Now that 2014 is drawing to a close, it’s time to prepare for the new year. Here are some things to do now that will set you up for success next year:
1. Set Goals – Think about your goals for 2015. They might include selling more products, hiring more employees or giving more to charitable causes. Then create a plan for accomplishing those goals and include a timeline. For instance, if you want to sell more products you may want to increase your marketing efforts.
2. Labor law posters – It’s a good idea to update both Colorado and federal labor law posters once a year to be sure you are always in compliance. The Colorado minimum wage will increase again in 2015 so the minimum wage poster should definitely be updated. Posters can be purchased from a big box store or they can be downloaded and printed directly from the Department of Labor. It’s important to hang the posters in a conspicuous place where all employees can see them.
3. Payroll – If you run your own payroll you’ll want to verify that tax rates and the minimum wage have been updated for next year. The end of the year is also a good time to provide employees with new W-4 forms in case they want to alter their allowances for 2015. Employees who file exempt are required to fill out a new W-4 form each year.
4. Review W-9’s – 1099 forms must be mailed by the end of January so now is the time to verify you have W-9’s on file for all eligible vendors.
5. Review your security procedures – With cyber-attacks becoming more and more prevalent, verify that all of your passwords, personnel records and other sensitive information is adequately protected.