If this information looks familiar, it’s because I repeat it every couple years and I think it’s so important. We are fast approaching the end of 2015, and I want to point out some important information that needs to be considered before year-end, or shortly after the beginning of a new year.
Even if your company operates on a fiscal year, there are a few things that may need to be considered to prepare for the new calendar year:
- How is your budgeting process going for next year? Will next year be the same as this year, or should you be planning some much needed changes to make it better?
- Have you installed all of the latest versions of your software? You don’t need to (and shouldn’t) wait until after the first of the year to get up-to-date. Doing it now saves pressure later.
- There are new Affordable Care Act reporting requirements for 2015 that need to be considered for many companies. Have you collected all the information needed to complete the forms? Did you know CenterPoint Payroll helps maintain this information and can fill in the forms and file them electronically?
- How about retirement plans, and other items important to you and your employees? It is harder now than ever to find good employees, and we need to remain competitive in the marketplace to keep them.
- It is a good time to remind employees to update their W-4 information for changes that have occurred during the year like getting married, having children, buying a house, or anything else that might change their withholding needs.
- How is your budgeting process going? Oh, did I already ask that? I read once that “If you always do what you’ve always done, you’ll always be where you already are.” Is it time for some changes?
So, update that important technology today, review procedures and policies, help employees be better managers of their information, and plan for the New Year.
- Ken Hilton, President