Start A Forensic Accountancy Service - Business Ideas

Start A Forensic Accountancy Service - Business Ideas
Start A Forensic Accountancy Service

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.

Key Stats

market size
starting costs
gross margin
time to build
210 days

Startup Costs

Min Startup Costs Max Startup Costs
Office Space Expenses $0 $7,000
Employee & Freelancer Expenses $150 $250
Website Costs $223 $7,015
Business Formation Fees $600 $4,700
Software Expenses $162 $2,894
Advertising & Marketing Costs $0 $1,400
Total Startup Costs $1,135 $23,259

Successful Businesses

Business URL Rank
AICPA CPE & Learning Products #288,359
Wellpath #686,984
502 Bad Gateway #1,002,402
Bader Martin #1,031,461
Discover Accounting: Accounting Degree Education and Career Guide #1,054,727
Top Business Accounting Firm in Chicago #1,833,420
Forensic CPA Society #2,340,594
Madison Associates, Inc. #2,475,687
Lowers Forensics International #2,836,322
FSS #3,754,289
FRA #3,871,161

Pros & Cons

Pros Description
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!
Cons Description
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.

Pat Walls,  Founder of Starter Story
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