Payroll fraud can be a very big and contentious issue even when you have professional payroll services. It doesn’t matter what type of business you have or how many employees, one or one thousand, fraud can occur. Of course, you probably don’t think it can happen to you especially since you trust most of your employees but in all honesty, it can and very well likely happen to you. So, here are a few things you might need to know about spotting payroll fraud in order to overcome it.
Look Out For the Ghost Employee
Probably one of the biggest moves a fraudster can make is to add the old ghost employee. Yes, that’s right, ghost employee. Those in charge of the payroll services can easily slip an additional name or two into the books in order to gain money. How this work is very simple, the man or women in charge, would simply add one name into the books and rack up working hours and the money apparently made would go to them. However, if this goes unnoticed, especially in larger companies, more names can be added and it means thousands of dollars can be lost. This is one of the biggest fraud issues to be wary of.
Inconsistencies in the Books
Another big sign fraud is a problem is inconsistencies. When even the slightest of inconsistencies occur, it’s a sign there may be a fraudster at work. Now, sometimes, there may just be one or two little errors and there may not be any fraud but you cannot take the chance. Whenever there are any inconsistencies you need to act and go over every little detail carefully and effectively. For more information look at payrollserviceaustralia.com.au.
Suspicious Overtime Hours
It’s natural for employees to rack up a fair amount of overtime during weekdays over the course of the year. It may depend on how much additional work is available or how many additional hours of work are required; however, overtime fraud is a big issue. You can also visit this link http://www.atlanrs.com/top-mistakes-to-avoid-when-payroll-processing/ for more information. You need to be aware that some people can add dozens of additional overtime hours and get paid for work they have not done. It happens and it’s something you must be very wary of. This can end up costing a business thousands of dollars and even professional payroll services can get fooled.
Regular Checks Are a Must
It doesn’t matter how many employees you have or what type of professional payroll services you have, you still need to be aware of potential problems. Now, you might personally know the people running the payroll but that does not, in any way, guarantee those people won’t defraud you. You need to consider hiring a third person accountant to come in once every few months and check the books; or you can do it yourself. However, doing this will ensure fraud doesn’t slip past. For more information, check out payrollserviceaustralia.com.au.
You Need To Be Careful With Payroll Services
When you run the responsibility of having employees who depend on you, you need to be very wary of fraud. Payroll fraud occurs and it can be a massive problem for most companies too. If you are not satisfied you can visit this site. However, when you know a few errors to spot then hopefully you reduce the risk of having to deal with fraudsters. Check your payroll services for problems and never let the fraudsters win.