Services

Virtual CFO

Our virtual CFO service offers a tailored approach to your financial needs, providing comprehensive insights and strategic guidance that is responsive and reliable. Not all business require or can afford a full time CFO or FC but still need this guidance “on tap”, often to be the “adult” in the room to ensure your KPI’s are right and governance is being done correctly.

Startups

Having successfully created our own startups as well as advised on many others we have the expertise to assist you to create the roadmaps to ensure you have the right road map in place to efficiently grow your business.

Forensics

Do you ever feel your numbers are not quite adding up, or you have that gut feeling that something isn’t quite right? Then as with all things in life, trust your gut feeling, even if it is to get peace of mind. Having studied forensic accounting and even written a novel on the subject, we can take a closer look at your books and systems to see if in fact anything is not right.

Due Dilligence and Valuations

Looking at acquiring a new business or need a valuation, that is our speciality. Let us kick the tyres of the business or provide you with a valuation of your existing business so that you can conduct negotiations and not leave money on the table.

Business Intelligence & Data Insights

We are experts in Excel, Power BI nd AI. Our skills in data preparation, analysis and presentation can ensure you are getting the most out of your data.

Costings & Variance Analysis

When was the last time you updated your costings or analyzed your actual margins and breakeven point. Do you know your contribution margins, average costs, marginal costs, labour efficiencies, wastage statistics? All these things are key to making effective business decisions. These are practical KPIs we can put in place to ensure your business is as efficient as possible.

Staging Your Business

When it comes time to think about exiting your business, it will need to be staged in its best light, much like staging a home for sale. We can prepare a package that includes any or all of the following;

• Writing a brochure telling the story of your business and highlighting its growth
  
• Systemising any part of your business so that it appears less reliant on your input as an owner operator.
• Preparing a due dilligence report to ensure any issues that could reduce the sale price are identified and rectified
• Value the business
• Working with the business broker and potential purchasers to ensure the smooth transition of ownership.
  

We have expertise in the Microsoft tech stack and AI products

Our Week Long Intensive Review Engagement Programme

Title: The Importance of Regular Forensic Accounting Checks to Prevent Business Fraud

As a business owner, safeguarding your company from fraud is paramount. Fraud can take many forms, from ​misappropriation of funds to manipulating financial statements, and it often goes undetected until it's too late. One of ​the most effective ways to mitigate this risk is by conducting regular forensic accounting checks. These checks are ​essential for ensuring the accuracy of your financial records and can identify red flags that may indicate fraudulent ​activity.

Our week long engagement encompasses the following programme and produces a comprehensive report on the ​findings.

Here’s a breakdown of key forensic accounting tests that should be regularly undertaken and why they are crucial for ​your business:

1. Payables Statement Balances to Payments

- What it is: This check involves comparing your payable statement balances with the actual payments made.

- Why it matters: Discrepancies between these records could indicate unauthorized or inflated payments, signaling ​potential fraud.

2. Payables Bank Accounts to Actual Payment Advices

- What it is: This involves verifying that payments recorded in your payables bank accounts match the payment ​advices issued.

- Why it matters: Ensuring these match can prevent fraudulent diversion of funds, where payments are recorded but ​never actually sent to the intended recipient.

3. Payables Payments Made vs Payments Recorded on Creditors' Statements

- What it is: This test compares the payments your business has made with the payments recorded on your creditors’ ​statements.

- Why it matters: Mismatches here might indicate that payments have been manipulated, either inflated or fabricated, ​potentially hiding fraudulent transactions.

4. Bank Statement Payments

- What it is: This involves a thorough review of payments made through your bank accounts.

- Why it matters: Regularly auditing bank statement payments helps to ensure that all outgoing funds are legitimate ​and accounted for, reducing the risk of unauthorized transactions.

5. Receivable Credits Processed

- What it is: This check ensures that credits applied to receivables are valid and correctly processed.

- Why it matters: Invalid credits could be used to conceal theft or embezzlement, making it vital to verify that all credits ​are legitimate.

6. Inventory Adjustments

- What it is: This involves reviewing adjustments made to inventory records.

- Why it matters: Unauthorized inventory adjustments could be a way to hide theft of physical assets, making this an ​essential area to monitor.

7. General Ledger Journals

- What it is: Examining the entries in your general ledger for any unusual or suspicious activity.

- Why it matters: The general ledger is the backbone of your financial records. Irregular entries could indicate attempts ​to conceal fraud.

8. Fixed Asset Write-Offs and Existence Checks

- What it is: This check ensures that fixed asset write-offs are justified and that the assets still exist and are in use.

- Why it matters: Fraudulent write-offs can be used to cover up theft or the misappropriation of assets, making these ​checks critical to maintaining accurate asset records.

9. Payroll Bank Accounts vs Payable Bank Accounts

- What it is: Comparing payroll bank accounts with the accounts used to pay other liabilities.

- Why it matters: This ensures that payroll funds are not being misappropriated or diverted for unauthorized purposes.

10. Payroll Hours Paid

- What it is: Verifying that the hours paid match the hours worked as per timesheets.

- Why it matters: Overpayment or payment for non-existent hours is a common form of payroll fraud. This check helps ​to ensure payroll accuracy.

11. Companies Office Check of Staff vs Creditors

- What it is: Comparing your staff records with your creditor records to identify any unauthorized entities receiving ​payments.

- Why it matters: This helps to prevent fraud where non-existent or fake staff members are set up as creditors to siphon ​off funds.

The Case for Regular, Independent Audits

Even the most vigilant business owner can miss signs of fraud. This is why it’s critical to have these checks performed ​regularly and, ideally, by an independent forensic accounting expert. An independent expert brings a fresh, unbiased ​perspective and is trained to spot anomalies that might otherwise go unnoticed. Regular audits not only help in early ​detection of fraud but also act as a deterrent to those who might consider engaging in fraudulent activities.

In conclusion, by implementing these forensic accounting checks and ensuring they are conducted by an ​independent expert, you can significantly reduce the risk of fraud in your business, protecting your assets and ​maintaining the integrity of your financial records.

Cost of above 1 week programme - $6,250 +GST

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