Truman Mox recently completed a Hotel Asset Audit for a National Flagged Hotel Group auditing their FF&E (Furniture Fixtures and Equipment). The client faced the challenge of having inaccurate data on their books and inaccurate depreciation schedules. 

Reasons for a Hotel Asset Audit

1. Financial Accountability: It ensures that all assets owned by the hotel, including furniture, fixtures, and equipment, are properly documented and accounted for in the hotel’s financial records. This helps prevent financial discrepancies and fraud.
2. Maintenance and Replacement Planning: By conducting an asset audit, hotel management can identify assets that may require maintenance or replacement. This proactive approach helps in maintaining the quality of guest experiences and prevents unexpected failures that could disrupt operations.
3. Compliance and Risk Management: Asset audits help ensure compliance with regulations and standards related to safety, health, and environmental requirements. They also mitigate risks associated with asset loss, damage, or theft.
4. Optimization of Operations: Understanding the condition and status of hotel assets allows management to make informed decisions regarding resource allocation, budgeting, and strategic planning. It enables them to optimize operations and maximize efficiency.
5. Asset Valuation and Insurance Purposes: An accurate inventory of hotel assets is crucial for valuation purposes, such as for insurance coverage or in the event of mergers, acquisitions, or divestitures.
6. Guest Satisfaction: Well-maintained and functional assets contribute to guest satisfaction. Regular audits ensure that the hotel’s assets meet quality standards and provide a positive guest experience.

Truman Mox can visit your hotel (or any business) and get your assets on the right track! Whether a one-unit hotel or a multi-unit hotel, let Truman Mox take this burden off your task list. 

We can come in (non disruptively of course), and help your hotel (or any business) straighten up their asset list and asset allocation. 

Clients of ours typically find that they have not accurately booked their Assets to their Balance Sheet, thus losing thousands in potential depreciation and paying higher taxes. 

Engage our Asset Audit team today for an in-depth consultation on how we can help clean up this end of your business.