At Achieve Business, our mission is simple; to provide Australian businesses with exceptional bookkeeping & accounting services. Over the last 20 years, we’ve built our reputation by doing just that. While some consultants overreach by trying to do everything for your business, we’ve deliberately kept our focus narrow while continuing to develop our skills and deepen our knowledge in our field of expertise. However, we have also expanded our operations to offer a handful of specialised services, such as software training for staff and online software integrations. One such area is forensic bookkeeping. In this article, we’ll explain what forensic accounting is and why someone might want to use it.
What Is Forensic Accounting?
Forensic accounting uses a combination of accounting, auditing, and investigative skills to carry out an in-depth analysis of the finances of a business or individual. The analysis it provides can be used in legal proceedings to establish fraud and other financial crimes. A forensic accountant approaches their investigation holistically, looking for omissions and inconsistencies and using information from diverse sources to try to establish the whole story of where the money came from, where it went, and how it went there.
When Is Forensic Accounting Used?
As we mentioned, forensic accounting is used in court proceedings to establish financial crimes like fraud. It is also sometimes used in divorce proceedings to determine the value of property and investigate appropriateness of spending to arrive at equitable distribution of assets. We are often approached by lawyers whose clients suspect financial mismanagement by another party. The process is typically more involved and delicate than standard accounting, not least because the individual or business being investigated has usually gone to some lengths to hide or obscure the true story.
It probably won’t surprise you to hear that the need for forensic accountants has grown significantly in recent years. Bank robberies and heists might be everywhere on Netflix, but in the real world they are an increasingly rare occurrence. Fraud and embezzlement are not new, but the digitisation of records and growing complexity of financial systems mean that someone stands to make far more money while exposing themselves to far less risk by manipulating records or illegally accessing someone else’s accounts.
Achieve Business’s Forensic Accounting Services
The team at Achieve Business have been offering forensic accounting services for several years now and we have helped our clients resolve many instances of fraud, embezzlement, and financial mismanagement. While the details of each case are always different, generally the parties being investigated use a handful of strategies to misappropriate funds and cover their tracks that are easy to identify once you know what you’re looking for. For one investigation, we dug through four years of bank statements to establish the actual amount spent by our client against some unscrupulous mismanagement on the part of their power of attorney. For another, we pulled apart a business’s MYOB file to work out which of their payments had actually gone to suppliers and which had been misappropriated to another party.
While this work can be hugely time-consuming, it is also very rewarding. Identifying a loose financial thread and following it all the way to the end, sorting through all the pieces of a puzzle until a clear image emerges, is a great workout for the problem-solving skills we as bookkeepers have worked so hard to develop. Being able to present our solution to the client, handing them the information that could tie their whole case together, is a deeply gratifying experience.
Why Choose Achieve Business?
When you approach a consultant for help with bookkeeping, accounting, or any other aspect of your business finances, you want to know that they will treat your case with the same care and attention as they would their own business. You also want an assurance that they will act with honesty, integrity, and confidentiality. In short, you want to be able to trust them. Trust becomes even more crucial when you might need to rely on their work in legal proceedings.
The people at Achieve Business are renowned throughout Australia for our ethical, professional, and meticulous approach to bookkeeping and accounting. All our staff are fully up to date with the latest legislation, and our unwavering customer focus has earned us a loyal customer base that keeps returning year after year.
Contact Us
Our team is always ready to discuss your situation. Contact us by phone or online and start finding solutions to your bookkeeping challenges today.
