Forensic accounting sounds like something out of a crime show. Forensic accounting, or forensic auditing, is the process of doing an examination of a financial account and determining how money is coming, going, being spent, etc. This specialized kind of accounting can be done before something has happened, during, or after the fact. The best example is when someone steals money from your business and thus needs a specially trained professional to comb through your company financial records. Another common example is determining whether there are false vendors in a business.
Forensic accounting is simply accounting but more in depth, looking at the total picture and typically used in legal settings such as settlements, business litigation or various court cases. Forensic accountants can help by opening up examinations into potential fraud cases in businesses. This will require the accountant to go through the financial records to check for false vendors – vendors which don’t actually exist – so that they can see where the money is going. Whether the financial investigations are big or small, a forensic accountant like Palma Financial Consulting can help.
When couples have trouble in coming to an agreement on how much money is in their joint accounts and how much each person needs or is spending, a forensic accountant serves as a third party that can be neutral and simply relay the facts about the financial accounts and strip the emotion out of it.
To put it all together for you, a financial accountant will help in civil litigation, employee theft that is commonly seen in embezzlement or creation of false vendors, divorce financial statements, civil or corporate litigation and more.
Forensic accountants are specialized in what they do and will be able to get the professional and targeted results that each case is going to need. If you are in need of specialized accounting services such as this, or you are unsure, than you should contact Palma Financial Consulting at (281) 668-9168 and we can help you sort out whether or not a forensic accountant is best for your needs, or how we can help.