With the holidays fast approaching and 2023 just around the corner, now is the right time to start preparing for the end of the year. Preparing your employee information in addition to many other financial documents which are required, is key to saving you time and money later. This will save you and your employees headaches later. During the months of October and November, getting the information below ready and verified can avoid issues come the year end.
- -Verify your company’s info, including tax ID numbers
- -Verify employee/1099 info including social security numbers
- -Verify deductions and earnings for employees
- -If applicable; review third party sick time
- -If applicable; report fringe benefits
Verifying all of the above information ensures everything at the end of year moves smoothly. Incorrect addresses for employees could result in W2s being mailed to incorrect locations. Additionally, many agencies and insurance companies stopped mailing notices for third-party sick pay, be sure to log in to get this data.
Ensuring all of this information is accurate prior to the end of the year makes life easy come tax time and results in less time being taken away from your business. Addressing incorrect information after the fact results in wasted time which takes away from your business’s bottom line. If you have questions about how to prepare your payroll information for the end of the year contact Payroll Service Solutions today.