September 5, 2019 Payroll & Tax Support, Year End Payroll Planning

Year-End is Upon Us. Have You Completed These Important Steps?

Year-end is approaching faster than you think, which typically means heightened stress levels as your HR department scrambles to manage auditing, tax reconciliation, W-2 preparation and other headaches. Are you dreading this important but anxiety-inducing time of year? Wise can help you manage it the right way. Read on to learn how the Wise team offers consulting services that can help you have a smooth-sailing year-end.

Complete Payroll Requirements

As year-end approaches, it is imperative that you update your employee compensation information. This includes, but certainly is not limited to, verifying company-wide salaries, ensuring all promotions are documented in company records, scheduling holiday bonuses, finalizing W-4 forms and validating and preparing W-2 forms. Sounds like a lot, right? There are a lot of boxes to check off and little room for error when it comes to verifying important employee compensation documents, but the consultants at Wise can manage this work for you! As HR professionals who have years of experience taking the responsibilities of year-end off of our clients’ plates, we can manage your year-end payroll requirements so you don’t have to. 

Report Benefits Properly

It is essential to notify your employees’ benefit carriers of any significant changes to their insurance plans, and this important step must be completed during the critical open enrollment season. Open enrollment can add a ton of unnecessary stress for employers who are already juggling a myriad of responsibilities separate from the long list of year-end tasks. If you are concerned about updating your carriers in time and making sure you have all your ducks in a row this open enrollment season, read this article about how the Wise team can help you have a smooth open enrollment period.

Stay Compliant

As a company, there are many requirements you have to meet to stay compliant with labor laws, taxes, compensation regulations, training, employee handbooks, classifications and much more. Ensuring you are remaining compliant in each and every one of these areas is tedious, to say the least, but nevertheless crucial for the integrity of your business. Ensuring company compliance includes auditing and tax reconciliation, and if just reading those terms makes you feel overwhelmed, consult with a Wise team member to discuss how we can manage compliance for you so you can focus on other tasks.

Wise Consulting Can Help You Have a Successful Year-End

At Wise Consulting, we know how to manage every little detail of open enrollment and year-end—it’s what we do. If you are dreading year-end, and the never-ending list of requirements that go with it, reach out to a Wise team member to talk about how we can help you get through year-end with minimal stress. Our team can handle tax reconciliation, open enrollment, auditing, validating and preparing W-2 forms, reviewing compliance regulations, making important updates to your flexible spending accounts, ensuring your payroll is in order and almost every other HR headache you may deal with. Additionally, with the help of our many partners such as Ceridian Dayforce and Ultimate Software, we can optimize and reconcile your key data and let the technology take the stress out of many HR functions. To learn more about our open enrollment services, year-end management and other superpowers, contact Wise Consulting today.

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