Five tips to ensure you have a smooth year-end



Originally published November 29, 2021

It’s that time of year again and Payworks has the secret sauce to make year-end the least stressful it can possibly be.

That’s right, it’s time to start thinking about all of the steps necessary to process your business’ year-end reports and tax forms. But don’t worry! If you begin Payworks’ industry-leading, interactive checklist now, you’re on the right track to a hassle-free year-end experience. Not only does our year-end toolset offer helpful videos and numbered steps to identify and guide you through each task, but it’s backed by our unparalleled one-to-one customer service model.

Our industry experts compiled their top five tips to ensure you have a smooth year-end:

  1. Collect EI and CPP shortages before the final run of the year.
  2. Gather all missing information such as employee SIN and addresses.
  3. Ensure your year-to-date adjustments are processed before your final run of the year.
  4. Check that Earnings/Deductions/Benefits are assigned to the correct box on each employee’s tax form.
  5. Update the EI and WCB rates after your final run is completed, but before your first run of the New Year (2023).

Payworks client pro tip: To ensure the upcoming year runs smoothly right from January 1, confirm your payroll schedule within the Payworks application - that way you’re not caught off guard by a run change due to a stat holiday.

Interested in a Demo or more info?

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