Sales Audit Process in Dubai’s Shopping Malls: What You Need to Know

Shopping malls in Dubai are famous for their luxury retail stores luring millions of customers throughout the year. However, running a retail store in Dubai malls comes with unique obligations and responsibilities that the owners have to fulfil. One important obligation for retail stores in Dubai malls is sales audits. Sales audits are conducted regularly to optimise revenue and ensure timely and accurate reporting. This makes store owners able to assess their business performance as well as comply with the lease agreement. Read ahead to learn more about sales audit and the process involved in it.

Retail stores have to get sales audit from registered auditors only. JCA (Jitendra Chartered Accountants) is a registered auditor with all the malls in Dubai.

What is a Sales Audit?

A sales audit can be defined as a comprehensive independent examination of a retail store’s or a company’s sales figures for a period, the strategies and processes involved and the overall performance of the retail store or a company. In the case of Dubai malls, all of this is done for different retail stores operating in the mall. The sales audit is typically done by approved auditors in Dubai. They know better strategies and are technologically advanced auditors who help you generate the most accurate results. JCA are experienced approved auditors in Dubai who have helped thousands of companies and retail stores generate accurate sales audit certificates.

Process of Sales Audit in Dubai Shopping Malls

The following steps are involved in the process of sales audit in Dubai shopping malls;

1. Notification to Retail Stores

Mall owners should send notifications of upcoming audits to tenants so that they can prepare in advance and follow the deadlines.

2. Prepare a Schedule

Prepare a proper schedule for receiving audit certificates from different tenants and a proper plan for reviewing those audit certificates.

3. Data Gathering

Store owners should start gathering historical sales data as soon as they receive notification and the due date for submitting audit certificates.

4. Verification of Sales Data

Store owners verify all the data of sales including POS systems, invoices, and sales reports.

5. Checking Inventory

Store owners also verify levels of stock to assess productivity.

6. Interview Tenants

Mall owners can interview tenants about their experiences throughout a specific period, challenges, promotions, and strategies.

7. Observe Retail Stores

Management also assesses every store’s customer services, layout, and display settings.

8. Agreements Review

Management and retail store owners can negotiate revenue-sharing models, renting, and leasing terms.

9. Prepare Audit certificates

Store owners prepare and submit audit certificates.

10. Receive Feedbacks

Improvements and recommendations are made by sharing feedback.

11. Implement changes

Operations are optimised and changes are implemented according to the results.

Purpose of Sales Audits in Dubai Malls

The purpose of performing sales audits is;

• Make sure that the sales data is accurate and everything is documented.

• To assess if there are any revenue leaks

• To assess and optimise the performance of tenants.

• To improve and enhance customer experiences.

• To assess and improve the overall operations of the mall.

Advantages of Sales Audits

Conducting effective sales audits comes with the following benefits;

• Regular sales audits give competitive advantages to business owners and help them remain in front of the market.

• Sales audits improve overall efficiency by enhancing the shopping experience of the customer ultimately leading to customer satisfaction.

• It optimises the overall processes and operations of the mall.

• It enhances relationships and partnerships between tenants creating a healthy work environment.

• It makes sure that the revenue is accurate.

• It helps mall owners prevent money laundering and financing of terrorism cases by making sure that the money is coming from the right sources.

• Choosing the right auditors in Dubai helps you generate even more accurate sales audit certificates.

Why Choose Jitendra Chartered Accountants?

With years of experience, approved auditors at JCA help businesses streamline their auditing processes and guarantee the precision of audit certificates. Minor mistakes in audit certificates lead to major problems and noncompliance issues. Our experts make sure that this doesn’t affect your business growth. For more assistance, contact our experts now!