5 financial checks you need to make before you change jobs
Wednesday, July 17, 2019
You've said yes to the offer and given your notice. Now, all you need to do is pack up your desk and leave your old workplace behind, right? Not so fast.
When you move from one company to another, you know the importance of verifying key financial issues like switching health plans and adjusting your retirement funds. Yet, you could be overlooking some small but crucial checks that can make a big difference in both the long and short term when it comes to your financial health.
Here are five key financial checks you need to make before you leave your current company:
Know how the switch will affect your taxes for this year.
Certain aspects of leaving your company can make an impact on whether you pay more or less, according to H&R Block. Ask your tax advisor the following questions ASAP to save headaches and cash when you file.
- Can I deduct job search expenses?
- How do I deduct moving expenses correctly if my new job requires relocation?
- What do I do to avoid withholding errors? Should I complete a new W-4 at my new job or change my withholding amounts?
Everyone's needs and situations are different, so good expert advice is the way to make sure you aren't making potentially costly mistakes.
Make sure you're not leaving hidden money on the table.
The U.S. Travel Association reports that 52% of Americans had at least some unused vacation time at the end of 2017. Are you 100% sure you've been compensated for time off you never took, personal days, and overtime you worked?
Sit down with your HR manager and ask tactfully and thoroughly about any money you may have coming to you. Be pleasant and upfront about this, and your manager will not take any offense to this question — there's nothing wrong with stating you want to make sure you receive the money you are owed promptly.
Double-check your expense accounts for mistakes.
Make sure you've submitted all business travel and client-related receipts, and that there are no errors on pending expenses so you don't find yourself being billed incorrectly once you've left the company.
Ensure your corporate credit cards and/or company car paperwork is squared away completely.
Check all statements you have received for any errors and bring them to the attention of your supervisor so you are not erroneously held responsible for inaccurate charges. Also, understand the importance of checking your credit report for errors before you leave your job, if possible — and do it ASAP.
It's key to make sure there's no mistaken information regarding any charges your company should have picked up on. You also want to make sure that your credit accounts were never confused with another employee's by accident.
Wipe your finances clean from your company's systems.
A study by the Federal Deposit Insurance Corporation reported that the Federal Trade Commission found almost 10 million Americans were the victims of identity theft in a one-year period. Make sure that your current company has no access to the accounts you take with you when you leave.
Make an appointment with your company's accounting manager and go through the steps of deleting your account information and passwords from their active system together. Don't be shy about asking to be there when this is done!
Also, make sure you ask and fully understand how precisely any permanent personal financial info is going to be kept secure and safe within their records system after you go. This won't take long — and the peace of mind you'll walk away with will be invaluable.
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