Is now the time to reconsider outsourcing your stocktaking and compliance auditing?
by Duncan Colvin, Head of Compliance
The stark reality of our current trading landscape is that we all have to make some brutal decisions about fixed salary costs. This should not, though, impact on your service or on the controls in place protecting your stock and revenue.
Recent VAT changes mean you are likely to be able to hold onto a higher proportion of your sales and so now would appear an ideal time to protect it and ensure any leaks from misappropriation or poor practises are reduced.
Outsourcing your stocktaking and compliance or financial auditing functions, particularly at this time, offers a number of benefits.
Here are 6 reasons why:
1. You get in-depth and accurate analysis of your trading situation
Venners stock reports highlight trade critical results in much more detail than any internal audit would. Our independent experience ensures that we scour all likely costs and revenue to ensure accurate and trusted results. Likewise, our compliance audit teams too offer a neutral and incredibly detailed snapshot of your business over any audited period. They can highlight missed revenue, as well as poor reporting or due diligence. Without a focused business methodology and accompanying training for staff, it becomes near impossible to get as much out of your data as an independent supplier like Venners could.
2. You can benchmark your business against others in the industry
Venners auditors attend a range of sites and can report on best practises and expected profit margins seen outside the bubble of your business.
3. You’ll benefit from expertise that focuses on improved profits and controls
Each stock visit is reported on in full and includes advice, drawn from experience, to increase profits and efficiency. A fresh pair of eyes to see how your business is performing.
4. It’s vital to protecting your stock and revenue from staff errors and violations
Venners auditors pride themselves on independent reporting, free from local politics or discriminations that can creep in with an in-house team.
5. It’s the most cost effective solution for multi-site & growing businesses
Without the fixed cost of salaried in house team, your costs will flex to meet your needs, seasonally or with growth.
6. It enables you to relieve staff of both the time and stress that come with completing these extra-curricular and complex tasks
Release your management team to concentrate their efforts on their customer facing roles.
The benefits of outsourced stocktaking and compliance services certainly outweigh the costs
Venners has introduced Covid Secure working practises for our auditors and working together. We’re here to support your business in these uncertain times and will be more than happy to have a practical conversation regarding outsourcing or indeed helping to supplement your audit teams. If you want to find out more, fill in the form on this page and we’ll get back in touch with you as soon as possible.
To find out more about your BII discount click here