Credit Control: Tips For Managing Your Money

Protect Your Business With A Forensic Accountant

5 January 2015

Levi Bradley

As a business owner, you don't just have confidence in your team of employees, but you also trust them. The overwhelming majority of employees are worthy of this trust, but there are instances when the opposite is true. Incidence of fraud and theft could cause you to become victim to untrustworthy employees. If you are concerned or suspicious of this type of behavior within your business, a forensic accountant can help. The accountant will help highlight any deceptive practices and uncover stolen funds.

The Facts

The unfortunate reality all business owners must face is that fraud and theft are real. Instances of these deceptive practices are much more prevalent than you may have originally thought. According to a 2012 report from the Association of Certified Fraud Examiners, cases of occupational fraud totaled a median loss of more than $100,000.

For a small business, $100,000 has the potential to make a significant impact on your ability to remain functional. This report also uncovered that many of these cases lasted more than a year before they were discovered. Taking action to protect your business is critical to success.

How A Forensic Accountant Can Help

As an integral part of investigation and litigation services, forensic accountants have the know-how to dig-deep. In many cases, tracking instances of internal fraud can be directly linked to records. Forensic accountants take the time to comb through your financial records to locate any misrepresentation or misappropriation of funds.This process is known as detection.

Having a forensic accountant examine your records can help keep your corporate assets protected and ensure the interest of your business are continually met. In the event that fraud is discovered, this information will prove to be vital during the litigation process.

Prevention

In addition to helping you uncover cases of theft and fraud, forensic accountants can also aid you with prevention. Prevention will serve as your primary line of defense when it comes to the protection of your business.

The first part of prevention generally begins with internal control evaluations. This process examines how your internal processes are performed. Based on their findings, the accountant can help you create more solid and protective processes, giving you greater control. The more control you have over you processes, the less successful any attempts at fraud or theft will be.

Working alongside a forensic accountant can help ensure your business is protected. Given the money, time and effort you put into building your business, protecting it should be your first priority.

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