As an FD or MD at the heart of a hospitality company, you oversee the single most critical area of profitability and control to your entire operation – finance. Accounting for business in the licensed trade is tough – with a typical high percentage of casual or temporary staff and a cash heavy operation, there are endless ways in which money and revenue can be hidden from you.
Thankfully, through Venners Financial Audit support service, cash holes and transgressions can be brought to light. For example, we’ve been involved in uncovering situations where site management have been colluding over the theft of tens of thousands of pounds of company revenue. Through our help in cracking these syndicates, companies have been able to recoup money lost to internal theft and take the individuals responsible to court.
Losses can come from a number of different sources, which is why Venners leave no stone unturned. We check your invoices, till receipts, delivery notes, banking documents and cash in transit slips. We can monitor till usage while under cover, visit sites for unannounced audits on banking days and covertly monitor the dispensing of tickets.
You may find that your staff are ringing less drinks through the till than have been ordered, only to pocket the difference. This occurs commonly in hospitality. It can be localised or it can be widespread. We’ve even come across companies where it is rife across their nationwide estate. We have a number of measures that can uncover such practices as well as options to help deter people from continuing with under-ringing.
Financial misdemeanours can and will occur anywhere, but they are most prevalent in dimly lit evening destinations such as nightclubs, bars and pubs – where the low light and the busy nature of an evening create the perfect conditions for the corrupt staff member to pilfer to their hearts content.