A CFO's Payroll Checklist

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
Finance Onboarding
1. Collecting bank and/or crypto payment instructions
2. Collect I9 and W4s
First Paycheck
1. Double check withholdings data on paystubs
2. Confirm successful direct deposits
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
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
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

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