More people hire a payroll service on a daily basis as it helps to save their businesses from ruin. However, what you might not be aware of is that fraud can be carried out against the business via the payroll. Payroll fraud is very much a danger every business faces and it’s not always easy to spot it or prevent it. For most business owners they don’t think about this as an issue within their business but it is very much a danger for most individuals today. So, how is payroll fraud carried out and how can you prevent it?
Extra Hours Added That Aren’t Actually Worked
How payroll fraud is committed is very simple; it can be the people in charge of the payroll who essentially add a few hours to an employee’s working hours on the payroll records. They can claim instead of forty hours worked in one week, they have worked an extra two or three hours. However, the extra money paid to those hours can go to the employee if they were involved in the fraud or go into the pocket of someone on the payroll team. Payroll outsourcing can be a great help to help prevent fraud but you can never be too sure who or how fraud will be carried out. Check out this article: https://www.pacificreefstores.com/payroll-outsourcing-solutions/
You Need To Conduct Regular, Weekly Checked On the Payroll Records
You might have a payroll service but that doesn’t mean to say there isn’t some type of fraud going on. It might not be on the part of the team but you never can tell. What you have to do is to conduct an inspection on a fairly regular basis so that you can prevent fraud being carried out. Remember, fraud can occur at the best and worst of times and if someone knows you are conducting regular, possibly weekly checks then you can potentially prevent fraud from occurring. It’s something you have to think about.
Have a Third-Party Payroll Team Look over the Records
It wouldn’t hurt to have an independent, third-part payroll team go over the records of the payroll. You might not think too much about this right now but it can be so important when it comes to keeping your payroll safe. Payroll fraud is very difficult at the best of times because you don’t often think it will happen in your business but it can happen at the least expected of times. You have to look at ways to prevent it and one such way would be to get a third-party payroll team to look at the records. This will ensure any fraud is picked up before it goes too far and it might also help prevent it too. To find out more, check out payrollserviceaustralia.com.au.
Kick Fraud Out
Fraud occurs at the worst possible times and it happens more often than you would think. However, it’s a problem you have to give a lot of thought over so that you don’t lose money. Businesses lose money all the time by having someone carry out payroll fraud against their company. It’s important to take steps to stop this and there are lots of simple ways to do that too. Looking at payroll outsourcing can be a good solution but it’s not the only thing that can prevent fraud from occurring. More details!