A CFO's Payroll Checklist

  1. Hiring

    1. Offer letter / contractor agreement

    2. Employment verification check

    3. ID Collection

    4. Set up pay schedule

    5. Ensure proper employer registrations are in place for the state of residence


  2. Finance Onboarding

    1. Collecting bank and/or crypto payment instructions

    2. Collect I9 and W4s


  3. First Paycheck

    1. Double check withholdings data on paystubs

    2. Confirm successful direct deposits


  4. Monthly Reconciliation

    1. Match Bank Debits to Payroll Journal

    2. Ensure General Ledger has categories for:

      1. Salaries & Wages

      2. Employer Payroll Taxes Paid

      3. Employee Payroll Taxes Paid

    3. Split debit entries into proper General Ledger category


  5. End of Year Review - Usually in November

    1. Book any off platform payments to payroll platform to ensure they are included in the relevant worker 1099s or W2s

    2. Confirm cutoff date for fiat banking payment for last day of the fiscal year

    3. Review payroll history report to ensure proper amounts were paid according to contracts/offer letters


  6. W2 & 1099 Generation - January

    1. Your payroll provider should offer draft versions of 1099s and W2s upon request

    2. Last business day of January is when the tax forms must be issued

    3. Direct workers to where they can find copies of their tax documents

  • "We've been using Franklin for over a year and it is the easiest way to manage global crypto payments."

    Zeng Jiajun

    Co-Founder

  • "I wholeheartedly recommend Franklin—a startup that's doing an excellent job tackling global payment challenges in crypto and fiat. Their outstanding support, quick responses, and genuine commitment to problem-solving, make them an invaluable partner in making our payroll processes smoother."

    Sarah Luehrs

    Head of Operations

  • "Franklin provides an excellent solution to a crypto payroll service. It's versatility, coupled with excellent support and intuitive platform design makes it a great choice for businesses looking to incorporate cryptocurrencies into their payroll processes - would highly recommend!"

    Lindsey McConaghy

    Founder

Incubated by Serotonin, a product studio and marketing firm for transformative technologies.

Audited By

Powered by Alchemy

© Franklin Systems Inc. 2024

Incubated by Serotonin, a product studio and marketing firm for transformative technologies.

Audited By

Powered by Alchemy

© Franklin Systems Inc. 2024

Incubated by Serotonin, a product studio and marketing firm for transformative technologies.

Audited By

Powered by Alchemy

© Franklin Systems Inc. 2024