July 2018 Blog Posts
July 30, 2018
Forensic Audit Uncovers Fraud & Embezzlement In Businesses
When an employee notices fraud and embezzlement within a company, it’s usually too late. Funds have been moved elsewhere and those funds can’t always be recovered. Fortunately, with forensic audit, not only do your chances of recovering the money increase, you could actually catch it fairly early.
We’d like to think that we can trust all of our employees, but that’s not always the case. When companies do not have proper controls in place and rely heavily on their employees, your company’s assets are exposed. So what exactly happens during a forensic audit?
Forensic Accounting Procedures & Benefits
Forensic accounting is used to analyze financial information to detect fraud or embezzlement. When done properly, it can provide several benefits that include solving financial crimes, keeping professionals accountable, and detecting financial anomalies.
Forensic accounting procedures vary from case to case, but follow a few similar steps such as:
- Performing an initial investigation
- Developing an action plan
- Obtaining evidence and performing the analysis
The actual analysis will range greatly depending on the issue but could involve calculating damages, tracing stolen assets, and using charts and graphics to further explain their findings.
CPA Services For Smart Strategies
Fraud and embezzlement aren’t the only issues a business can face. CPA services can also be used to learn if you’re pricing models are profitable, filling in C-level gaps during times of need, and raising new capital for expansions or improvements.
At BIG, we take pride in our work. Some of our more popular CPA services that can help you grow include:
- Business Check-up
- Cost & Profitability Analysis
- Strategic Loan Partnership Services
No matter your accounting need, BIG has a service that can get your business from point A to point B.
Forensic accounting can be used to uncover fraud and embezzlement before it’s too late.
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July 15, 2018
Elder Care Planning During Terminal Illness
When a loved one is diagnosed with a terminal condition, elder planning is the last thing on your mind. Instead of wondering what’ll happen to your mom’s house, you’re more concerned with her health. However, without proper elder care planning, you’re bound to fall into financial trouble that will only make the situation worse.
Designing a plan is easier than you think. With proper elder care planning, you can spend the time with your loved ones knowing that finances are in order no matter what happens. While there are a list of services you could look into, estate planning should be at the top.
Estate Planning Review
In the unfortunate chance that a loved one passes away, what happens to their estate? Most families overlook this and find themselves digging themselves out of a hole while they’re grieving the loss of their loved one.
With an estate planning review, we’ll work together to create a will that clearly explains distribution of the estate assets. If this is skipped or overlooked, they’ll be distributed as per state law which can lead to a bigger headache. An estate planning review will cover such things as:
- Do you have long-term care insurance? This can be used to protect assets and provide better care options.
- Do your current documents authorize a loved one to protect your assets from healthcare providers?
- Do you have IRAs that are set to go to beneficiaries?
Financial Planning Services
Estate planning is just the tip of the iceberg. Depending on how far out you are planning, financial planning can exist in a variety of services. A few of the most common include:
- Cash Flow Planning & Budgeting
- Retirement Health Care
- Tax Planning
Whether you are planning for three months or ten years, BIG can help you make your assets last as long as they need to. Loved ones should spend their remaining time enjoying life, not worrying about if they’re able to afford it.
Elder care planning during a terminal illness is never easy, but planning ahead can allow you to spend more time with loved ones and less time worrying about finances.
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