By Hugh A. Daniels, BS, MBA

While you are busy looking at properties, considering what decor you might want, what should the name be, should we incorporate, dreaming of that opening day, don’t forget the less glamorous, but equally important plan of how you will handle your accounting, plus who will provide your bookkeeping services.  Accounting is the principals or practice of systematically recording, presenting and interpreting financial accounts, while Bookkeeping is the work of keeping a systematic record of business transactions.  Now if you purchase an existing inn, this may be moot.  However, their existing accounting program may not be the best and may need some sprucing up when you take over, so read on.

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