Introduction
Timesheet fraud costs organizations billions of dollars yearly. Each week, organizations lose approximately 4.5 hours per worker to timesheet fraud. This translates to about 29 weekdays. Do you operate a small business? Or you own a large corporation? You need to understand and prevent timesheet fraud. This is key to remaining legally compliant, upholding financial integrity, and maintaining high levels of productivity.
There are numerous proven ways to solve timesheet fraud, from obtaining relevant and helpful information on timesheet fraud to using a high-quality biometric employee attendance and visitor management system. Read further to discover more.
Use a Biometric Employee Attendance and Visitor Management System
Digital biometric employee attendance and visitor management systems are more accurate than the pen-and-paper technique. With a biometric employee attendance and visitor management system, workers can use their mobile devices to clock in and out. This takes place at their respective workstations, preventing fraud.
These systems also follow location restrictions. You can capture and store more accurate records when you incorporate a biometric employee attendance and visitor management system into your organization. This will avert any potential time fraud. And what is more? You can significantly reduce the time your finance office spends on payroll by approximately 75%.
Create Clear Policies and Procedures
Establish a clear timesheet theft policy. After that, clearly communicate the consequences of time theft and the benefits of accurate time reporting. Some consequences that you can implement are:
- Suspension without pay: Temporarily suspend workers from work without paying for a given period. This should be a form of punishment.
- Termination: Fire the employee if the time theft is severe.
- Warnings: Give verbal or written warnings about the time theft behavior. Repeated offenses should lead to severe consequences.
- Probation: Place the worker on probation. Closely monitor their time sheets and behavior.
- Legal action: Is the fraud severe? Take legal action against the worker. It should possibly result in criminal charges.
Train Managers on How to Identify Timesheet Fraud
Supervisors and managers can play a vital role in preventing time theft. Help them to understand the significance of accurate timekeeping. They should be able to identify any signs of timesheet fraud. Provide enough training and education to your team. Let them know the steps to take if they suspect any form of this behavior. Also, it’s vital to ensure your supervisors and managers demonstrate the behavior you want to see in your workers. They should strictly follow all-time attendance procedures and policies themselves. Ensure they lead by example.
In most organizations, timesheet fraud is a real struggle. But it doesn’t need to be. Visit Ncheck.net to discover more about a biometric attendance management system. Replace your manual timesheets with a smarter, modern time-tracking solution to save your company huge amounts of money.
