The Importance Of A Financial Forensics Accountant For Business

When you're choosing an accountant for your business, you may not have considered the need to hire someone with expertise in financial forensics. However, the advantages to businesses can be high in case there is a financial dispute within your office. Here are some of the beneficial services that a forensic accountant can provide. 

Looking at Lawsuits Against the Company

In the course of business, you may find yourself under fire for claims including worker's compensation, product liability, personal injury, and wrongful competition. A forensics accountant will be able to provide detailed financial data to back up these claims. For instance, an accountant might investigate a personal injury claim by pulling up numbers on how much the person should receive based on the amount of work time lost, their medical bills, rightful compensation for their discomfort. The financial forensics expert will work effectively with your lawyer to provide accurate and detailed financial reporting. 

Handling Your Insurance Claims

Forensic accountants are a great asset in compiling financial data for insurance claims. This is especially common in cases of business interruption claims. In this example, the forensics accountant might do analysis to determine the business' financial history and health. After reviewing the policies of the insurance company, they will report back with an estimate of the amount owed to the business. 

Fraud Investigations

If your business comes into the limelight for fraud investigations, then it's very important that you have a great accountant to investigate all sides of the coin. For instance, your accountant can help you track different transactions and assets that are under review. The financial forensics expert might also gather information from witnesses and try to map it to what's in your financial books. 

On the flip side, if you are investigating an employee for fraud or stealing from the company, your financial forensics team member can trace any suspicious activity and question employees to uncover foul play. 

Look for a Forensic Specialty

Forensic accountants come in many packages. Some accountants work exclusively in the investigative finances and are not interested in general accounting roles. But many firms are beginning to hire accounts with financial forensics experience onto their staff. Hiring someone who can handle both the daily tasks and the investigative tasks, should they be needed, can benefit you a lot. The accountant will already have a good handle on your financial history, giving them a lot of lead time on investigating a financial dispute. 

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Making Better Financial Choices

After trying my hand at real estate investments, I realized that I didn't know enough to make any real money. I had been fortunate enough to luck out as frequently as I flopped, but I didn't know how much longer I could go on guessing. I realized that if I wanted to be financially viable, I would need to learn more about finance and money. I took a few accounting classes, and even attended a seminar about smart investing practices. I learned a lot, and it really turned my financial future around. Now I can proudly say that I am out of debt and enjoying a luxurious lifestyle. Check out this blog for more financial tips.