4 Reasons You Should Consider Hiring A Forensic Accountant

A Forensic Accountant

The words ‘forensic accountant’ are often associated with someone ‘following the money’ to ‘bust a case wide open’. But – outside of this stereotype – the job itself is far more applicable to day-to-day matters than most people realize. So what exactly does a forensic accountant do? And when might you need one?

The types of work a forensic accountant can undertake ranges from equity-division in divorce proceedings to quantifying damages/losses of bankruptcy, shareholder disputes and breach of non-competition agreements, right through to business interruption insurance claims and determining the quantum of losses due to fraudulent behaviour. The full list is much longer.

Given their broad application it is no wonder that the demand for forensic accountants is increasing. But, as well as their expertise, it is the additional skills they possess that make them a much sought-after resource when it comes to financial discrepancies and disagreements. Here are four reasons to consider hiring a forensic accountant:

1. Expert skills designed to find missing money
Employing the services of a forensic accountant means having an analytical mind that seeks to identify different angles and avenues a regular accountant may not. They dig in, fight in your corner, and aim to deliver the maximum return for their client.

2. The ability to distill and isolate critical information
The background and experience of forensic accountants means anything worth finding will be found. This means multiple sources of complex data can be reduced to key findings, traced to the behaviours/actions of those involved. This experience is crucial in understanding the methods of manipulation used to avoid detection.

3. Effective communication of complicated subject matter
With the rules and regulations surrounding financial services, and the systems, processes, and methods involved in identifying unethical practices, you need a professional who can concisely summarise their findings and put this in simple-to-understand terms that judges, lawyers and plaintiffs can comprehend.

4. An independent voice disconnected from emotions
Money, in its most primitive form, equals emotion. It affects the ability to protect the people you care about, put a roof over your head, buy food, survive. That’s why nearly all arguments a forensic accountant deals with are financial matters. A forensic accountant can provide an objective and professional opinion, void of emotion.

Finding missing money is key to any professional engagement with a forensic accountant. Whatever your reason for using a forensic accountant, taking steps sooner rather than later can prevent emotional distress and financial difficulties.

Whether this is resolving disputes between shareholders over one stealing from another, a former employee starting a new business and taking staff/customers with them, or a fire/flood closing a business and the insurance company only willing to cover nominal profits, early-engagement can make resolution quicker and easier.

At Dover Forensics we use our breadth of experience from working in the U.S, U.A.E, China, Canada, Taiwan, and Afghanistan, to help individuals and businesses understand their current situation, potential risks, and overall security of their finances, giving them peace of mind that they can believe in.

To learn more about how we can help keep visit the Practice Areas section of our site. Alternatively, you can contact us by completing the webform found here. For all other enquiries, please call +1 647-988-4587.