Rebuilding Your Books with a Forensic Account
Has your business fallen behind in keeping accurate books?
This is the case for many businesses, but the COVID-19 pandemic exposed the detrimental impacts of not having proper books and records. Financial records easily fall into a state of disarray as business owners focus on building their operations and growing their business. For many businesses, the pandemic made it all to clear how important properly kept books can be. As a result, countless businesses are currently operating with erroneous, incomplete, or missing books.
Having proper accounting records is crucial to business owners not only to gain insights into their performance, make strategic business decisions, and maintain efficient operations—but also to meet statutory compliance, file accurate financial reports, and to be prepared in case of an audit.
Reconstruction of accounting records may also be necessary if a business is undergoing a Merger & Acquisition or organizational change, is migrating existing records to a new system, has identified issues found in an internal or external audit, or if their financial data has recently been lost or destroyed.
It’s not too late to rebuild and get back on track.
One of the best things businesses can do to strengthen operations as they transition into the post-pandemic economy is to pivot their accounting practices and rebuild their books. It is not enough to rely on accounting software, which only provides the most rudimentary of error checks. When it comes to reconstructing months or years of inaccurate, incomplete, or nonexistent recordkeeping, your business needs to retain a forensic accountant to piece it back together and get the full picture.
Forensic Accounting: Recordkeeping & Books Reconstruction
Reconstruction of accounting books can be extraordinarily complex, especially when those financial records are in a state of chaos. As a result, it is a task best left in the hands of a financial expert, such as a forensic accountant, who can unravel the most convoluted financial matters.
Forensic accountants are highly-trained financial experts who use their accounting and auditing skills to investigate fraud. However, their proficiency in financial investigations and ability to reconstruct financial facts also allow them to serve as expert bookkeeping and accounting professionals.
Consequently, forensic accountants are the ideal professionals to use when accounting records need to be completely reconstructed from messy or missing source material and to make sense of dead ends. They have the investigative skills and technical experience needed to rebuild transactional trails, to get your books compliant, and your accounting back in order.
Fact Finder Forensics: Financial Data Reconstruction
While rebuilding your accounting records, our experienced team will:
- Identify and find critical source documents needed for analysis
- Use forensic technologies to restore necessary financial transactions
- Analyze source documents (bank account records, credit cards, invoices, payroll records, etc.)
- Reassemble meaningful data and manually reorganize large datasets
- Fix errors, omissions, and oversights
- Create an accurate database of financial transactions
- Ensure records can withstand examination or an audit
Fact Finder Forensics has the expertise and resources to quickly and efficiently rebuild your business’s books in order to restore operational stability, improve productivity, and establish a solid foundation for future recordkeeping.
Recover & Thrive
The goal of bookkeeping is to organize financial information in such a way that it can be readily analyzed for making budgets, projections, strategic decisions, and filing accurate reports. With the forensic technology and expertise available to our forensic accountants, your business can fully recover from mismanaged financial records and trust in the quality of the reconstruction.
If you would like to find out more about how Fact Finder Forensics can help your business recover from mismanaged financial records and rebuild your books, contact us today and book a consultation.
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