Many business owners or corporate finance executives don’t see the need for a forensic accountant unless a serious crime has already been committed. Forensic accounting can actually be beneficial to businesses in several ways, particularly in the area of fraud prevention. Hiring a Los Angeles forensic accountant can actually save you time, stress, and money—and might even be crucial making sure your business remains successful.
Duffy Kruspodin, LLP has been providing trusted forensic accounting services in Los Angeles for more than 25 years. Our team of seasoned tax professionals combines our experience and education to implement accounting, financial analysis, and investigative skills to help you uncover financial truth within your company. By keeping a forensic accountant, Los Angeles businesses stay on track financially and avoid any unnecessary losses.
We offer flexible, scalable, forensic accounting solutions to businesses and organizations of every size and industry. Our goal is to allow you to take away any worry you may have and allow you to focus on managing and growing your business.
Understanding the Role of a Forensic Accountant
A Forensic Accountant is often called upon to analyze, interpret, summarize and report complicated financial and business related issues. Forensic accounting encompasses both investigative accounting and litigation support; at the end of the audit, a forensic accountant should provide a detailed and accurate accounting analysis that would be suitable to use in court. An experienced forensic accountant knows to look beyond the numbers and discover the reality of a business’ financial situation.
5 Instances to Hire a Forensic Accountant
For most business owners, when to hire a forensic accountant might not be very obvious. These are just five situations the expertise of a forensic accountant could be beneficial to your company.
1. Shareholders & Partnership Disputes
Forensic accountants are frequently tapped to perform detailed analysis of accounting records to identify, determine, and calculate the compensation, benefits, or distributions received by shareholders or partners to settle disputes.
2. Fraud Investigations
With business or employee fraud, forensic accountants will gather forensic intelligence and interview suspects to help identify and recover assets.
3. Commercial Damages
Many times, forensic accountants are used in commercial litigation incidents involving disputes like breach of contract, fraud, product liability, wrongful competition, or intellectual property infringement.
4. Personal Injury Claims
In these situations, the forensic accountant investigates the injured party’s financial or economic damages resulting from a loss of earnings.
5. Commercial Insurance Claims
When a commercial insurance claim has been filed, a forensic accountant may be called to provide a reliable and independent calculation of the loss due to any property losses, business interruption, or employee fidelity claims.
Hiring a Forensic Accountant in Los Angeles
Before you hire a Los Angeles forensic accountant, you should make sure they have a strong knowledge of accounting, business operations, and financial analysis. They should also possess discretion and sound judgment, and be able to consider alternative situations, examine fine details, and keep the broader perspective of your company’s situation in mind.
You will also want to ask for the forensic accounting service’s certifications to make sure the consultant is capable of handling your specific situation. Hiring a consultant with in-depth experience and the appropriate expertise, will increase the effectiveness and success of your investigation.
Knowing when to engage a forensic accountant to settle matters of a significant loss of money can be an important step forward for your business. If you move quickly, you could save your company thousands of dollars. Finding an experienced and knowledgeable forensic accountant in Los Angeles can have incredible benefits to your business. If you are considering hiring a Los Angeles accounting firm or have questions about how to solve your current financial situation, contact Duffy Kruspodin, LLP by calling our Los Angeles location at 818-385-0585.