What You Should Know &
How to Protect Your Company
While going digital has made many processes more efficient, it has also made it all too easy for outside hackers to access bank accounts and create fraudulent checks that look authentic.
“While technology is great in so many ways, it has also made us much more vulnerable, and payroll is one hacking entry point,” says Patty Fritz, Executive Vice President of Operations. “After running payroll, we all need to watch our bank accounts very closely.”
In addition to awareness and careful monitoring of your company’s bank account, there are also tools available to aid in preventing fraud. Positive Pay is one that Precision Payroll offers.
The tool generates a list of checks issued with each payroll and uploads it to your bank’s website. The bank then verifies against that list once the checks start clearing, and can contact you when a check doesn’t match the list.
Fritz also notes that clients should always send their payroll and any sensitive documents or information (routing numbers, social security numbers, etc.) through a secure email system. Or, they may phone it in.
“A lot of our larger clients have been using Positive Pay for quite some time, but with the increase in hacking, we see a cost benefit for smaller clients, as well,” says Fritz. “I’ve had clients call me in a panic, who were seeing fraudulent checks cashed that were written for thousands of dollars.”
For more information about this product, please talk with your payroll specialist.
NOTE: The company’s owner should always be copied in on the payroll reports electronically, for their review. If you have questions about this, please contact Patty, Paul or Tom.
General Ledger Interface with iSolved
Some clients have asked if Precision Payroll’s new platform, iSolved, plays well with various accounting packages. In short, “YES!” In fact, the general ledger interface becomes a powerful engine that can be used in infinite ways to track, organize, report and analyze data.
Some of the many costs you can track and allocate are workers comp, overtime, general liability, benefits, and other labor burden costs that apply to your particular business (fleet cost, shop cost, etc.). And, all of these can be looked at by individual/position, department, job/project or just about any other data category.
This capability supports key data needs for both non-profit and for-profit businesses. The applications include allowing you to do the following, with the click of a mouse:
- create management Excel extract – slice data any way you like in pivot tables
- pull and track data for job costing, or non-profit grant proposals and reporting
- generate Excel spreadsheets on policy terms for auditors
“Precision’s GL interface is so expansive and the possibilities are virtually endless,” says Ted Stepniewski, Director of Client Services. “There is no longer a need to spend time pulling data from various sources and merging it to create massive spreadsheets. The interface does it for you.”
Another important feature is that all data is accessible anywhere, anytime. But it is also secure, and only accessible to whoever you authorize. The system has unlimited storage capability, with additional layers that can be added as needed.
“We start with the basics, listen to what a client needs, and introduce additional options to them as they are ready,” says Stepniewski, who also emphasizes that PPA offers a robust level of training and support.
Read more about the iSolved training offered >>