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Expert Accounting Advice

Archives September 2023

Expert Accounting Advice

Expert Accounting Advice

Expert accounting advice helps lawyers and judges understand complex financial matters in legal cases. These experts are valuable because they can translate complicated financial reports and concepts into language that is easier for judges and juries to comprehend.

Forensic accounting, damages, loss of earnings, reasonable royalty, business valuation, intellectual property, wrongful termination and fraud.

Payroll & Tax Accounting

Accounting can be complex, especially when you factor in tax laws that change on a regular basis. Having an expert accountant on your team is the best way to keep up with the latest requirements and ensure compliance. A good accountant can also help you make your business more profitable by guiding it in the right direction.

While a CPA certification is a plus, it’s not necessary for all accounting experts. According to Mark Gottlieb of MSG, a New York-based forensic accounting, business valuation and litigation support firm, “a CPA is a minimum requirement but the expertise and experience an expert brings to the table are more important.”

Accounting experts can help you distill financial concepts and evidence into a form that’s easier for judges, lawyers and jury members to understand. They can also provide credibility to a case by projecting an air of professionalism and ethical responsibility. In addition, an experienced accountant can help you reduce the risk of audits and other compliance issues by ensuring accurate records and documentation. By following these procedures, you can avoid paying unnecessary fines and penalties. This can save you time, money and headaches in the long run. You can find expert advice and information on a wide variety of topics by reading accounting blogs.

Bookkeeping & Accounting Services

Accounting is the backbone of any business. It is a crucial part of your company’s financial health and it is imperative that it is done correctly to avoid costly mistakes and penalties. It is no surprise that a large number of businesses hire an accountant for help with their bookkeeping, accounting, and tax services. It is a small business’s version of getting a specialized contractor to fix their roof rather than trying to do it themselves.

A qualified accounting expert can help to reduce your firm’s risk of a audit or IRS investigation and ensure that your books are accurate, up-to-date and organized. They can also provide you with invaluable insights into your business’s financial status and assist you in improving your company’s overall cash flow. The best accounting experts have a diverse background that includes both corporate and forensic accounting and are experienced in providing litigation support. The cost of an accounting expert varies depending on their level of experience, but it is important to find one that has a reasonable price tag and is easy to work with.

Expert accounting services allow your business to focus on what it does best while outsourcing the tasks that are not as crucial. They can help your business grow by taking care of the complex bookkeeping and accounting tasks that keep your company running smoothly. Outsourcing these tasks can free up your team’s time for projects that directly impact revenue growth.

There are many online bookkeeping and accounting services, but not all of them are created equal. Some of these companies offer monthly packages with fixed pricing and on-demand expertise as needed. Others offer hourly service for clients who only need occasional support. For example, Bookkeeper360 offers monthly accounting and bookkeeping packages with a full suite of additional features such as monthly reconciliations delivered to your inbox, quarterly reports delivered to your door and real-time transaction categorization and analysis.

Another option for firms is to partner with an independent CPA that offers a wide range of accounting and consulting services. This type of firm can handle everything from reducing your personal and corporate taxes to helping you prepare for an IRS audit. They can even handle your company’s payroll, which will save you money in the long run by reducing your employee costs.

Business Consulting

As a business consultant, you can offer a variety of valuable services and advice. For example, you can help real estate investors, savvy entrepreneurs and solopreneurs in the Manhattan and Queens areas find and maintain their wealth through their accounting processes. You can also advise them on the best ways to structure their assets and minimize taxes. If you have extensive hands-on experience and can offer expert advice in a wide variety of topics, you can be in high demand.

When selecting the right consultant, look for a person with an impressive resume that includes hands-on experience in top-performing accounting and finance organizations. Check that their references are excellent and verifiable, meet with them to clearly outline your pain points and expectations, and see if you’re comfortable with their style and personality. Once you’ve hired a trusted business consulting professional, treat their feedback as constructive criticism and always be open to new ideas.

Litigation Support

Legal proceedings can be challenging, expensive and complex, particularly when financial issues are involved. Whether your business is the plaintiff or defendant in a lawsuit, arbitration or mediation, the services of a professional accountant can make all the difference in the outcome of your case. Our team of litigation support specialists have the experience and service agility to help clients navigate these complex matters.

Whether you’re an attorney or a business owner, we can provide the expert accounting and forensic services needed for a strong case. We’re trained to review, analyze and prepare a wide variety of financial documents, including income tax returns, financial statements and balance sheets. We’re also experienced in preparing specialized reports and in the preparation of expert witness testimony.

In the field of litigation support, we work in a variety of cases involving personal injury, contract disputes, family and matrimonial law, business damages and lost profits, class action claims, criminal charges, and more. Our goal is to assist attorneys in developing a stronger position regarding damage claims and to reduce the overall cost of a case by providing a thorough, clear and concise analysis of the financial data in a way that’s easy for judges and juries to understand.

To accomplish this, we start by reviewing the original complaint and any amended or supplemental complaints filed by the plaintiff. We also obtain copies of the defendant’s answer and all depositions. We then review the plaintiff’s financial documents including the report prepared by their financial expert witness. In addition, we look for errors in the expert’s calculations. For example, if the plaintiff is claiming lost profits, we verify that they used actual profits immediately prior to the damaging event as their starting point. And if they are claiming a loss of a customer, we ensure that the experts did not use “lost gross sales” as their damage base rather than “lost net profits,” which would greatly inflate the damages claim.

Litigation support is a fascinating area of practice for CPAs, who can make a real difference in the success or failure of a case. In fact, a successful career in this specialty can offer high income potential and the satisfaction of helping people through difficult times.