When retaining a forensic accountant or a litigation support specialist, you probably have an unlimited amount of information that needs to be reviewed. Many times documents submitted to forensic experts are in complete disarray. Below are some tips to help you save money with your forensic accountant.
- Organization: It is extremely important to get your documents organized. Many forensic accountants end up spending hours organizing the records and information before they get to the point where they can start their analysis. If you have boxes of documents, create an index of what is in each box. If you have electronic files, make sure the folders and sub-folders are organized. This is an enormous money saver.
- Consistency: When you submit documents, make sure they are all in the same media format. For example, if you have printouts and electronic files, convert one or the other to get them in the same format. This will save your expert time in converting files. Also make sure you convert all files to the same type, for example, all documents should be PDFs. Remember, time equals money.
- Authenticity: Keep information in the original format and don’t redact full account numbers. If you are nervous about submitting documents with your account numbers, redact everything but the last four digits of the account number. Forensic accountants need to be able to tie and match documents to each other and redacting or “whiting out” information will only delay the process. Also, when submitting bank statements, be sure to include all pages of those statements. Eventually, the forensic accountant will ask for them.
These tips will help you save money with your expert and remember to organize!
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Veriti Consulting LLC provides various fraud and forensic accounting services for individuals and businesses across the United States. Veriti is also a licensed private investigation agency. If you would like to learn more about the various fraud and forensic accounting services we offer call 855.232.4410 or contact us via email.
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