Are you looking at your company’s books and can’t account for all of your money? Chances are, there is a problem that you won’t be able to detect. Every day that passes, your company could be losing more and more money. That’s why it is important to hire someone who can look through your company’s operations and find the leak in your money pipeline before it turns into a major flood of lost money.
Signs That Money May Be Missing From Your Company
So what are the signs that you are missing money from your business? One of the first signs is that you can’t account for certain allocations of money. For instance, if you know that you have $100,000 in sales last month and can’t find that money in your corporate bank account, then either the money was never received or the money was received and taken without your authorization.
Another sign that your money is missing is that your employees can not offer you a complete explanation as to what happened to the money. For instance, if you have an employee order $1,000 worth of office supplies and the employee can not come up with all the receipts for the supplies, then either the money was not spent on the supplies or the supplies have gone missing.
Finally, you find that you are getting a number of suspicious expense reports. If you read enough expense reports, then you have a general idea of how much someone is going to spend on a three-day business trip. If a couple of business expenses are suddenly 25% to 50% higher, then you will need a proper explanation for the surge in expenses.
What is a Forensic Accountant?
To help you find out what happened to your missing money, you can hire a forensic accountant to track down the funds. A forensic accountant is basically a “money detective” that will be able to unwind the complex situation as to where your money went and who is responsible for the missing funds.
While you can hire a forensic account to work onsite. There are a number of virtual CFOs who can work off-site and help you with your situation. These virtual CFOs have seen it all and are able to quickly figure out where your company’s money went.
Things That a Forensic Accountant Can Help You With
A forensic accountant can help you with every aspect of your business. They can help you find out where your money goes from the minute it is received from a client or customer. Additionally, they can determine if the funds were received and deposited into your account.
A forensic accountant can also track down every dollar whether it be in the form of cash or a deposit. This can help you have a better idea as to where your money is going all the time. Finally, a forensic accountant can track who was most likely responsible for the missing funds. Quite simply, a forensic accountant is like a detective agency for your money.
How to Find The Right Forensic Account
You can find the right forensic accountant by searching for forensic accounts with experience in your specific business.
For instance, if you run a warehouse with international sales, then you can find a forensic accountant that has worked on a business similar to yours. They will be able to understand the unique flow of money in your business model.
Also, look for recommendations from people in your line of business. Chances are, many of your business associates have dealt with missing money and had to hire the services of a forensic accountant.
When you find a shortlist of qualified forensic accountants, have a consultation with each candidate and determine which one is most likely to track down your missing funds.
Keeping Track of Your Company’s Money
You don’t want to spend all of your time trying to track down your money. That’s why you should depend on the services of a forensic accountant to help you find your money. Be sure to hire a forensic accountant with experience in your line of business. Soon, you’ll be able to get your money back into your own business.
