With a virtual media cottage industry blooming on the corpse of bankrupt Enron and its complicated array of alleged financial shenanigans, could it be just a matter of time before some television executive plots a new drama starring … forensic accountants?

You can almost hear the pitch now: “It’s like Quincy, only with balance sheets instead of cadavers!”

OK, maybe you won’t see droves of shows portraying financial detectives wooing beautiful women aboard a boat à la the opening montage from the ’70s NBC hit about a medical examiner named Quincy, starring Jack Klugman.

But forensic accountants are becoming the rising stars of their profession as more and more companies seek to avoid becoming the next Enron.

Like detectives in green eye shades, forensic accountants bring a healthy dose of suspicion to their jobs, along with a willingness to look beyond normal channels to get to the bottom of a situation. Forensic accountants might have to do everything from sorting through computer files to detecting falsified records. In short, anything that can help detect financial wrongdoing.

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Allegedly of course! Despite our best wishes for a forensic accountants to be fraud-busting crusaders that pursue truth, justice and all that crap, this corner of the profession is not immune from shiesty characters.

Lewis Freeman, “Miami’s go-to forensic accountant”, has been charged with embezzling $2.6 million from his clients. The Miami Herald is reporting that Lew has pleaded not guilty but is planning to change his plea to guilty “within a few weeks” while his attorneys try to negotiate a lighter sentence. The Herald also reports that two other employees of his firm, including the CFO, will be charged as co-conspirators in the case.

When you think about it, this really exposes Freeman as not being a very smart guy, just smarter than the people he was ripping off. As criminal mastermind Sam Antar told us in an email, “Lewis Freeman may have been considered ‘Miami’s go-to forensic accountant’ but he was not a very bright guy. He simply took old money from his client’s trust accounts and replenished it with new money. As a forensic accountant, he should have known that ultimately such Ponzi schemes end up collapsing over time.”

Despite this, Freeman was able to carry on the scheme for approximately a decade, swindling up to 250 victims.

Wondering what this latest development meant in terms of fraud involving forensic accountants, Sam told us, “Forensic accountants turned white collar criminals present a real challenge for law enforcement, since they (excluding Lewis Freeman) are far more sophisticated in their knowledge of anti-fraud measures and are more innovative in exploiting weaknesses in internal controls than the common white collar criminal.”

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The search for the right accountant can be really demanding, but if you are starting up a business then looking for accountants should be a prime consideration which should not be left as a last decision to make.

Bookkeeping services are actually available on the internet as there are firms who have advertised their services online, so more people can view them. Check out these firms and contact them. Accountants can offer valuable service through studying your accounts and pinning down problems in the financial aspect of your business. Depending on your company’s needs, you can opt for specialized services and in order to find out the appropriate professionals to handle your specific needs, you should do a research. Accounting firms may offer legal services, bookkeeping, and payroll services; some offer a wide range of services while others focus on a few, wherein they are at their best.

Anyway, the easiest way to find good accountants is by asking your friends or relatives for suggestions. You can do your own research by searching the yellow pages and browsing the internet. You may find several choices after a few days but that does not mean the search is over because you need to sort out the prospects. If you are looking for services from a firm, you still need to schedule a conference with the potential employee. Meeting your prospects gives you better judgment than simply relying on their resumes which can be deceiving.

Small business owners make a mistake of not hiring accounting or bookkeeping services early in the course of their business and that this results in some of the most inconvenient experiences. It is a mistake to think small enterprises don’t need accounting. It is a mistake to not include accounting during the planning of the business, let alone to not include it during the inception. Accounting professionals serve more purpose than simply checking your books and records. They can be your valuable assistants or advisors doing more than basic record-keeping. Since your business has its unique attributes, it is necessary that you figure out what set of accounting services you need because different firms can provide you with unique assistance to match your company’s needs.

That is the very reason why considering the professional background and training of the prospect is extremely vital. You cannot simply hire someone because they have background in looking at book of accounts. You cannot hire just anyone who had a few subjects of accounting in college. What you need is one with sufficient training and expertise. So, be wary when marching over the internet to find freelancers. It’s always safe to find a firm wherein competent professionals are screened and honed and deployed to you.

Well the standard selection procedure applies when looking for the qualified accountant. Yes, this is tough, but it is the only way you could find the right one. CPAs or chartered accountants are usually the ones you need, in case you haven’t realized that yet. They are by far better equipped and sufficiently trained to handle different accounting jobs. Find professional accountancy bodies and organizations delivering accounting services to different businesses.

Discuss your needs with those in your shortlist during the interview so that you would know who can provide you with sensible answers. You can ask for references, in case you’d want to make a background check. If the accountant is confident, they’d be happy to give you names.

McCarthy Accountants is an established independent firm of Chartered Accountants and Registered Auditors licensed to operate under the regulations of the Institute of Chartered Accountants in Ireland. The firm was established in 1978 as John J. McCarthy & Company and has been offering tailored professional accounting and tax services to a range of businesses and individuals for over 35 years.

Designed purposely for small and midsize business firms, it helps in providing most favorable and desired return on investment. User friendly and affordable in nature, this solution can be easily executed across various departments. Provided with various functionalities to optimize every facet of business, right from accounting, manufacturing to sales and service, it can boost your business and take it to new degree of achievement.

Apart from this, the best part of Sap Business One is that it covers essential and important business management functionalities like reporting, purchasing, inventory, and customer relationship management (CRM). Moreover, facilitated with new XL Reporter tool, it provides a dynamic business intelligence element for small businesses leveraging Microsoft Excel that further allows users to access critical data. It also offers CRM and e-commerce functionality and this particular property enables firms to set up online stores and organize CRM software speedily and purely via the internet.

Some of its most vital features that make this solution more worth-full are:

(1) It is a true gem of technology and user-friendly application with country-specific localization that can be deployed easily. Being considered as one of the most advanced development environments available in the market, its flexibility facilitates in having noteworthy advantages like a high degree of adaptability to business processes, great customizations, and effective upgrade processes. It also offer solutions customized to the diverse and industry-specific requirements.

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Today SAP Business One is definitely reasonable and integrated business management solution that provides complete selection of capabilities that are required to run your business effectively. It provides all the functions you require to have a better control over your company and be successful in present aggressive business environment. It is delivered by a global network of trained business partners that leverage SAP global knowledge to provide local support and service.

Rakhi, is a SEO copywriter at ERP softwares India. ERP software India provides ERP solutions and ERP services in India to small and mid sized organizations. It includes ERP Software Solution, SAP software solutions, ERP Application Development, Advance ERP Software Package, Accounting ERP software, SAP Business One solutions etc.

Vision33 helps their clients gain insight into business so that owners and managers can sleep better at night. They employ experienced, mature, Business Consultants and Technologists that help their clients improve business systems with the most up to date processes and software. They help their clients connect to customers and vendors more effectively so that customers are able to keep up with the changing market conditions, making decisions with current and accurate information.

Well, yes and no.
CPA = “Super” Accountants

Every CPA is an accountant but not all accountants are CPA. In fact, CPAs are “Black Belt Accountants”, meaning that CPAs have achieved beyond what a normal accountant does through advanced education, training, education and high ethical standard.

Also, you’ve got to be a CPA in order to own (as a sole owner or as partner) of a public accounting firm.

The basic accounting equation that anyone who works in business should know, is that Assets= Liabilities + Equity. Assets include accounts such as cash, land, building, equipment, office supplies, inventories, and accounts receivable (money owed to you by a customer). The normal balance for these assets are a debit, which means if you are gaining any of the previous, you debit that amount of money towards that account. For example, if a sale is made in your store and a customer pays fifty dollars cash, then you would debit the cash account for fifty dollars. Liabilities include accounts payable (what you owe others on account), unearned revenue (you have been paid but haven’t performed a service), salaries payable (salary money owed to your employees), taxes payable, and interest payable. The normal balance that increases these accounts is a credit, unless the account is a contra account in which the opposite normal balance applies. Equity accounts include dividends (money owed to your stockholders), revenues and expenses. The normal balance for owner’s equity is a credit, but expenses made by your business are always treated as contra accounts. So for a transaction where a customer purchases something from your store on on account, you would debit accounts receivable and credit revenue. Each transaction is then recorded into a journal organized by month.

At the end of each month, the totals are added up from the journal and are placed into what are called “T-Accounts”. These are T-shaped charts with the debits on the left side and credits on the right. It is used to more easily find the ending balance of each account at the end of the month. After the totals of each account are found, you can now make an income statement to determine your amount of money lost or made during the month. The amount of income can be found by subtracting the expenses from your revenues. This is one of the most important financial statements that accountants have to deal with. Your income statement helps you determine if you are making profits or if you are losing money and need to improve a sector of your business.

Once you have transferred all of your journal entries into T-accounts and have made an income statement, you are then prepared to make a balance sheet. This is the basic accounting equation in which you make sure that Assets = Liabilities + Owner’s Equity. When you sum all of your asset accounts they should be equal to all of the liability and equity accounts as well. This is why anyone in any type of business should always have a basic understanding of the accounting process. With the knowledge of how money flows throughout a business, you can make wiser, more experienced decisions with your business, and protect yourself from losing money. It also allows you to take risks with your business and potentially gain a big return when it comes to the bottom line of your income statement. I’m pleased to say that I can now understand a company’s financial statements and comprehend the transactions that go on in every day business. Any business student will be more successful in their future career if they learn the crucial basics of accounting.

What is a Forensic Accountant?

Forensic accounting encompasses three main areas: litigation support, investigation, and dispute resolution. Litigation support represents the factual presentation of economic issues related to existing or pending litigation. In this capacity, the forensic accounting professional quantifies damages sustained by parties involved in legal disputes and can assist in resolving disputes, even before they reach the courtroom. If a dispute reaches the courtroom, the forensic accountant may testify as an expert witness.

Investigation is the act of determining whether criminal matters such as employee theft, securities fraud (including falsification of financial statements), identity theft, and insurance fraud have occurred. As part of the forensic accountant’s work, he or she may recommend actions that can be taken to minimize future risk of loss. Investigation may also occur in civil matters. For example, the forensic accountant may search for hidden assets in divorce cases.

Forensic accounting involves looking beyond the numbers and grasping the substance of situations. It’s more than simple accounting, and more than basic detective work. Because of its unique elements, it is a combination that will be in demand for as long as human nature exists. Who wouldn’t want a career that offers such stability, excitement, and financial rewards?

Becoming a Forensic Accountant

The first step toward becoming a Forensic Accountant is taken by earning a Bachelor’s degree in accounting. This is a standard four-year degree available at most colleges and universities, and many now offer this degree as a distance learning option online.

Next, you must prepare for and sit for the Certified Public Accountant exam to become a CPA. There are also online prep courses available to help you easily pass your CPA exam.

Once you’ve earned your Bachelors in Accounting and passed the CPA exam, you can begin practicing as a Forensic Accountant. However, to have the best foothold in the field (as well as the best salary) you might also consider graduate school. A Masters Degree in Forensic Accounting is now available, both as a traditional Masters degree and also as a Masters of Business Administration with a focus in Forensic Accounting. Earning a graduate degree serves dual purposes-it further trains you for work in the field, and also helps to fulfill the continuing education requirements that are needed to maintain your CPA status.

You will find that additional coursework in areas like law enforcement and criminal justice is usually required, and some legal training is helpful. Additionally, you may want to pursue an accreditation as a certified fraud examiner (CFE) from the Association of Certified Fraud Examiners. This is a nationally recognized accreditation similar to the CPA designation.

Last but not least, you also may want to pursue the Certified Forensic Accountant (CrFA) accreditation. While this may seem on the surface like a slam-dunk, in actuality this is a fairly new certification and not every Forensic Accountant has it. As the industry continues to evolve, however, it may well become the standard.

Forensic Accountant Career Outlook and Salary

Forensic Accountants work in most major accounting firms and are needed for investigating mergers and acquisitions, and in tax investigations, economic crime investigations, all kinds of civil litigation support, specialized audits, and even in terrorist investigations. Forensic Accountants work throughout the business world, in public accounting, corporations, and in all branches of government. Forensic Accounting firms are everywhere.

If you do an Internet search, you’ll find article after article worrying that the demand for Forensic Accountants far outstrips the current supply. This translates into an anticipated growth in this field of nearly 25% over the next ten years! You would be hard pressed to find a more stable and in-demand career.

You will most likely start out earning between $30,000 and $40,000 a year, according the Bureau of Labor Statistics. But after just a few years of experience in the field, you can easily earn $70,000 to $80,000 a year. At the highest levels, particularly in the private sector, forensic accountants can command $125,000 to $150,000 annually.

Forensic accountants are professionals who use a unique blend of education and experience to apply accounting, auditing, and investigative skills to uncover truth, form legal opinions, and assist in investigations. If this sounds like you, consider a career in Forensic Accounting-you won’t regret it!

1. Talk to your accountant or a professional that you trust. Often times your accountant is aware of financial management software that is essential for your business and one which can provide the information you need managing your specific accounting needs as well as financial management of your business.

2. Your size of business in terms of your annual sales is something to consider. If your business sales are $100,000 a year, then your accounting software needs will be much different from that of a business which has net sales of $1 million annually. Considering the size of your business ensures that you don’t invest in a system that’s complicated and at the end of day doesn’t generate the simple information that you need for your organization.

3. Level of support – when purchasing software keep in mind that you’re going to need ongoing support after implementation. This is especially true if you’re running a one man shop and/or if you don’t have an IT person on your payroll. So be sure that any software you choose has ongoing support, also be aware of any additional costs for technical support such as hosting fees, etc.

4. Choose software that provides upgrades and patches for bugs that are discovered after you purchase the software. Be sure to inquire of any additional charges for upgrades.

5. Is the software you want to purchase compatible to other software being used in your business? Is it customizable for your business and allows for potential business growth?

6. Ease of use and reliability – It’s important for your accounting software to be reliable and easy to use. You want to be able to generate reports quickly and also want software that doesn’t require a degree in information technology just to be able to use it on a daily basis.