Magnus Hotel Management utilizes the M3 accounting system for accounts payable, revenue and expense tracking, budgeting, P&L and daily report creation and analytics. Our key MHM accounting team members are Jacob Larsen (Director of Real Estate Development and Business Management) and Tyler Livingston (Controller) with oversight from the CEO and the Executive Vice President. Our Accounting team also utilizes the expertise of an outside third party accounting firm, Clifton Larsen Allen LLP for contracted outsourced CFO work and consulting. Along with the General Manager of our properties, all Corporate Accounting staff members are well trained on the operations of the M3 accounting system. All MHM hotels accounting is based on the current revised edition of the Uniform System of Accounts for Hotels, as approved by the American Hotel & Lodging Association.
On-site staff is responsible for reporting and reviewing expenses and payables and managing their budget. Annual budgets are built cooperatively between on-site staff and the accounting team, at the direction of the Executive Vice President. All invoices and expenses are reviewed and coded by account by the on-site GM, and then scanned and uploaded to the central office. The MHM Accounting Team reviews, records, pays and reconciles all transactions. Books and budget are then reviewed by the Accounting Team and the EVP, who then meets monthly with the GM to review the P&L and budget along with other reports and analytics. Additional reviews and financial monitoring are also performed by the outsourced CFO/accounting firm and the CEO.