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, such as failing to update fee computers after rate increases or incorrectly implementing grace periods, can result in significant revenue loss.

Auditors play a crucial role in helping facilities improve their operations and increase revenue.

Parking facilities have many details to manage, including different rates for monthly parkers and transient customers, which can lead to mistakes.

Stories from the road provide valuable insights and knowledge that can be applied in the parking industry.

Chapters

00:00 Introduction to Parking Audit Business

01:17 Evolution into an Audit Company

04:13 A Costly Mistake: Failing to Update Fee Computers

06:11 The Importance of Auditing

07:38 The Discovery of a Revenue Loss

09:43 The Hidden Revenue Drain: Incorrect Grace Period Implementation

12:09 Managing the Details in Parking Facilities

14:23 The Role of Auditors in Improving Operations

15:42 Conclusion and Takeaways