As the year draws to a close, business owners face a flurry of tasks to wrap up 2024 and prepare for a successful 2025. PBO Advisory Group understands these challenges and the importance of being organized, accurate, and complete in assessing and planning human resources and financial operations. In a recently recorded discussion, some of our HR capital and accounting experts talked about the value of our complimentary, downloadable year-end checklists that help clients streamline compliance, optimize operations, and plan ahead.
Without a structured approach, entities risk falling behind on compliance deadlines, missing opportunities for strategic planning, and encountering unexpected challenges. According to PBO Advisory’s experts, leveraging both the financial and HR checklists can help businesses and organizations of all types stay ahead of deadlines and create a smoother start to the new year.
The Human Resources Year-End Checklist
PBO Advisory’s Human Capital Advisor Kristin Pantle emphasized the importance of using checklists to close out 2024 and set up for success in 2025, serving as a crucial tool to stay on track. The HR checklist focuses on compliance, employee preparation, and planning for the year ahead. Key action items include:
- W-2 Accuracy: Make sure all employee information is up to date to avoid returned forms. Kristin suggests using human resources information systems (HRIS) or payroll systems to send reminders for self-administration, simplifying the process for HR teams.
- Exempt vs. Non-Exempt Status: In states like California, where minimum wage increases can impact exempt employee salary requirements, verifying employee classifications is critical.
- Planning for Growth: Check in with the accounting department on your 2025 budget. For companies anticipating significant headcount growth, updating handbooks and aligning recruitment timelines is essential.
Highlights from the Financial Year-End Checklist
On the finance side, Senior Finance Consultant Josh Siler highlighted the importance of starting early to meet compliance deadlines for forms like 1099s and W-2s, which are due at the end of January. Work with the HR department to ensure all W-9s and employee addresses are accurate well before January to avoid scrambling.
The checklist also includes items regarding budget alignment — reviewing year-to-date actuals against forecasts and estimates to identify discrepancies and refine budgets for the upcoming year. For businesses requiring audits, Josh recommends interim audit procedures to spread out the workload and avoid last-minute stress.
Best Practices for Collaboration
Kristin and Josh agreed that successful year-end planning requires close collaboration between HR and accounting. Establishing shared calendars can improve coordination and reduce misalignment. “The best budgets are team efforts,” Josh explained. “When department leads are empowered to communicate their needs, the entire organization benefits.”
Why Partner with PBO Advisory Group?
Without proper planning or support, businesses risk compliance issues, inefficient processes, and missed opportunities for strategic growth. Kristin stresses the value of leveraging technology to streamline operations, while Josh highlights the importance of having a “quarterback,” such as a fractional CFO, to lead initiatives and ensure deadlines are met.
“Our clients are focused on running their businesses,” Josh adds. “Having the right CFO or HR expert on your team can make all the difference, especially during this busy time of year.”
To access a recording of Josh’s and Kristin’s discussion, please fill out the form below.
Download PBO Advisory’s Year-End Checklists:
Looking for additional guidance? Contact us today to see how PBO Advisory Group can support your year-end planning and set your business up for success in 2025.