Sales Audit or Gross Turnover Audti (GTO)

Is your landlord asking you to submit a Statement of Gross Turnover? The tenancy agreements signed between the tenant and the landlord largely include a provision that require the tenants to submit a Statement of Gross Turnover audited by a public accountant annually. As such, Sales Audit or Gross Turnover Audit is obligatory for all retail businesses and commercial real estate agent that operate in shopping malls, for the reason that a portion of their rental is based on a certain percentage of the gross turnover of the business.

Why do I need a Sales Audit or Gross Turnover Audit (GTO)?

Still wondering what is the benefit of carrying out a Sales audit or GTO audit for your company? We can assure you that you will be able to comply with the request of submitting a Statement of Gross Turnover as stated in your lease agreement. This is not only to address the concerns from landlord perspective to ascertain there is no revenue leakage.

Sales audit or GTO audit is also helping you to spot potential signs of ‘revenue leaking’, this will assure you that all the previously unrecorded revenues will be identified so to avoid wasting valuable resources and thus improve the scale of profitability that your business benefits from.

Benefits of GTO Audit:

• Ensures your company comply with the terms as stated in the tenancy agreement
• Identify potential deficiency in internal control through reviewing of sales and receipts process.

Verify and certify the gross turnover for the particular period to the landlord

How soon can this be done?

It depends on the complexity and volume of your business. Normally, our KPI is to complete audit within 1 – 2 weeks