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. Senior Finance Director Angela Sieber has the lowdown.
Complete transcript: “Hi, I’m Angela Sieber, senior director of finance here at Plus Relocation. And today I’m going to talk about four easy steps that’ll make your year-end process a breeze.
The first step would be to have a planning meeting. There are a lot of stakeholders involved in the year-end process, including your internal payroll department, accounts payable team, tax provider and of course your relocation management company. Getting buy-in and setting expectations with all parties will help make year-end go smoothly.
The second step would be to create a calendar. There are a lot of deliverables due during the year-end process. This can include a payroll cut-off date, when the wage request is due, and when deliverables are due to the tax provider and the payroll team. Having a calendar will keep everyone organized and on task during year-end.
Third, give everyone enough time. When you’re creating your calendar, make sure to allow enough time for everyone to complete their tasks. For example, if your payroll team needs two days to enter and review the relocation data, be sure to build that in. Also, be aware of any office closures during this time that could impact the year-end timeline.
Lastly, be proactive. Throughout the year, you can complete a payroll reconciliation with your relocation management company. You can send them a list of your relocation data from payroll and request that they reconcile it to their records. You can do this on a monthly or a quarterly basis. This will ensure that any discrepancies are identified and resolved before year-end.
By following these four steps, you can ensure that your year-end reporting process will be a breeze. Thanks for watching.”