Payroll Fraud Schemes Every Business Owner Should Be Aware OfAccording to the Association of Certified Fraud Examiners, nearly 30 percent of businesses are victims of payroll fraud. That’s an unsettling percentage, with smaller businesses being twice as likely to be victimized by payroll fraud than larger businesses. Here are four alarming payroll fraud schemes every business owner should be aware of:

Common payroll schemes

According to Forbes, it’s important to understand that time fraud is not always a one-way street. Both employees and employers are victims and offenders of time fraud.

Employers can steal wages when they fail to pay for overtime, pay below minimum wage, fail to deliver earned benefits, misfiled employees as independent contractors or even just fail to pay earned wages to their employees. Meanwhile, employees will steal wages in response to their employer’s actions. Although not condoned on either end, it’s advised that your business is compliant with paying employee’s honestly and on time. Our payroll services at Gurian CPA can ensure that your business remains compliant and up-to-date with state and federal tax laws at all times.

Tips to fight payroll fraud

Being aware of the threats of payroll fraud schemes is a start, but you also need to know how to fight payroll fraud in the instance that it happens to your business. Here are some tips to reduce your businesses payroll fraud risk:

Managing your business payroll is a daunting task by itself, and actively protecting against payroll fraud schemes adds additional complexity. Contact Gurian CPA if your business is in need of payroll assistance. Our highly qualified payroll team can take this routine task off your hands and can free up your time to focus on other areas of your business!