MHW Live Music's Benefits for Accounting and Finance
MHW Live Music’s service provides many benefits to our hotel client’s Finance/Accounting Department, and this article provides a comprehensive overview of how we can improve this department’s experience with live entertainment.
Reducing Administrative Work
Often hotels have a myriad of entertainment-related vendors. In many cases each individual musician, DJ, band, and other performer who comes on property is a separate vendor. Each one must go through the vendorization process which creates many hours of administrative work for someone in the finance department to approve their insurance, other setup documents, and answer questions from vendors who are often not accustomed to working with large corporations as their clients. Most of these performers are more accustomed to receiving cash on their way out the door after a performance!
What’s more, because these performers are not usually organized as business professionals, they may forget to send their invoices on time, or not keep accurate records of invoices, adjustments, payments received, or credit notes, which creates more hours of hassle for the hotel’s accounting department.
The most stressful aspect of this problem for the accounting staff is receiving calls and emails from irate performers who do not understand Net 30 payment terms and may frequently pester hotel staff in an abrasive manner, incorrectly believing that they will get paid sooner.
MHW Live Music completely eliminates all of these issues, giving the hotel one, clear, itemized invoice per month and a professional accounting department as the counterpart to work with. Your accounting staff will thank you for the reduction in stress and for all of the hours of time they get back to focus on more important priorities.
Payment Terms
As the most established corporation in the United States that specializes in managing entertainment for hotel F&B and Recreation departments, MHW Live Music has the ability to offer flexible payment terms far beyond what a local independent musician or single-person booker can provide. Our standard Net 30 payment terms are a major improvement from the typical entertainment company that requires deposits, payments on the date of service and other onerous terms. However, we are able to negotiate customized or creative payment terms in order to make the decision to hire MHW Live Music a slam dunk for the Finance Department.
Insurance
Most individual musicians and DJs do not carry the proper insurance to comply with the hotel’s vendor requirements. Managers either look the other way, or can only book those performers who meet the requirements. Either way, the experience for hotel managers is unnecessarily stressful and full of administrative headaches, and there may be performers who are a good fit but need to work under the supervision of a contractor that has the proper insurance. MHW Live Music solves this problem by becoming the general contractor for all entertainment on property, with insurance that goes above and beyond the requirements set by the hotel.
Activate Your Outlets
If you would like to discuss your property’s entertainment program and see how MHW can help, please contact us.
