1: What is forensics accounting and why is it important to companies?
I help companies know the story behind financial information. Essentially, I tell my clients where money came from and where money went. Most of my business clients have noticed anomalies in their financial information. Such anomalies could include unexplained difficulties with cash flow; losses in inventory; or delinquent payments from customers. In order to correct a problem, a business needs to identify the problem. For these clients, forensic accounting methods help identify either financial mismanagement, high risk areas, or in some cases, fraud. Once identified and quantified, if needed, plans can be implemented to improve the situation.
2: What led you to start up Workman Forensics?
I’ve always been intrigued by entrepreneurs and the ability to identify areas in the market currently underserved. I coupled that interest with my own unique skills and background in white collar crime investigation with the FBI and an accounting education. Since starting Workman Forensics, I have realized I’m more of an entrepreneur at heart than I first thought and have since created extensions of Workman Forensics including a service to assist professionals who desire to learn more about embezzlement investigations (embezzlementinvestigation.com) and a fraud reporting hotline (reportfraudok.com).
3: Your company website calls you a modern day Sherlock Holmes. Are you a fan of the current takes on the classic detective?
From CBS’ “Elementary” to the BBC’s “Sherlock,” I am a loyal fan of the new television series and movies. What I love about the character Sherlock Holmes is his attention to details especially that which lies in data.
Financial data reveals much of the story in an investigation. I strive to analyze data, uncover the story, and interpret the findings as clearly and succinctly as possible for my clients.
4; You spent some time working for the FBI, too? What’s the biggest case you help to crack?
While at the FBI, I learned how to “trace” money where did money come from and where did it go. This skill has help me most often in embezzlement cases. One of the largest cases at Workman Forensics involved an embezzlement from a nonprofit exceeding $1 million. Funds were traced through the financial records showing that money was misappropriated from the organization and used to pay gambling debts.
5; You won the Pinnacle Award from Mayor Dewey Bartlett’s Commission. Where do you see women making the biggest inroads in business today?
Women business owners are branching out into markets and industries of all kinds.
Some of my closest confidants are women business owners who are professionals, product innovators, serial entrepreneurs, franchisees and franchisors. These women grow businesses in industrial, construction, manufacturing, professional, or technical industries with operations across the nation and overseas.
Women are findings needs in the market, creating solutions, and branding expertise through intentional and world-impacting entrepreneurship.
By Rod Walton