Our sales audit services have the best sales auditors to improve your sales performance with comprehensive evaluations to ensure accuracy and compliance. BMS Auditing can help you follow the best sales practices by auditing the sales of your business and coming up with the best counter-strategy. We also provide sales audits for malls, businesses, retail, manufacturing, healthcare, and more
Retail businesses operating in various shopping malls or business centers in the country must submit Gross Turnover Statement that a qualified auditor audits. The requirement entirely relies on the terms of the Lease Agreement. The Gross Turnover is the total sales generated by the business during a financial period. Submitting the relevant information is required, as part of the rent is paid based on the gross turnover percentage.
Like a Tax Audit, a Sales Audit would seem fearful and expensive, especially when you have never done this before! It is essential and inevitable to measure the strengths and weaknesses of your sales process to ensure quality, optimum performance, and sales success. A Sales Audit is the mantra for refining your sales process to meet business objectives and enhance standards.
BMS is one of the leading auditors globally and is also approved by most mall administrations in the UAE with a record of conducting a range of sales audits a year for various popular brands. With BMS, we take a fair look at the sales process and provide your business with the right perspective and guidance to take it ahead.
What is a Sales Audit?
A sales audit is an internal review of a company's sales records and processes, conducted to ensure compliance with company policies, identify areas for improvement, and prevent fraud. The scope of a sales audit can vary widely depending on the needs of the organization, but it typically involves reviewing sales data, invoices, and other financial records to identify discrepancies and potential issues.
An audit of sales is a detailed analysis of the sales process in a company performed with the objective of improving productivity, profitability, and approach. A complete sales audit package should include the following-
- Steps involved in the sales process
- Sales staff
- Training processes and priorities of the sales team
- Management approaches
- The software used to support the sales process
- The financial details related to the sales process
There are various ways to complete a sales audit, from appointing an auditor to reviewing the sales audit process manually. With CRM or sales software you can easily gather the necessary data for a sales audit.
What does a Sales Auditor Do?
A sales auditor has various responsibilities, which are as follows:
- Review sales records to evaluate customer satisfaction with the quality of the product, delivery time span, and other aspects
- Audit customer invoices to ensure accuracy
- Meet the clients to discuss their requirements before the audit is complete
- Assess the terms and conditions of the contract to ensure compliance with the industry standards
- Monitor sales agents who illustrate the products to customers and evaluate if the features are explained effectively
- Analyze customer complaints about quality or delivery issues to find the source of the problem and suggest solutions to the management
- Verify customer records to find probable sales leads and opportunities for enhanced business
- Evaluate data from the previous audits to find the repeating problems and suggest the best methods to prevent them in future
Need For Sales Audit Services
During a sales audit, a company may identify errors or issues related to sales data, invoicing, or other financial records. Addressing these issues and implementing improvements can help ensure compliance with sales tax laws and regulations, which can reduce the likelihood of errors or discrepancies being identified during a sales tax audit.
Here are the 5 major reasons why your business needs a Sales Audit service:
- Clear Objective assessment: It could be challenging for businesses to implement new policies on their own, and realize where they need to bring changes. Here, an independent objective analysis of the processes from level ‘0’ could help you get a new perspective.
- Understanding your customers: By analyzing sales data and trends, a sales audit can reveal patterns in customer purchasing behavior, such as the products or services they buy most frequently, the time of year they tend to make purchases, and the channels they use to make purchases.
- Reveal the missed opportunities: A sales audit can highlight areas where the company may be missing out on potential sales or failing to capitalize on customer demand. It may also leads to implementing new inventory verification systems to ensure products are always in stock
- Regular maintenance and check-up strategy: Conducting external sales audits quite often is also a misleading practice. To deeply understand the working of your sales strategy and optimize the sales potential you must perform a sales audit once every quarter.
- Identify what improvements can be made: When focusing on meeting sales goals and similar targets, it could be a challenge to think ahead about the future. When finally deciding to go through the data, it helps to build a better plan for your business’s future, which includes setting realistic goals, solving major issues, and enhancing your processes.
Sales Audit Procedure
A sales audit procedure is used to systematically review a company's sales processes, records, and practices to identify any discrepancies, errors, or areas for improvement. The procedure follows a checklist that a sales auditor has to follow to conduct an audit for sales. A sales audit checklist typically includes a list of items to be reviewed, such as sales records, invoices, contracts, and other financial documents, as well as specific questions to be answered related to each item. Here is the step-by-step procedure to conduct a sales audit:
1. Evaluate the sales practices of the company
We identify the sales techniques of the company, including the sales process- a series of steps to guide the customer in buying a product. To determine the impact of the sales process, data about leads and sales currently made by the company are collected.
If the company meets the sales goals, it shows that the sales process is effective. However, if the sales goals are not met, we analyze the loopholes and inefficiencies at each stage of the sales process.
2. Take a record of marketing and sales tools:
Sales tools enable the automation of daily tasks performed by the sales team, such as measuring the leads that a landing page acquires. Creating an inventory of marketing and sales tools helps in evaluating where the sales process can be optimized.
Taking inventory also helps in identifying overlay, wherein tools are used to perform the same tasks. Choosing a more efficient tool to perform the tasks protects the marketing and sales budget.
3. Assess the quality of the company’s current sales leads:
A sales lead is a customer who shows interest in a company or its products. Enhancing these leads helps the sales team to make more sales. When assessing the quality of the company’s sales leads, factors such as target audience, an approach to engage, and customer history are considered. A sales lead ideally matches the target audience statistics and contributes to the company by signing up for a mailing list or requesting more information.
4. Study sales reports and data:
Studying sales reports and relevant data helps to understand the influence of the data on sales decisions. The data possibly could show how sales and marketing teams measure success and accumulate sales information.
These are the metrics for sales reporting:
- Number of sales done
- Acquiring customers
- Return on investment
- The average revenue per customer
- Retaining customers
- Generating leads
5. Consider sales efficiency and customer service:
During a sales audit, we assess the connection between the sales team and other departments in the company to ensure that the employees are working towards the same goals.
Maintaining customer relationships can help to improve personalized content and products for customers.
6. Create the report:
We create a report on all the findings from the audit, thus providing validation for the sales and marketing managers to evaluate their team and process, and helping to enhance strategies for better sales in the company.
The report possibly includes one’s own suggestions on optimizing the sales process, enhancing the quality of leads, and increasing the efficiency of the sales team.
Audit of Sales
BMS Auditing is one of the leading audit firms in the UAE, providing high-quality sales audit services to businesses in the GCC countries and other countries across the globe for over a decade. Ensuring compliance with the laws and regulations of the country, our team is knowledgeable and experienced in conducting sales audits for top companies and premium malls in the UAE.
Looking for quality sales audit services? BMS is here to assist you!
