Payroll services are at risk of fraud. Now, you might not think your payroll is at risk of running into some sort of fraud simply because it’s your business and you run it but in all honesty, any payroll can be put at risk. Business payrolls are put at risk almost every single day and it doesn’t matter what sort of business you run, fraud can happen right under your nose. So, what do you need to think of and how can you avoid fraud.
Don’t Allow Friends to Do the Work
When you want to save money, you can think about asking a friend to come in and handle the payroll but that isn’t always such a good idea. The reason why is simply because they can easily fool you into believing they have everything under control and in reality they are stealing from you. Doing someone a favour just because they’re down on their luck can be a bad idea for you. You never really know a person fully and they might impulsively take money from you. That is why you need to be extra careful with payroll services at all times.
Always Ensure Professional Accountants Have a Strong History and Reputation
One of the very best things you must remember before hiring someone to handle your payroll, is to ensure their reputation is strong. You don’t want to hire someone who is new or who doesn’t have a clean reputation because it doesn’t bode well. If the accountant or payroll service is a bit dodgy looking then you must avoid them. If you need to find out more, check out payrollserviceaustralia.com.au.
Double Check the Books Regularly
It doesn’t matter if you have a huge business or a small one; you need to check on the books. You need to take the time to look over the books regularly so that if someone is trying to defraud you, you can easily pick up on it quickly and effectively. You simply do not want to take the chance on having someone defraud out of potentially millions. When you check on the books at periodic times, no-one has the chance to steal. For more info, check out payrollserviceaustralia.com.au.
How Can Someone Defraud Your Payroll Services?
First and foremost, anyone can be defrauded via their payroll. It is done very easily and the way someone can do so, is to cook the books. For example, the person in control of the payroll services can add information of a new employee, called Adam and he is paid for working forty hours a week. However, there is no Adam and the person in charge can get the money. However, in a large company with hundreds of employees it’s not always easy to detect this type of fraud but there are many types of fraud that you must be wary of.
Never Take Anything For Granted
When it comes to payroll fraud, it can be almost impossible to spot when you aren’t aware of it and don’t take the steps to prevent it. However, when you know what to be on the lookout for, you can easily avoid it. Of course, just because you are aware of potential fraud, it doesn’t mean someone won’t ever try it but at least you can be aware of it. When you know how to spot it, you can hopefully avoid it. Choose your payroll services wisely.