Forensic accounting is a special form of accounting centered on studying financial transactions and data. These investigations are typically performed to verify financial discrepancies and unveil fraud.

The accountants who carry out these activities possess the ability to recreate financial records and analyze financial data. This makes their services incredibly valuable to public adjusters.

Let’s look at some ways a Texas public adjuster can use forensic accounting services.

1. Documenting Financial Claims

A forensic accountant can help public adjusters by documenting financial information related to damage claims. These professionals can compile a list of expenses such as damages, replacement, and repairs. Public adjusters can then present this documentation when they reach out to the insurance company for negotiations.

2. Determining Financial Impacts

Public adjusters and forensic accountants can also determine the financial impact of a property damage incident by working together. They can go over invoices and other financial records. This enables them to estimate the value of the losses accurately.

3. Providing an Expert Testimony

Forensic accountants don’t just crunch numbers; they can also provide expert testimony if needed. For example, if a client’s claim reaches the legal proceedings stage, the accountant can be called upon to provide their testimony. They can then discuss what they have uncovered in their analyses.

4. Performing Business Valuations

Public adjusters may need to perform a business valuation when dealing with a property damage case that has impacted a business’s value. In this situation, they can turn to a forensic accountant for assistance. Forensic accountants understand the correct business valuation methods and can provide the public adjuster with an accurate figure.

5. Aiding in Disputes

Public adjusters occasionally deal with disputes between insurance companies and policyholders. In this situation, they can turn to forensic accounting in TX for aid. Forensic accountants can resolve such disputes by presenting the documentation they have compiled or by providing testimony.

This makes these professionals a valuable asset for any Texas public adjuster concerned about resolving a dispute.

Hire an Experienced Public Adjuster in Texas

As you can see, working with forensic accountants can make a Texas public adjuster’s job much easier. These professionals have played a key role in helping numerous clients win their claims, so it’s no surprise that many leading public adjusters, such as the ones at Morgan Elite Specialist Services, rely on forensic accounting services regularly.

If you need help with submitting an insurance claim, please reach out to us. We have been assisting Texans for many years and understand the challenges they face. Pursue your claim with confidence using our services.

Contact us today and book an appointment with one of our public adjusters.