Have you heard of a forensic accountant before? If you haven’t and you own a business, this new title might be useful for you to understand. Working with a forensic accountant is more beneficial than ever and if you don’t think you’ll ever need their services, think again. They help work with you to maintain your accounts in order. These reasons to work with a forensic accountant might make you feel of hiring one soon.
What is a Forensic Accountant?
Forensics isn’t just for the criminal justice system or true crime television shows. It has reached the accounting world and helped individuals and their businesses continue to succeed. A forensic accountant practices a specialty area of accounting and describes engagements based on current and future disputes and litigations. The forensic portion simply means it is suitable for use in court for litigation.
5 Signs Your Business Needs to Start Working with a Forensic Accountant
There are many resources many people don’t seem to realize available to them as small business owners. Working with a forensic accountant is a significant advantage to have on your side while running your business.
You’re starting the process of selling your business
A forensic accountant helps you figure out an accurate valuation of your company so you know what to sell it for when the time comes to hand it over. Knowing your cost for your business helps you stay in the loop of your business’ value, even if you don’t plan to sell it.
You’re getting a divorce and suspect your former spouse has hidden assets.
You’re getting a divorce and suspect your former spouse has hidden assets
This sign is dealing with the business of separation and getting your assets together for your divorce case. Former spouses often grow suspicious of each other and want to ensure they are listing every asset they own in the divorce.
You have suspicions about your manager running your business
Some people are not trustworthy to hold high positions in a company. It’s time to look for your local forensic accountant for their fraud risk assessment if your suspicions of a manager working for you grow strong everyday.
Your bookkeeper hasn’t been keeping the right accounting records
Accounting malpractice isn’t uncommon, and it is crucial for your business to be in good hands. Working with a forensic accountant helps you get to the bottom of what correctly your bookkeeper is doing in your books and the records they are keeping.
Your company is about to face a tax audit
A tax audit is never a fun thing, but you can prepare for it with the help of a forensic accountant. They will get all of the records organized, so you are ready to face your tax audit.
Have a Business? Consider Grigsby Forensics & Valuation for Your Forensic Accounting
Charles Grigsby is an expert in all things litigation and forensic accounting. He will help you with your business’ valuation and consult for litigation. Schedule a consultation with us today!
