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Cross referencing: Your tool to saving thousands on your company's payroll

by , 17 October 2014
It's easy to lose money because of your payroll system.

Because it's vulnerable to fraud and mistakes you might pay one of your employees more than you should and lose money as a result.

But this doesn't have to happen. You can prevent it with careful cross referencing and checking.

Here's how...


Here's how a system of cross referencing will stop your payroll system costing your company money

You need to check all the details in your payroll to ensure they're correct. But what do you compare them to?
That's where you can use documents such as your:
- Bank statements;
- Variance report; and 
- Payroll reports.
Compare the information in your payroll system to these documents. If you spot any discrepancies in the information on the different documents, it means there's a problem somewhere.
Once you spot the problem, you can take steps to fix it.
Just ensure you do these cross reference checks regularly.
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Here's how often you should do payroll cross reference checks

You should do cross reference checks at the end of every month. This will help you catch any errors long before the next pay day.
Just remember, if you repeatedly find errors in your payroll, it means there's a deeper problem such as payroll fraud or careless managers.
If you see repeated problems and discrepancies, take steps straight away to resolve them by putting extra control measures in place. 
So check your payroll against other documents every month to ensure everything works as it should and you don't lose any money. 

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