M3 Accounting + Analytics Launches M3 Professional Services
Customer demand for outsourced accounting services leads to new business concept for hoteliers
M3 Accounting + Analytics, the industry leader in hospitality accounting and analytics software, is pleased to announce its latest service concept offering to hoteliers, a new division of the business to be known as M3 Professional Services (M3PS).
"Over the 15-year history of our company, we have relied directly upon the input of our customers in the development of our products, services and new ventures; the M3PS concept is no different," explained Allen Read, President of M3 Accounting +Analytics. "For several years, our customers have expressed the desire to outsource their accounting functions, allowing them to focus more upon their core competencies of property/asset management and enhancing the guest experience. The demand has grown to a point where we felt compelled to act, and as a result, we are pleased to offer the M3 Professional Services solution."
M3PS is structured to offer customized solutions to its customers, from basic accounting functions (such as bank reconciliation and accounts payable) provided on an a la carte basis, to comprehensive management of the full accounting cycle. Outsourcing of these accounting functions will allow M3PS customers to improve margins, increase shareholder value, streamline operations and deliver more focused services to ownership groups. Two major advantages for customers partnering with M3PS will be scalability and talent acquisition. As portfolios change, M3PS will take care of providing service when customers need it, eliminating the scenario of inflexible and non-variable overheads that negatively impact the ROI of a property. By specializing exclusively in hotel accounting, M3PS will have access to top-tier talent in the industry and has two CPAs and multiple MBAs currently on staff. The team will be led by industry veterans with decades of hotel accounting experience.
Reporting to M3 President Allen Read, the M3 Professional Services leadership team will be led by Dennis Jackson. Mr. Jackson will serve as Executive Vice President of the division and has over 28 years of experience exclusively in the hotel accounting arena, with almost 20 of those spent in senior leadership positions. Dennis shares, "It's exciting to embark on a new service offering in the industry. In many cases, it just does not make sense for hoteliers to build entire departments to support a portfolio that could vary in size every couple of years or to have resources dedicated to routine tasks such as bank recs and A/P data entry. We believe outsourcing will help our customers operate more efficiently and certainly more cost-effectively."
M3 Professional Services launched operations on August 1 with their first customer and since that time, has expanded to provide full accounting and bookkeeping services to over 100 hotels and other corporate entities.
"We opened the doors day one providing customized back-office services to over 80 properties," said Scott Watson, Executive Vice President, Sales & Marketing. "We've already been approached by other companies exploring outsourcing opportunities; whether that be full accounting support or simply assistance with balance sheet or bank reconciliations. We anticipate doubling the customer base within this division by the end of 2014. Where else can a company add to their portfolio without investing heavily in resources, IT infrastructure and personnel? Likewise, M3PS allows them to minimize the pain of downsizing; M3PS is a simple variable expense that moves in direct proportion to the size of the asset or management portfolio."
To learn more about M3 Professional Services, contact Scott Watson, Executive Vice President, Sales & Marketing, at email@example.com or 770.297.1925, Ext. 571.
M3 helps make hospitality companies successful through accounting software and service that drives financial performance, processing more than $24 billion in financial transactions for nearly 5,000 properties. M3"s integrated suite of hospitality accounting products includes: Accounting Core, Operations Management and Time Management– all designed to help provide hotel operators, owners and managers unsurpassed access to the information they need in the most integrated and cost-effective manner. M3 also offers outsourced hotel accounting solutions via M3 Professional Services. M3 is "Enterprising Hospitality." More information is available at www.M3AS.com.
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