Today's Technology for Tomorrow's Firm.
Issue link: https://cpapracticeadvisor.epubxp.com/i/432767
10 December 2014 • www.CPAPracticeAdvisor.com A YEAR IN THE LIFE: PAYROLL ACCOUNTANT Tere are a few items that you will want to ensure make your own "to- do" lists for your practice. Performing t hese task s w i l l help ensure your practice is able to efectively provide high quality service to your clients. First and foremost, you' ll want to ensure you have all the necessar y supplies needed. Tis will range from stocking up on basic ofce supplies to making sure you have enough of the forms needed for each client. Tis is also the time to verify each piece of hardware has the most up-to-date version of all sofware that your frm uses. This includes any desktops, laptops, tablets, smartphones or other mobile devices. As the year comes to a close, it's also important to review your cur- rent client base. Create and maintain a n ac t ive l ist for each cl ient t hat details any actions that will need to be taken. You will also want to keep track of forms that will need to be fled, as well as the fling dates. Once you have created a master schedule for each client, it's impera- tive that you communicate the fl- ings and due dates to your clients. Tey will need to be aware of which forms their businesses are required to fle and when. You will also want to proac t ively request a ny doc u- ment s a nd i n for m at ion t h at a re required for fling. You do not want to wait for clients to prov ide this information. Teir focus is on run- ning their business so they may not be aware of what you need, or it may slip their mind. Preemptively asking for this information will allow you to have enough time to prepare and f i le a ny ne c e s s a r y for m s b y t he required deadlines. I n add it ion to a l low i ng you to accurately prioritizing your clients' needs and tasks, creating a master schedule will allow you to properly ac c e s s you r f i r m's ow n s t a f f i n g needs. It's imperative that you have the proper resources to meet your cl ient s' need s . T h i s w i l l i nclude m a k i ng s u re you a re ac c u r ate l y staf fed and hiring additional sea- son a l s t a f f, i f nec e s sa r y. A s you schedule your staf, ensure they are not overloaded and have the neces- sary tools and access. Tr a i n i ng a nd ref re sh i ng you r staf members on proper protocols is also important. A s you are pre- paring your staf to ser ve clients in their year-end preparation, ensure they k now how to securely access client data and are double check ing a n d v e r i f y i n g t h a t d a t a . I t 's important to ensure the forms are fled accurately to avoid ta x liabili- ties for your clients and extra work for your staf down the line. Accuracy Checks A s you r st a f f i s f i l i ng for m s a nd helping clients with their year-end planning , it's important they take the time to review each form for any errors before fling. Common mis- takes include t y pos in names and add re s se s , but er rone ou s soc i a l sec u r it y i n for mat ion is t he most common cause of rejections. Each employee must have a valid social security number and name. Tis can be verifed using the Social Security Number Verifcation System. Be su re to double check f i l i ng c r iter ia , such a s t he ju r isd ic t ion i d e n t i f i c a t i o n n u m b e r, f e d e r a l ident i f ic at ion nu mber, pay ment frequency and method of payment. Your staf should also compare UI t a x able w a ge s to F U TA t a x able wages to ensure the correct amounts are fled. Other fgures that should be ve r i f ie d i nc lude i nc ome t a x , FICA, Medicare wages or ta x and third-par t y sick pay amounts. It's important to make sure the amount f i led for w ages i s more t ha n t he amount listed for taxes. A dd it ion a l l y, i f t here a re a ny amendments that need to be fled, those should be fled immediately. Ti mely a nd accurately f i l ing w i l l help prevent potential discrepancy notices and penalties later. T here's a lot of work a nd t i me t hat goes i nto yea r-end pla n n i ng – bot h for you r cl ient s a nd you r ow n prac t ice. M a k i ng su re you r s y s t e m s a nd p e o ple a r e u p a nd r u n n i ng is a top pr ior it y. Before you can help your clients prep for their business' year-end, you must f rst be prepared for yours. Year-End Planning: It's Not Just for Your Clients P ayroll practitioners spend the end of the year helping their clients prepare for year-end and the upcoming year. But year- end planning isn't just for the clients they serve. It's equally as important that they spend time prepping their own frms as well. By Taija Jenkins, Assistant Editor