Professional practices such as law firms are just like any other businesses. It needs to be concerned about finances, cash flows, internal controls to ensure checks and balances, budgets and forecasts. They will certainly benefit from good organisation, detailed planning and forward looking plans. These are certainly critical success factors in new start-ups or smaller business outfits which often lack the requisite range of skills and expertise to look into each facet of running a practice or business.
The area of finance is a critical function in every business. A growing firm benefits from the expertise of a trained and experienced financial person to help them analyse their operations, track revenue and expenses, comply with statutory reporting requirements, compute its taxes, set financial targets, develop succession plans and look into ways to grow its business. Such expertise, however, often comes at what seems to be a high price to the growing enterprise. Often, the business may also not be ready for a full-time executive, operationally or financially.
PracticeForte brings this advantage to its member firms through its offer of Financial Advisory Services. The practitioner can feel assured that the financial health and well-being of his practice is taken care of professionally, on a continual basis, or periodically. He will be alerted in time to any financial hazards, develop plans to mitigate such risks, or alternatively, to any opportunities that he can tap to improve his profitability.
Our financial advisory operates as if we are the client’s CFO, providing an involvement in the operations to the extent that is comfortable for the practitioner. Our financial advisors may be engaged either on a permanent, periodic or ad-hoc basis to meet specific objectives.
The standard scope of services for a 6-month engagement includes:
- Monthly Financial Statements Review
- Financial Statement Analysis
- Cash Flow Management
- Business Planning
- Budget Preparation or Variance Analysis
- Tax Review
We are also able to strengthen clients’ operational and financial functions via other aspects of financial management, like:
- Cost Analysis
- Grant application
- Loans Management
- Loss Control
- Profitability Enhancement
- Review of Key Performance Indicators
- Tax Management
Other financial services we provide includes:
- Business valuations
- Due diligence
- Financial forensics as part of litigation support
PracticeForte Advisory Affiliates in Accounting
“In matrimonial cases, it is not uncommon that one spouse will hide assets from the other spouse, especially when the marriage is on the rocks. If this were a corporate or commercial case, that would likely have been classified as “cheating” and be deemed a criminal act.
Between a husband and wife however, the recourse for the party being deprived of these hidden assets is adverse inference.”
“While lawyers use words to paint the picture, accountants believe numbers tell the story. Whichever the case, to create positive change, the legal route need not have the negative effects most clients would come to expect.
By collaborating with a team of professionals comprising accountants, counsellors, lawyers and mediators, such as that assembled under PracticeForte Advisory, we can adopt TJ to steer parties towards healing and amicable settlement.”
In this episode, seasoned family lawyer Susan Tay interviews forensic accountant Wan Yew Fai from Strix Strategies Pte Ltd on how numbers tell a story and the process of investigating the onslaught of numerical information we have today. Listen to why a forensic accountant could be your 1stport of call, how a forensic accountant’s expert opinion could be the deciding factor in he said, she said disputes and the importance of collaboration between family lawyers and forensic accountants. With almost 30 years of experience, Yew Fai’s words of wisdom are not to be missed!