Summary

In this episode, Clyde Wilson shares a story from a parking audit where a simple mistake resulted in a significant revenue loss. The audit revealed that the majority of revenue loss in parking facilities is not due to theft, but rather to parking accounting and management mistakes. One example was a garage that failed to update their fee computer after a rate increase, resulting in a loss of $275,000 in 11 months. Another common mistake found in audits is the incorrect implementation of grace periods, leading to additional revenue loss. The role of auditors is to help facilities improve their operations and increase revenue.

Takeaways

The majority of revenue loss in parking facilities is not due to theft, but rather to parking accounting and management mistakes.

Simple mistakes ...