Payroll Checklist

The end of the year, that is. That means that for your San Francisco Bay Area business’s financial reporting, this is go time. Now that we’re into December, time is short to take care of your year-end accounting. This is something we specialize in so be sure to get on our calendar to set up your EOY tax planning appointment: Making time to look at numbers before January 1 allows us to help you make last-minute adjustments so your tax return works in your favor. Things like estimated tax payments, delayed or accelerated purchasing, and retirement account contributions can all make a big financial impact IF you know where you are going to be sitting on December 31st. Another of those areas is payroll reconciliation. There are a number of items to pay special attention to this month to help you prepare to run year-end payroll. I’ve got a payroll reconciliation list for you. Important Tasks For Your San Francisco Bay Area Business’s Year-End Payroll“Don’t be a time manager, be a priority manager.” ― Denis Waitley You as an employer will need to meet multiple payroll requirements for your business before year-end. So set aside time this week to take care of this list, or set up an appointment so we can do it for you. First, there is some information to verify for your year-end payroll reconciliation process. Before you run your year-end payroll, determine if additional payments need to be issued. And when you’re ready to run your final payroll of the year, be sure to account for bank holidays and then run one last payroll reconciliation audit to make sure all information will be reported properly on W-2s. I mentioned this at the beginning, but know that these kinds of things are our bread and butter. If your bookkeeper or your business’s payroll department isn’t prepared to handle your year-end payroll reconciliation needs, do reach out. Looking out for you, Patti ONeill