Importance of maintaining sales report periodically for your business
Sales Report/Revenue Report /Gross Sales Audit /Turn Over Audit :
Revenue for the Shopping Mall Management industry is expected to decline over the next five years, primarily due to unfavorable changes in broad economic factors. Home Delivery & booming of ecommerce during pandemic. Surprisingly for Home Delivery new multinational companies are investing in huge to develop a system & that has won the confidence of many suppliers. It means moving of goods from warehouses to end user.
Moreover, e-commerce sales are anticipated to continue growing robustly despite the slowdown in overall macroeconomic conditions, thus placing a downward pressure on demand for retail space at shopping malls.
Revenue Report is the Auditor’s certificate by verifying the revenue/Gross Sales for a particular period of one entity. This revenue report/Gross Sales report is generally required by almost all property management company in UAE from their retail tenant.
This is a general practice by premier Mall Management/Property Management who charge a certain percentage from the tenant/the retail owner on the basis of their generated revenue. The revenue needs to be verified by a Mall Management approved auditor. However, as an Auditing company Elevate First Accounting & Auditing is helping many retail stores to certify their sales that to be submitted to the Land lords.
Shopping mall management’s this revenue sharing tenancy agreement policy is a widely used practice in UAE. This Sales report/Revenue Report also helps the tenant, the retail store owner to negotiate with the Mall management for the annual rent in case his Gross Sales is low.
We provide sales audit services for the purpose of presenting audited gross sales statements to landlords. We require the following documents to conduct the audit
-Monthly Sales Report from Point of Sales
-Bank Statement showing the credit of sales figure /revenue
-Bank statement showing the Cash sales deposits
-Trade License
You can call us @ +971 (0) 561672533 , [email protected] for a Sales Report .