Casinos handle significantly large amounts of financial transactions — both in payouts and general management of their operations. Therefore, ensuring cash flow in and out of a casino is incredibly important to its long-term success. Failure to properly monitor and audit revenue reports will put the casino at risk for major violations and, ultimately, a damaged reputation.
It’s no secret that the revenue audit process, which tracks the inflow and outflow of money in the casino, is critical for a casino’s accounting resources. Unfortunately, the data the accounting team audits through this process, which provides a single source of truth for all revenue-generating activities, often goes unused and is simply batched into the accounting system at a summary level.
Additionally, it’s not enough for casinos to accurately track their cash flow; there are also regulatory requirements that mandate compliance. As a result, all transactions need to be documented and casinos should strive to create audit-ready financials that include comprehensive supporting documentation at the transaction level.
But the revenue audit process — and leveraging the data that comes from it — doesn’t have to be inefficient or tedious, as it has in the past. If casinos evolve their auditing practices and implement technology, they can make significant strides in streamlining the data management aspect of their revenue audit processes.
Increase Efficiency Through Automation
A manual revenue audit process requires casinos to verify all inflows and outflows of currency, which means staff members have to spend numerous hours meticulously reviewing every line of information to ensure accuracy.
The ability to leverage the revenue audit data and automate the posting of this process significantly increases efficiency and provides greater time savings. For example, when the revenue audit is complete, posting daily flash data across multiple entities is as simple as the click of a button.
Solutions like CasinoEdge Intacct completely eliminate all manual processes by pulling detailed transaction data and support documentation into one system. Consequently, those in charge of working within the system instantly have complete visibility into every aspect of the revenue audit process.
Humans are by no means perfect, so any process that requires hand-keying numbers into lines on a spreadsheet puts that process at much greater risk for inaccuracies.
By automating processes through technology, casinos can reduce the risk of errors, while simultaneously producing audit-ready financials at the transaction level. With the data available in a single system, the process is not only more streamlined, but it also reduces the potential for errors and creates greater peace of mind for casinos when it comes to remaining compliant with regulations.
Gain Better Data Integrity
No matter how the revenue audit process is conducted — by manual or automated methods — transaction questions will arise at some point. How the casino is able to answer those questions, however, is what really matters.
With an automated revenue audit process, the entire casino accounting team, from audit and documentation-review standpoints, has complete visibility into each transaction across every aspect of the casino.
The data also will have greater integrity because the transaction and supporting documentation is entered automatically, rather than keyed in manually by a casino staff member. Automation provides casinos with incomparable confidence about their respective transactions, no matter the time or location.
Subsequently, casinos easily can maintain regulatory compliance if they’re ever subject to an audit from a government organization, because the preparation is already complete and any important information is readily available at a moment’s notice.
Find a Technology Partner With Industry-Specific Experience
The casino industry is both complex and unique. Casinos that are looking to streamline their revenue audit processes with technology will find increased efficiency, reduction in errors and greater data integrity.
But equally as important as the software itself is finding the right software vendor partner.
Leaving your casino’s financial health up to chance with a generic solution won’t provide the same benefit as partnering with a proficient and knowledgeable vendor that can leverage its experience working with other casinos and gaming organizations to solve your unique needs.
Leveraging software like CasinoEdge, which is specifically designed to help casinos streamline their revenue audit processes and maintain regulatory compliance, will best position your casino for success both now and in the future.
At Wipfli, we’ve helped clients grow, scale and succeed with the implementation of CasinoEdge, which runs on Sage Intacct’s award-winning accounting and business management software. Want to see the solution in action? To learn more or schedule a live demo, contact us.