Talking Cents

Forensic Accounting 101

Have you ever wanted to become one of the world's greatest detectives, but you find the idea of working with accounting too enthralling to spend your life doing anything else? Luckily for you, there is a field of accounting that might be able to give you everything you want - forensic accounting. Today, we're going to fill you in on exactly what that field of accounting is, and what a job in it might look like.

Okay, So Maybe It's Not That Exciting
Admittedly, taking a job in forensic accounting isn't going to make you some sort of international superspy, and you might not even end up working on anything vaguely related to crime, but that doesn't mean the career isn't entirely rewarding in its own right.
Generally speaking, forensic accountants simply work to collect, recover, or reconstruct financial data that is either hard or entirely impossible to otherwise obtain. This can mean piecing together bank records, tracking down erroneous items from a tax return, or tracing laundered money through a complex web of transactions. With a field as broad as this, you have a wealth of options to choose from.

Who Pays For This Sort Of Work?
Sometimes, this work gets carried out by private firms. Entities such as insurance agents will have a vested interest in ensuring the integrity of their clients, and that may require some forensic accounting to achieve. However, federal agencies will also need this work completed, and it isn't unheard of to be hired by tax offices and law enforcement to ensure the general public is acting in compliance with the law. Realistically, if this is a field you're interested in, only you will know what sort of job is right for you, because there are simply too many possible outcomes to make any sort of educated suggestion.

When You're Enforcing The Law, It Doesn't Hurt To Know It
With all of that in mind, you might need a little more than a bachelors degree in accounting to break into this field of work. For any sort of federal agency, a background in legal work can be incredibly helpful, and will put you ahead of every other equivalent candidate. Outside of that, the only other skills you'll need, realistically, are your accounting talents, and the ability to effectively manage interpersonal relationships. If you've got that all locked down, you're in a fantastic position to make the switch to a career that you might consider to be more challenging.

A Little Advice Never Hurt
M.A.S Partners are the best small business accountants in Sydney, and we're more than happy to help. To speak with our team of business accountants about what we can do for you, call us on (02) 9211 5000.