Case Study – Pebble Hotel’s Financial Transformation with Heighten Hospitality
The Challenges Faced
Pebble Hotel encountered significant accounting challenges, primarily stemming from issues with their purchase ledger. The previous accounting firm had made numerous mistakes, resulting in a backlog of outstanding invoices that remained unpaid. This situation led to strained relationships with suppliers and errors in transaction records for both sales and purchases. These discrepancies demanded considerable time from the 2 directors each month. Additionally, the hotel did not receive timely monthly management accounts, further complicating their business decisions. All of this had implications for the annual audit with Pebble Hotel’s long-term auditors.
How Heighten Hospitality Resolved the Issues
When Heighten Hospitality assumed responsibility for Pebbles Hotel’s accounts, their first priority was to address the purchase ledger. They conducted a thorough review of all overdue and outstanding invoices, prioritising them and identifying which needed immediate attention. A detailed list was then sent to the 2 directors for authorisation, and payments were made accordingly. Following this, Heighten Hospitality streamlined the accounts, producing accurate monthly management accounts. They also established a routine of monthly meetings involving Heighten Hospitality’s senior accountant and the 2 directors. These meetings provided a platform to review financial figures and plan for the forthcoming months.
The Outcome
Since engaging with Heighten Hospitality, Pebble Hotel’s accounts are now in order which gives the 2 directors are confident that payments, bookkeeping and management accounts are efficiently managed. The financial reconciliation process has been simplified to merely authorising payments. The monthly face to face meetings with Heighten Hospitality’s senior accountant have provided peace of mind and allow to concentrate on upcoming trading periods and opportunities. Pebble Hotels is highly satisfied with the support and expertise provided.
