HOW YOUR SMALL BUSINESS CAN BENEFIT FROM PAYROLL SERVICES

robertegrantandassociatesllc info — Wed, 23 Feb 2022 01:48:58 +0000

HOW YOUR SMALL BUSINESS CAN BENEFIT FROM PAYROLL SERVICES

Starting a business is only the first step towards your dream; to actually live that dream and see it prosper. You need elements of your business to work efficiently from the beginning.

As a small business, you need to work under minimum budget and onboarding. Resources to handle your operations efficiently, such as payroll and more; outsourcing it to a professional company is the best decision to make.

Outsourcing your operations, such as payroll, can save you energy and time. Which is the most valuable asset for small businesses. Moreover, the chances of error are close to zero, as the professional can handle it all with experience.

Professional payroll providers streamline and automate the process for your business and can help you with more than that.

Business owners of small businesses believe that they cannot benefit much from these payroll providers. But the reality is, even if you have five employees at the moment, a professional service will surely add value to your organization. Making an investment in specially designed payroll services for small businesses ensures robust functioning and helps you troubleshoot potential challenges.

How can Small Business payroll services help?

1. Payroll Providers Help You Cut on Resource Expense

The most costly resource in your business is or will be, individuals. Recruiting the right staff is significant to your business’ prosperity however so is working affordable for you. Luckily, picking the right finance situation can mean paying your representatives effectively. Yet in addition mechanizing a portion of your HR undertakings.

2. Payroll Providers Help You Maintain Employer Compliance

Working with professional full-service payroll providers such as Robert E Grant & Associates, LLC comes with the benefit of prior experience with small businesses. As a part of the payroll package, they provide services and resources critical to the business. Including some you may not have thought of. With offerings such as employment poster compliance, state unemployment insurance. And garnishment payment servicing, they address some of the complexes yet necessary requirements for your business.

3. Payroll Providers Manage Recruiting and People

Benefits, recruiting, and compliance are everything that a professional company can help you in managing efficiently. While if you go out to hire an in-house resource, you will see how sourcing, job posting, applicant tracking. And background checks need more than one resource to manage, which will eventually cost you more. In fact, reports suggest that Entrepreneur estimates the cost of hiring a new employee can add up to $5,000. Comparing this cost with the amount you’ll spend on the payroll — which you’ll need in some form to pay employees anyway — makes a choice to go with a full-service option that covers these services a no-brainer.

4. Payroll Providers Oversee Human Resources Rules & Regulations

Ideally, you won’t ever encounter the expense, time, or stress-related with an HR blunder, however, no business is totally resistant. The most ideal way to prevent and plan ahead for the present circumstance is to have an unmistakable and compact handbook, execution following, and close-by assets. Partnering with a company that offers complete HR support as a part of their payroll services puts you in a better position for the unexpected. Support contributions even incorporate admittance to a live group of HR experts to address questions by means of telephone and email.

We Have Got You Covered

Especially at the early stage of your business, you might feel that spending on Payroll Company separately is a burden, but if you analyze everything we explained here in this article, you will feel that hiring in-house resources is more of an extra expense on your company finance that outsourcing these services. So now, if you have made up your mind and searching for professional payroll services near me, Robert E Grant & Associates, LLC is your best choice. Schedule a call with us, and we will answer your queries.

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HOW TO PROTECT YOURSELF FROM OCCUPATIONAL FRAUD

robertegrantandassociatesllc info — Wed, 12 Jan 2022 00:48:03 +0000

HOW TO PROTECT YOURSELF FROM OCCUPATIONAL FRAUD

Employee fraud is a rising problematic issue faced by organizations in Ellicott City, Maryland, and the United States. No matter the size, type, location, and industry of the organization, the risk of falling for fraud is always open. While loyalty to your employer is a basic ethical value expected from employees to meet, there are still many reasons for employers not to put blind trust in the employees, as they might commit fraud in many different ways, and you might not get the idea immediately.

Before we move forward to prevention steps, let’s first know the basics of Occupational Fraud to prepare you beforehand for any issue.

What is Occupational Fraud?

Occupational fraud can be defined as the fraud committed by an organization’s employees. This kind of fraud can be put into three categories: asset misappropriation, corruption, and financial statement fraud. According to the Association of Certified Fraud Examiners (ACFE) 2018 Report to the Nations, the U.S. median loss from occupational fraud and abuse is around $108,000.

The Fraud Triangle

What is the root cause of any employee committing fraud?

Pressure is the most critical element of life. The need to be financially stable or some non-shareable personal issues such as back on bills, gambling debts, or fake expensive lifestyles can provoke an employee to commit fraud. Pressure can also come from the employer itself, putting employees under a lot of force to perform better or cover up negative results to look good.

Opportunity is another factor behind fraud and is usually more obvious than pressure. For any organization to function properly, a certain level of trust and loyalty is placed on the employees. The factor arises when an entrusted employee violates that trust by taking advantage of their position to commit fraud.

Rationalization, the third factor, is typically just an excuse made by a person to commit fraud. And in many cases, perpetrators satisfy their wrongdoing by telling themselves that they aren’t really stealing and just temporarily borrowing from the employer. In other cases, perpetrators might rationalize their actions with thoughts like, “they won’t miss the money,” or “the organization deserves what it is getting.”

Types of Occupational Fraud

Occupational fraud falls into three general categories: Misappropriation of assets, Corruption, and Financial statement fraud.

Assets Misappropriation: This asset misappropriation fraud is the most common, occurring in 89% of the cases. However, reports suggest that they are also the least costly, causing a median loss of $114,000.
Corruption: In corruption cases, you’re often dealing with senior management, and someone in a position of authority perpetrated 70% of corruption cases. This type of fraud, which involves an employee who misuses the influence in a business transaction to gain the direct or indirect benefit, bribery, or conflicts of interest, is the next most common form of occupational fraud. It results in a median loss to the victim organizations of $250,000.
Financial Statement Fraud: Fraud is the least common but most costly form of occupational fraud, which occurred in 10% percent of the cases and caused a median loss of $800,000.

How to Prevent Occupational Fraud

Once you as an employer understand the types of occupational frauds and how they can drive your whole organization’s position, you will surely keep an eagle eye on the red flags associated with the employees.

We are not saying that every employee out there is involved in inappropriate frauds, but trusting employees blindly as the face of the organization will be foolish. We hope this article has helped you get the idea of occupational Fraud and prevent them. For more queries, feel free to reach out to us.

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