Payroll Fraud No More
Payroll Fraud is such a headache. It can cost a company thousands or even hundreds of thousands of dollars every year. Payroll abuse is stealing. Good news is though is that it’s incredibly easy to eliminate. There are countless ways that employees engage in payroll fraud, and it can be frustrating for business owners and managers. MinuteHound now has a system that puts an end to this struggle and instantly starts saving you money.
Why do employees engage in payroll fraud?
There are many reasons that an employee might commit payroll fraud. They might not realize that what they are doing is considered a type of fraud that steals from their employer, or they might not understand that their actions, done repeatedly, add up to significant loss on the company’s end. Of course, there are also plenty of other employees who just don’t care that it’s fraud, as long as they can get away with it.
Why kinds of payroll fraud exist?
There are several ways that employees engage in payroll fraud. Payroll fraud can be committed when there is a ghost employee, a person who collects a paycheck even though they no longer work there. It can also be done through unauthorized claiming of hours such as taking longer breaks without punching out. One of the most common ways that employees commit fraud is through buddy punching. In this scenario, a co-worker friend punches his buddy in so that the friend can avoid being logged as late to work. This kind of activity not only leaves businesses without the coverage that they need during key times, but it also causes the company to lose payroll money. If time cards are not consistently monitored, this can also result in the company paying out overtime rates when overtime was not actually worked.
What can be done about payroll fraud?
MinuteHound makes a time clock system in which employees clock themselves in and out through their fingerprints. This system eliminates buddy punching and other types of fraudulent behavior. When employees scan their fingerprints, this eliminates the temptation to clock friends in and out of work, because it is impossible to do without the employee being physically present.
Payroll fraud might feel like a never-ending battle. It’s impossible to catch everything. But there are practical steps that you can take to avoid putting your employees in situations that they will be tempted. A paperless tracking system that uses fingerprints rather than information that can be easily shared is one way to eliminate one of the most common forms of payroll fraud.
No training required. No Learning Curves. No Long Term Commitments. No Inventory.
MinuteHound Stops Payroll Fraud.
We are confident in our business. Be just as confident in yours.
Call (800) 351-7237 MinuteHound today!