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Many companies around the world are facing crisis due to the fraud that takes place in their offices on a day-to-day basis by their employees, supervisors and managers. Every penny invested in fraud takes a toll on the company’s profits.
Don’t let your company fall victim to the same situation, be very cautious with your employees and make sure they are accurately filling in your schedule for proper payroll and paycheck calculation. You can keep a record of the following things to make sure your employees are not committing any kind of fraud in the company:
- Forget the payroll advance: Most employees take their payroll in advance and then forget about it. It is always best to write down all the payroll advance that your employees have taken from you so that you can do the correct calculation of your payroll and not pay them more.
- Punching for friend– This is the most common type of fraud that takes place around the world. This practice involves sharing your personal information with your friend in the office and letting him dial in on your behalf. In most cases, sometimes even an employee is paid for the day he was on the break. The electronic attendance control system has provided a solution to this problem.
- Unauthorized hours clams: This type of fraud is very difficult to detect. This happens when employees add unwanted hours to their timesheet. They show that they have been working more in the office and have cut their lunch break, etc. You have to be very careful in properly monitoring your employees so that they cannot brag about overtime.
- False expenses: This type of fraud is carried out mostly by sales profile or by people who are on the road a lot or have access to the company’s credit card to incur their expenses. They show fake invoices to get extra money from the company. Make sure your employees keep a record of all original receipts. A business should always verify the authenticity of the receipt by calling the merchant.
- Workers’ compensation fraud: no industry is safe from this type of fraud. Employees will try to simulate an injury, such as joint problem, stiff neck, back, etc. to falsely claim money from you and your insurance company. This type of fraud can cause you to lose thousands quickly. One way to verify the authenticity of such fraud is to have a surveillance camera in your office. You can check on your office vault whether your employees were injured on the office premises or not while reimbursing their medical claims.
If you can take care of all the points mentioned above, you will surely save a good amount of money. The other solution to this problem is also to hire a small payroll company, which can implement all the processes for you. This company will implement all the desired systems and will also calculate the payroll of its employees. Make sure you hire honest and trustworthy employees for your company.