- Hi, I am Jolene Visser. I have learned that it is not necessary that you need to know what you want right from the beginning.
- I discovered my love for Forensic Accounting much later. However, that did not stop me from succeeding.
- Initially, I worked in Forensic Accounting at PwC (South Africa) before finally starting my own Forensic Accounting Business – Prism Forensic Accounting.
- Here is my story.
At the crossroads regarding my career path
I was born in Bloemfontein in the Free State, South Africa. I have wonderful parents who raised me to have an entrepreneurial aptitude.
My parents owned a local shop for the surrounding farmers and their workers. If I wanted something in our shop, I had to buy it. I was taught from an early age – how to be financially savvy and understand business, self-employment, risk, and the like.
While growing up, I always dreamed about pursuing a career in Law. My interest in Law stemmed from a childhood interest in Criminology.
However, my parents wanted me to pursue a career in Accounting. Thankfully the University of Stellenbosch, South Africa was offering a combined course in Law and Accounting. My parents were happy and so was I!
I enrolled for a Bachelor in Accounting and Bachelor in Law (BAccLLB) for 5 years.
At the end of my fourth year, I was still dead set on wanting a career in Law, not Accounting.
Eventually, after studying both Law and Accounting, I was confused about the career path to take.
Realizing that ‘Forensic Accounting’ is my calling
To get some career guidance I approached the directors of both KPMG and PwC’s Forensic Departments.
Given the combination of degrees I was studying for (Accounting and Law), the directors of both firms advised me that a career in Forensic Services would be ideal.
Despite their advice to pursue a career in Forensic Services, I still approached several Law firms with the hope of securing a contract for my Law articles. They were all unsuccessful!
It has always been strange to me that, despite being awarded a partial bursary from a large commercial law firm based in Johannesburg, I could not secure a contract for my Law articles – not even with the firm that part-paid my studies!
One day while driving back to campus after yet another unsuccessful interview at a commercial law firm in Cape Town, I received a call from PwC. They were offering me a job opportunity as a Trainee Accountant.
I was beyond excited to have been offered a contract at PwC, especially after being unsuccessful at various law firms.
It made me realize that I should not force open a door that is meant to remain shut but rather seize the opportunity I had been offered.
I gladly accepted the contract at PwC.
PwC placed me in an enriching and engaging environment where I could learn a lot, and where I was coached and groomed to become the professional that I am today.
While working at PwC I decided to pursue Chartered Accountancy from SAICA.
It was here that I discovered that Forensic Accounting is the right career for me and Chartered Accountancy is the right qualification.
I spent a few months in PwC’s Forensic Department while doing my accounting articles, and I truly loved what I did there.
When my accounting articles came to an end, I applied for a permanent position in PwC’s Forensic Department.
I obtained my initial experience in Forensic Investigations, but after a few years, I moved to Forensic Accounting.
Forensics has taken me as far as Sierra Leone to investigate alleged irregular expenditure at a mining operation.
I’ve had the opportunity to work in the USA, as well as in several African countries.
International experience is worth its weight in gold, and it allows you to travel and experience the world while earning an income.
How I started my own Forensic Accounting business
After qualifying as a Chartered Accountant I continued working with PwC, South Africa.
However, I was looking for something different. I decided to leave PwC for a new career opportunity and joined a startup forensic accounting company based in Cape Town.
It was here that I gained valuable insights into getting a business up and running.
When the business was still in its early operational years, I acted as a General Manager. However, I found myself to be a jack of all trades, but a master of none.
At that point in my career, I wanted to focus on becoming A Forensic Accounting Expert, instead of juggling several roles as a general manager.
I resigned, unsure of what my next move would be.
The company I resigned from offered me a contract as their Head Forensic Accountant. It was the perfect offer, at the perfect timing. I worked with them on a contract basis.
It was the stepping stone I needed to get my own business started. And Prism Forensic Accounting was born.
From there, Prism has gone on to secure several contracts and now, 3 years later, my Forensic Accounting business is well established.
Prism works on a contract basis for other forensic firms, the State Attorney, and private individuals. This requires thorough planning in order to meet all deadlines and productivity demands.
In addition to servicing a broad range of clients (private individuals and companies, both in the public and private sectors), Prism is also involved in reaching out to students and providing career advice and insights about the role of Forensic Accountants.
In January 2019, Prism hosted a 2-week program, aimed at providing BAccLLB students exposure to various businesses in the fields of Accounting, Law, Forensic Accounting, and Wealth Management.
What are the benefits of running a business?
- The best thing about having my own business is the flexibility that comes with it. This flexibility ranges from how to approach investigations, and who to work with, to when and where to work from.
- I have also learned to manage my time exceptionally well. The contracts that we work on run for a couple of weeks at a time, which makes it better for me to manage my week ahead of time, as opposed to planning day-to-day.
- A lot of my time is spent planning to ensure all deadlines are met, as well as not having conflicts in my diary with regard to where I need to be and when.
“Do I have employees in my firm?”
I am yet to find the best time to appoint employees. I engage with subcontractors as and when needed. Using subcontractors has major advantages, but also several drawbacks.
Overall, taking this approach, I manage to provide work to other contractors, thereby increasing Prism’s productive capacity and granting access to a broader range of expertise.
Key to success in your own forensic accounting business?
Have a network that provides you with opportunities.
Keep an eye out for new opportunities.
Set yourself apart as a trusted professional.
Mistakes I made when starting my firm
First off, I would like to point out that mistakes are the best way to learn.
I have learned not to take any professional relationships for granted.
I have also learned that there are ‘many clients you do not want to have – as strange as it may sound.
When potential clients come around who want to take advantage, try to lowball you for quality work, or have suspicious or questionable motives and backgrounds, be sure to show them the door.
I have burned my fingers trying too hard to help individuals who simply do not comprehend the technicality and value of the expertise you offer. I ended up losing productive hours and closing engagements without having resolved the issue.
How important is Networking
- For people who want to start their own businesses, having a network of opportunities in place is crucial.
- There is a lot of work out there who elect to become a Forensic Practitioner.
- You need to start working on this network as early as you can. In fact, you start to establish a network as early as your first year at university.
- Not having this network makes it rather difficult to find work, but if you actively keep your eyes open to the needs of potential clients, you should be able to secure work.
To Conclude…
Life Can Take You By Suprise
- I would like to tell students and professionals out there to be open to the changes that life presents.
- You should be open to changes and take advantage of the opportunities coming your way.
- Also, it is not necessary that you need to know what you want right from the beginning. I discovered my love for Forensic Accounting much later. However, that did not stop me from succeeding.
Make Efforts To Find Out What You Want
- Do not beat yourself up if you are unsure or if things do not work out as planned.
- Instead – Research, speak to people, ask questions, and have an open mind – You will surely find your answers.
Find A Mentor
- As mentioned earlier, I was lucky to have been courageous enough to approach the Directors of Big Accounting Firms for their advice.
- I would suggest all of you – Have guides, or mentors, or connect to someone who can show you the path.
Advice to Firms Training Upcoming CAs
- Having been in forensics for several years now, I think it is important for auditing and accounting firms to emphasize basic methods and tips for articled clerks to identify potential fraud and financial irregularities.
- Very often, an article clerk is all too happy to find any kind of document to support a transaction, without having due regard to the nature and content of the document, and its consistency has given the bigger picture in which it is being audited.
- In 2017 and 2018, the South African corporate world was kicked in the face by several corporate scandals.
- To this end, Prism provides training to firms, thus providing a broad understanding of why these scandals occurred and discussing specific aspects to be mindful of when conducting financial reviews and audits.
Now It’s Your Turn
What do you think of a career in Forensic Accounting?
Do you have a Forensic Accounting Business?
Or do you have any questions for Jolene?
If you need any help in planning your career or have any questions I am happy to help. You can connect with me on LinkedIn at – Jolene Visser.
