A forensic accounting service investigates fraud, bribery, money laundering, and embezzlement by analyzing financial records and transactions and tracing assets.
The demand for forensic accounting services is growing because of the tightening economic conditions and the increasing scrutiny of how companies are governed. Businesses and governments hire forensic accountants and auditors to help them in detecting and preventing or helping them take legal action against wrongdoing.
To become a forensic accountant, you must earn a master’s degree in an accredited accounting or financial program.
Starting a forensic accountancy service requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell forensic accountancy, or selling forensic accountancy online, you can use this page as a guide for everything you'll need to know.
|Min Startup Costs||Max Startup Costs|
|Office Space Expenses||$0||$7,000|
|Employee & Freelancer Expenses||$150||$250|
|Business Formation Fees||$600||$4,700|
|Advertising & Marketing Costs||$0||$1,400|
|Total Startup Costs||$1,135||$23,259|
|AICPA CPE & Learning Products||aicpastore.com||#288,359|
|502 Bad Gateway||mdd.com||#1,002,402|
|Discover Accounting: Accounting Degree Education and Career Guide||discoveraccounting.org||#1,054,727|
|Top Business Accounting Firm in Chicago||portebrown.com||#1,833,420|
|Forensic CPA Society||fcpas.org||#2,340,594|
|Madison Associates, Inc.||maiassistance.com||#2,475,687|
|Lowers Forensics International||lowersforensics.com||#2,836,322|
Pros & Cons
|Flexibility||You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.|
|Ability to start your business from home||It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!|
|Little startup costs required||The cost to start a forensic accountancy service costs significantly less money than most businesses, ranging anywhere from 62 to 23,259.|
|Rewarding work||Starting a forensic accountancy service can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.|
|Scalable||With businesses and processes changing daily, there will always be demand for new features, products and services for your business. Additionally, there are several different business models and pricing tiers you can implement that will allow you to reach all types of customers.|
|No overhead costs||To get your forensic accountancy service started, there are no costs associated with overhead, storage, packaging, etc. This will save you a lot of time and money!|
|Crowded Space||Competition is high when it comes to your forensic accountancy service, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.|
|Longer Sales Process||A forensic accountancy service can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.|
|Work can be inconsistent||As a forensic accountancy service, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.|
|Lack of benefits||With a forensic accountancy service, you are typically self-employed and responsible for finding your own insurance, which can be quite costly and time-consuming.|
|Isolation||Often times, as a forensic accountancy service, you typically work alone and do not have much face-to-face interaction with other team members.|
|Taxes||As a forensic accountancy service, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.|
Hey! 👋 I'm Pat Walls, the founder of Starter Story.
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