By having reliable, up to date information, you can then compare your business to the industry at large in which it operates. It is helpful to know how your revenues, costs, and profits align with other businesses. Comparing benchmarked figures can also serve to illustrate where your business may have development points.
Benchmarks are also an important means of gauging the risk of Australian Taxation Office (ATO) audit activity. By understanding and justifying why certain deviations exist from these benchmarks, we are better able to manage the compliance risk of the business.