When it comes to hiring a new employee, there is a lot of work to be done before the training even begins. Employers have to post the job, screen applicants, conduct interviews, perform background checks and more, all before the employee is even hired.
After hiring an employee, there is even more work to be done. However, hiring a new employee doesn’t have to be as tedious as it sounds if you already have a new hire checklist in place.
Here are seven accounting tasks to add to your new hire checklist for an employee’s first day:
- Fill out an I-9. This proves your employee is eligible to work in the US. Find the official form, here.
- Fill out a W-4. This form ensures that the right amount of taxes is withheld from an employee’s paycheck, based on family size, insurance withholdings, and more. This form will then need to be sent to your company’s payroll department.
- Add the employee to your worker’s compensation plan.
- Have the employee fill out health insurance paperwork.
- If you offer a benefits package, the employee will need to fill out the necessary paperwork such as retirement, life insurance, wellness programs, etc.
- Put the employee on your payroll system and gather all necessary banking information.
- If your company offers direct deposit, get a void check with the necessary information to set that up.
Having a new hire checklist in place helps ease the process of starting an employee off on the right foot with your company. You will find that the checklist needs to be modified and changed over time, but streamlining this process and having the accounting paper ready to go can save time and hassle on an employee’s first day. When the process is perfected, you can delegate this task to another employee to take care of so you can start with the actual job training.