It’s estimated that up to 90% of white-collar crimes go unreported. This is because people are unaware of the signs of fraud and don’t know what to do if they suspect it.
And even if they report it, they cannot prove their case.
This is where a forensic accountant comes in handy. They can help you identify financial crimes, gather evidence, and build a case.
But you may wonder, what does a forensic accountant cost?
While forensic accountants can charge $150 per hour and more, the cost depends on several factors. Here are some factors that can affect the price.
Experience Level
The more experienced a forensic accountant is, the higher their hourly rate will be. This is because they have more knowledge and expertise in the field. They can also provide better results for your case.
The level of experience can vary from beginner to expert. So it’s important to find out what level they are at before hiring them. If you are looking for an experienced forensic accountant, contact Balanced Asset Solutions today.
Complexity of the Case
Forensic accounting services are called in to investigate financial irregularities, such as fraud, embezzlement, or money laundering. The more complex the case, the more time and effort are required to uncover the truth.
Complex cases may involve sifting through mountains of business finances, analyzing complex transactions, or even testifying in court. As a result, the cost of hiring a forensic accountant for such cases will be higher.
Location
Accounting options can vary significantly from one area to another. If you live in a large city, there may be more forensic accountants available to choose from.
However, if you live in a rural area or small town, your options are probably limited. This can affect the price you pay for forensic accounting services.
Timeframe
Forensic business accounting can be a time-consuming process. It can take months or even years to complete an investigation.
They may need to interview witnesses and review documents and financial records. They may also perform other tasks that require a significant amount of time.
The more complex your case is, the longer it will take for them to complete their work. And, the longer the investigation takes, the more it will cost you.
Billing
Before hiring an accountant, ask them how they bill their clients. Some forensic accountants will charge a flat fee for their services. Others may require you to pay them by the hour.
If you’re not sure how much time it will take for them to complete their work, ask for an estimate. This will give you an idea of what your total bill could be.
Forensic Accountant Cost: Create a Better Budget for These Services
What does a forensic accountant cost? The total cost of hiring a forensic accountant depends on several factors. By understanding these factors, find the right professional for your needs.
Remember, while cost is important, it should not be the sole factor in your decision-making process. Look for a forensic accountant with the best expertise and track record to ensure you get favorable results.
For more accounting tips and tricks, check out the latest articles on our blog!