Protecting Your Business: The Importance of Hiring a Forensic Accountant in Dallas
Get Accurate and Real-Time Business Information with a Forensic Accountant in Dallas
Did you know that a lack of accurate accounting data can lead to short and long-term losses worth millions of dollars?
By getting your company’s financials assessed, you can protect against damages, disputes, illegitimate claims, and more.
Businesses oftentimes lack in-depth access to their crucial financial information. From failing to store their entire financial data in one place to a lack of centralized data storage capabilities, there are a range of issues that companies are faced with.
This can make the firm prone to possible manipulative tactics, loss of profits, and even reduced valuation.
Our certified forensic accountants in Dallas conduct an all-inclusive analysis of your firm’s books to get to the root of any existing problems with the company accounts. Also, they will help you identify such risks that aren’t evident at the outset but are lurking in the books of accounts and likely to cause harm in the future.
In short, with our forensic accounting consultants, you can develop factual and data-based insights on your firm’s accounts.
Go past insurance and bankruptcy claims with flying colors
Disputes arising out of corporate insurance claims and bankruptcy procedures are commonplace. Nevertheless, they can make your company financially unstable and damage its goodwill beyond repair.
This is especially true for firms that lack the right strategy to mitigate the risks arising out of such situations. And it mostly happens as companies are unable to accurately calculate their finances and assets.
With detailed inputs and expert guidance from our forensic accountants in Dallas TX, you can safeguard your business from both financial and reputational loss.
To provide you with a clear picture, our certified public accountants (CPAs) undertake a comprehensive study of your company’s data, including statements of finance, tangible and intangible assets, etc. Also, they conduct a forensic analysis to determine your business’s financial position and the possible impact of insurance claim denials, among others.
We provide you with a thorough accounting report detailing our findings. As such, with a clear and precise accounting of your company’s finances, you can negotiate favorable terms while making commercial insurance claims or during bankruptcy procedures. For professional forensic accounting in Dallas TX, our team can help you out, starting with a free consultation.
Prevent fraudulent activities and successfully litigate against the fraudsters
Have you started to notice fraud at your company lately?
Well, you are not alone, as American firms lose 5 percent of their annual revenue on average to corporate fraud. In fact, a fourth of these frauds erase up to a million dollars from corporate accounts.
Furthermore, the smaller firms with fewer employees are also not immune from white-collar fraud, as even these businesses lose over $150,000 to fraud.
To add to the alarm, only 7 percent of the overall corporate fraudsters are ex-offenders with a previous conviction record.
Nonetheless, you can rest assured, as our lead forensic accounting expert in Dallas is also a Certified Fraud Examiner with an extensive career detecting frauds at top Wall Street firms. And together with our team of forensic economists and analysts, we can help your internal fraud investigation by unearthing both frauds and fraudsters.
Corporate fraud mostly involves revenue skimming, check tampering, and fraudulent invoice processing. We carry out a meticulous investigation to get to the bottom of the fraud, identify the lost revenue, and estimate it. Also, we suggest remedies to prevent further fraudulent activities and recover the loss.
We understand that public knowledge of fraud can harm your company’s reputation. And we guarantee 100 percent confidential consultation, fraud examination, and investigation assistance.
Simple 4-step process to hire our Forensic Accountant in Dallas
1
Consultation
Our initial consultation is free of charge. Herein, you can explain your requirements to our forensic accounting expert, who’ll then walk you through our services and the best course of action.
2
Documentation
We will coordinate with you or your company’s representative to prepare a letter of engagement. Thereafter, we’ll seek relevant documents with details for your company’s finances, assets, etc., for examination.
3
Analysis
After finalizing the paperwork, we will begin our analysis. We will go through every nitty gritty of your firm’s finances, audit its accounts, and detect fraud or wrongdoing (if any).
4
Solution
We will prepare an audit report detailing the company’s accounts and our findings. Also, we will schedule a meeting to explain our study, answer your questions, and assist you with further processes.
Our expert CPA in Dallas provides extensive forensic accounting services, including
Employee and business fraud investigations
- Evaluation fraud and ensuring confidentiality
- Interviews and documentation
- Evidence-gathering and evaluation
- Preparation of report and possible remedies
Shareholder and partner disputes
- A thorough analysis of individual and group shares in question
- Determination of potential breach of contract
- Intimation of negotiation or mediation
- Assistance with exit negotiation and agreement
Corporate bankruptcy proceedings
- Identification of potential red flags in company accounts
- Tracking down asset and fund movement
- Assistance with court proceedings
- Presentation of findings to court as an expert witness
Corporate insurance claims
- Appintentment of an expert surveyor
- Assessment of losses
- Preparation and submission of the report
- Claim scrutiny and assistance with settlement
Commercial damages
- Analysis of loss claims
- Establishment of exact value diminution
- Preparation of expert report for arbitration
- Expert testimony in state and federal courts
Matrimonial disputes and divorce
- Tracing both tangible and intangible assets
- Valuation of all assets
- Assistance with tax matters
- Expert witness
Personal injury claims
- Case analysis
- Evaluation of loss of earnings
- Opinion and assistance with legal proceedings
- Evidence presentation and expert witness in the court
Why choose Arrowfish for forensic accounting in Dallas TX?
Reliable analysis
We understand that correct and factual accounting data is critical for your business. And our team of expert accountants provides you with comprehensive financial reports that you can depend on for both internal and external purposes.
All-inclusive auditing
From fraud investigation to bankruptcy to divorce settlement to insurance claims, every business has a different purpose for financial audit. We realize the diverse needs and cater to forensic accounting requirements for all scenarios.
Quick assistance
We appreciate the fact that time is of a premium for corporate firms, including yours. We start our analysis and accounting right after the finalization of the engagement letter, thus ensuring quick support and guidance.
Expert opinion
We are accounting experts with 200+ years of combined experience in the industry. So howsoever complex the situation might be, we guarantee a financial report and subsequent consultation with pin-pointed accuracy.
Frequently asked questions
What exactly is forensic accounting?
Forensic accounting services are a combination of skills such as accounting, business valuation, and expert witness.
These services come in handy for a range of corporate situations, including bankruptcy, insurance claims, partner and/or shareholder disputes, fraud investigations, divorce and marriage disputes, etc.
What is the role of a forensic accountant?
A forensic accountant or a team of forensic accountants is tasked with responsibilities such as analyzing company accounts and preparing a financial report with details of findings.
Also, forensic accountants are tasked with providing expert testimony services in the courts. So, if you require the services of an experienced forensic accountant in Dallas, feel free to contact our team.
What’s the difference between a CPA and a forensic accountant?
To become a forensic accountant, one needs to be a certified public accountant or CPA. Meaning all forensic accountants are CPAs.
However, the main difference between a forensic accountant and a CPA is that the former has exhaustive knowledge of commercial laws and the legal system. As such, a forensic accountant can also provide you with expert witness services in cases involving disputes, bankruptcy, claims, etc.
Why should you hire a forensic accountant?
A detailed and verifiable report prepared by a forensic accountant is critical for a business’s short and long-term success.
For instance, one such report can help you resolve disputes among partners swiftly, thus preventing financial loss and harm to the company’s goodwill.
Similarly, regulatory bodies or even courts may require a firm to conduct a thorough forensic accounting. This is true for businesses required to meet certain regulatory and legal obligations pertaining to company accounts.
Further, if you suspect any financial malpractices at your firm, forensic accounting will help you get to the bottom of the issue, detect the wrongdoing, evaluate the losses, and prevent further damage.
Wondering how you hire an expert for forensic accounting in Texas?
You can reach out to us and get a comprehensive forensic accounting report in no time.
When does your business need forensic accounting?
A firm, notwithstanding its size or operational scale, will need a certified forensic accountant or CFA to audit company accounts in multiple scenarios, including:
- Dispute resolution
In a legal or non-legal dispute among the partners or with the shareholders, a forensic audit and expert testimony will help the parties negotiate or mediate a resolution. Also, the audit report can itself be the basis for negotiating an exit.
- Business evaluation
When it comes to selling or buying a company, a forensic accountant’s report can help you establish the value of the business concerned.
- Employee fraud
A company’s employee/s indulging in fraudulent activities can cause unreported and undetected financial losses. A certified fraud examiner or CFE, together with forensic economists and accountants, can detect the fraud, account for the loss, and help you recover the lost amount.
- Divorce
A forensic accountant can ensure the division of assets between spouses is equitable and legitimate during a divorce.
- Bankruptcy proceedings
A detailed report prepared by a forensic accountant is valuable for both the company filing for bankruptcy and the court.
- Insurance claims
Oftentimes, insurance companies deny or delay or claim, which can harm your business and its day-to-day operations. In such cases, a forensic accounting report helps ascertain the claim, making the insurer duly compensate the insured.
- Tax compliance
An in-depth understanding of your company’s accounts will enable you to meet IRS requirements, among others.
What are the steps involved in forensic accounting?
A forensic audit and accounting of your company will involve the following steps:
- Consultation
Before we begin with the actual accounting process, we will engage you in a meeting or call to understand the purpose of such accounting.
- Plan of action
This step involves us analyzing your needs and coming up with the best possible audit plan for your company’s financial records.
- Data compilation
Herein, our accountants, in coordination with you or your representative, will compile all relevant data such as statements of finance, list of assets, baking documents, etc.
- Audit
This is the most crucial step where our forensic accountant in Dallas closely examine the financial information and look for patterns and anomalies. Also, they carry out investigations and interview witnesses to gather concrete evidence.
- Report preparation
Upon completing the audit, the forensic accounting team will prepare a report detailing the company’s financial information, along with their own findings.
- Expert testimony
In cases with the involvement of the court, our forensic accountant can also provide expert testimony.
How much does forensic accounting consultation in Dallas cost?
There isn’t a fixed charge or fee for forensic accounting services in Dallas since the requirements differ for different cases.
As such, forensic accounting firms provide you with a quote based on the size of your business, the complexity of the audit, and the time and resources required.
Not to mention the quote will also depend on the forensic accountant’s expertise and experience.
The average hourly charges of Dallas forensic accounting firms range between $300 and $500. However, for some extraordinary cases, forensic accountants may even charge over $3000 per hour. For more information on the cost of forensic accounting in Dallas TX, get in touch with our team.
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