But will allow you to compare revenue and expenses to most industry P&L comparisons.
Now I'm sure that some people are currently thinking no way, but in the words of Wayne and Garth "Yes Way". In the end most comparison tools you see are done at a summary level, and as such, if you accurately break your expenses down into the proper departments (5 to 8 for most economy and midscale hotels), and properly categorize expense into Revenue, Statistics, Payroll, Taxes and Benefits, and Other Expense under those departments, then use the recommended report format, you are comparable. Understand we are not saying do this, we would recommend that you use more like 80 to 90 accounts, and we'll be glad to explain why. BUT, at the end of the day it's your business, an