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Payroll fraud is a matter that can cause real and lasting harm to a company. There are many different types of payroll fraud that can be committed by workers in differing positions throughout a business. However, an HR is a tool that can help to significantly mitigate payroll fraud risks from most areas.
Restrict Access to Payroll Information:
One of the best internal controls that can be used to prevent payroll fraud is incomplete access to payroll information. Using an HR, it is calm to change the settings so that only workers and managers with certain levels of approval will be able to access certain areas. Policies against password sharing should be reputable to keep access restrictions controlled.
Review Segregation of Duties Using HR:
It is found that a single worker has the ability to perform major tasks associated to payroll such as hiring, preparing payroll, and sometimes even firing. When there is no one revising Payroll Software to make sure that it is correct and that all of the workers being paid actually still work for the business, the prospective for fraud is high. Isolating duties so that one person is responsible for cutting payroll and another for revising it can safeguard against fraud, and HR can be used to guarantee that segregation policies are being followed.
Set Up and Promote Direct Deposit:
When workers utilize direct deposit, there are no paper checks that can be stolen or transformed. PeopleQlik’s HR Software that have payroll integrated allow workers to set up direct deposit separately using the system, so offering motivations for setting up direct deposit may encourage workers to use direct deposit and decrease the potential for fraud.
Set Up an Approval Procedure for Certain Payroll Activities:
While audits can help you to spot main time card changes after the fact, setting up an approval procedure for time card changes and things like overtime can help you to stop fraud before it even happens. Having approval procedures in place can make it more difficult for workers to commit payroll fraud and can deter some from trying. PeopleQlik HR and Payroll software gives advantage of whole work performance and make successful decisions that helps in the growth of business. PeopleQlik’s HR and Payroll Software provide positive environment and well organized platform for business to employee communication.