Prepare Now for 2011 Year End

Hopefully year-end is over or winding down for most of you.

Did you keep a list of what worked well and what did not during your year-end process?  If not, it should be fresh on your mind.  Start planning your 2011 year-end now and be sure that you remember what works and leave what doesn’t work in 2010.

Why start now? By documenting what works well and what does not, you can begin planning necessary or helpful changes and additions to your processes throughout the year.

Here are a few examples of pain points you’ll want to remember come year end 2011:

  • Some of you may not have set up employees for the Hire Act and consequently had to file an amended Form 941 and maybe even corrected W-2’s. This may have resulted in hours of calculations and balancing to determine the needed adjustments.
  • Did you order Form W-2’s timely and get those tested, or did you order late only to find they didn’t work with your application? If they didn’t work, you probably had to reorder -cutting it pretty close for distributing Form W-2’s to your employees.
  • Did you forget about third party sick pay, personal use of an automobile, group term life over 50k or other taxable fringe benefits?  These are perfect items for a year-end check list.

Resources for 2011 Year End Success

There are many items that need to be addressed during the year-end, and anything that can be done ahead of time can save those long unnecessary hours.  The Social Security Website and the IRS website are excellent tools to assist you with year-end answers and reconciliation processes.

Optimum clients should visit the support site for quarterly reconciliation spreadsheets.

May your 2011 year end be a huge success!

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