To make a company or organization operate successfully, one of the many things to take care of is to prevent any kind of error that is in anyway related to the cost of running things or the budget that is allocated for spending. One of the concerns that fall under the purview of time management, according to David Guest, Business Coach, Melbourne, is timesheet fraud. Failure to prevent this increases the potential for wastage of the company’s resource. Here are some time management techniques suggested by David Guest, Business Coach, Melbourne, on how to prevent or check such fraud in the office.
- When an employee signs his timesheet, it must be approved by someone higher up the ladder. Generally, someone at the supervisorial position is a good choice. It helps keep up the quality of time management while using the authority provided by the chain of command.
- These days, almost everything in the office is done electronically. Time management through supervisorial approval is no exception. David Guest suggests that the accounts that control such supervisorial powers must be secured by using unique user ID’s and secret passwords.
- As an experienced business coach in Melbourne, which houses many big company offices, David Guest also suggests that no person in the corporation irrespective of his rank or post in the company should have the power to approve his own timesheet data. Even if someone is at the highest rung there should be a group of supervisors that acts as a vigilant unit.
- There might be situations when some employees work out of more than one office. In such cases they must each have a supervisor in each office that is responsible for approving the timesheets that finally generate the payment or overtime.
- Sometimes the managers themselves act fraudulently with timesheets whereas they are actually supposed to uphold all the values of time management. Most people in the managerial level are not supposed to receive overtime. Any timesheet data that shows such occurrence needs to be scrutinized properly.
- Time management needs to work in tandem with cost effectiveness to make a business generate profit. Anytime overtime is approved by the supervisor, make sure that it does not exceed the maximum prescribed percentage of the base salary of the employee. Doing so might encourage the employees to randomly apply for overtime even when it’s not really required.
- Time management is one lesson that none should shy away from at any point in their professional life, especially when they are just starting it up. After getting in new recruits, they need to be taught about the importance of signing their own timesheets properly so that they are in compliance with the rules.
- As a multi-award winning business coach in Melbourne, Guest also highlights the importance of timely audits of timesheets and their guidelines and the need to get the new rules reviewed by the payments and accounts payable department. These audits also make sure that any kind of out-of-pattern timesheet activity is looked at with proper scrutiny.
A company can cut back on costs and expenses if time management is strictly followed. By suggesting these aforementioned techniques for preventing timesheet fraud, David Guest in his role as a business coach in Melbourne, throws some important light on the subject of time management and cost effectiveness.