The tool that keeps communication high at year-end
You know year-end is a massive team effort – which can be a blessing and a curse.
On one hand, you have many different people to share the load and keep your company in compliance.
On the other, you’re dependent on many others – including those even outside of Finance – to put 2018 to bed. Some of which don’t place the same priority on getting the job done.
Which makes clear communication mission-critical.
One way to do that: Develop a RACI matrix.
Here’s how you can tap this tool to keep your year-end from being derailed.
Figure out who falls where
If you’re unfamiliar with the concept, the RACI matrix identifies key players and determines whether for each year-end task an individual is:
- Responsible: The individual or department is directly in charge of the task. So Payroll is responsible for getting W-2s into employees’ hands.
- Accountable: The execution may not rest on this person’s shoulders, but they are responsible for the results. You may find yourself in this role in many cases.
- Consulted: This person’s input is required, but they don’t own the task. So IT will be consulted when it comes to performing IRS FIRE system test runs.
- Informed: No actual work to be done here, but this is still a step that can’t be missed. Example: Your mail room needs to get a heads up when W-2s will be mailed out, so they’re ready.
Now’s the time – before you get in the thick of it – to take a step back and map this out with the rest of your finance staffers.
Then you want to get the matrix into the hands of every individual or department that appears on your RACI matrix. And be sure to add dates and deadlines to each part so everyone’s crystal clear on what’s expected and when.
Bonus: This matrix will be the perfect jumping off point when you conduct your post-mortem after year-end to see what can be improved for next go-around.
Info: For step-by-step directions on creating a RACI matrix, go to projectsmart.co.uk/raci-matrix.php
Free Training & Resources
White Papers
Provided by Personify Health
White Papers
Provided by UJET
Further Reading
The IRS has revised Form W-4 for 2026, making the newly revised form available to employers during mid-December 2025. The updated form i...
The wave of tech fraudsters landing in the slammer rolls on. Elizabeth Holmes of Theranos infamy, crypto hustler Sam Bankman-Fried … ...
If you’ve used Excel to create a database table with fixed formulas, and that table will be used by multiple people, there’s a ...
With tax year 2024 Forms W-2 out the door, it’s time to turn your attention toward the changes IRS has made for TY 2025 forms. The IRS...
The IRS summarized several tax provisions of the One Big Beautiful Bill Act (OBBBA) in the 2026 version of Publication 15. Publication 1...
Many businesses are hesitant to spend big bucks on capital improvements or new equipment due to inflation, high interest rates and economic...