Finance News & Insights

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

Print Friendly

Subscribe Today

Get the latest and greatest finance news and insights delivered to your inbox.