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 a critical process for a casino’s accounting resources. Unfortunately, the data that is internally audited through this process which provides a single source of truth to all revenue generating activities, often goes un-used and simply batched into the accounting system at a summary level.
Additionally, it’s not enough for casinos to accurately track their cash flow. There’s also regulatory requirements that mandate compliance. As a result, all transactions need to be documented, and casinos should ultimately work to creat audit ready financials that include comprehensive supporting documentation at the transaction level.
But the audit revenue 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 of their respective audit revenue processes.
Increase Efficiency Through Automation
A manual revenue audit process requires casinos to verify all inflows and outflows of currency. e, which means staff members have to spend numerous hours meticulously going through 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 overall 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 audit revenue 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 their risk of errors, while simultaneously producing audit-ready financials at the transaction level. With the data available in a single system, the process not only is more streamlined but also reduces the potential for errors and creates greater peace of mind for casinos in remaining compliant with regulations.
Gain Better Data Integrity
No matter how the audit revenue process is conducted — manually or automated — transaction questions are going to arise. How the casino is able to answer those questions, however, is what really matters.
With an automated audit revenue 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 will also inherently have greater integrity, given that the transaction and supporting documentation is automatically entered, rather than manually keyed in by a casino staff member. Automation provides casinos with incomparable confidence about their respective transactions, no matter its time or location.
Subsequently, casinos are able to easily maintain regulatory compliance should an audit ever occur 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 audit revenue 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 that’s designed specifically to help casinos streamline their audit revenue 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.