Hospitality & Tourism Industry

Legare + Bailey + Hinske –  Specialized CPA Team Serving the Hospitality & Tourism Industry

For over three decades, the L+B+H team has provided timely, accurate accounting and consulting to Hospitality and Tourism businesses and professionals from across the nation. Our team understands the unique challenges, rewards and complexities that make up this service-driven industry.

Whether you are starting a new business and want support applying for a loan or are an established entity looking for extensive forecasting and tax planning, the L+B+H team will help you put together a steady plan around accounting to ensure you know your projections, are aware of upcoming expenses and can incorporate any tax incentives or breaks that will benefit your bottom line.

Our goal is to help you feel confident with a solid business structure that steadies the natural highs and lows of your season. Just a few of the ways our CPA team can support you include:

  • Audit, Review and Compilations
  • Budgeting & Forecasting
  • Business Loan Applications
  • Business Plan Development
  • Cash Flow Analysis
  • Cost reporting & Monitoring
  • Employee vs Independent Contractor Determinations
  • Entity Selection and Review
  • Fixed Asset Capitalization Treatment
  • Inventory Control
  • Monthly, Quarterly and Annual Statements & Reconciliations
  • Payroll Reporting   
  • Pricing Systems & Structure
  • Profit Projections
  • Purchase Due Diligence
  • Revenue and Sales Tax Audits
  • Tax Credits & Incentives
  • Tax Compliance and Planning
  • Tip Allocations and Tax Credits
  • Valuations

We have helped clients in the following industries:

  • Bars
  • Bed & Breakfasts
  • Boutique Hotels & Inns
  • Golf Courses
  • Limo and Taxi Services
  • Restaurants
  • Retail Establishments
  • Tour Companies

We love calling Charleston, South Carolina home

Crowned by Condé Nast for five-years running, Charleston holds the title for top tourist destination in the United States. According to Travel + Leisure, the Holy City is even the best place to visit in the world.

Whether it be for sun, sand, good food or our friendly people, Lowcountry locals know exactly why visitors from across the globe flock to our city every year, and will continue to do so for many to come.

With open arms, the Charleston Hospitality and Tourism Industry composed of luxury hotels, inns, and bed and breakfasts along with award-winning restaurants and quality retailers welcome these nearly 5 million visitors each year.

If you build it, they will come. With a 70% increase in tourism over the past two decades, Charleston is riding a wave of unprecedented growth that continues to pump billions of dollars into our Lowcountry economy every year.  In 2015 the Charleston Metro Chamber of Commerce reported that the Leisure and Hospitality labor market grew by 6.7% and continues to gain momentum employing thousands of Charleston residents.

Based on projections from the College of Charleston Office of Tourism, 2016 promises to be another booming year for the Charleston Hospitality and Tourism Industry with occupancy rates holding conservatively at 73%. New people are coming and old friends will return.

From downtown carriage tours to Shem Creek’s waterfront dining, our expert Certified Public Accountants (CPA) appreciate the ebb and flow of tourism throughout the course of the year and are here to help our neighbors with their accounting and consulting needs.

Interested in learning more about how our CPA team can support your tourism and hospitality business? Please contact us for a free consultation.