Keeping a keen eye on payroll is essential. Payroll reports are the financial blueprint leading companies through compliance and financial management.
These documents are the narrative of a business’s financial health, employee compensation, and adherence to the regulations governing the modern workplace.
Mosey proudly stands as your guide amidst the ever-changing sea of payroll compliance. We understand businesses’ challenges, especially when operating across multiple states or hiring remotely.
By automating the tedious task of keeping up with payroll accounts, including withholding, unemployment insurance, workers’ comp, and paid family medical leave, we turn what used to be a headache into a streamlined, manageable process to open the right set of accounts.
What Are Payroll Reports?
Think of a payroll report as a snapshot, capturing specific financial details like pay rates, hours worked, and taxes withheld for each pay period.
However, it’s more than just a snapshot — it’s an essential tool for businesses to communicate with government agencies, ensuring all the T’s are crossed and I’s are dotted regarding tax liabilities and employee compensation.
Payroll reports also reveal what is ahead for a business. They act as an irreplaceable source of information, providing knowledge about budgeting and forecasting costs associated with employees.
These reports enable firms to read between the lines, identifying patterns and locating areas of cost savings as they make an informed decision that leads to growth.
Payroll reports are essential in ensuring that taxes get paid properly and on time, as well as a clear view of payroll costs. They also help to understand your business’s financial and operational environment better.
At Mosey, we’re about tracking these differing types of payroll requirements and also making the entire process simpler. We have created a platform that automates the tedious, allowing you to recuperate time by focusing on what is important — the growth of your business.
With Mosey, payroll compliance becomes less of a task and more of a strategic asset, empowering you to hire anywhere with confidence.
What Are the Types of Payroll Reports?
Understanding the various payroll reports is important for businesses to ensure compliance and effective financial management. Let’s explore the different types of payroll reports that play a significant role in both governmental compliance and internal financial planning.
Certified Payroll Report
The certified payroll report is mandatory for businesses involved in government contracts, specifically those under the Davis-Bacon and Related Acts. This report, submitted weekly, details the wages and benefits paid to employees, ensuring that workers on public works projects receive prevailing wages.
It serves as a testament to a business’s adherence to fair labor standards and is important for maintaining compliance with federal labor regulations.
Company Payroll Reports
Company payroll reports are internal documents produced at the end of each payroll period. They provide a comprehensive overview of all payroll expenses, including taxes withheld and benefits provided.
These reports are essential for internal record-keeping and financial analysis and play a role in strategic planning and budgeting. By maintaining accurate and detailed company payroll reports, businesses can better manage their financial resources and anticipate future payroll expenses.
Federal Payroll Reports
Federal payroll reporting requirements are detailed and specific, with businesses obligated to submit forms such as Form 941 (Employer’s Quarterly Federal Tax Return) on a quarterly basis and annual W-2 and W-3 forms for each employee.
These reports ensure that all taxes withheld from employees are accurately reported to the Internal Revenue Service (IRS), helping businesses stay compliant with federal tax laws and avoid penalties.
State and Local Payroll Reports
Payroll reporting applies to state and local levels, where requirements may differ depending upon the location in which a business operates as well as the places where employees live.
These reports are essential to companies in the process of providing state and local tax withholdings, unemployment insurance, and all other payroll-related duties.
It is not an easy task to keep up with the changing needs of different jurisdictions, but it’s important for ensuring compliance and avoiding penalties.
Employee Payroll Reports
Employee payroll reports offer detailed information about each employee’s pay period, including hours worked, taxes withheld, and benefits deducted.
These reports are typically provided to employees with each paycheck, offering transparency about their compensation and deductions. They also serve as a record for both the employee and employer for year-end tax purposes and benefits administration.
Payroll Tax Reports
Payroll tax reports are specialized documents focusing on the taxes a company must file and pay, such as the Federal Unemployment Tax Act (FUTA) reported on Form 940. These reports consolidate specific tax information required for various filings, ensuring that businesses meet their tax obligations accurately and on time.
Payroll reports can be difficult to manage for businesses, yet they are necessary for compliance purposes and financial planning, as well as the management of employees.
Mosey makes this process easier by providing businesses with a simplified way of managing payroll compliance, thereby ensuring that it doesn’t have to be such an arduous task.
Running a Payroll Report: A Step-by-Step Guide
With the right tools and a clear path, generating a payroll report can be as straightforward as checking off a to-do list.
The steps to generate a payroll report are generally similar across most platforms. Here’s a breakdown of what you can expect when it comes time to run your report.
Step 1: Access Your Payroll Software
Log in to your payroll software with your credentials. The dashboard or home page is your starting point, acting as the command center for all your payroll operations.
Step 2: Find the Reports Section
Look for a tab or menu option labeled “Reports” or something similar. Clicking on this tab will open the door to various reports available at your fingertips.
Step 3: Choose Your Report Type
You’ll find a list of different payroll reports that your software can generate. These might include company payroll reports, tax reports, employee earnings records, and more. Decide which report you need based on your current requirement, whether it’s for internal review, compliance purposes, or financial planning.
Step 4: Customize Your Report
Once you’ve selected a report type, it’s time to tailor it to your needs. Most software allows you to customize the date range, select specific employees or departments, and choose which data fields you want to include. This step ensures that the report you generate is precisely what you’re looking for.
Step 5: Generate the Report
After setting all your parameters, look for a button that says “Generate,” “Run Report,” or something along those lines. Click it, and your software will do the heavy lifting, compiling all the data according to your specifications.
Step 6: Review and Use Your Report
Once the report is generated, it’s available for review. You can usually download it in various formats, such as PDF or CSV, making it easy to share or integrate with other financial systems. This report is now ready to be used for whatever purpose you had in mind, from compliance filing to internal audits.
At Mosey, we know that managing payroll compliance across different states and localities can be a complex affair. That’s why we’ve designed our platform to work seamlessly with your payroll provider.
When you integrate your payroll system with Mosey, we automatically receive the payroll data needed to monitor compliance with state and local regulations. This means any time a change affects your compliance status, such as hiring a new employee in a different state, Mosey is on it, ensuring that you’re always a step ahead.
Our “Automate with Mosey” feature simplifies the process even further, allowing certain tasks to be completed with just the click of a button. With Mosey, running payroll reports ensures that every piece of data serves your compliance needs efficiently.
While the process of generating a payroll report is standardized, integrating with Mosey transforms it into a proactive compliance tool, making sure that your business handles compliance worry-free.
Simplify Compliance With Mosey
By automating and streamlining the compliance process, Mosey ensures your business thrives. Don’t let payroll compliance rain on your entrepreneurial parade. Let Mosey be your umbrella of compliance peace.
If you are ready to make payroll reports a breeze and compliance a non-issue, sign up or book a demo to discover how easy compliance can be.
