12 Dec 2024

Prebuilt HCM Report to Audit Payment Method Changes: Safeguarding Your Payroll Process

Maintaining payroll security is crucial for every organization. One of the most critical tasks in payroll security audits is to ensure that employee payment method changes are accurately monitored. This is where HCM reports to audit payment method changes play a vital role. With cyber threats like phishing on the rise, businesses need to frequently monitor and verify payment method tracking to protect employees and company funds from fraud.

Audit payment changes with HCM reports to safeguard payroll and detect fraud effectively.

Understanding the Importance of Payment Method Audits

In Fusion HCM, personal payment methods of employees are defined when payroll is created. Employees can have more than one payment method associated with them. If no personal payment method is set, the default payment method of their payroll is used. Since payment fraud prevention is a top concern, it’s essential to routinely audit these payment methods to avoid issues such as incorrect bank account transfers, which can occur due to phishing attacks or unauthorized modifications.

How DataTerrain’s Prebuilt HCM Report Helps

DataTerrain’s Prebuilt HCM report tracks and lists all changes made to an employee’s personal payment methods within the past 7 days. The audit payroll data feature ensures that businesses can regularly verify if any changes to bank account details or payment methods have occurred. This helps businesses identify payment fraud and ensure that employee payment verification is done accurately and promptly.

This report is specifically designed to help HR teams monitor any modifications to employee payment verification, such as changes to bank account details or the branch number. Automated payroll audits ensure that the HR team is alerted about any discrepancies that could lead to financial losses or fraud.

Output Format and Reporting Flexibility

The output of this report contains detailed information regarding any changes in the payment method. The HCM reporting for payment methods provides insights into both old and new bank account numbers, branch codes, and payment method changes. The report can be generated in multiple formats, including Excel, PDF, and CSV, making it easy for HR teams to audit payroll data effectively.

Additionally, businesses can modify this report to run for specific date ranges, ensuring that HR departments can monitor payment changes in line with payroll cycles. The regular payroll audits feature makes it possible to schedule these reports weekly or bi-weekly, ensuring that any incorrect bank accounts or potential phishing threats are flagged on time.

Preventing Payment Fraud with Regular Audits

Regular monitoring and auditing of payment method changes ensure that your organization can detect unauthorized alterations in the employee payment method and swiftly take corrective action. Data-driven payroll security tools and reports help businesses mitigate risks by providing a clear, transparent, and easy-to-understand view of payment data.

Using tools like DataTerrain’s HCM report to audit payment method changes helps organizations avoid the devastating consequences of fraudulent transactions and ensure payroll fraud detection tools are in place to protect both employees and the business.

Schedule and Automate for Continuous Monitoring

HR teams can schedule payroll audits regularly, ensuring that reports are generated regularly and analyzed. This continuous monitoring creates an additional layer of protection and ensures that no fraudulent activity goes unnoticed. By leveraging business intelligence payroll reporting, your organization can stay ahead of potential threats and ensure a secure payroll environment.

Protect Your Payroll with DataTerrain’s HCM Reports

DataTerrain, with years of experience and a trusted reputation, provides HCM reporting for payment methods that help HR teams streamline payment method tracking and reduce operational inefficiencies. By leveraging DataTerrain's Automated BI Migration, organizations can ensure that employee payment method changes are continuously audited and reported, preventing unauthorized changes and maintaining payroll compliance

With more than 270+ customers across the U.S., DataTerrain is committed to helping you safeguard your payroll process with audit reports for employee pay. Contact us today to learn how we can help your organization stay protected.