Payroll Play 3/10: What to Include in payroll reporting: Tips for business owners [quick checklist]

Navigating payroll reporting can be a daunting task for business owners. But with the right tools and understanding of what to include, you can streamline the process and ensure compliance with regulatory requirements.

Today, we'll explore key scenarios where payroll reporting is crucial and provide actionable plays in preparing and organizing your payroll records effectively.

Scenario

Viewing Your Business Expenses

Whether you're assessing your financial health or preparing for tax season, having comprehensive payroll records is essential for understanding your business's expenses.

Being Prepared at Audit Time

By maintaining organized payroll reports and documentation, you can demonstrate compliance with tax regulations, ensure accuracy in wage calculations, and mitigate potential risks associated with payroll discrepancies.

Actions

Collecting Records

To ensure comprehensive payroll reporting, it's essential to gather the following records:

• Payroll Records: Including paid wages, overtime pay, bonuses, and commissions.
• Timesheets: Documenting the hours worked by employees.
• Certificates of Insurance: Providing proof of insurance coverage for employees.
• Tax Forms: Ensuring compliance with tax regulations.
• Financial Statements: Such as profit and loss or balance sheets.
• Other Business Records: Including sales records, contracts, invoices, or work orders.

Types of Payroll Report

1) Employee-Specific Reports

Include pay stubs or detailed compensation, taxes, and deductions for individual employees. This is how you can do it in Juggl.

💡Extra Tip: Same as your company-wide report you can easily collect this using a simple Excel spreadsheet.

2) Employee Time Reports

Document employee hours worked.

💡Extra Tip: you can track time and attendance using any teamwork tool such as Clickup, Asana, or others.

💡Extra Tip: you can check Play 1 of Juggl HRIS playbook to see how you can track overtime in Excel.

• Payroll Service Charge Reports: When using a payroll service provider.

• Payroll Tax Reports: Including annual and quarterly tax filings.

• Workers' Compensation Reports: Ensuring compliance with insurance requirements.

• Paid Time Off (PTO) Reports: Tracking vacation days used and remaining for each employee.

With all of the above covered, you can now compile a more comprehensive view of your company’s workforce expenses.

3) Company-Wide Payroll Reports

It provides an overview of payroll expenses for the entire organization.

💡Extra Tip: you can easily collect this using a simple Excel spreadsheet and combine all of the reports into one.

Expected results:

• Increased efficiency in payroll reporting, saving time and resources.
• Improved accuracy and compliance with regulatory requirements, reducing the risk of penalties or fines.
• Enhanced visibility into business expenses and financial performance through comprehensive payroll reports and thus accurate forecasting.
• Improved business cohesion.

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