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Preparing for Year-End

Posted On
10/8/2018
By
Stephanie Davis

As a small business owner, year-end likely means more than just celebrating the holidays. While you’ll probably still be shopping for those last-minute presents, spending time with family and friends, and making your resolutions, there’s still work to be done.

This can be an overwhelming and stressful time of the year, so we’ve put together a list of a few things you can start doing now to make the transition a bit easier.

Are you happy with your payroll provider?

Did you know that while you can switch payroll providers anytime, year-end is actually one of the best times to switch providers?  If you switch providers at year-end, you won’t have to worry about gathering and re-entering details like prior-to-service wages, and you can start fresh in the new calendar year.

Beyond considering when to switch, if you’re thinking about moving to a new payroll provider (or if you’re considering outsourcing payroll for the first time), you’re going to want to make sure you’re making the right choice for your business. We have a quick guide you can download to ensure you’re asking the right questions.

Your Employees Want to Get Paid Too

With the holidays come extra expenses for everyone, so it’s critical that you stay on top of payroll and ensure your employees are paid on time. Based on the day of the week holidays fall, your normal payroll schedule might be impacted. Be sure to check the calendar and set reminders for yourself as needed.

As you move into a new year, now is a good time to revisit your employees’ information. Did somebody get married and change their name or move to a new address? While your employees should be updating you when they have a life event that impacts their contact details or withholding status, it doesn’t hurt to spend a few minutes with each of them to make sure all of the information is accurate—and, if you haven’t previously, you should consider getting a completed Form W-4 on file for each of your employees.

Tax Time Will Be Here Soon

If you’re anything like us, you’re probably wondering how the year has gone by and we are starting to talk about the holidays and year-end. But before you know it, we’ll be in 2019 and it will be time to start working on filing your 2018 taxes. If you want a to set yourself up for a smoother new year, now is the time to start getting that information ready.

While doing your own taxes is always a painful process, it can be made easier with the right preparation. In this post about planning for an easier tax season, we share tips, including a list of many deductions you may be eligible for as a small business owner, and how you can look for tax help by hiring an accountant or bookkeeper.

Mentally Prepare for the New Year

After the holiday season, comes the new year’s resolutions. Year-end is a good time to reflect on your business and personal goals, and start making a plan for what you’re hoping to accomplish the next year. Are you looking to get out of your home office? Offer a new product? Increase sales by 20%? Whatever your goals are for your business, now is the time to start thinking about them. If you’re a little stuck, we have a list of 15 resolutions to look at for inspiration.

Bottom Line

With a little planning and organization, year-end can be a breeze. By creating a solid year-end plan now, you can save yourself a ton of stress and hassle in the new year. And if you are planning to make a payroll switch for 2019, get the process started by requesting a quote today.