Start Thinking About Year-End, Now
Have you ever wondered why year-end in the payroll industry is such a stressful time? It happens every 12 months without fail, so it’s no surprise. We know it’s coming, and we know what needs to be done to successfully navigate this annual process. Most of us have endured the year-end process many times, but the anticipation of wading through a year’s worth of payments, deductions, taxation, and adjustments to ensure each employee’s reporting statement and every governmental agency’s form is correct can be overwhelming.
But it doesn’t have to be with assistance from the APA’s Preparing for Year-End and 2022 courses, which are offered as in-person classes, one-day interactive virtual classes, and as webinars both live and on demand.
It’s a Waiting Game
Procrastination is a payroll professional’s foil, but unfortunately, year-end processing is nothing that can be done proactively. The processing can’t begin until the last of all payments has been paid, the final tax deduction has been taken, and 12 months of reconciliation has been finalized—all by the stroke of midnight on December 31. It’s not until the ringing-in of the New Year that the bell sounds for payroll to start its process of feverishly preparing all the tasks at hand by the government-imposed deadlines.
However, year-end processing is not all doom and gloom. Even if proactivity can’t be a part of the actual process, there is hope—and preparation is the key that unlocks that hope. If preparing for year-end sounds like a proactive plan to help payroll professionals soften the stress of year-end processing, wouldn’t it be something worth trying? The APA’s Preparing for Year-End and 2022 course shares all the nuances, changes, and details of each year’s reporting requirements, including tips for making your year-end process go more smoothly with less pressure and stress.
Different Course Structures
The course guides you through the reporting changes new to the current year and what changes to anticipate in the upcoming year. The course guidelines include the following:
- Education and information on the taxation requirements of payments, perks, benefits, and gifts employees have received from their employers during the year
- Information on the legal limits for withholding social security tax, child support payments, tax levies, and student loans, and provides guidance for next year’s anticipated limits
- Valuable instruction designed for most businesses, no matter the type or size
- More specific guidelines for government and public sector employers and those who have employees working in Canada
- An advanced version of the course for those facing more complex issues and one for accounts payable professionals
Avoid fines, correcting forms, and headaches brought on by noncompliance and incorrect reporting. Don’t procrastinate on this important decision. Register for Preparing for Year-End and 2022 today.
Larry White, CPP, is a Director of Payroll Training for the APA.