Consider Mid-Year Audits and Checks

​It is hard to believe that in six months, 2022 will be over! Time goes by fast and really seems to pick up as the end of the year nears. By doing mid-year audits, any corrections and changes can be made before the end of the year rush, saving time and money. Suggested audits include;

• Benefit Audits – Check benefit bills and eligibility lists from providers against reports produced by the HR/Payroll system to ensure all changes and updates match
• 401(k) and Simple IRA – Audit the recordkeepers information against Payroll to verify data agrees
• Payroll Reports - Review Quarterly Payroll reports for accuracy and confirm taxes are deducted correctly for out of state employees
• I-9’s – During COVID, the Department of Homeland Security allowed employers to temporarily used expired identity documents to meet the guidelines. By July 31st, employers must update the I-9s of current employees who presented expired List B documents between May 1, 2020, and April 30, 2022. Check I-9’s to see if identity documents need to be updates.

The audits listed above are a recommended. Depending on the type of business, other audits may be useful and most of the time, it is easier to do audits now instead of year-end.