How to Implement Growth Hacking Through Employee Performance Management

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Be Aware of frauds while calculating Payroll

• A presentation by factohr

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Why we need a secure payroll?

• Some critical processes are always based on
  auditing/review to make sure that they are free
  of errors, especially where the process involves
  money or sensitive data. An organization is
  always at some risks including the possibilities
  of fraud being committed through various factors.
  Whenever an individual has some authority or
  control over the funds or sensitive data of the
  company, which is not secured, have more chances
  of frauds.
• Such situations demand more documentation, clear
  strategies, and securities. In a company, one
  such critical process is Payroll since it has
  access to both funds as well as sensitive data
  which requires at most care and security.

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What is Payroll Fraud?

• In simple terms, Payroll fraud is defined as
  unfair or dishonesty within the company. It can
  be on both sides employees as well as employers.
  There are numbers of ways where payroll frauds
  are being committed which includes the following
• Payroll Process Employees or workers may inform
  about the high salaries and paid some other
  amount or managers may show false employee list
  and take away wages.
• Information Leakage Here manager or any
  employees may leak the salary sheet due to which
  confidential data of employees or accounting
  information of a company may be misused.
• Attendance Management Employees who have worked
  for a month may not get the salary if they are
  not included into the payroll list or employees
  may claim for the salaries of days when they were
  not present in the company or organization.

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What is Payroll Fraud?

• Daily Wages In this process, employees may be
  paid for the less hours than they works or
  employees may claim for more hours than actually,
  they have worked.
• Incentives Here workers or employees are paid on
  the products or clients they have built for the
  company. So while paying them, it may happen that
  they do not receive the correct amount for the
  products they produce or the sales they have
  made.
• Travel Expenses Employees may have to travel for
  the business purpose at some places and they are
  getting back all the expenses made during the
  business trip in simple term is known as Travel
  Expenses/Dearness Allowance. Here while
  calculating payroll, employees can submit the
  fake bills and get more reimbursement than
  actually, they have made. Approval managers or
  authorized person may submit fake bills on behalf
  of employees and can receive reimbursements which
  are not made.

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How to prevent payroll frauds?

• The best way to prevent your companys HR and
  Payroll Software fraud is by using a secured and
  automized system which fulfills your companys
  requirement. To safeguard your organization/compan
  y against frauds one can have a trusted payroll
  provider. While using automate system one can set
  the rights of the employees according to their
  designations so that no frauds is done in
  processing payroll.
• Payroll Process factoHR provides the on-boarding
  module which has the facility of generating
  employees offer letter, appointment letter, memo
  and warning letter automatically and it also has
  a salary which is integrated with the payroll so
  that there are no chances of doing frauds with
  employees. As it has the facility of managing
  documents, there is no chance of creating a false
  employee list by managers. Only authorized
  persons can enter new hires data into the system.

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How to prevent payroll frauds?

• Information Leakage Here only authorized person
  has rights over the salary master for accessing
  data. So there is no chance of leakage of any
  information.
• Attendance Management factoHRs HR and Payroll
  solution are integrated with the biometric
  machine so there is no chance that employees can
  claim for the salary of the day when they were
  not present. As biometric is integrated with the
  payroll system, it stores the data of employees
  in-out punch and calculates salary accordingly.
• Daily Wages As stated above that payroll
  software is integrated with the biometric machine
  in factoHR, there are no chances of calculating
  salary on manually calculated hours. It reduces
  the frauds in paying employees and increases the
  employees satisfaction. Employees can also apply
  for overtime and can claim for their
  compensation.
• Incentives In factoHR one can calculate
  employees salary based on Key Performance
  Indicator (KPI). Here goals can be predefined by
  the authorized persons or seniors through the
  system which is integrated with the payroll. So
  employees can have predefined monthly goals which
  give them the proper path of their tasks. They
  feel motivated as their work is taken into
  consideration and they can not claim for the
  compensation of work which they have not done.

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How to prevent payroll frauds?

• Travel Expenses Travel expense system is
  integrated with the payroll system in factoHR.
  Employees can attach the bills of expenses and
  can claim for the reimbursement at the time when
  they are on the trip. They can also view their
  claim status and can get confirmation regarding
  their payments. Here there are no chances of
  doing frauds as it has the multi-level approval
  process. Neither employees nor managers can do
  any frauds to claim expenses.
• factoHR is the best all in one integrated HR and
  Payroll Solution provider at an affordable price.
  It is the leader in generation Y workforce
  management to provide HR and Payroll Solution as
  it cloud-based software. Using all the modules,
  of factoHR, mentioned above no one can commit
  frauds. As it is cloud-based software employees,
  managers or any authorized persons can access it
  anywhere anytime.

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THANK YOU
a presenation by factoHR