Top Five Reasons Why You Need a Forensic Accountant

Are you anticipating some tricky financial situations at your San Francisco, CA business? It’s smart to rely on the services of a professional forensic accountant. Hiring the right expert makes all the difference in supporting your business in tumultuous times, including civil, criminal and family law matters. Here are five reasons why you need a forensic accountant.

Preventing fraud

One of the primary reasons why you need a forensic accountant for your San Francisco, CA business is that they protect your business from fraud. Forensic accountants have a trained eye—they can spot fraud on behalf of customers and clients before it becomes a problem. A forensic accountant also protects against employee fraud, including theft, fraud or embezzlement.

Navigating tricky family issues, including divorce

Stressful family situations, including divorce, can have a major impact on your business and your assets. If you have to divide marital assets, including your business, things can get very messy. When you have a diverse financial portfolio, such as multiple bank accounts, real estate and other private investments, it complicates matters in a major way. A forensic accountant can sort through the mess with great efficiency and can uncover irregularities where assets may be deliberately or unintentionally hidden.

If either party owns or has some claim on a corporation or other business organization, it takes great attention to detail on the part of a forensic accountant to scrutinize assets to make sure that no fraud is committed. Their services even benefit the business, helping them recognize and rectify any inconsistencies.

Facilitating mergers and acquisitions

There’s a huge amount of financial analysis involved when one company merges with another. Most business professionals agree that a forensic audit should be performed during every merger and acquisition. Only a trained professional can uncover any financial irregularities and can give both parties the confidence it takes to move a deal forward.

Assisting with company audits

While standard audits are performed on a regular basis to uncover large irregularities or financial misstatements, there can still be small problems lingering below the surface. A thorough forensic accountant takes a hard look at finances and determines whether there are small irregularities that have been overlooked. Their approach is much different than that of a standard accountant, and they can delve much deeper to determine weaknesses and prevent future problems.

Resolving contract disputes

You need the assistance of a forensic accountant to resolve contract disputes. They examine financial records to determine who owes what and to what party. If contract disputes with vendors, employees, co-owners or anyone else involved with a business make it to the courtroom, a forensic accountant can provide detailed testimony to support your side.

There are many reasons why you need a forensic accountant for your San Francisco, CA business, but the most important one is that they can give you unmatched peace of mind. Rely on the services of an expert forensic accountant with a strong moral compass and a great track record of success. Contact Medina & Company Consulting, Inc. to learn more about how having the right forensic accountant on your side can help your business and your finances thrive.