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Year-end payroll processing ensures payroll and taxes observe any applicable regulations. Non-compliance risks include potential exposure to legal and regulatory penalties. For that reason, actively participating in year-end payroll processing saves you future non-compliance risks and loss in revenue.
7 tips for a successful year-end payroll processing. (Photo: Internet)
Learn tips for year-end payroll processing so you can proactively and efficiently handle this year-end headache.
- Update employee contact information to avoid penalties
- Prepare annual reporting
- Process all year-end adjustments
- Review retirement contributions
- Process all payslips
- Submit payroll reports and tax returns.
No matter your role in year-end payroll processing, these tips and best practices are ones that you cannot miss. We hope these tips will help you have a successful year-end payroll processing season.
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