Prevent Timesheet Fraud with IQ:timecard Time Tracking Software
Business owners are being urged by experts to take measures to detect and prevent payroll fraud. Although managers would like to trust employees, timesheet fraud is relatively easy for staff to commit and figures suggest fraud cases are on the rise – especially in the public sector. By installing time tracking software such as IQ:timecard, which automatically calculates hours worked for each staff member, companies can reduce the risk.
The National Fraud Office estimates that UK businesses lose around £38billion annually due to fraud. At least £329 million is estimated to have been lost in the public sector alone from payroll and recruitment fraud.
David Lynes, Director of IQ:timecard, says, “Employee fraud can cost companies thousands of pounds – it’s a problem that shouldn’t be overlooked. It is also difficult to detect where fraud is taking place, as it’s often the person you least expect. KPMG research shows that managers are the most likely to commit payroll fraud – the people business owners have promoted and trusted in the company.”
Employee monitoring software is the first defence when it comes to payroll and timesheet fraud. Paper timesheets leave the field wide open for opportunistic fraudsters, whereas it’s more difficult to manipulate the system if it is electronic. IQ:timecard time tracking software requires members of staff to use electronic call monitoring in real time, which determines the amount of hours worked.
As a workforce management tool, IQ:timecard is particularly effective for companies which reply on remote workers. Staff who work alone could have a tendency to exaggerate the amount of hours they have worked off site – by having to check in at each location, this scenario is eliminated.
The software also has a wealth of other benefits besides helping to prevent timesheet fraud. The tool is used by managers as a full workforce management solution, so they can track employees and see instantly if any staff members are absent are late. In industries such as domestic cleaning or home care, this can be beneficial in arranging cover and making sure those lost hours are deducted from the monthly payroll.
Mr Lynes added, “Staff members can think adding 10 minutes here and 10 minutes there can’t hurt – but for businesses, the costs add up. Make sure you don’t fall victim to payroll fraud by implementing time tracking software.”