What can my company do to make year-end reporting a breeze?
There are some simple steps you can follow to make the reporting process easier. Manager of Expense Management Andy Higgins has the lowdown.
Complete transcript: “Hi, my name is Andy Higgins, and I’m the manager of expense management here at Plus Relocation. Today, I’m going to talk about four steps that can help answer the question, ‘What can my company do to help make the year-end reporting process a breeze?’
Step 1: Have a planning meeting. There are a lot of stakeholders in the year-end process. This can include your internal payroll department, accounts payable, tax providers and your relocation management company. Getting buy-in from all stakeholders will help make the year-end process go smoothly.
Step 2: Create a calendar. There are lots of deliverables and key dates during the year-end process. This can include information on when the payroll cut-off date is, when the wage request is due and a deliverable date of the final payroll report. Having a calendar will keep everyone organized and on task throughout the year-end process.
Step 3: Give yourself time. When you’re creating your year-end calendar, make sure you’re giving yourself enough time to account for all the tasks you need to complete during the year-end process. For example, if you need three days to enter the relocation payroll data, make sure you build this into your timeline. Don’t forget to think about any office closures you may have during the year-end timeline that may impact the time you have to complete your tasks.
Step 4: Be proactive. Throughout the year, you can do a payroll reconciliation with your relocation management company. You can ask your relocation management company to provide you a list of all reportable expenses they have provided to you. You can do this on a monthly or quarterly basis. This will help ensure that your records align to what the relocation management company has provided to you. This will help identify any discrepancies prior to the year-end process.
Following these four simple steps will help make the year-end process a breeze for your company. Thanks for watching.”