Why Would a Business Need a Forensic Accountant?

When you need something, you need it.  Nothing else will do, and you are the best one to determine how and when you’re going to put that need to work with you.  This is true in most aspects of life, including when it comes to your business needs and and a forensic accountant.  While the services of a forensic accountant may not be required each day that you are in business, there are some great typical examples of where this kind of professional is going to be able to make the difference that you need.

A Financial Audit

If your company or business is selected for a financial audit, a forensic accountant will be able to take a look at the required numbers and determine if everything is in order or not.  Since there is a forensic certification, this can be used in a court.  Side note, forensic accountants are often used by attorneys for litigation support when they are in need of someone with financial investigative expertise.

A Third Party Audit

If needing to audit another company in relation to your own for business purposes, a forensic accountant will also be able to aid in giving certifiable results that can help add weight to the results that come out of the investigation.  Examples of this include a supplier or contractor overcharging you for services rendered or products.  Not to mention this could be the case where employees are using third party vendors but not being 100% honest, an internal audit could also push out these types of discrepancies. 

Employee Embezzlement

When suspicious of employee embezzlement, whether it’s one employee in particular, or a group of them banding together, then a forensic account will be able to take a look at the financials within your company and determine all of the relevant details: the length of time it’s been going on, how many people are involved, and how it was able to succeed. This information will be useful for pressing charges, keeping a record to prevent it in the future, and simply uncovering the embezzlement which can make all of the difference in your bottom line and future of your business.

Fraud

Regardless of the detailing, if you suspect fraud of any kind going on within your company, its employees or its affiliates, having a certified professional on-hand to help with that can make all of the difference.  You are able to have a trustworthy source combing through the details.  This source is also going to be unbiased, and focused on providing you with answers to all of your related questions.  Plus, it’ll help you to keep your own records in order so that you can know what’s going on within your company’s finances during the good and bad times.

Damages or Losses

When dealing with company losses or damages, a forensic accountant will be able to go through the records and determine just what the amounts are, where they will appear, and to what context.  This can be helpful to determining how to strengthen your business or company as a direct result. Whether you’re looking for support from company losses or damages, employee embezzlement, or simply to know what a forensic accountant is all about, there are a lot of advantages to choosing the right professional to take care of all of your needs within the corporate world. Contact Palma Financial Consulting at (281) 668-9168 with any of your questions and we will be happy to help you get started with securing your business financial future from fraud.