5 ways to audit your revenue without spending 1$
Auditing isn't only about compliance. It's an opportunity to understand your business's financial dynamics better. Like a magnifying glass.
Let's focus today on your revenue. Here are 5 tips to help you audit it without spending any money :
**𝗨𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱 𝗬𝗼𝘂𝗿 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗦𝘁𝗿𝗲𝗮𝗺𝘀**
Review all the avenues, including product sales, service fees, advertisements, affiliate marketing, etc. So that you see where your primary revenue is coming from and where there may be any discrepancies.
**𝗨𝘀𝗲 𝘆𝗼𝘂𝗿 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗦𝗼𝗳𝘁𝘄𝗮𝗿𝗲**
If you're already using accounting software, use its auditing features. You'll find detailed and insightful reports about your income
**𝗥𝗲𝘃𝗶𝗲𝘄 𝗜𝗻𝘃𝗼𝗶𝗰𝗲𝘀 𝗮𝗻𝗱 𝗥𝗲𝗰𝗲𝗶𝗽𝘁𝘀**
Try to spot anomalies, discrepancies or trends. This includes not just the amount, but also the dates and customer details. Cross verify this with your bank statements to ensure it's all accurate.
**𝗠𝗼𝗻𝗶𝘁𝗼𝗿 𝗢𝘃𝗲𝗿𝗱𝘂𝗲 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝘀**
It might not be an intentional fraud, but it's losing money nevertheless. Follow-up regularly with your clients to recover these.
**𝗩𝗲𝗿𝗶𝗳𝘆 𝗖𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗖𝗿𝗲𝗱𝗶𝘁𝘀 𝗮𝗻𝗱 𝗥𝗲𝗳𝘂𝗻𝗱𝘀**
Make sure that any customer credits and refunds issued align with your refund policy and that there is no fraud.
An audit doesn't have to be an extravagant affair. If you do this, this is already an excellent start.
Download this free Financial Dashboard so you can
Monitor your financial health year on year and visualize how you’re doing
Spot variations so you can head off oddities before they become problems.
