Another year is almost gone. Yes, in the payroll world, we begin our year end planning in the summer, while we still have our sanity.
What does your year end check list look like? At current, mine is 3 pages long of reminders, technology issues, check boxes and lessons learned from prior years.
If this will be your first year end with your department, or if you just want some free advice, here's a few tips:
Get in good with HR and IT. They will be your best friends during the YE process.
Understand your payroll platform and your financial accounting system. If you're fortunate, like me, to have an integrated system, various accruals and reversing entries could be made easier via the integration. If the two systems are not integrated, make sure you have a strong understanding of what needs to happen from an accounting perspective for year end.
Delegate, delegate and delegate. Don't tackle year end alone. Even if you are the manager or supervisor, lean on your team. This gives them ownership and goals. Put someone in charge of updating your company's intranet page, or have a team member liaise between payroll and HR on benefits. It's a good way to help junior members gain more exposure, and it can alleviate items off of your plate.
Understand your external due dates, then give yourself and your department some wiggle room.
Taxes - are you in one of the Sixth Circuit jurisdictions where it was ruled that severance payments were FICA exempt? If so, get on it and process refunds for any 2013 FICA that was withheld from severance.
Communicate and set realistic expectations - make sure everyone understands their role in the YE process. Follow up, but don't micromanage the hell out of it. Just make sure the tasks are getting done.
Be strong. It only happens once a year.
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