What Benefits Does Small Business Consulting Offer?

Small business consulting has come a long way in the past few decades. It has helped businesses (both small and large) add value to what they offer as entities. Organizations hire the services of management consultants for a number of reasons, including gaining external (and presumably objective) advice, access to the consultants’ specialized expertise, or simply as extra temporary help during a one-time project, where the hiring of more permanent employees is not required. In other words, when business owners lack the skills they need to take their businesses to the next level, they seek the assistance of a consultant.

A small business consultant may not get paid when the business owner does not see any significant improvement on his business. It is a ‘no win, no fee’ situation.

Small Business consulting offers the following advantages:

1. They help to define the business

They help to organise your vision and your goals in a more elaborate manner. They help you come up with an excellent business plan investors would want to look at.

2. They help grow your business with an effective marketing and sales plan

3. They help you to attract customers by formulating a cohesive and powerful Internet marketing and website design plan for your business

4. They help increase your business income and get things done

5. They help increase motivation, focus, clarity, success and balance. They also combine consulting and coaching programs to create the business of your dreams.

Business consulting has much more benefits than you can imagine. You may never know until you explore the opportunities.

Image Consultants – How to Look Younger With the Help of One

If you want to look youthful i.e. vital, positive, engaged and living in the present, an Image Consultant is a very useful person to have around. Why? Well, for a number of reasons.

Looking young is a positive attribute in a world which is youth obsessed. However, ‘young’ is a relative adjective. When you’re 18, someone who is 25 is old; when you’re 50, someone 25 is a child; and to an 80 year old, young is anybody not drawing a pension. Generally speaking however, being truly ‘young’ is a fleeting experience. Our real youth passes very quickly. In regards to our physical appearance, it’s the time when our skin is firm, our eyes and hair shine bright with natural colour and radiance, our posture is strong and straight and our face is unmarked by the lines and creases that will come with laughter, anxiety and tears. In terms of stereotypical thinking, youth is synonymous with energy, aspiration, ideas, spontaneity and the future. Age is associated with wisdom, experience, scepticism, entrenched practices and the past. Is it any wonder that many if not most of us aren’t keen on being perceived as ‘old’? So if you want to appear youthful and living in the present then an image consultant can help you.

What An Image Consultant Can Do For You

1. They are trained in Colour Analysis, a simple but enlightening process that determines the colours, contrast levels and textures that flatter you best. The right colours will ease the appearance of lines and wrinkles, even your skin tone and bring out the colour of your eyes and the highlights in your hair. These colours will imbue you with a healthy and youthful appearance.

2. They are experts in line and design. They understand the power of vertical, horizontal and circular influence. They assess your figure’s natural proportions and know how to create a more balanced silhouette for you. They will enable you to walk taller and slimmer.

3. An Image Consultant understands the power of stereotypes to create negative or positive impressions. Peter Pan collars, cardigans and pearls may look sweet on a 20 year old but when someone over 40 wears them, they ‘scream’ establishment’, maturity and common sense. Not necessarily bad things but together they create an impression of ‘age’. An image consultant can show you how to avoid the stereotypes that will unconsciously age you prematurely in the minds of others.

4. Being current in our dress is an important element in creating a youthful appearance. This does not mean ‘mutton dressed up as lamb’; nothing advertises your age more. However, embracing the current trends (as opposed to fads) is a great way to look youthful. Your Image Consultant can guide you towards discerning the trends that work positively for your appearance while eliminating those that do not.

An Image Consultant will help you look younger and feel fabulous. They will be an investment in your appearance, your self esteem, your present and your future

You’re Not Too Small For a Small Business Consultant’s Advice

Whether your company has 5, or 10 employees, or you’re a lone entrepreneur trying to make your business successful, it’s never too early to get professional advice. You’re never too small and it’s never too early to get assistance that could help you succeed. Whether you’re struggling in your early days or are ready to get started but want to hit the ground running, a professional consultant can help you. A lot of entrepreneurs are afraid to ask for help, though.

Control

Are you afraid of relinquishing control over your “baby” to someone else? You should be! Your dream of your own business probably means enough to you that you are going to guard your ability to protect that business very carefully. A consultant should collaborate rather than take over. Their input is just that — input. You don’t have to take every piece of advice you’re given and a skilled consultant won’t try to force your hand at something you’re uncomfortable with.

Timing

Timing, in a small business, is everything. Are you selling the right product, service, or solution? Do you have the right timing in terms of when and how to approach new customers? Have you gathered enough business intelligence to help you make wise decisions? A small business consultant’s expertise can help.

Getting Help vs. Going It Alone

Some feel they have enough time to do it alone. Some feel that they don’t have time but don’t have any choices as they can’t really afford to get any help. Investing in expert advice doesn’t have to break the bank and it can have a huge return on investment. Most small business consultants have more than one solution in terms of pricing so the cost could be a lot lower than you might expect. And more than that, it could help you advance rapidly so that you are earning a profit and are able to make further investments in your business. You can start small to help you take big leaps forward.

Getting the Right Advice

Not all consultants are equal and a new or small business owner needs to be vigilant about making the right investments and the right business decisions. Some entrepreneurs are concerned about investing in the wrong areas and listening to the wrong advice — which could be detrimental to a business. Instead of being afraid to get help, just do your due diligence to ensure that you find the right help. Most consultancy firms will offer a free initial consultation and if you’re not comfortable with every aspect of the discussion you have with them, shop around before making any investments or signing any contracts.

Big Market For Internet Marketing Consulting

For driven, self-motivated, creative people looking for a new opportunity to challenge themselves and make incredible profits, Internet marketing consulting is the new frontier.

Just about every business these days has a Web site or is in the process of getting one. Small business has realized that the Web offers unlimited opportunities for self-promotion and that it’s a cheaper and more effective method of getting their message out than traditional forms of advertising. The execution of Internet marketing has proven trickier than the theory for many of these businesses, and there’s a plethora of confusing, clunky and ineffective business Web sites out there.

What small business needs is small business Internet marketing consulting professionals who can help them set up reliable, dependable Web sites that are attractive and easy to use. They also need mentoring on how to effectively use Internet forums and social networking sites like Facebook and MySpace to push their message and get good word of Web going around about their goods and services.

A talented, disciplined individual could make substantial profits in helping these businesses take their online presence to the next level. And the good news is, that individual could be you.

Internet marketing consulting is largely uncharted territory at present. There’s no formal education or accreditation requirements to become a professional in IM consulting or small business marketing consulting. All you need is some solid writing skills, an understanding of marketing, some very basic Web design experience and the will and determination to secure clients and provide them with what you need.

One great thing about IM consulting is that if there’s a portion of a job you can’t do — let’s say that you’re a bang up writer, but you couldn’t do graphic design to save your life — you can easily outsource those duties to someone more skilled in those areas. Many consultants work in alliance with others to shore up their weak points and continue to offer clients what they need.

The best way to get into the game is to find a reputable mentor. There are quite a few experienced professionals in online marketing who have started businesses aimed at helping the next generation of marketing pros to get into the game. Once you find a likely prospect to be your internet marketing consulting mentor, check him or her out on Google to make sure they have good street cred. If they’re legit, sign on with them and get ready to start making money in one of the most exciting and promising new career fields.

Why Internet Marketing Consulting is Different

Many offline marketing consultants have tried and failed to transition to internet marketing consulting and the reason is simple.

Online is different

The strategies, techniques and tools needed to become a successful internet marketer are world’s away from those used by old-school marketers. And the target market is bigger, and often more complex. Where businesses pre-internet would target their town, state or country, now they are targeting the world.

Hard copy advertisements, brochures and direct snail mail are passe, whereas blogs, banners, auto-responders, SEO and Twittering are what’s needed by the internet marketer. The goal is to get a page one ranking in the search engines for your laser-targeted niche.

Everything is measurable

Internet marketing consulting professionals have an advantage over their offline forebears – just about everything online is measurable. You can track the effectiveness of articles, blog posts, videos, press releases. You can identify what country visitors to your site come from, how long they stay, which pages they visit and at what stage they eventually buy.

With such powerful data a business can identify their prospects and direct their marketing efforts to them.

Give them what they want

How hard has it been for marketers in the past to conduct surveys? Offline surveys have been traditionally been both cost and labor intensive, and slow. These days there is free software that enables you to survey your current and potential clients and identify their problems and what it is they need in order to solve them. All that remains is to create the solution to their problem and sell it to them.

Get online now!

Engaging a good internet marketing consulting professional to help implement these strategies is something every business, regardless of size, should do without delay. If your small business doesn’t have a website, then wake up to the twenty first century and get one. They are not expensive and can be managed for you by a consultant on a month to month basis. A one page website will not break your bank, but it will expand your customer base from your town, to the world!

Internet marketing consulting is a relatively new profession, and there are not many well qualified exponents. Of course there are technical people who can build a website for you, but that is not enough. Your site needs to be search engine optimized and have quality content that will aid its rankings.

Your consultant should be able to discuss the inclusions of images, video and audio – all of which make it interesting, not just to your visitors, but to the search engines as well. He or she should be able to manage the hosting of your site, and advise best on how to get traffic, set up sales pages and dominate any competitors.

Finding a quality internet marketing consulting professional to advise you could be one of the best business decisions you have every made.

Fire Consultant – Advice on How and When to Use a Fire Safety Consultant

The increased burden of responsibility placed on employers by recent legislation can leave many business owners feeling either unsure about what they need to do to comply with all the laws, or else unable to find the time to carry out all the duties that are required of them. One example of these duties is the need to carry out regular fire risk assessments. Under the Regulatory Reform (Fire Safety) Order 2005, the responsibility for ensuring workplace fire safety was placed firmly on the shoulders of UK employers. 

This law abolished the previous use of fire certificates, which were issued by the fire authorities following applications and inspections of premises. The only involvement of the fire authorities now is to check that every business has carried out a fire risk assessment on their premises, which they can do by asking to see a copy of your findings. The assessment procedure has to identify any potential risks to people in the building, and outline the steps which have been taken to minimise these risks. Any business employing five or more people has to record their findings too, so that the authorities can inspect it as proof that the employer complying with the law.

The law requires that whoever carries out the fire risk assessment for a premises must be a competent person, but does not specify what exactly this means. For small and straightforward businesses, it is perfectly possible for someone in the business to carry out the fire risk assessment by following guidance which is freely available online. However, even in this relatively straightforward situation, it can be difficult to find the staff resource to actually give this work the time it needs.

In larger and more complex premises, a greater degree of knowledge and experience is required, so it becomes more difficult to judge whether someone can be deemed to be competent or not. Part of the problem is that people are understandably not even aware of the things they do not know about. For example, if you could not tell the difference between an ordinary door and a fire resistant one, or if you could not tell heat detectors and smoke detectors apart, you may struggle to undertake an adequate assessment.

It is in circumstances such as these that many businesses turn to fire consultants for help and advice. This can take the form of getting a consultant to undertake the fire risk assessment directly, or providing training to you or your staff so that you can carry out your assessments in-house. For many companies, fire consultants are used to deliver and administer their entire fire safety requirement. This can include the fire risk assessment, creation and implementation of an emergency plan, leading practice evacuations, staff training and even equipment maintenance. It really depends on the needs and resources of the business and the complexity of the premises involved.

The best fire consultants tend to be ex fire authority personnel, who have years of first hand knowledge and experience and know exactly what the fire authorities require of business premises. There are many such companies operating around the UK, and the best way of finding the most reliable ones is through personal recommendation.

What Happens When Your Financial Consultant Quit?

This is worrying for some especially to those who had put his utmost trust in his consultant. To be honest, if you asked any consultant in the streets if he will stay in this industry for long, he will always say yes! Its like asking a restaurant owner whether his food is nice.

Well, lets be fair, nothing is guaranteed. Its the same as asking whether your the other half will love you forever. We are all human beings, there is also a chance that your consultant will be stricken down with illness and even death. Even if the consultant at that point of time is truly convicted to the loyalty of his financial company, that does not mean few years from then, things will not change. We will never know what the future hold for us, who knows maybe my business is so bad that I have to end up selling hot dogs instead.

As the wise says – The only constant is change. To quote the president of US: “Change, we will” and we always will, be it consciously or subconsciously. Thanks to this ever-growing economy, we find ourselves constantly adapting to the demands of this society (especially ours) and this process of adaptation often than not, entails change in us.

What happens when your financial consultant quit? Even for the most inevitable reasons, there is nothing to worry about. Really. First of all, the financial company will always still be there. What if the financial company bankrupts and close down? Think of this way, if an financial company was to fall one day, the rest of the other insurance companies or even the whole financial industry will fall because this is a collective economy. Remember, all financial companies are regulated by MAS, if MAS has no financial power to withstand a financial company to fall, MAS is most probably crippled already. If that happens, trust me, your insurance is the last thing you worry about :P

Just think of the each of the domino to be a financial company in Singapore and MAS is the platform where all these dominoes are standing on.

OK back to the topic, so what happens when your financial consultant quit? You know, there is nothing you can do. First of all, you don not even have to worry at all. As long as your financial company is still there, you are still insured, you still can claim, you can collect your money upon maturity, you still can collect your dividends, you still can collect your coupons, your policy is basically not affected at all. The only drawback is that if you need to enquire or do any claims, you have to do it without personal assistance.

First of all, you can always call the help desk though they may not be as efficient or even friendly (I’ve had a bad encounter with 1 financial company’s help desk, I’m declining to name the company though) But still no matter what, you can always head down to the office to make an enquiry, troublesome it may be, but hey at least its a guaranteed method! But wait a minute, now you have lesser to worry!

Most major financial companies even have online portals for you to login to see your own financial portfolio, its even faster to check it out yourself than to ask your consultant. If you think you’re not that IT-savvy which I highly doubt so, there is always phone calls and heading down the office which I’ve mentioned earlier.

So really, there is nothing to worry about with regards to servicing or claims. If you need new advise on your financial needs, there are like tonnes of people in city area doing roadshows you can approach. :P

What is truly more important is the advise your consultant give you at the point of time. Make sure you touch your heart and ask yourself if you can really trust him and feel that it is the best one he has given you. That is more important than whether he will stay in this industry for long, once you can do that, the rest is history.

Forensic Accounting – a New Paradigm For Niche Consulting

OBJECTIVES OF WRITING THIS ARTICLE: Forensic accounting(F.A.) has come into limelight due to rapid increase in financial frauds and white-collar crimes. But it is largely untrodden area in India.The integration of accounting, auditing and investigative skills creates the speciality know as F.A.The opportunities for the Forensic Accountants are growing fast;they are being engaged in public practice and are being employed by insurance companies, banks, police forces, government agencies etc.This article seeks to examine the meaning and nature, activities and services rendered, core knowledge and personal skills required for forensic accounting as a specialized field in accountancy profession. Indeed there is a future in F.A. as a separate niche consulting.

The lack of respect and belief in India’s law enforcement agencies and the rate at which white-collar crimes have increased has prompted the development of Forensic Accounting in India. The fraud detecting agencies seems to lack time and devotion needed for detecting and prevention of errors and fraud. According to a large global accounting firm, the market is sufficiently big enough to maintain an unit devoted entirely towards “forensic accounting”. Many large as well as small accounting firms as well as the tiny firms have inculcated or rather developed separate forensic accounting departments.

We were of the belief that detection and prevention of frauds or white-collar crimes is part of conventional accounting function. It was thought that the frauds, both internal as well as external has be to detected by the auditors through their periodic audit. Now it is crystal clear that auditors can only check for the compliance of a company’s books to generally accepted accounting principles, auditing standards and company policies. Hence the need was felt to detect the frauds in companies that are suspected to be engaged in fraudulent transactions. This field of accounting is known as “forensic accounting”.

The litmus test of investigation, first introduced by the ever great Sherlock-Homes(considered by many as the father of Forensic Accounting) is perhaps the first ever application of forensic accounting. Though, the contribution of the other few great historians to the field of forensic accounting cannot be overlooked. They used various tricks to investigate various crimes.

F.A. is a specialized a area of accounting practice that describes engagements which result from actual or anticipated disputes or litigation. The word “forensic” means “suitable for use in court”. The forensic accountants have to keep in mind this statement while they have to work or chalk out their programme. The F.A. work is tailor made according to the situation and need. The gathering of information and evidences is done according to the need and situation. We can say, it is customized according to the situation. The forensic-accountants give expert evidence at the ultimate trial. All the modern medium-sized as well as the large-sized accounting firms have specialized forensic accounting departments. Within these firms there may be specialized forensic accounting departments. Within these groups their may be further sub-specializations. Various sub-specializations include insurance claims, personal injury claims, fraud detection, construction or royalty audits. Nearly 40 percent of the top 100 US accounting firms are expanding their forensic and fraud services, according to Accounting Today. Now if we consider this data as significant then we can say that the total contribution of forensic accounting to the total revenue of the C.A. firms would be highly significant in the years to come. Under rising instances of frauds and litigation and flourishing businesses these services are considered to be very significant as they are rendered at a very competitive price.

The forensic accountants utilize the various information relating the business, utilizes financial reporting systems, various accounting and auditing standards and procedures, investigative techniques and litigation processes and procedure to perform their work. By acting as advisors to audit committees and assisting in investment analyst research, they are playing more “proactive” risk reduction roles.This is possible by designing and performing extended procedures as part of the statutory audit. The objectives of such an accounting include measurement of losses caused by an auditor due to his negligence, to look into the matter whether their has been any embezzlement of cash, the amount, necessity of criminal proceedings, computation of asset values in a divorced proceeding.

The primary approach technique of forensic accounting is explanatory analysis(cause and effect)of the phenomena-including the discovery of deception(if any), and its effects -introduced into an accounting system field. The primary methodology employed by the forensic accountants is the verification of the objective. They are trained to deal with real world business and do have the sufficient expertise to look beyond(behind) the numbers. The scope of the forensic accountants are growing at a rapid pace. The increase in their work opportunities have been accelerated due to the fall of the Enron corporation and the collapse of the American Twin Towers.

This has led to increase in the demand for American forensic accountants. So as far India is concerned, formation of Serious Fraud Investigation Office(SIFO) is a landmark creation so far as forensic accountants are concerned. Failure of regulators to track security scams, increasing cyber crimes, chain of cooperative banks bursting -all point to the ever increasing need for forensic accountants. Our understanding of the need for forensic accountants is immaterial here. In India due to the growing number of frauds the need for forensic accountants is ever increasing. The regulatory and administrative agencies will put pressure for greater demand of forensic practices. This has been initiated due to the changing nature of Indian and International accounting.Auditing and assurance standards also confirm this. A change in the curriculum can be initiated if the written exams and practical industrial training are boosted to show the “new knowledge base and skill-set” required by the professional accountants in the new era. It is therefore recommended that the “forensic accounting and auditing” be introduced as a paper in the various professional examinations conducted by the various accounting bodies in India. Unfortunately forensic accounting is largely an unexplored area as far as India is concerned. The chartered Accountants(CAs) deal with such cases in an irregular fashion. In the western counter-part(countries), the Lawyers, police, insurance companies, government and regulatory bodies, banks, courts and business communities are increasingly utilizing the services of the forensic accountants.The accountants and the auditors must have the skills and expertise to venture into the emerging field of forensic accounting.

What Is Forensic Accounting? The growing needs of corporations has changed the definition of forensic accounting. As per Bologna and Indquist, “the application of financial skills and an investigative mentality to unresolved issues, conducted within the context of rules of evidence.It is a new emerging field that encompasses financial expertise, fraud knowledge, and a sound knowledge and understanding of business reality and the working of the legal system.”It means that the forensic accounting should be skilled not only in financial accounting but also internal control systems, the legal matters, other institutional requirements, investigative blend of mind and interpersonal skills.

According to AICPA: “Forensic accounting is the application of accounting principles, theories, and discipline to facts or hypotheses at issues in a legal dispute and encompasses every branch of accounting knowledge: ‘ Similarly, forensic accounting is defined by Horty as:
“The science that deals with the relation and application of finance, accounting, tax and auditing knowledge to analyze, investigate, inquire, test and examine matters in civil law, criminal law and jurisprudence in an attempt to obtain the truth from which to render an expert opinion.”
In simple words, forensic accounting includes the use of accounting, auditing as well as investigative skills to assist in legal matters.It comprises of two major components: litigation services, that recognizes the role of an accountant as an expert consultant and investigative services, that uses a forensic accountant, s skills and may require possible court-room testimony.
Investigation of theft and defalcation of corporate and individual assets are part of legal matters.They use their education as well as experience to discuss the facts, patterns of the theft or misappropriation.Business accounting systems are reviewed by the forensic accountants.They suggest ways and means to solve and improve the internal control and internal accounting system.This is adopted to prevent theft and fraud. Because of their expert knowledge and educational background and experience their(forensic accountants) work is elevated to a new height.

Forensic accountants do not contest in cases.They act as fact finding devices, try trt to seek the real truth from the hidden facts.They conduct their work in an unbiased and objective manner.They need legal knowledge, expertise, training and experience to perform their work in an effective and real manner.Extensive knowledge in the field of commerce, legal, accounting as well an investigative blend of mind is needed to perform the work in a proper fashion.Expertise in litigation support and testimony in courts of law are also prerequisites of the forensic accountants.This is due to the fact that their work would many times be used in a court of law.The valuation of damages due to criminal and civil wrong-doings need to be done with perfection and for that reason knowledge of business valuation theory is the most essential.

What exactly do the Forensic Accountants perform? Answer: They are trained to deal with real life business situations and are trained to look beyond the numbers.
Analysis, interpretation and summarization of complex financial and business related issues are prominent characteristics of this accounting/auditing profession. Familiarity with legal concepts and procedures is a must.Insurance companies, public practice, banks, police forces and government agencies are major employers of forensic accountants.
The various field of work encompassing the arena of a forensic accountant can be stated in points format as follows:

1) Financial evidence investigation and analysis.
2) Development of computerized software to help in the analysis and presentation of financial evidence.
3) Sharing their findings in the form of reports, slide shows or exhibits and documents collected.
4) To support trial evidence they prepare visual slides, assist in legal proceedings, including testifying in courts as an expert witness.
If we want to say or rather point out the role performed by the forensic accountants in a nutshell, we can say as follows:

Measurement or to quantify the impact of lost earnings. Such as construction delays, stolen trade secrets, insurance disputes, damage/loss estimates, malpractice claims, employee theft, loss of profit, financial solvency reports, disturbance damages, loss of goodwill, compensation losses suffered in expropriation determination, assessment of the potential business compensation costs and providing consultation on business defalcation minimization. Lease default damages, breach of contract, business interruptions, breaches of shareholders and partnership agreements, reconstruction of accounting records,
Investigation of misappropriation, assistance in establishing ownership and division of assets, commercial damages, professional negligence cases, partnership disputes, expert evidence, fair value or fair market value and personal injury damages are included in commercial damages. Tax advocacy, compliance and review of financial statements, tax reporting and tax planning in such areas as income as estate matters are included in tax matters. Analysis, interpretation, summarization, presentation of complex financial and issues relating to the business for investigation is the role of a forensic accountant.
They carry out investigative accounting and provide litigation support.

The services rendered by the forensic accountants are in great demand in the following areas:

1) Fraud detection where employees commit Fraud:
Where the employee indulges in fraudulent activities:
Where the employees are caught to have committed fraud the forensic accountant tries to locate any assets created by them out of the funds defalcated, then try interrogate them and try to find out the hidden truth.

2)Criminal Investigation: Matters relating to financial implications the services of the forensic accountants are availed of. The report of the accountants are considered in preparing and presentation as evidence.

3) Outgoing Partner’s settlement:
If the outgoing partner is not happy about his settlement he can employ a forensic accountant who will correctly assess his dues(assets) as well as his liabilities correctly.
4)Cases relating to professional negligence:
Professional negligence cases are taken up by the forensic accountants.
Non-conformation to Generally Accepted Accounting Standards(GAAS) or non compliance to auditing practices or ethical codes of any profession they are needed to measure the loss due to such professional negligence or shortage in services.

5) Arbitration service: Forensic accountants render arbitration and mediation services for the business community, since they undergo special training in the area of alternative dispute resolution.

6) Facilitating settlement regarding motor vehicle accident: As the forensic accountant is well acquainted with intricacies of laws relating to motor vehicles, and other relevant laws in force, his services become indispensable in measuring economic loss when a vehicle meets with an accident.

7) Settlement of insurance claims: Insurance companies engage forensic accountants to have an accurate assessment of claims to be settled. Similarly, policyholders seek the help of a forensic accountant when they need to challenge the claim settlement as worked out by the insurance companies. A forensic accountant handles the claims relating to consequential loss policy, property loss due to various risks, fidelity insurance and other types of insurance claims.

8) Dispute settlement: Business firms engage forensic accountants to handle contract disputes, construction claims, product liability claims, infringement of patent and trade marks cases, liability arising from breach of contracts and so on.

9) Matrimonial dispute cases: Forensic accountants entertain cases pertaining to matrimonial disputes wherein their role is merely confined to tracing, locating and evaluating any form of asset involved.

Core Knowledge Of Forensic Accountants:
A forensic accountant is expected to be a specialist in accounting and financial systems. Yet, as companies continue to grow in size and complexity, uncovering fraud requires a forensic accountant to become proficient in an ever- increasing number of professional skills and competencies. Here are some of the broad areas of useful expertise for a forensic accountant:

” An in-depth knowledge of financial statements and the ability to critically analyse them. These skills help forensic accountants to uncover abnormal patterns in accounting information and recognise their source.
” A thorough understanding of fraud schemes, including but not limited to asset misappropriations, money laundering, bribery, and corruption.
” The ability to comprehend the internal control systems of corporations, and to set up a control system that assesses risks, achieves management objectives, informs employees of their control responsibilities, and monitors the quality of the programme so that corrections and changes can be made.
” Proficiency in computer and knowledge of network systems. These skills help forensic accountants to conduct investigations in the area of e-banking and computerised accounting systems.
” Knowledge of psychology in order to understand the impulses behind criminal behaviour and to set up fraud prevention programmes that motivate and encourage employees.
” Interpersonal and communication skills, which aid in disseminating information about the company’s ethical policies and help forensic accountants to conduct interviews and obtain crucially needed information.
” Thorough knowledge of company.s governance policies and the laws that regulate these policies.
” Command of criminal and civil law, as well as, of the legal system and court procedures.

Personal Skills Required:
So what does it take to become a forensic accountant? In addition to the specialised knowledge about the techniques of finding out the frauds, one needs patience and an analytical mindset. One has to look beyond the numbers and grasp the substance of the situation. There is a need for the same basic accounting skills that it takes to become a good auditor plus the ability to pay attention to the smallest detail, analyse data thoroughly, think creatively, possess common business sense, be proficient with a computer, and have excellent communication skills. A “sixth”sense that can be used to reconstruct details of past accounting transactions is also beneficial. A photographic memory helps when trying to visualise and reconstruct these past events. The forensic accountant also needs the ability to maintain his composure when detailing these events on the witness stand. Finally, a forensic accountant should be insensitive to personal attacks on his professional credibility. A fraud accountant (as forensic accountants are sometimes called) should also observe and listen carefully. By this, you can improve your ability to detect lies whether they involve fraud or not. This is so because”not all liars are fraudsters, but all fraudsters are liars”(Wells).

According to a forensic accounting expert, “the traits of a forensic accountant could be compared to a well-baked pizza. The base of forensic accounting is accounting knowledge. Size and the extent of baking decide the quality of the pizza. A middle layer is a dispersed knowledge of auditing, internal controls, risk assessment and fraud detection. It is like the spread of the cheese in pizza. The toppings of this pizza area basic understanding of the legal environment. The legal environment is essential in order to support the litigations. The cherry on the toppings of the pizza is a strong set of communication skills, both written and oral. It is just the beautification part. Perfect combination of the pizza base, cheese spread and good toppings makes the pizza delicious and the of company’s the laws that Forensic Auditor perfects. It is a combination that will be in demand for as long as human nature exists.”

In addition to these personal characteristics, accountants must meet several additional requirements to become successful forensic accountants, say a Certification, acknowledging his competence. One can learn forensic accounting by obtaining a diploma given by Association of Certified Fraud Examiners (ACFE) in the US. Indian chapter of ACFE offers the course based on the white-collared crimes prevalent in US, based on their laws. However, there is no formal body that provides formal education of the frauds in India. Besides the formal certificate, one can deepen one’s knowledge and sharpen one’s skills in forensic accounting by undergoing training under an experienced forensic accountant, participating in various international conferences, reading relevant journals, books and other literature on forensic accounting.

To combat the frauds effectively one needs the active support of government at every stage. There are three-four such agencies in India, which are dedicated to the mission of combating frauds. Serious Fraud Office looks into violations of Income Tax, FEMA, RBI Act, etc.; CBI (Economic Office Wing) deals with big financial frauds; Central Vigilance Commission deals with corruption. These are the major government agencies that combat frauds of different types. Unfortunately, there is no specialised education provided by any of the Universities in the country. Recently, TCS has also come out with software to combat money laundering and Subex Systems have designed software to combat the telecom frauds. Thus, combating the frauds with software has started picking up in India, with few big companies like ACL and IDEA, joining the race.

The Need For Niche Consulting:
The CPA Vision Statement states: “The CPAs are trusted professionals who enable people and organisations to shape their future. Combining insight with integrity, CPAs deliver value by: (a) communicating the total picture with clarity and objectivity, (b) translating corn plex information into critical knowledge, (c) anticipating and creating opportunities, and (d) developing pathways that transform vision into reality1 It reflects the trend towards providing a broader range of assurance services. However, recent corporate accounting scandals and the resultant outcry for transparency and honesty in reporting have given rise to two disparate yet logical outcomes. First, forensic accounting skills have become crucial in untangling the complicated accounting manoeuvres that have obfuscated financial statements. Second, public demand for change and subsequent regulatory action has transformed corporate governance. Increasingly, company officers and directors are under ethical and legal scrutiny. Both trends have the common goal of responsibly addressing investors’ concerns about the financial reporting system. Indeed, there is a future in forensic accounting as a separate”niche” consulting area in India. The need to specialise, otherwise known as Niche Consulting, is imperative to practising accountants because the fast-paced developments in business thereby demand specialised knowledge and skills. While a majority of CAs have excellent analytical skills, they need to acknowledge that ‘forensic’ services require ‘specialised’ training as well as real-life ‘practical’ corporate experience. There is a need for specialised information, not just audit and tax service. What clients seem to want are people with unique sets of skills and experiences. With the maturing of the audit business, and the rapid development of technology that makes existing services low cost and cheap, it appears that it is the right time now to acquire those unique skills. To help practitioners move into ‘niche’ consulting, some professional organisations in the US have concluded that: “Future success for the profession depends, in part, on how the public perceives the ability of CPAs. New efforts in consulting, specialisation and understanding global business practices and strategies are considered crucial. We go out into the niche market, examining our strengths first. We go where the action is, only then we know we can adequately service our clients and make money doing it.” One area where ‘niche’ consulting is becoming the global trend is in “Forensic Accounting and Auditing’ But the major question facing the Indian accountancy profession is: Are we ready to plunge to where the challenging action is?

Forensic Accounting In India:
It is in an infancy state in India.It is still an untrodden area in India.But due to ever increasing cases of bank & cyber-frauds its growing importance cannot be denied.
One immediate landmark creation is “Forensic Research Foundation”.They provide support for investigation of fraud.They publish one bi-monthly journal named as “White Crimes”.It relates to forensic and economic crimes. Another international organization named as KPNG has set up investigation detection centre in India.. Networks Limited, a Delhi based organization, working in the similar field, they are also trying to innovate ways and means to detect financial irregularities and crimes in India.Serious Investigation Fraud Offices(SIFO), has been established in India for the same reason, i.e. detection and prevention of economic irregularities and crimes. The need for such bodies and the importance of Forensic Accountants have been highlighted by L.N.Roy Committee.Lenin Parekh Committee has also expressed the view that one “fraud detection committee”need to be established. The main aim of such boards should be to prevent the interest of the stakeholders.

Conclusion:
Forensic accounting in India has come to limelight only recently due to rapid increase in white-collar crimes and the belief that our law enforcement agencies do not have sufficient expertise or the time needed to uncover frauds. A large global accounting firm believes the market is sufficiently large to support an independent unit devoted strictly to ‘forensic’ accounting. All of the larger accounting firms, as well as, many medium-sized and boutique firms have recently created forensic accounting departments.

Forensic accounting, in fact, integrates accounting, auditing, and investigative skills to conduct an examination into a company’s financial statements. Broad-based knowledge (within the themes listed above) is crucial to the success of entry-level forensic accountants. Because forensic accounting is relatively a new area of study, a series of working definitions and sharing of corporate experiences should be undertaken and encouraged to ensure a common understanding. Indeed, there is great future in forensic accounting as a separate”niche” consulting.

While the forensic accounting and auditing practice had commenced in the US as early as ’1995, the seed of this specialisation has yet to take off in India. Forensic accountants are only dealing with financial implications of the cases entrusted to them and not engaging in auditing exercise. On account of global competition, the accounting profession must convince the marketplace that it has the “best-equipped” professionals to perform such services.

Forensic accountants are also increasingly playing more ‘proactive’ risk reduction roles by designing and performing extended procedures as part of the statutory audit, acting as advisors to audit committees, and assisting in investment analyst research.

While majority of CAs have excellent analytical skills, they need to acknowledge that ‘forensic’ services require ‘specialised’ training as well as real-life ‘practical’ corporate experience.
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References: –
1)Journal Of Forensic Accounting: Editor-In Chief: Crumbley D. Larry, Publisher: Inc.Edwards. R.T.
2)Journal Of The Chartered Accountant 2007, Pages: 1000-1010.Dr. Madan Bhasin, The Author is Head, Accounting Department, Mazoon College, Muscat, Sultanate Of Oman.
3)Referential Notes Of Prof. Dutta Kr. Uttam, Reader Deaprtment Of Commerce, Reader, University Of Burdwan.
4)Website access: http://www.wikipedia.com, accessed on 4th, February, 2008.

Overwhelmed By the Thought of Remodeling? Hire a Renovation Consultant

It has been said that a home renovation can involve as many as 15,000 decisions. That is a daunting number, and many homeowners who intuitively understand this either refuse to do a needed renovation at all, or end up with a “nightmare contractor” story to tell at cocktail parties.

There is another option that is gaining popularity. It involves hiring a renovation consultant, also known as a remodeling coach. Unlike a general contractor, a renovation consultant acts as your agent, and is paid to look out for your interests.

Whether you are thinking about a total home renovation or a simple bathroom update the process can be a mystery: Do you start by calling a contractor? Or should you select a designer or architect first? Do I need a designer? Can I move a wall? Am I overbuilding for my neighborhood? All valid concerns. Renovation consultants are individuals or companies that guide homeowners through the renovation process from beginning to end.

While services vary depending on your needs, a renovation consultant can help you put together an action-plan that makes sense. This plan should include establishing a budget and developing a prioritized list of needs and wishes, and should help you understand what to expect before, during, and after, the renovation. If needed, the consultant can become part of your permanent renovation team to ensure that communication, quality, and scheduling are maintained. Acting as your agent on site, they are your eyes and ears while you continue to live your life.

Renovation consultants also can assist you in the purchase of a property. In some cases buying a “fixer-upper” is the best option for you. It may be that you are looking a specific location where there are few choices or your budget mandates that you buy a fixer. Whatever the case spending $400 to $700 before finalizing the purchase of a property can prevent surprises down the road. By carefully examine the layout, current condition and zoning limitations and then overlaying your needs and wants the consultant can advise you about the design potential and the functional limitations of the property.

While all renovation projects are unique this is a list of the most common items a good renovation consultant will help you with:

1. Assess existing conditions
2. Develop project scope
3. Complete a Move vs. Remodel analysis to help you determine if you should move or remodel
4. Value engineer the project; suggest alternate materials or design approach
5. Develop a realistic budget
6. Assist in choosing design professionals Material selection and specification
7. Produce the request for bid or proposal documents
8. Review bids/proposals Choose construction professionals
9. Recommend construction professionals

If needed they can also assist with:

1. Monitoring quality control
2. Managing the project schedule
3. Management of weekly project meetings
4. Monitoring payment schedule and payments
5. Meditation disputes
6. Management of punch list completion

Small Business Consultants – The New Era Begins

Ever since it’s inception, the Internet has been the most preferred option for marketing of products and services. And with Internet marketing, comes Internet Business consultants who can help in making your business thrive with their sound advice and their level of expertise. Unlike your regular run of the mill consultants, internet business consultants are known for their skills in marketing products and their service skills. Since the internet provides you with loads of online tools and marketing strategies, business people venturing into this foray take the help of these professionals. They help with selling, marketing and promoting your products and services online. These consultants can help you in lessening the burden of your work by helping you organize your work and developing your very own working system.

A consultant can help you increase your productivity and help you stress on your plus factors which would be in direct relation to the company’s success. They can help you negotiate the most cost effective computer maintenance and support agreements while helping you to generate income at the same time. Since they have been hired to increase productivity, they will personally review and evaluate the recommended improvements to your business. They are the ones who will openly tell you about the flaws and the vices in the running of your company. Since they are trained and educated in various marketing and business strategies, they have the upper hand of using big market strategies to help small businesses achieve their desired goals.

Some marked advantages that a business reaps by employing a business consultant are:

You have the ability of competing with larger companies that have an on-site support staff. One can improve and develop employee productivity by allotting one-time tasks to those who do not bear the responsibility of business operations. You can manage your time productively. You have the advantage of benefiting from the expertise of business specialists without the cost of adding extra staff

Since Business Consultants are always in a position to assess your current situation which includes competition, marketing and budget, you are always ahead of the game. What you may not see; the consultants can in the form of your company’s goals and personal objectives. And the plus point is that when they do their research pertaining to your objectives and other aspects, they come out with possible solutions and set them in course with the company’s goals. They do not believe in a very rigid program of operations and they find out alternative means of operation when the former does not work out.

Hiring Business Consultants is the most personal option a company can choose because they devote themselves to you and the flourishing of your operations. They are helpful in assimilating every aspect of your company’s marketing strategies and offer a complete array of consulting services which suits both the interests of your company as well as your budget. Instead of paying too much and at the end getting little or no results, you pay consultants just what you need and when you need it so it is a pocket friendly option too.

Raul Quiroga created the “Small Business Equalizer” a consultant company to help struggling small business owners in the Austin, Texas area. Small Business Equalizer is a lot more than just an Austin Search Engine Optimization Company. It uses unique specifically designed strategies for each individual business based on immediate and long term needs. The consultants at Small Business Equalizer help enhanced and aggressively promote the small businesses presence and brand on the web. Allowing local small businesses to flourish and compete successfully with much larger businesses by providing an advantage for their clients with the search engines.