Many companies around the world are facing the crisis because their employees, supervisors and managers are cheating in their offices on a daily basis. Every cent that goes into fraud cuts into the company’s bottom line.
Don’t let your company fall victim to the same situation, be very careful with your employees and make sure they fill in their schedule accurately for properly calculating payroll and their paycheck. You can log the following things to ensure that your employees are not committing fraud in the company:
- Forgot salary advance: Most employees do their payroll beforehand and then forget about it. It is always better to write down the total salary advance your employees have received from you so that you can correctly calculate their payroll and not pay them extra.
- hitting for buddy: This is the most common type of scam happening around the world. In this practice, you share your personal information with your buddy at the office and have him enter your presence on your behalf. In most cases, sometimes an employee even gets paid for the day they have off. The electronic timekeeping system has solved this problem.
- Unauthorized hours clamming: This type of scam is very difficult to detect. This happens when employees add unwanted hours to their time sheet. They show that they have worked overtime in the office, shortened their lunch breaks, etc. You have to be very careful to keep your employees under control so that they don’t bluff about overtime.
- Incorrect outputs: This type of scam is mostly performed by sales profiles or by people who travel a lot or have access to the company’s credit card to make their spending. They show false bills to get extra money from the company. Make sure your employees keep track of all original receipts. A company should always verify the authenticity of the receipt by calling the merchant.
- Employee Compensation Fraud: No industry is safe from this type of scam. Employees will try to fake an injury such as joint problems, stiff neck, back, etc. to falsely claim money from you and your insurance company. This type of scam can cause you to lose thousands quickly. One way to verify the authenticity of such a scam is to have a surveillance camera in your office. You can check in your office camera whether or not your employees have been injured in the office space while making their medical claims reimbursement.
If you can take care of all of the above, you’re sure to save a lot of money. The other solution to this problem is also to hire a small business payroll company that can implement all the processes for you. This company implements all the systems you want and also handles the payslips of your employees. Be sure to hire honest and reliable people for your company.