Avoiding Financial Pitfalls: Lessons From a Forensic CPA Who’s Seen It All With Jeff Neumeister

Jeff Neumeister is the Managing Partner at Kelly+Partners Accountants Burbank, where he leads a team specializing in advisory services, forensic accounting, business valuations, and litigation support. With over 23 years of experience, Jeff has served clients ranging from startups to high-net-worth individuals and is a renowned speaker at conferences and events. His forensic expertise has helped uncover millions in hidden fraud and optimize financial operations for organizations across various industries. Jeff holds multiple professional certifications, including CPA, ABV, CITP, CFF, and CGMA. He is also a Partner at Crypto Tax International and contributes to academia as an adjunct professor and Chair of the accounting department at Woodbury University.

Here’s a glimpse of what you’ll learn:

[3:25] Jeff Neumeister’s journey from endurance athlete to entrepreneur
[7:15] Lessons from growing up in a military household and constantly relocating
[12:40] How distance running shaped Jeff’s mindset for business and resilience
[18:05] Why Jeff transitioned from forensic accounting to founding his firm
[24:10] Real estate client case study — using financial structuring to unlock profit
[33:30] Fraud in partnerships — uncovering $1M in personal misuse of business funds
[37:45] Jeff’s proudest professional moment: holding his ground during a brutal deposition

In this episode…

Navigating the financial complexities of entrepreneurship can feel overwhelming, especially when the risks of fraud, inefficient systems, or regulatory missteps loom large. Many business owners assume that hiring a CPA to file taxes is enough, only to realize too late that deeper financial blind spots were never addressed. How can entrepreneurs go beyond box-checking and truly safeguard and grow their businesses?

Jeff Neumeister, a forensic accountant and financial advisor, explains why entrepreneurs need more than surface-level accounting support to thrive. Drawing on over two decades of experience and a background in litigation and fraud investigation, Jeff shares how applying a forensic lens to everyday financial operations uncovers hidden inefficiencies and risks. He recounts real-world examples — including a multimillion-dollar fraud and a mismanaged PPP loan — to highlight the importance of having a proactive financial partner. In addition, Jeff emphasizes the value of proper documentation, financial oversight, and a willingness to seek outside expertise before problems arise.

In this episode of The Road Already Traveled, Rich Schuette interviews Jeff Neumeister, Managing Partner at Kelly+Partners Accountants Burbank, about redefining financial strategy for entrepreneurs. Jeff shares insights on applying forensic thinking to accounting, the pitfalls of ignoring expert advice, and how to build scalable systems. He also discusses partnership risks, client success stories, and the personal discipline that fuels his professional edge.

Resources mentioned in this episode:

Quotable Moments:

“It’s not the whole piece; there’s the personalities and the hopes, desires, and wishes of people.”
“There’s always something we’re missing; there’s always something more we could find right in an investigation.”
“I recognize I don’t know a lot of different things, so I consult other professionals.”
“Sometimes, making a payment a day earlier could be the difference of 100,000 [or a] couple of hundred thousand.”
“Trust but verify. That stuff happens all the time.”

Action Steps:

Conduct regular forensic reviews of your financials: This uncovers hidden inefficiencies, potential fraud, and missed profit opportunities before they escalate.
Document all major financial decisions and transactions: Proper records can protect your business during audits or legal scrutiny and show good-faith compliance.
Establish clear, detailed partnership agreements: Formalizing expectations and roles prevents costly disputes and broken trust between co-owners.
Consult experts early and often: Leaning on specialized professionals helps catch what you may not even know you’re missing.
Monitor your books beyond tax season: Ongoing oversight ensures you’re making smart, timely decisions, rather than reacting at year-end.

Sponsor for this episode…

This episode is sponsored by Avalan, a wealth management firm dedicated to personalized financial, business, and investment planning.

We work with select high-net-worth individuals, corporations, and trusts, providing guidance tailored to their unique needs.

From supercar entrepreneurs to music industry entrepreneurs, our team employs proven investment strategies to help them preserve wealth, protect assets, and plan charitable giving.

With an unwavering focus on world-class service, our relationships are built to last generations, helping clients achieve lifelong goals through a thoughtful, consultative approach.

To learn how Avalan can empower you to reach your goals, visit https://www.avalanwealth.com/contact/.