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As the end of the year quickly approaches – many organizations begin their payroll, human resources and finance activities without a standard, well-defined checklist or process. This lack of planning often leads to chaos, not to mention clean-up activities after the first of the year. Organizations end up wasting money and wasting the valuable time of their staff and employees.
In order to help you avoid a similar situation, we reached out to our Alight experts. They provided a year-end checklist for payroll – with a healthy dose of HR and finance.
First, consider any complex regulatory or organizational changes that can create challenges throughout the year for many companies. This often leads to wage and deduction changes at federal, state and local levels. In addition, health care, retirement and other benefit program changes can require payroll programming changes.
A company that is utilizing financials on a digital platform has quick access to this data throughout the year. With machine learning, repeatable items for year-end can be completed digitally versus manually, leaving less room for human error or oversight.
You'll need to make these changes prior to producing the year-end tax forms, or the first check of the new year. If there are any organizational changes, ensure - those required checks and balances are completed for proper wage taxation or benefit program compliance.
Here are some important year-end and year-begin checklist items that will also help your HR, payroll and finance teams:
Looking for a trusted partner to help you with year-end activities for payroll, HR, finance and more? Alight Solutions has a structured oversight program to help with year-end and year-begin tasks. Our program comes complete with standard templates and checklists to ensure a thorough approach is followed organizationally as a year-round effort.