If you run a business that is expanding and becoming ever the more complicated, you need experts by your side. In particular, you may need to bring in an accountant specialising in systems and preventative measures to ensure that you do not run into problems as you grow. Why do you need to consider bringing in a forensic accountant to bolster your existing team?
When a business becomes complex, it can be hard for its owner to look after all the details. As more employees join the team, there are risks of embezzlement, fraud or theft, and these actions can often be hidden within detailed financial records.
A forensic accountant will know what to look for and will be able to pinpoint any vulnerabilities in your current accounting bookkeeping setup. They'll have experience in this area and know where problems typically manifest, so they may be able to help you put measures in place to avoid any unfolding issues.
They may also be able to help you when it comes to data retention and the rules set by the government. They'll make sure that you are retaining this information properly or help you modify policies to protect everyone in the future.
Joining the Dots
A growing business may have multiple computers or servers. It may store some information in the cloud and others on local machines, and these assets may not always communicate with each other effectively. Again, a forensic accountant can delve into this fragmented system and help you draw all the information together. This will not only help your business comply with appropriate regulations but may also reveal any impropriety that may otherwise have remained hidden.
Going the Extra Distance
While a general accountant can certainly assist with bookkeeping and broader financial records, a forensic accountant can typically go a lot further. They can help you to initiate improved internal controls and, consequently, avoid any employee fraud. For example, they may advise you to bring in a second employee to help complete critical tasks, so you always get an independent review on the spot and avoid any temptation.
Don't forget, fast business growth comes with unexpected or unprecedented problems, and these can cause issues that may not always be apparent. It's always good, therefore, to bring in a qualified and experienced commercial accountant to ensure that this growth is as seamless as possible.
For more information, contact a commercial accounting service in your area.