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Stop the four common types of payroll fraud from happening right under your nose with this one checklist

by , 23 February 2015
Ever had an employee change their bank details? Or has an employee ever submitted an expense claim to you? If you answered yes to either one of these questions, then you're a perfect target for fraud in your business!

Payroll fraud is rife in every company. It can be happening to you right now and go on undetected for months.

Today, I'm going to tell you the four most common types of payroll fraud and how you can protect your business before it's too late...

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Watch out for these four common types of payroll fraud that lead to major financial loss
1. Changes to bank account details
When an employee changes bank account details for another employee's benefit. This doesn't happen often
because most employees act as an internal control. They'll tell you if they haven't received their salary. 
But if you pay into the incorrect bank account, the onus is on you to prove the employee changed his details. Otherwise, you must pay your employee's salary into the correct bank account and then sort out the issue!
2. False expense claims
When staff members submit false or unapproved expense claims.
3. Timesheet fraud
When an employee says they've worked more hours than they have and you pay them for this. This applies to contractors or overtime worked by staff.
4. Ghost employees
When an employee adds false employees to the payroll. These are people who don't work for the business. But if they're on your payroll, you'll pay them their fictitious salaries and employee benefits.
Read on for the one checklist you can use to stop payroll fraud from happening right under your nose...

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The one checklist you can use to stop payroll fraud from happening in your business 
  • Have your departmental managers checked and signed your employees' clock cards?

  • Did your salary clerk maintain proper control of all your employee's timekeeping records?

  • Did the supervisor verify the hours and wage/salary rates used on the employee clock cards? 

  • Have you re-checked the salary and wage calculations?

  • Did you limit access to the salary slips and their printing to one trustworthy person? 

  • Did you double check the salary clerk has done a full reconciliation?

  • Did your management study and sign reconciliations weekly?

  • There you have it! Now you can use this checlist regularly and kick fraud out of your door for good.


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