Year-End Bookkeeping Tips #3 | Finalize End of Year payroll

One of the most important bookkeeping tips every small business owner needs to follow before the year ends is making sure your final payroll run is accurate, complete, and on time. Time flies when we are enjoying all the holiday festivities! Holiday lunches, dinners, cookies, gift exchanging and so much more. But as business owners with employees, it is back to business in making sure the final payroll is accurate and ran on time. These bookkeeping tips will walk you through exactly what to check before your last payroll run of the year.

Here Are Some Bookkeeping Tips To Making Sure Your Last Payroll Run Is Smooth.

1. Confirm company information is update if you relocated your office

1. Confirm employee data (Refer to Tip #1)

1. Verify employee benefits
  - - Health benefits and imputed wages
  - - Retirement plan eligibility*
  - - Fringe benefits
  - - Sick Leave
  - - Vacation Leave
  - - Deferred compensation

1. End of the Year Extras
  - - Offer bonuses (if any)
  - - Most of all APPRECIATE your TEAM!

*Retirement benefits like 401K has a contribution limit of $19,500 for 2021 and catch-up for employees over 50 is $6,500. Visit IRS for more information on retirement plans for small businesses.

Why These Bookkeeping Tips Matter for Year-End Payroll

Running an accurate final payroll is not just about compliance. It sets the tone for a clean year-end close and a strong start to the new year. When your payroll records are accurate, your W2s will be correct, your employees will trust you, and your books will be ready for tax season without any last-minute scrambling. These bookkeeping tips are part of our ongoing year-end series designed to help small business owners close out the year with confidence. Stay tuned for our next tip on Managing Accounts Receivable and Accounts Payable. At Wright Accounting Solutions, we are here to help you with all your year-end payroll and bookkeeping needs. Need assistance managing your payroll and filings? Schedule your bookkeeping analysis call today and let our team take the stress out of year-end.

Need assistance with managing your payroll and filings? C lick here to schedule your bookkeeping analysis call.

Nicole Wright is a seasoned financial expert dedicated to empowering small businesses. As the driving force behind Wright Accounting Solutions, she is committed to providing exceptional accounting, bookkeeping, and strategic CFO services. With a keen understanding of the challenges faced by small business owners, Nicole and her team offer tailored solutions to help businesses thrive. Their focus on building strong client relationships and delivering outstanding customer service has solidified Wright Accounting Solutions as a trusted partner for government agencies and small service-based businesses across various industries.