As businesses are growing, so is the transactional data that they are accumulating. In the absence of a streamlined oversight, the transactional data, along with other information can be easily formulated to cater malicious activities. Forensic accounting are the measures that are taken to deal with such matters. By keeping a hawk-eye on each and every transaction, the forensic accountants are able to sense any disruption in the linearity of transactions. In doing so, they can catch if something is wrong with the transactions and sooner than later, the fraudulent element is revealed.
That is but a small importance of forensic accounting. Manoj Pahwa and Associates have been in the field of forensic accounting for a while now. From tracking the transactions to giving you the full financial picture of your business, they can provide all those services to you.
Courtesy of them, through this blog, I shed a light on the importance of forensic accounting.
Importance of forensic accounting
Following are the many importance as to why Manoj Pahwa and Associates, a team of chartered accountants, consider forensic accounting to the most important aspect of business:
- Complex litigation procedures: When dealing with legal proceedings to deal with financial disputes, corporate lawyers, more often than not are not able to provide specialized attention to accounting. In this regard, a forensic accountant steps in to decipher the complicated financial issues and communicate them in a way which is understandable by both the lawyers and the client.
- Large government investigations: Forensic accounting is not limited to investigation into private limited company or a firm, it’s also important in government investigations. The forensic accountants can play a major role and following complex money trails that can span over several departments and individuals depending upon the scale of corruption. They can create a simple report highlighting the complexity and relay it to the concerned officials who can then use that information to put the department in focus.
- Risk management and prevention: The increase of complexity in large businesses and the government’s financial matters has made corporate and governmental bodies to gravitate towards forensic accountants. Through internal and external auditing, a forensic accountant can present these behemoth institutes a complete picture of their finances. And in doing so, provide risk management and prevention measures.
Conclusion
Forensic accountant is the most important tool to maintain and preserve the corporate structure of any entity. Whether it’s the government or the corporate, the small business or the large enterprise, or domestic or the international business entity, you cannot understate the importance of forensic accounting. For more information in this regard, feel free to contact Manoj Pahwa and Associates.
With the spike in the capabilities of RPA, robotic process automation companies are now offering to automate business processes in better manner and for more versatiles use cases in multiple industries like IT, banking & insurance, finance, and even healthcare and retail.
Workflow automation, which rose to popularity in the 1990s is certainly the forerunner of RPA in the sense that it was highly adopted by industrial setups to capture and translate certain fields like invoices, sales, emails, etc, to add to their databases and notifying the concerned departments/resources for further action.
Deloitte suggests that RPA is an amalgam of automation and AI: “Robotic Process Automation (RPA), a synonym to AI, is the application of technology allowing employees in a company to configure computer software or a ‘robot’ to reason, collect and extract knowledge, recognize patterns, learn and adapt to new situations or environments.”
The present wave of RPA solutions reflects a mature phase on both, the technology side, as well as in the business process aspect.
The market is on an rapid advance causing massive cost reduction, improved accuracy and efficiency, more regulated compliance, and ease of management.
In fact, the business process outsourcing sector is becoming highly dependent on RPA tools, so much so that customers would not have it otherwise.
