As 2025 approaches, it is important to begin organizing your payroll checklist for the end of the current year and the start of the next. This preparation is crucial for ensuring a smooth transition into the new year, as it allows you to address any changes in regulations, update employee information, and streamline your payroll processes.
Verify employee data
- Assess the number of active employees on payroll, which can be found in the main reports under Payroll Audit.
- Evaluate your current employee benefits offerings and consider any changes or enhancements for the new year.
- Review and update employee details (names, addresses, statutory numbers , etc.)
- Update the record of leave days taken in the system. Access leave liability report and leave balance reports under reports
Tax credits
- Tax credits need a review to identify additional qualifying employees for the upcoming year. those eligible for elderly tax credits, are individuals aged 55 and above at the year’s start
- Read more about employee tax credits from https://www.zimra.co.zw/17-tax/individual/1725-credits
Statutory updates
- Check Statutory Updates and Changes: Stay informed about any changes to different statutory such as NSSA, NEC, Tax Tables etc that may affect payroll calculations.
- This includes revisions to tax rates, wage limits, and any new regulations that could affect employee remuneration.
Conduct Payroll Audits
Perform a detailed audit of your payroll processes to identify any discrepancies or areas for improvement. This can help prevent errors and ensure that your payroll is functioning efficiently.
Set Deadlines
Establish a timeline for completing each item on your payroll checklist. Setting deadlines will help you stay organized and ensure that everything is completed in a timely manner.
Payroll backup
Ensure to back up your payroll database and store it on a cloud service or a separate device. Creating a backup of your payroll database is a critical step in ensuring the security and integrity of your financial data. Regular backups help minimize the risk of data loss and ensure that you always have access to the most recent information.
Before anything else, preparation is the key to success –
Alexander Graham Bell