Using time and attendance software to prevent wage theft and fraud
Wage theft and other instances of internal frauds can be damaging for any business, resulting in huge losses of money accumulated over time. While reducing the risk of this happening is on the top priority list of every business owner, recent news could mean that this matter is to become under even more scrutiny. It was announced in September that the government wanted to create new laws that would mean senior corporate executives would come under prosecution if fraud or money laundering offences were carried out by staff at their business. These proposals were announced as part of a law-expansion scheme in order to target ‘white-collar’ crime. Should these laws go ahead, ‘failing to prevent’ wrongdoings of this nature from happening will become a criminal offence.
Soon, the repercussions of wage theft, timesheet fraud and other similar actions could be far greater than the financial ones, meaning that it is imperative for HR management and senior corporate executives to invest in effective methods that enable them to do this. An automated time and attendance solution such as IQ:timecard can help.
The software operates on a real-time basis, enabling management to accurately see hours or days worked by an employee as soon as it happens. This data can be analysed and monitored against allocated hours should any discrepancy occur.
The IQ:timecard app solution features GPS technology, allowing management to see the exact location of their staff at any time during the working day. While traditional paper time sheet methods can easily be filled in with false arrival and departure data, anyone who is fraudulently ‘arriving’ to a shift will be noticed as their location will not match the authorised site.
App based solution
Data for each employee can only be logged from the employee’s personal phone, which the app is downloaded on, meaning that friends and colleagues can’t log in to their system and clock in for staff when they weren’t at work. The GPS feature prevents staff from logging arrival and departure data using the app for hours that weren’t actually worked.
Easy to understand dashboard
IQ:timecard gives management an easy to use, web-based dashboard, where they can monitor and analyse data from their entire workforce in order to gain insight. Information is logged here in real-time, allowing for a fast and accurate overview.
If you’re concerned about these new regulations and want to know how IQ:timecard can help, book a free demo online today and speak to one of our expert members of staff.