7 tips for a successful year-end payroll processing

Year-end payroll processing is a complex journey that ensures the accurate calculation of taxes, compensation, and deduction to be withheld from employee paychecks. It usually takes place during the Q4 of the calendar year to the Q1 of the following year.

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
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.
  1. Update employee contact information to avoid penalties
  2. Prepare annual reporting
  3. Process all year-end adjustments
  4. Review retirement contributions
  5. Process all payslips 
  6. 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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