It’s 2018! Hopefully you know that by now, or at least you’ve perfected a technique to loop an ‘8’ out of the ‘7’ in ‘2017’ so your checks go through. Speaking of checks (and incredible segues), have you checked your payroll to make sure you’re ready for the new year? There are a lot of pitfalls that you can avoid by double-checking now to make sure that the coming year goes smoothly.
Check Accrual Balances
If you have a calendar-year plan for vacation and sick-leave, make sure to review those balances in iSolved to make sure that they’re correct. Whether accruals are zeroed out or unused balances carry over to the new year, now is the time to confirm that everything is accurate for your company. Having to adjust an employee’s paid time-off after they’ve planned a vacation, or worse, taken a vacation, is a headache for everybody involved.
Terminate Inactive Employee Records
You might have employees in your system that are no longer with your company, haunting your reporting like a ghost. Now is a great time to get them out of your system! For some employers with high turnover this’ll take some time, but it’s worth it to avoid problems down the road.
Double Check Addresses and Contact Info
This point is pretty simple, but we can’t stress it enough: make sure all of your employees’ information is current in iSolved. Sending an employee their spiffy new insurance card (or their W2) to their old house and having to get a new one is a time-wasting hassle for everybody involved. Even worse, an employee could have moved to a locality with different withholding rules than the one they lived in before, which means you could be paying back-taxes and penalties simply because you didn’t poll your workforce in a timely manner. Making sure that emergency contacts are up-to-date is a great idea too, for obvious reasons.
Make a Date With An Accountant
Are all of your taxable wages being tallied correctly? Is your workforce’s labor being coded accurately? Have you identified every possible deduction for your company? Talking to a qualified accountant now about reviewing the way you’re keeping your books, before you’ve gone too far with your current earnings set-up, could pay huge dividends for the year to come.
…contact us via email (or phone at 877-DPS-PAYU) for more instructions on how to empower your new year! Here’s to a great 2018!