Being the owner of a business means, you need to deal with multiple areas and complications on a daily basis. Due to that, you won’t have a lot of time to handle the finances. It is also possible that you do not have the knowledge or experience for the job. You can either have a separate department or hire an organization or independent individual to handle the financials of your business. The problem is, despite having the help, it is possible to become a victim of payroll scams. Hence, knowing about the scams and the ways of preventing them before hiring Payroll Services New York will be quite helpful.
Protecting Your Business – It has been observed that normally the employees tend to be behind these scams and cost a huge amount of loss to the company if not detected and checked on time. In most of the cases, the scams involve inventing ghost employees, showing more work hours, not paying back the salary advance and so on. Apart from hiring a reliable and reputed payroll service provider, you will need to have a clear understanding of the subject and the ways in which you can keep safe. The steps that will help you to remain clear of payroll scams are:
- If you are trusting your employees to look after different areas like new hires, payroll processing, accounting requirements and so on, then instead of trusting a single person, it will be better if you divide the task amongst multiple people. Assigning two people per task will be more effective along with keeping an eye on the whole process.
- Telling your employees to inform about any suspicious behavior will be another effective way to find out about any scam that may be happening. Researches have proven than whistle-blowers are considered to be the most effective when it comes to detecting fraud.
- Conducting random internal audits will be a nice way to catch your employees off-guard and find out any fraud that may be happening within the company.
- Instead of keeping all your business funds in a single account, you need to keep and use separate accounts, especially having a separate and dedicated payroll account will be of great help. Additionally, hiring professional Payroll Services New York will be a great way of protecting your company from fraud.
- Keeping a close eye and verifying the payroll tax deposits of your business is another effective way to find out the fraud.
This way, you can protect your business from payroll fraud and the ensuing financial complications.