Time flies when we are enjoying all the holiday festivities! Holiday lunches, dinners, cookies, gift exchanging…whew I can go on… As business owners with employees, it is back to business in making sure the final payroll is accurate and ran on time.

Here Are Some Tips To Making Sure Your Last Payroll Run Is Smooth.

1. Confirm company information is update if you relocated your office

2. Confirm employee data (Refer to Tip #1)

3. Verify employee benefits

• Health benefits and imputed wages

• Retirement plan eligibility*

• Fringe benefits

• Sick Leave

• Vacation Leave

• Deferred compensation

1. End of the Year Extras

• Offer bonuses (if any)

• Most of all APPRECIATE your TEAM!

*Retirement benefits like 401K has a contribution limit of $19,500 for 2021 and catch-up for employees over 50 is $6,500. Visit IRS for more information on retirement plans for small businesses.

Stay tuned for next week’s tip on Managing Accounts Receivable and Accounts Payables.

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