An award-winning and cost-effective forensic auditing solution.
Lawyers are historically famed for their command of words not necessarily their prowess with numbers. To protect businesses in the current employment relations climate, FCB has combined mathematics, statistics and coding logic with industrial relations experience to create a modern technology solution for underpayment audits. As seen with 7-Eleven and other franchise networks, underpaying your employees, intentionally or not, can lead to irreparable brand damage and loss to revenue.
For businesses looking to take a proactive approach to brand protection and maintaining their reputation, FCB has developed a cost-effective solution. By pairing extensive forensic analytics, with legal knowledge of underpayment exposures and potential prosecution, FCB PayCheck is a one-stop-shop for a comprehensive underpayment risk audit and management of back payment processes, for a fraction of the time and cost.
Why FCB PayCheck?
Forensic auditing can be an extremely expensive process. Traditionally, conducting an underpayment audit of a business could take months, even years, of a law team sifting through hard copy pay records and rosters. Alternatively, a company could hire a large accounting firm to audit the employees and then work in collaboration with an external law firm – which could end up costing businesses double the cost!
To make underpayment audits faster and more accessible, PayCheck is our innovation of integrating the forensic analysis ability of a large accountancy firm with our expert legal service. PayCheck, is not only comprehensive, but is now an award winning solution that is far more efficient than any alternative, providing the legal privilege that comes with seeking services from a law firm.
- A comprehensive audit for any number of employees and spanning back for the full 6 year limitation period
- Customised methodology for clients, based on the client’s own available data including strategies to cure inconsistencies or missing data.
- In-depth analysis of each component of their underpayment breaches (for example: overtime, penalty rates or allowances)
- Precise underpayment/overpayment values to the cent for every employee.
- Data visualisation packages allow for easy explanation of suggested routes forward and dependent upon clients’ appetite for risk, enabling a pre-emptive rather than reactionary approach to avoid large fines
We have seen audit costs drop from $600 per employee to around $25 per employee.
Would you like to find out more?
To start your journey to full compliance and peace of mind, please contact Matthew Robinson on 02 9922 5188.