|We are fast approaching the end of 2023, and I wanted to use my space this month to communicate some important information that needs to be considered before year-end, or shortly after the beginning of a new year.
|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 be planning some much-needed changes to make it better? Be sure to check every line item. Starting with a zero-based budget guarantees you won’t miss something that might need attention.
|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? Finding good employees is harder now than ever, 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 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 technology today, review procedures and policies, help employees better manage their information, and plan for the new year.