Notes from the President

Ken Hilton - President Red Wing Software

We are fast approaching the end of 2020. Whether your company operates according to a calendar year, or a fiscal year, there are a few things that need to be considered to prepare for the new calendar year:
How is your budgeting process going for the new year? Will next year be the same as this year, or should you plan some much-needed changes to make it better? I believe in zero-based budgeting, so every line item needs to be considered.
Have you installed all the latest versions of your software? You don’t need to wait until after the first of the year to get up to date. Doing it now saves pressure later.
How about benefit changes? Have you reviewed insurance policies, 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 W-4 information for changes that have occurred during the year, for example, getting married, having children, buying a house, or anything that might change their withholding needs. Did you know that at the beginning of this year, the IRS released a new 2020 Form W-4 with significant changes from the previous form?
How is your budgeting process going? Oh, did I already mention 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 a change?
So, update that important software today, review procedures and policies, help employees be better managers of their information, and plan for the new year.
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