Which Internal Controls Are Most Important for My Company?
“With over three decades of experience as an award winning CPA firm, we work hard to “think outside the box” focusing on strategic as well as short term issues concurrently. As a Gwinnett CPA firm located conveniently in Duluth we take time energy and effort to make sure we offer financial insight and wisdom on business and tax issues you did not know even existed. Our keep it simple style will help you understand complex business and tax issues so that you are most able to make wise and informed business decisions.”
— John Dillard CPA, President
Business Interruption
Businesses can buy insurance coverage to make them whole in the event of a fire, flood, or other insured calamity. Care should be made when purchasing this coverage to ensure that the policy covers all the potential concerns that an owner has. In the event of a claim, the insured notifies the carrier that a loss has occurred. Careful analysis and insight is brought to bear to evaluate the financial results both before and after a loss separating cost from what are recurring in nature/cannot be avoided from those which are non-repetitive and can be avoided should a stoppage of the business should occur. A claim will generally cover the amount of the lost profits and monies to cover the continuing fixed expenses.
Insurance Claims: Theft & Forgery
Often a forensic accountant is the one best armed to both detect and detail losses of cash, equipment, and inventory due to their specific training. A CPA equipped with the requisite knowledge and astute ability to read and understand financial statements, ratios, trends, a general understanding of the legal system, and an ability to understand and verify the validity of invoices, checks, statements, contracts, and purchase orders is well poised to assist in determining if an unauthorized/unlawful use of business assets has occurred. Once detected, a forensic accountant then sets about to clearly document and detail the amount of the loss for insurance, collection, and legal issues.
Litigation Support
Often in resolving disputes whether through arbitration or litigation a forensic accountant/CPA is on the front lines of determining the true amount of a loss. Forced to listen to both sides but to address only the truth, such an accountant needs to have a tough skin and solid track record to discover and discern the truth. It is indeed often the counsel and testimony of this trusted adviser on which a disputed settlement will be resolved. Often serving as an expert witness in a trial, a forensic accountant strives to clearly present facts to the judge and jury for their review and evaluation.
When you have a loss you will want to be sure that you are well protected and represented to ensure that you receive the compensation that you deserve. We have worked with insurance companies and business owners alike in discovering the just and true amount of a claim. Call today to ensure that you are justly paid for your loss.