How Well Equipped Are You To Avoid Payroll Frauds?
Payroll frauds are not exclusive to the big-sized industries; they can happen to your start-up company, as well. The processes of such fraudulent acts might be different. Yet, they can all lead to untold monetary losses for you and your company. And in case you find it hard to manage on your own, the Best accounting services in Mumbai like Laabdhi would give you all the assistance that you need in this regard.
Common Payroll Fraud Methods
Company owners, who have fallen prey to such frauds often blame it on:
- Fake employees, or ‘ghost’ employees, on whose names different funds are created.
- Reimbursement of false expenses, as well as costs incurred for items that you never bought.
- Fake wage claims. In many instances, many employees fabricate their records to show that they have not received their salaries.
- The best accounting services in Mumbai can help you fight against such misdoings in various ways.
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On Fighting Frauds
The premier accounting services can help you in different ways in this regard. For example:
By checking the checks and balances: A well-equipped team would conduct periodic, yet regular checks of the different accounts in your office. The team will also monitor if the balances of the accounts are perfect. This will make sure that you are not checking any untrue numbers.
Conducting Internal Audits: Just about any type of business needs to undergo a lot of processes. To stand by your reputation, it is important to check whether everything is rolling in the right way. This is where the importance of internal audits pitch in. The professionals working for you would take just about everything into consideration.
Experience Matters: Even the companies that offer to outsource accounting services would have a team of experts. That being said, a responsible company would always make sure that the accounting team that they set to your end will be headed by a seasoned bookkeeper.
Just because you are hiring an online accountant for cost-cutting, it is not going to make a difference in the quality of work. However, make sure that you do your research well before zeroing in on any service provider.