Services Provided by Beechnut Consulting
Beechnut Consulting specializes in auditing and investigative projects, using database technologies to answer complex questions about transactions. Our expertise in information technology and business enables attorneys, forensic accountants, and executive decision makers to have the important business information they need at their fingertips. We have successfully applied our skills and technology to the following applications:
• Recovery Auditing
• Contract Compliance
• Fraud Investigations
• Due Diligence
• Data Conversions
• Desktop Applications
• Sarbanes Oxley
A Recovery Audit is a review of expenses paid in certain areas such as Accounts Payable or Sales Taxes, with the objective of identifying overpayments made by the client. Examples of types of overpayments are duplicate payment of invoices, or paying sales tax on items that are not taxable in the context in which they buyer uses them.
Beechnut Consulting’s role in the Recovery Audit is to take data from a client’s accounting software system, and model that data to identify transactions where overpayment errors were made. An audit team then recovers overpaid funds from vendors or taxing authorities, using our analysis to expedite the process.
A key component in the audit process is to identify transactions which are not in accordance with terms of a contract. For instance, payments for healthcare services by an insurance company to a healthcare provider are negotiated in a contract. One of the terms may specify that for a certain type of surgical procedure, the insurance company will pay the provider $500. By analyzing the transactions, we can identify those procedures where the provider was not paid the contracted amount.
Beechnut Consulting has provided assistance and data analysis to support investigations of fraudulent transactions. By analyzing the data from a corporate accounting system, we can identify transactions which meet the criteria specified by the client.
When buying or selling a business, the seller will have to understand more about his financial information than he normally has at his fingertips, in order to determine the correct value of the company. Many financial systems provide basic reports which are useful in helping determine the value. But they often lack the reports or queries that can answer all the questions a buyer may ask, or that the parties must understand in order to properly evaluate the company.
Beechnut Consulting can help with the Due Diligence process by modeling data to look for those special situations not addressed by the built-in features of the accounting system.
A Data Conversion is the process of taking data that is in one form and replicating it in another form, that can be processed independently of the original data. Examples of data conversions projects are:
• Accounting System migration from one system or program to another
• Application data conversion to facilitate a corporate structural change, such as a merger
• Exporting data from one system to facilitate processing in a different software environment, such as from an enterprise accounting system to a special application
Beechnut Consulting develops desktop applications suitable for department or small business to use to manage its business. We have developed desktop applications for clients in various industries, including banks, industrial service companies, and accounting services firms. These clients use our applications on a daily basis to keep track of their customers, sales, work orders, deadlines, and vendor activities.
This landmark legislation, which requires executives of public companies to take responsibility for the information in their financial statements, has had a profound effect on the business landscape. One of the requirements of SOX is to identify and address weaknesses in their internal controls.
Many of our investigative and auditing projects generate benefits for companies interested in Sarbanes Oxley (SOX) compliance. Beechnut Consulting’s analytical expertise has helped companies identify weaknesses in internal controls such as accounts payable, payroll, or purchasing procedures. With the control weaknesses exposed, it is much easier to propose solutions to remedy them.