Five tips to ensure you have a smooth year-end
Dec 02, 2022Resources
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:
- Collect EI and CPP shortages before the final run of the year.
- Gather all missing information such as employee SIN and addresses.
- Ensure your year-to-date adjustments are processed before your final run of the year.
- Check that Earnings/Deductions/Benefits are assigned to the correct box on each employee’s tax form.
- 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.
Key topics in this article:ResourcesT4 SeasonYear EndPayroll ResourcesBusiness OwnerSMEFranchiseeHospitalityBookkeeperPayroll Management