Accounting
Fraud Prevention
Fraud Prevention and Internal Controls
Forensic Accounting and Fraud Prevention For Dentists
Redwood Accounting Group has been completing forensic investigations and internal audits of businesses, Dental practices and company departments for over 30 years.
Forensic Accounting
What can be more concerning for a Dentist than worrying whether fraud is taking place in their practice whilst they are busy helping their patients with their oral health. They know something is awry but do not know what to do. As Fraud prevention and Fraud investigation is not something Dentists are accustomed to completing, this detailed and intensive task can take a lot of time and energy distracting them from their day-to-day work.
Dental Practice owners and Dentists can achieve immediate relief by offloading this problem to Redwood Accounting Group. Our experienced and knowledgeable team will alleviate this concern from you and provide you with more peace of mind.
We will complete an internal investigation, this will take place without your employees or anyone else’s knowledge and is completed confidentially. As part of our investigation, we talk through with you how the fraud occurred and the internal action that needs to be taken and also the next legal steps if you wish to take this further.
Once completed we will make financial control recommendations which we can help you put in place to ensure fraud and losses are minimized in the future.
Fraud Prevention
Dentists who discover that fraud or theft has taken place within their practice are often left astounded and completely taken aback that this could have happened in their own business, involving hard-earned funds and sometimes by someone they have worked closely with and trusted.
But why does this happen? It often occurs in industries where the Owner or Dentist cannot be in more than one place at a time and does not always have full oversight of front desk operations, cash handling, dental products for resale, payroll, and billing. Dentists are focused on working with their patients, making it extremely difficult to also manage daily financial operations. The two responsibilities are challenging to do at the same time.
This is where we at Redwood Accounting Group can step in and help. While forensic accounting can identify losses and determine how fraud occurred, and in some cases identify who perpetrated it, this approach alone does not resolve or prevent the issue from happening again. Even when fraud is proven, the process can be expensive, time-consuming, emotionally distressing, and disruptive to day-to-day operations, and may not always result in the legal outcome a Dentist hopes for.
As Dentists and Doctors often say to their patients, “Prevention is better than cure.” We strongly believe this applies to financial management as well. Implementing strong financial controls is essential to minimizing the risk of fraud. We conduct a thorough review of your internal financial controls, assess potential risks, and recommend a clear course of action to reduce fraud or financial losses. We also guide you through documenting and implementing any new procedures arising from our recommendations.
Whether or not your practice has experienced fraud, theft, or financial losses, implementing robust financial controls and procedures is a valuable step toward protecting your practice and minimizing future risk.