As we head full force into the fourth quarter (Q4) of the year, some businesses will experience a natural slowdown while others will become even busier. Regardless of sales, Q4 is stressful for everyone. With a to-do list that runs miles long, it is hard to know which task to start with first. However, it doesn’t have to be this way. Although it seems like the end of the year is still far away, preparing now can save you many headaches as December 31st approaches. Here are just a few areas to focus on in anticipation of the new year.
1. Employee records
One of the most time-consuming year-end tasks is ensuring your employees’ information on record is correct, including their legal name, address, and social security information. Start by asking each employee to verify their W-2 information and, if needed, update their information promptly. By tackling this responsibility now, you can reduce (and possibly even eliminate) the number of W-2 forms that are returned to your business in the coming year.
2. Payroll records
Before the end of the year, ensure that your employee wages were recorded in the correct year using the date of the paycheck. For example, if you are paying employee wages for the final week in December, but the paycheck is dated for January, the income should be counted toward January.
Now is also the time to determine any taxable amounts for employee W-2 forms. This may include costs related to the personal use of company vehicles, mobile phones, and employee/employer-paid expenses that may be taxable.
3. New Year Planning
As annual deadlines close in, it’s important to focus on meeting your annual goals while also establishing goals for the year ahead. Set your business up for success by taking the time to review your annual plan—analyze your previous strategies, identify areas of improvement, and reflect upon your performance each quarter. Then, take the time to outline goals for the new year and map out an effective plan for each quarter using these reflections.
Partnering with a PEO can not only help you finish up pesky, time-consuming tasks, but can help you deliver real results for the end of the year, and also set your company up for success as you ring in the new year.
Looking for a partner in success? INVO PEO has the skills and resources needed to help you accomplish your Q4 tasks and MORE. Start a conversation with us today to learn more.