Sign up to save your podcasts
Or
Share Off-Balance Sheet Sh*T - The Art of Forensic Bookkeeping
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
Off-Balance Sheet Sh*T - The Art of Forensic Bookkeeping
In this episode, I take you behind the scenes of a real forensic accounting case, exposing how missing transactions, off-balance-sheet items, and unreconciled accounts can wreak havoc on financial records. What started as an $80,000 discrepancy quickly unraveled into a series of misallocated funds, intercompany transfers gone wrong, and years of neglected bank reconciliations.
I walk through my forensic process—how I track down financial discrepancies, uncover hidden transactions, and pinpoint exactly where errors begin. Along the way, I debunk the myth that QuickBooks’ green checkmarks mean everything is accurate (spoiler alert: they don’t) and explain why cash is always king in accounting.
Key Takeaways:
✅ Off-Balance-Sheet Items Exist – Just because a transaction isn’t recorded properly doesn’t mean it didn’t happen. If you’re not tracking intercompany transfers and loan transactions correctly, you’re missing critical financial data.
✅ QuickBooks Isn’t Magic – Automated software makes life easier, but it won’t fix user errors or catch missing transactions. If you don’t reconcile, your books are wrong. Period.
✅ Bank Reconciliations Are Non-Negotiable – If you’re running a business and not reconciling your accounts regularly, you’re playing financial Russian roulette. A simple mistake can cost thousands—or worse, put your business in jeopardy.
✅ Forensic Accounting is Like Solving a Mystery – Finding financial discrepancies isn’t just about numbers—it’s about patterns, behaviors, and knowing where to look when things don’t add up.
Want to avoid these accounting nightmares? Listen to this episode and learn how to spot financial red flags before they cost you. Then head over to LearnWTF.com for expert insights, toolkits, and courses that will help you master your finances and avoid these costly mistakes!
Whether you’re a business owner, bookkeeper, or just someone trying to understand the complexities of financial statements, this episode offers practical insights into how financial mistakes happen and how to find (and fix) them before they become a crisis.
Listen along with your friendly neighborhood CPA, Katrina Keller, CPA, CFF, CFE, MST (PhD coming soon guys)!
View all episodes
By Katrina Keller, CPA, CFF, CFE, MST...PhD*coming soon!In this episode, I take you behind the scenes of a real forensic accounting case, exposing how missing transactions, off-balance-sheet items, and unreconciled accounts can wreak havoc on financial records. What started as an $80,000 discrepancy quickly unraveled into a series of misallocated funds, intercompany transfers gone wrong, and years of neglected bank reconciliations.
I walk through my forensic process—how I track down financial discrepancies, uncover hidden transactions, and pinpoint exactly where errors begin. Along the way, I debunk the myth that QuickBooks’ green checkmarks mean everything is accurate (spoiler alert: they don’t) and explain why cash is always king in accounting.
Key Takeaways:
✅ Off-Balance-Sheet Items Exist – Just because a transaction isn’t recorded properly doesn’t mean it didn’t happen. If you’re not tracking intercompany transfers and loan transactions correctly, you’re missing critical financial data.
✅ QuickBooks Isn’t Magic – Automated software makes life easier, but it won’t fix user errors or catch missing transactions. If you don’t reconcile, your books are wrong. Period.
✅ Bank Reconciliations Are Non-Negotiable – If you’re running a business and not reconciling your accounts regularly, you’re playing financial Russian roulette. A simple mistake can cost thousands—or worse, put your business in jeopardy.
✅ Forensic Accounting is Like Solving a Mystery – Finding financial discrepancies isn’t just about numbers—it’s about patterns, behaviors, and knowing where to look when things don’t add up.
Want to avoid these accounting nightmares? Listen to this episode and learn how to spot financial red flags before they cost you. Then head over to LearnWTF.com for expert insights, toolkits, and courses that will help you master your finances and avoid these costly mistakes!
Whether you’re a business owner, bookkeeper, or just someone trying to understand the complexities of financial statements, this episode offers practical insights into how financial mistakes happen and how to find (and fix) them before they become a crisis.
Listen along with your friendly neighborhood CPA, Katrina Keller, CPA, CFF, CFE, MST (PhD coming soon guys)!