M3's Boutique Accounting Services Assist North Star Lodging Management in Back-Office Procedures

OPERATIONS

M3's Boutique Accounting Services Assist North Star Lodging Management in Back-Office Procedures

North Star Lodging Management has the ability, through M3 Professional Services, to build an efficient and effective business to carry out its mission

Why it matters: Through utilizing M3PS, NSL has grown its portfolio and looks forward to growing even further, all while the accounting and employers’ burdens lie with M3.

North Star Lodging Management (NSL) is both a ground-up developer and first-rate operator focused primarily within the hospitality sector. Headquartered in Pittsburgh, PA, NSL has completed a number of custom, ground-up hotel developments across the Eastern United States since its inception in 2015 and currently manages a portfolio of four hotels throughout Pennsylvania, North Carolina, and Florida. Since 2017, NSL has utilized M3's Accounting Core, Document Imaging, PMS Mapping, and Professional Services. In addition to using M3's software and services, NSL also leverages M3's industry partners, including Paymerang, since 2021, and HotStats, since 2022.

Top 3 Core Objectives: With decades of experience in developing and managing hotels, NSL knew that it needed to quickly build an efficient & scalable back-office.

Scalability: NSL was looking to scale its portfolio of hotels and realized that QuickBooks lacked a hospitality-specific chart of accounts, lacked analytical statistical accounts, making it more difficult to scale
Outsourced Accounting: NSL was looking to outsource the burden and costs of professional salaries, health insurance, 401k benefits, paid time off, legal disputes, and more.
Accurate Information for Stakeholders: NSL was looking to have on-demand reporting in order to keep key stakeholders up to date with accurate information.

Innovators Mentioned

North Star Lodging Management Inc

Jack Macioce

Chief Financial Officer

North Star Lodging Management Inc

"With recent global events and the current labor environment, a general manager’s job description has greatly changed, and their time is valuable. With the help of M3, we have been able to move a lot of our accounting and some operational responsibilities above property, which allows our General Managers to focus more on managing their hotel’s operations and profitability efficiencies."

Jack Macioce

Chief Financial Officer

👍 Chief Financial Officer Jack Macioce said that M3 has assisted NSL with allowing GM's focus more on what is important:

"With recent global events and the current labor environment, a general manager’s job description has greatly changed, and their time is valuable. With the help of M3, we have been able to move a lot of our accounting and some operational responsibilities above property, which allows our General Managers to focus more on managing their hotel’s operations and profitability efficiencies."

⚖️ The selection process: During their research process, Jack Macioce evaluated M3's product differentiators, customer support, and holistic value as a strategic partner and ultimately decided that M3 was the best fit solution:

Chief Financial Officer Jack Macioce said, about their decision: "In the early stages of NSL, we had limited resources to find experienced and qualified accounting staff. We saw that the relationship with M3 would allow us to focus our efforts on opening hotels, building standard operating procedures, and identifying new hotel developments."

📈 The results: Through the power of M3PS, NSL has grown its portfolio and has laid employer burdens on M3, giving time and money back to what is important!

NSL was quickly able to build a business to efficiently and effectively carry out its mission while M3 Professional Services assisted with developing and executing its primary accounting functions.
M3PS assists NSL with financial statement mapping, chart of accounts maintenance, monthly tax filing and payments, weekly check runs and bank reconciliations, owner and lender requests, and more.
The ability to entrust financials to experts to stay in compliance, have taxes filed correctly and timely, avoid potential fines or legal issues, and ensure owners and more have accurate information