Year-End Payroll Success: Essential Planning Guide

The Foundation of Year-End Success

A successful year-end process hinges on early preparation and meticulous planning. The video emphasizes two fundamental principles:

• How you start the year shapes your year-end success
• Creating an early action plan is crucial for smooth execution

Essential Components of Your Year-End Action Plan

The video outlines critical elements that should be part of every organization's year-end strategy:

• Planning meetings with key stakeholders from accounting, payroll, and mailroom departments
• Strategic scheduling of important dates, including vacation periods and bank holidays
• Comprehensive task listing and responsibility assignment
• Robust disaster recovery planning and backup verification

A significant focus is placed on W2 processing requirements, with important deadlines and retention guidelines:

The January 31st deadline for both employee distribution and Social Security Administration filing is now strictly enforced, with no extensions available.

New retention guidelines require organizations to:

• Keep undeliverable W2s for four years from the tax return due date
• Maintain 1095 forms for three years
• Electronic access eliminates the need to retain physical copies

System-Specific Considerations

The video provides detailed guidance for both Sage HRMS and Scissortail HCM users:

Sage HRMS Configuration

Key focus areas include:

• 401(k) plan reporting setup
• Healthcare benefit reporting configuration
• Pension plan status verification

Scissortail HCM Features

Notable advantages include:

• Automatic system updates scheduled for December 29th
• Simplified electronic W2 consent management
• Streamlined delivery policy configuration