Audited by an independent accounting firm… I love that line. You hear it on big nights like the Oscars and Emmys, but when you think about it, hearing it from your payroll provider is more important than how many votes various performers and directors garnered for their efforts. In fact, it might be one of the most comforting lines you will hear all year.
Just recently a former Shelby (Indiana) schools payroll manager was accused of taking $590,000. The manager used the school system’s payroll software and previous employees’ identities to siphon off the money since March, 2007.
The potential for employees to embezzle money always exists and small business, especially, needs to identify ways to reduce their vulnerability to loss.
When it comes to payroll, one effective strategy is outsourcing to a reputable and professional payroll provider like The Payroll Department. Right on the Our Services page of the their website, The Payroll Department states that,
A third-party bookkeeping service audits your account once per quarter to make sure it balances and the proper amount of taxes have been paid to every government agency.
Outsourcing payroll to a third party makes sense. Besides making certain that your payroll complies with state and federal payroll tax and labor laws, working with a payroll provider also creates a built in check-and-balance system. Every employee in the workplace is properly documented on the system with paperwork required by federal agencies. Time-and-attendance records are submitted and new employees cannot be “slipped in” without being appropriately processed.
So not only does a payroll service help to ensure that the payroll and payroll tax calculations are accurate and correctly reported and paid on time, it provides another level of security to prevent dishonest and criminal activities.
When you want to remove the temptation and secure one more area of your business, contact The Payroll Department and with a few forms we can set up everything to do with payroll so you can sleep better EVERY night.
-Elaine of The Payroll Department Blog Team