Items to Check Off Your Payroll List Before Year-End

As many people prepare to bring in the New Year and begin making resolutions, do not forget to make resolutions for your business as well. With the beginning of 2015, it may be time to start it off with an automated payroll system. If you have been manually inputting your payroll for your business, like 40% of small businesses, then not only are you wasting time and money for your business, but you could also be preventing a variety of common mistakes.

So as the year comes to a close, it is imperative to perform all the necessary finance checks to make sure that tax season goes smoothly. Here are several items to make sure to check off your list before the end of the year.

Since employees are the main reason you are doing payroll, preparing for performance reviews of your employees should be first on your checklist. It is quite common for businesses to have their performance reviews at the end of the year. This can play a large impact on how your employee’s future performance and motivation will be at the beginning of the New Year. Having reviews will also prepare your business for future raises.

Many businesses have decided to opt out of the Affordable Healthcare Act, especially many startups and small businesses that thought it would have been a wise move to cut the expense. However, now it is the perfect time to research healthcare and insurance plans. As these benefits continue to change, you may find that some plans may meet the need of your employees. The same goes for researching new perks, like reward programs or memberships you could be offering your employees.

Make sure to pull all your financial statements throughout the year, this can be done more efficiently if you use an automated system. This will allow you to see if your company stayed on track all year and how it compares to last year’s numbers. If there are any changes that need to be made for next year, now would be the time to make the proper adjustments so your business hits its new mark. When it comes time for tax season, you will also have all the information available for easy access.

With all the things to consider at the end of the year and if you are still doing your payroll manually, it may be time to make the switch to an automated software. At Padgett Payroll Services®, we can handle all of your payroll needs; contact us to find out how we can help today!

Do you have the support you need to manage your small business bookkeeping? Contact us to schedule an appointment to speak with a local small business advisor.