Concessions Audit
Concessions play an important and prevalent part in many retail businesses. In stretched commercial departments, where agreements are regularly introduced and updated, errors will inevitably occur. Our Concessions Review analyses areas of concessionary non-compliance within contractual terms. The review provides greater clarity around concessionary charges, identifies any issues with your current concession contract handling methodology, ensures payments are matched to contractual terms and identifies and recovers any missing funds and under claimed monies from activity across all stores.
Recovery Areas
Our experienced team have a wealth of experience in reviewing concessions data. There are a number of criteria within a concessionary contract which are not frequently checked or amended that can result in significant revenues being owed to a retailer. These include but are not limited to:
- Commission rates and charges
- Service charges
- Stock room charges
- Minimum guarantee agreements
- Marketing contributions
- Advertising agreements
- Induction payments
- Credit/debit card charges.
Benefits
Significant benefits include:
- Additional monies to your bottom-line
- Identification and correction of process and control weaknesses
- Opportunities to improve the management of incomplete or poorly documented contracts
- Transparency and accuracy of concessions database
- Prevention of errors to secure future savings and increase financial performance
- Reduction of future contractual risks and liabilities.
