2 Ways Accountants Can Save Your Business Right Now - PowerPoint PPT Presentation

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2 Ways Accountants Can Save Your Business Right Now

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Forensic accounting can bring clarity and peace of mind to a variety of delicate situations. – PowerPoint PPT presentation

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Title: 2 Ways Accountants Can Save Your Business Right Now


1
2 Ways Accountants Can Save Your Business Right
Now
2
  • Forensic accounting can bring clarity and peace
    of mind to a variety of delicate situations.
  • Maybe youre worried that you or your business
    have been the victim of fraud and you need an
    expert to examine your books and figure out what
    really happened.
  • Perhaps you suspect that someone in your
    organization mishandled money and you need a
    professional to analyze your financial data to
    prove it.
  • Or, you may be involved in litigation and need an
    expert financial witness to testify on your
    behalf.

3
  • Beyond these common situations, businesses
    require forensic accounting to explore potential
    acquisitions. This type of vetting ensures that
    potential buyers make wise investments without
    overpaying.
  • Forensic Accounting
  • Forensic accounting (or forensic auditing) is a
    specialized area of accounting that deals with
    actual and anticipated financial disputes. These
    conflicts include a broad spectrum of life
    circumstances, from business-related litigation
    to divorce.

4
  • Investigative Accounting
  • Businesses and individuals need investigative
    accounting to prove fraud or misconduct.
  • This can take many forms theft of inventory or
    other property by employees, misappropriation of
    funds by employees, kickbacks to employees from
    outside businesses, securities fraud, and
    insurance fraud.
  • During investigative accounting, experts examine
    financial records and data in order to bring
    clarity to complex situations. Professional
    accountants organize the investigation, analyze
    the financials, and provide a report that
    documents all findings.

5
  • Our Experience
  • We recently worked with a controller who was
    reviewing some financials of a construction
    company and noticed strange transactions from the
    CFO. After a review of the companys financials,
    our team discovered unapproved bonuses and
    personal expenses paid for with company money.
  • We were able to document the embezzlement and
    work alongside the companys insurance to file a
    claim, recover the money, and provide expert
    witness testimony to build a legal case. Our
    report allowed the construction company to pursue
    the necessary legal action against the CFO.

6
  • In another instance, we worked with a couple
    sorting through a divorce and settlement.
  • One spouse believe the other was hiding some
    assets and lying about the value of others. We
    were able to enter the situation as an uninvolved
    third party in order to review the finances and
    determine what was actually happening.
  • Once again, our team helped uncover the truth for
    our client and provide expert testimony to build
    a legal case.

7
  • Forensic accounting investigations vary between
    industries, but common examples include
  • Disputes among shareholders or partners.
  • Personal injury claims/motor vehicle accidents.
  • Insurance claims.
  • Business and employee fraud investigations.
  • Matrimonial disputes.
  • Business economic losses including contract
    disputes, construction claims, expropriations,
    product liability claims, trademark and patent
    infringements, and losses stemming from breach of
    a non-compete agreement.

8
  • Litigation Support
  • Another aspect of forensic accounting entails
    litigation support for current or pending cases.
    This can include any of the following services
  • Assistance in obtaining necessary documentation
    to support or refute a claim.
  • Examination of relevant documentation to make an
    assessment of the case.
  • Review of the damages report by the opposing
    expert.
  • Assistance with settlement discussion and
    negotiations.
  • Attendance at trial proceedings to listen to
    opposing expert testimony and assist with
    cross-examination.

9
  • If any of these apply to you, consider hiring a
    forensic accountant.
  • At Culpepper CPA, we work for the best interests
    of our clients, using our expertise to bring
    clarity and closure to challenging situations.
  • Click here to share some basic information with
    us, and well follow up to schedule a personal
    consultation.

10
  • Culpepper CPA in Knoxville is a full-service tax,
    accounting business advisory firm based in
    Knoxville. We help our clients to make confident,
    tax-savvy decisions. Our accountants in knoxville
    TN began their careers in the fast-paced culture
    of global and national firms. We now believe in
    personalized advice and custom accounting
    solutions. If you are looking for knoxville cpa
    firms or bookkeeping services or payroll services
    or tax preparation services in Knoxville TN,
    contact us today.
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