Expert Forensic Accountants Offer Services to Professionals
Business valuations, insurance claims, damage calculations and more
White collar professionals often require consulting, valuation, and forensic accounting services for business transactions and litigation. A retiring doctor might want to sell her practice. A law firm might want to make a partnership offer to a solo practitioner. An office fire might force a dentist to close up shop for a month or more. An accounting firm might face liability for a faulty audit. At North American Forensic Accounting PC, we provide consulting, valuation, and forensic accounting services that professionals require for business transactions and litigation. Our clients include architects, accountants, attorneys, bankers, brokers and financial advisors, engineers, and a wide range of healthcare providers. Drawing on decades of leadership in forensic accounting and investigations, we get to the truth behind the numbers. We perform thorough evaluations to present clear data so our clients can plan their business or legal strategy appropriately.
Business valuations for professional practices and partnerships
Professional practices take many forms—P.C., P.L.L.C., P.A., L.L.P.—depending on how the owners want to handle matters such as revenue, taxation, and liability. Yet, each is a business, which could need a thorough report of its value for a number of reasons:
- Buyout of an owner
- Sale
- Merger
- Tax planning
- Shareholder disputes
- Divorce
Our NAFA team has decades of experience performing business valuations for professional corporations and partnerships. We measure value using a number of accepted methods, including market capitalization, revenue, and discounted cash flow. We also generate reliable quality of earnings reports to assess an organizations core business earnings and provide a deeper understanding of operational performance.
Assistance with business interruption insurance claims
If your professional practice must suspend operations due to an insurable event, such as a fire or flood, NAFA can help prepare your business interruption claim. Our forensic accountants review business records and extract the necessary data to calculate lost profits. By submitting a detailed claim supported by pertinent documentation, we can facilitate approval of your claim, saving you time, money, and frustration. We also assist insurance adjusters and companies in reviewing business interruption claims from professional practices.
Reliable damages calculations for professional liability and breach of contract cases
NAFA provides a range of litigation support services for professionals, their firms, their attorneys, and their insurers. In the area of professional liability, we have experience analyzing allegations of negligence by accountants and auditors and quantifying related damages. As certified experts in accounting and auditing, our NAFA leaders have the knowledge to evaluate the application of professional standards of accountants and auditors to determine if a failure occurred. We can also provide an assessment of the damages stemming from the failure to follow the relevant professional standards.
When it comes to malpractice in other professions, we do not assess whether negligence occurred, but we can calculate economic damages. For example, in medical malpractice cases, we can calculate economic damages, including projections of future economic losses, as we would with any personal injury or wrongful death case.
White collar professionals can also find themselves embroiled in breach of contract lawsuits. We apply forensic accounting techniques to determine the extent of economic damages the alleged breach has caused.
In all such cases, NAFA works with plaintiff or defense attorneys to provide reliable financial data to inform their litigation strategy. We stand behind our work, and often appear as expert witnesses to explain in clear, succinct terms the financial aspects of the case.
Contact North American Forensic Accounting PC for assistance with your professional practice
North American Forensic Accounting PC provides a wide variety of services for white collar professionals and their firms. NAFA serves clients from offices throughout the United States, including in Philadelphia, Pittsburgh, New York City, Atlanta, Charlotte, Miami, and the Tampa Bay Area. To learn more, call us at 347-286-4860 or contact one of our offices online to schedule an appointment.