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The year-end payroll challenge
The stakes are high. Errors in payroll processing can create a poor employee experience, compliance-related penalties and unexpected costs to the business for rework and corrections — as well as reputational damage.
Challenges payroll professionals face during year end include:
- Increased workload: From reconciling year-to-date payroll reports to preparing W-2s to January 1 effective changes, the sheer volume of tasks can overwhelm even well-staffed teams.
- Compliance risks: New or expiring legislation can impact payroll practices, requiring teams to stay updated and adapt quickly.
- Tight deadlines: Fixed deadlines for tax filings and employee documentation leave little room for error or delay.
- Employee expectations: Employees require accurate and timely year-end reporting to complete their tax filings, making payroll precision and punctuality critical. Further, employees rely on the payroll team's seamless application of benefit updates and election changes at the start of the year.
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