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What are audit services?

Audit services are some of the most important services a company can engage, because they’re a thorough evaluation of every aspect of business. In times of growth, steady business, or crisis, implementing and maintaining control over business functions is a concern for many companies.

  • Regular review and validation of your business functions can reveal small issues before they become large issues.
  • Even minor losses can add up when they’re part of a larger systemic malfunction.
  • Anywhere a company has moving parts, there’s an opportunity for loss or error.
  • Multiple locations can be harder – and more important – to monitor and hold to company standards.

Internal audit services aren’t a mere checkup – they’re a full physical for the health of your business. Back Office Center has the knowledge, experience, and expertise to perform that physical to make sure that your company is ready to handle any challenges or opportunities that may arise in the future.

Why should I trust my audit services to GraphX?

You’re busy. Running your business is your priority. There’s never a convenient time to step back from everyday operations to oversee an audit – and that means that frequently, the audit never gets performed. You and your business are our priority, and that means that auditing your processes and functions is also our priority. You can focus on generating revenue while we focus on our evaluation of your business.

Sometimes, the clearest view is from the outside. A close, insider’s look at your operations is important to understand how your business works and where strengths and weaknesses may lie. But it can be difficult to get the big picture, and to look at things objectively, from the inside. Back Office Center’s experts are familiar with your company and involved in its inner workings, but also have the bird’s-eye view that can provide insight and recommendations based on the entirety of your business and its position.

It can be better for employee relations. Even when operations are running smoothly, and even when employees are performing well, the investigations involved in a thorough audit can be a source of tension within a business. Leaving audits to Back Office Center frees you from being the person asking the questions, so that the workplace atmosphere won’t suffer and relationships will remain strong.

We’re equipped to handle nearly anything. Our audit consulting services, based around our team of experts, automated system, and workflow-driven processes, have the capabilities to closely examine most functions of business, from overall views of your operations to specific examinations of receipts and purchase orders.

Operations

Operations audits examine the general functions and processes of your company, looking largely at efficiency, effectiveness, and economy of operations so that you can reach your business goals.

  • Operations audit
  • Vendor review and management
  • Retail industry shrinkage/loss prevention
  • Stores compliance audit

Operations audit. This audit covers any aspect of your business that may be unsound to ensure that your business is being accomplished in a way that follows appropriate processes, quickly but without waste or error, and with minimal cost overrun.

Vendor review and management. Businesses rely on their vendors for the supplies necessary to do business, whether it’s a delivery service delivering merchandise or an IT contractor managing a company’s network. Vendor management ensures that expectations are met, lines of communication remain open, and information is maintained even in times of leadership turnover or the addition of interested parties. We provide the technological and personal resources to coordinate operations across the entire vendor-client relationship and make sure that changes, complaints, and transitions are handled smoothly with all parties ending up satisfied.

Retail industry shrinkage/loss prevention. Our retail shrinking and loss prevention services combine the functions of our cash/credit card deposit validation and purchase order audits, to make sure that all payments and inventory make it to their intended recipients without anything going missing.

Stores compliance audit. Retailers with multiple locations may not have the resources to make sure that each of those locations is functioning according to company policy and governmental regulation. We have those resources. We work with you to develop a process for capturing photographs and video footage of given stores, chosen based on risk factors and performance indicators. Our store compliance audit has been developed with help from industry leaders in store operations, loss prevention, human resources, and risk management, and can help ensure that store managers are held responsible for operating outside of your specific and deeply considered standards.

Deposits and receivables

Deposits and receivables are the sources of income that allow your company to open the doors and do business every day. Inaccuracy, inconsistency, and fraud can cut off that source of income: your company can starve.

  • Sales audit
  • Commissions/receivables
  • Cash/credit card deposit validation

Sales audit. Sales operations can be an enticing source for fraud – staff whose promotions and commissions depend on sales numbers may be tempted to inflate their numbers. A sales audit reviews your pricing standards and ensures that sales staff aren’t lowering prices or inflating sales figures just to make a commission. We validate sales figures against invoices and make sure that any deviation from your pricing standards has been approved by you beforehand.

Commissions/receivables audit. Accounts receivable is frequently the largest asset that a business has – and it can make your balance sheet look healthier than it really is – so a close audit of that function is crucial to your company’s viability. We match receivables with cash receipts and, where appropriate, commission statements to make sure that all sales are valid and money makes it into the bank.

Cash/credit card deposit validation. Cash payments are collected at your store or office and are only really of use once they’ve been deposited in your corporate account. Credit card payments can have an even longer lag time than cash – depending on your merchant services company, it could be a matter of several days before the deposit is made. That’s a long time to wonder if any cash or credit card deposits haven’t made it to the bank. Our validators track every payment and deposit, not closing cash collection or resolving a receivable until the money appears in the bank – saving you revenue lost to carelessness or fraud from your front-line staff.

Payments and payables

Your company’s reputation, credit rating, and overall viability are influenced by your ability to take care of your payment obligations in a timely and accurate way. When bills and orders aren’t processed properly, your company has a lot to lose.

  • Bill payment validation
  • Purchase order audit

Bill payment validation. Some of our retail clients depend on third-party bill payment systems other than Back Office Center. This adds an extra step to the process – a staff member receives the cash or credit card payment and deposits into the corporate account, and then the bill payment service withdraws the money to pay any bills. Our bill payment audit tracks both of those steps, checking receipts and statements to make sure that cash payments make it to the bank and checking invoices to make sure that the bill payment service hasn’t skimmed extra money from the account.

Purchase order audit. A number of steps are necessary for the sales and supply chains to run smoothly – purchase orders have to be filed properly and receipts reconciled with inventory. Back Office Center’s services can validate purchase orders at three levels. For buyers, they make sure the order matches the agreed-upon quotes and conditions. When goods are delivered and received into stock, we validate to make sure that all deliveries are in order. For sellers, we validate POs to compare them to the seller’s invoices, and then track sales and deliveries to make sure that no inventory is lost.

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