Fact: Payroll fraud occurs in 27 percent of all businesses and nearly TWICE as often in small companies with less than 100 employees.
Myth: Payroll fraud is inevitable and just part of the risk of doing business.
Knowledge is power. And in the case of payroll fraud, business owners should not wait until they've gotten burned before putting safeguards in place. According to Global Workplace Analytics research, 50 percent of the US workforce are contracted/field/work from home employees. That is a 103 percent increase since 2005. The smallest organizations tend to suffer the largest losses of time and money due to payroll fraud: approximately three years and $50k per case.
For our purposes, we will focus specifically on fraud as it relates to manipulated employee timesheets. Implementing an electronic timesheet system would be a seemingly easy and effective solution. However, without the addition of access controls, employees can still commit payroll fraud by exaggerating hours or claiming to be somewhere they are not.
Timesheet Mobile not only acts a payroll cheat sheet providing at a glance employee hours and locations, but also offers several layers of protection to prevent timesheet tampering, all the while upholding employee privacy rights.
Using our mobile app, our exclusive Punch Prompt® alert system reminds employees to punch in and punch out upon arriving or leaving a jobsite. To ensure further accuracy, if an employee is within the geofence of several worksites, a list of these locations is presented. Once a selection is made, the time clock starts. Our feature-rich user dashboard now incorporates a Customer Assignments option. Switching from Auto to Manual ensures that when an employee logs in on the app, the only jobs that appear are the ones specific to them.
Our newest and most sought after feature, Location Enforcement, adds yet another level of security. Activating this option in the App Settings tab on the dashboard means that employees will not be allowed to punch in or out unless Location is turned ON (in smartphone settings). Location Enforcement is a valuable tool for monitoring several field employees at once. At a glance, managers have access to employee locations, customer assignments and precisely how many hours spent within the jobsite geofence.
Don't let your company become the next headline. Payroll fraud is preventable.