Getting Ready for Year-End Payroll
As the year draws to a close, the time comes to close your yearly payroll. While it isn’t the new year, certain tasks should be completed in the current year. A year-end payroll checklist can help businesses streamline their payroll process and minimize errors. For assistance with what needs to be completed, review the checklist below to guide you to a successful year-end. If you need assistance, please don’t hesitate to contact us.
1. Verify employee information: It is essential to verify that all employee information, such as names, addresses, and social security numbers is current and accurate.
2. Check for overpayments: It is essential to review payroll records to ensure that no overpayments were made to employees during the year. Any overpayments should be resolved with the employee to recover the funds.
3. Review benefits: It is crucial to check that all employee benefits, such as health insurance and retirement plans, are accurate and current.
4. Calculate and pay year-end bonuses: If your business offers year-end bonuses, ensure they are calculated and paid out accurately.
By following this year-end payroll checklist, businesses can ensure that their payroll is accurate and up-to-date, minimizing the risk of potential penalties and issues in the future.