6 Reasons Why Stocktaking and Auditing is Better Outsourced
“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.”
– Duncan Colvin, Head of Compliance, Venners
With all the changes in the past year, now would appear an ideal time to consider the various ways you might protect your sales revenue and ensure that any leaks from misappropriation or poor practises are reduced. It’s why outsourcing your stocktaking and compliance or financial auditing functions offers a number of benefits.
Here are 6 reasons why:
1. Understand your trading situation
Venners stock reports highlight trade critical results in much more detail than any internal audit would. With independent experience we can scour all likely costs and revenue to ensure accurate and trusted results. It means that if you outsource this critical business function you get an in-depth and accurate analysis of your trading situation.
Likewise, external 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 own data as you would from an independent supplier like Venners.
2. Benchmark your business
Venners auditors attend a huge range of sites and can report on best practises and expected profit margins seen outside the bubble of your business. So if you decide to outsource your auditing functions, you’ll be able to benchmark your business against others in the industry.
3. Expertise that drives improvements
Each stock visit is reported on in full and includes advice, which is drawn from hospitality sector experience, to increase profits and efficiency. A fresh pair of eyes to see how your business is performing. All our stocktakers and auditors are recruited based on years of work experience in the industry and are trained to the highest standards. Meaning that if you outsource to Venners, you’ll benefit from expertise that focuses on both improved profits and controls.
4. Protect stock and revenue
Venners auditors pride themselves on independent reporting, free from local politics or discriminations that can creep in with an in-house team. Outsourcing is the only real way you can ensure you fully protect your stock and revenue from staff errors and violations.
5. Cost effective for Multi-sites
Without the fixed cost of salaried in house team, your costs will flex to meet your needs, seasonally or with growth. It’s why simply outsourcing is the most cost effective solution for multi-site & growing businesses.
6. Relieve staff stress
Release your management team to concentrate their efforts on their customer facing roles.It enables you to relieve staff of both the time and stress that comes with completing these extra-curricular and complex tasks.
We’ve recently produced a useful and much more detailed guide explaining all the pros and cons of in-house stocktaking and auditing to help you make an informed decision for your business:
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 have recently restructured your business and are looking to outsource, you can read more about how we deal with TUPE here.
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.