Remote workforce management software saves businesses money by reducing payroll fraud
Payroll fraud negatively impacts many businesses across the UK, and while it cannot be avoided altogether there are steps companies can take to prevent it from happening as much, and with such huge financial implications. Switching from using a physical timesheet to record remote workforce attendance patterns and using an app or web based solution from IQTimecard instead can help to regain the money that is wasted year on year from payroll fraud, enabled by misleading timesheet data.
The damaging effects of payroll fraud cannot be doubted, but a recent report by CIPD people management revealed the true extent of this cost, with an estimated £12bn being lost every year by UK businesses in the private sector. Amongst other actions such as claiming for expenses over the actual amount spent, or logging ‘ghost’ employees on the payroll, filling in a paper timesheet with false information is a common technique used to commit payroll fraud.
David Lynes, Director of IQTimecard said, “No company wants to lose money, especially if it is through the actions of its own employees. HR professionals can protect the businesses they work for by implementing a better screening policy for all new employees and conducting background checks to search for those with criminal tendencies.”
Lynes continued, “Even with measures like this however money can still be lost, with timesheet fraud proving to be a easy way for workers to steal money from their employers, especially if they are working remotely with no senior supervision. When using a traditional paper time sheet solution it is easy for false hours to be recorded without the knowledge of the employer. IQTimecard works as a real-time system, logging the arrival and departure data of an employee as it happens, reducing the likelihood of false information being logged and ultimately preventing payroll fraud.”
Timesheet fraud may not always be committed intentionally, and an employee could fill out their paper time sheet with wrong working hours simply due to confusion or forgetfulness. Using an app and web-based time and attendance solution such as IQTimecard can ensure that no false data is recorded, providing a much more accurate overview for senior management, HR and accounts teams to work with.
For more information about IQTimecard, visit the website: http://www.iqtimecard.com/
Dakota Digital for Eileen Pegg
Press contact: Eileen Pegg
Tel UK: 01623 428996
Tel US: 917-720-3025
IQTimecard was developed by UniqueIQ, a technology company that uses the very latest digital breakthroughs to spearhead creative solutions.
Founded in 2003 UniqueIQ’s IQTimecard successfully operates a range of sectors including the home care industry, contract cleaning and security. We are rapidly growing and recognised for our innovative service capabilities – a legacy of many years at the forefront of the technology industry. We operate both nationally and internationally and place a premium on transparency and teamwork.