Making Every Second Count! Can Modern Technology Stop Employee Time Fraud?
In business, we all understand that time is money. For any business (small or large) to sustain growth, proper time management measures must be put in place and be adhered to the latter. In any organization, both employers and employee’s time is essential to the company as it defines the overall productivity as well as payroll expenses. As an employer, managing your human capital expenses is crucial, and you need to ensure that every penny is accounted for if you want to grow and run a sustainable business.
Employee time fraud is a big issue for employers, and may incur substantial unnecessary payroll expenses especially if the company does not have effective timekeeping systems. What is employee time fraud? Employee time fraud happens when an employee gets paid for the work he/she didn’t do. Most employees spend working time either out of their workstations or doing something else instead of concentrating on the task at hand. The most common types of employee time fraud include:
Timesheet Fraud
It occurs when employees record more time worked as compared to the actual time worked. It is very common where the employer entrusts a supervisor or a payroll officer to record the hours worked on a particular project. When no one is there to verify, the employees end up recording more hours.
Buddy Punching
Buddy punching occurs when employees sign in or out on behalf of their fellow employees. Time fraud happens when some employees forget to clock in or out, and they are assisted by their co-workers to do so.
Break Abuse
Some employees abuse break time given in an organization at various intervals throughout the working hours. Break abuse happens when employees extend the given time limits or even goes for more unnecessary time breaks thus leading to time loss.
How modern technology can help in curbing employee time theft?
Having proper and effective modern timekeeping systems can go a long way in assisting employers to manage and track the comings and goings of their dynamic human resource. As an employer, you don’t have time to micro-manage each employee’s habits. Acquire a modern timekeeping software that will help you eliminate employee time fraud in your organization and streamline your payroll expenses.
MinuteHound offers unique and reliable time and attendance technological solutions that enable employers to track their employee movements throughout the working hours. Biometric fingerprint technology helps you eliminate employee time fraud in the workplace. With the modern technology, buddy punching time fraud in the workplace will become a thing of the past.
Why work with MinuteHound
• Customized time clock software that will fit your company’s structure (Small or large)
• Time clock software is cloud-based. No scanner option and employees can log in from anywhere and any device and record their time.
• Software is simple to use as there is no prior-training needed
• Around the clock support to all our clients
• No time card or inventory to keep with
Your Turn!
Employee time fraud is a silent profit killer for many organizations. If you don’t pay much attention to proper time management in your company, it can lead to business failure or slowed growth. Take a bold step and contact MinuteHound today for a reliable time and attendance software solution that will help you curb employee time fraud in your organization.
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MinuteHound Stops Time Fraud.
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