South Loop CPA leverages its owners's Forensic Accounting experience to help buyers analyze the financials of the business they want to purchase.
Chicago, IL (PRWEB) August 26, 2013
South Loop CPA LLC, a CPA firm based in Chicago, has launched its new service offering to private equity firms and individuals that are looking to purchase small to medium size businesses. Individuals that purchase small businesses rely on the financials provided by the seller to determine the price they would pay for the business. As most small businesses do not have audited financial statements, the buyer has to rely on what the seller provides and what is stated on the business tax return.
South Loop CPA’s due diligence service offering helps buyers become more comfortable with the financials that the seller provides them. South Loop CPA has a 3 step approach to its due diligence service which include interviewing the seller, performing analytic tests on the financials and tracing transactions on the financial statements to supporting documents. South Loop CPA differentiates itself from other service providers by utilizing its forensic accounting experience to perform due diligence services.
According to South Loop CPA's founder, Gaurangkumar Patel, there are many ways that sellers can manipulate their financials, which may include inflating their revenue by creating bogus customers, or inflating inventory to demand a higher selling price. Individuals that are looking to purchase a business need to be aware of these risks and avoid overpaying for the business.
Gaurangkumar Patel, CPA/PFS, MSA, is a licensed Certified Public Accountant in Illinois. Prior to founding South Loop CPA, he worked in the Forensic Accounting department at KPMG and a middle market CPA firm, where he worked on a number of high profile accounting fraud investigations. He has also worked at Mercer Investment Consulting where he assisted institutional investors identify operational risks of hedge fund businesses. Gaurang has graduated from the prestigious London School of Economics in Accounting and Finance, and has a Master’s degree in Accounting from the University of Notre Dame.
South Loop CPA LLC is a boutique CPA firm that provides accountings and tax services to individuals and small businesses. To learn more about South Loop CPA’s service offerings, please visit http://www.southloopcpa.com/.