Keeping tabs on all employees and happenings at your company can be difficult. Protecting your assets from financial misconduct can be manageable with dedicated accounting assistance. When problems do arise, hiring a forensic accountant for personal or business use can save both time and money.
Preventing Fraud at Your Place of Business
As something that goes without saying, financial documents and funds should only be handled by a select few individuals. Depending on those with a vested interest in the success of the business or outsourced professionals is one way to minimize chances of fraud. You can also implement processes by which employees who do handle sensitive information are not permitted to do so by themselves, but must share responsibility with other trusted members of the business. Be sure to also store sensitive information and cash in secure areas that are not frequented by employees or that only a select few individuals have access to. As a double check, it’s a good idea to go over any financial documents handled by others to ensure that no problems are present.
If processes for screening employees, creating safeguards against fraud, and double-checking work sound like too much of a time commitment, you can also trust your accounting and bookkeeping to a professional, outside accountant.
Uses for a Forensic Accountant
Even if you do put checks and balances in place to prevent fraud, it’s still possible for something to slip through the cracks. Many factors can contribute to an employee engaging in fraud, such as a desire for additional income or being convinced of entitlement. While blatant embezzlement or fraud can be obvious in smaller companies, larger companies tend to have more difficulty keeping track of everything going on with every single employee. In order to detect areas of fraud, our forensic accountant can help to assess cases of financial misconduct and prevent future occurrences.
For individuals, utilizing a forensic accountant during a divorce can help to ensure each party gets everything they’re entitled to. In cases where a spouse may hide additional assets from his or her significant other, a forensic accountant can help to determine which party is entitled to which assets if the case goes to court. Furthermore, hiring a forensic accountant can help prevent tax complications down the road.
What Should I Do If I Suspect Fraud or Embezzlement?
If fraud is suspected from an employee, isolate the situation in order to get to the root of the problem. Technology can be contributor, so be sure to keep the employee’s computer running to preserve evidence. Our forensic accountant makes sure all the evidence that can be used in a trial is protected against any variables that may alter the data.
With advances in technology come new ways to store data and plenty of evidence can be found in the data through the digital footprints left over a cloud or network. Knowing what to do in the case of fraud or embezzlement is key to protecting your assets from theft and malpractice.