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Global Work Glossary

Lost in a maze of global employment jargon? Find your way out with our handy collection of work and HR terminology

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Year-End Payroll Processing

What is year-end-payroll processing?

Year-end payroll processing is the term used to describe the activities involved with finalizing and reporting payroll information at the end of the calendar year. This includes reconciling employee earnings, benefits, and deductions to accurately report annual income to tax authorities and providing employees with a form that summarizes key information.

Year-end payroll processing often also encompasses more than just tax considerations. In order to meet regulatory requirements, businesses may need to update employee records, verify compliance with labor laws, and implement any changes in tax codes or regulations that may affect payroll. They also need to complete all of these tasks by particular days to meet government requirements.

The processes for year-end payroll can differ from country to country so companies that are trading internationally should seek the support of a global payroll solution such as Multiplier. This can automate key calculations and documentation to save time and stress when operating in several locations, providing all employees and authorities with key information in a compliant and easy way.

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