7 Payroll Reports That Make Payruns Error-Free
viewing-payroll-reports

7 Payroll Reports That Make Payruns Error-Free

No matter what product or service you sell, your company runs payroll. And that’s a good thing! Employers like earning revenue, employees like being paid and the payroll department or payroll administrator likes it when the process goes off without a hitch.

But when businesses choose to process payroll on their own, without the expertise of a provider, questions like the ones below start to create uncertainties and anxiety.

  • How do we make sure we’re deducting the right amount of federal income tax?
  • When do we have to file our state payroll reports?
  • Did we miss any of our filing deadlines?
  • How much will we have to pay the IRS for missing our federal reporting deadline?

In this article, we’ll highlight payroll reports your provider should offer to help ensure you’re in compliance with reporting requirements and your payroll remains error-free.

1. Pre-post Payroll Journal

This report provides you with all the data you’re about to submit for a particularly payrun. Review your pre-post payroll report carefully.

2. Pre-post Employee Export

Your employee export report gives you pay detail and totals for each employee by department. It also captures the proportion of time/earnings this payment represents from what is allocated to that department.

3. Pay Run Audit Export

A payrun audit report helps identify inaccurate entries before submitting. This report alerts you to potential discrepancies around any fields including missing deductions, 401k changes, and time sheet mismatches.

4. Cash Requirements

A single source report summarizing your total payrun cost. Your total payable figure includes checks and direct deposits made to employees and outside agencies—including tax withholdings and your tax liabilities.

5. Labor Distribution

Like the Payroll Journal, the Labor Distribution report offers pay details including wages, deductions, and taxes for all departments. The report details amounts due to employees who work in multiple departments according to departmental time/earning allocations.

6. Deductions Not Taken

This report lists all active employees who will not have deductions taken during this payrun because they are not earning a paycheck.

7. Unpaid Employees

Unpaid employees are those who are active but will not be receiving a paycheck. Comparing this report to approved time entries is a good way to double-check no one is missing an anticipated payment.

payroll-audit

Answers Before There Are Questions

Running these seven reports prior to each payrun allows you to identify discrepancies before any money is transferred. Instead of fixing problems later—which can be time-consuming and costly—staying on top of the data keeps your stress level down and your payroll error-free. And when payroll is accurate, required monthly and quarterly reports are a breeze.

The real key to successful payroll processing is having the right tool in place that can take care of the heavy lifting for you. Look for systems with features like:

  • Usability
  • Accessible from anywhere
  • Single-page dashboard
  • Self-service options available to employees through a mobile app
  • Alerts and comprehensive reporting to ensure error-free processing
  • Stress-free tax compliance
  • Automatic product updates throughout the year
  • Knowledgeable payroll and tax experts available when you need them

If you’re in the market for a payroll solution that offers stress-free tax compliance, engaging employee self-service and detailed reporting capabilities, look no further than Paycor. For nearly 30 years, we’ve maintained a core expertise in payroll and compliance, establishing our expertise in the Cincinnati tri-state area, one of the most complex tax jurisdictions in the country. Our experience, combined with our user-inspired payroll technology is the foundation for helping organizations accomplish their goals and focus on what they know best: their business and their mission.

To learn more about how we can support your business, start a conversation here with our team.


Subscribe to Our Resource Center Digest

Enter your email below to receive a weekly recap of the latest articles from Paycor's Resource Center.

Check your inbox for an email confirming your subscription. Enjoy!

More to Discover

Active Shooter Policy: What Employers Need to Know in 2020

Active Shooter Policy: What Employers Need to Know in 2020

Always Be Prepared for Emergency Situations in the Workplace It’s a sad reality that many people have a looming fear of active shooters in the workplace. Unfortunately, their fears aren’t misguided. According to the FBI, 60% of active shooter incidents occur in businesses. However, as an employer there are actionable steps you can take to prevent an active shooting, ease employee concerns and protect your people. Step 1: Form a Planning Team It’s important that your planning team has representation from departments across the business, as well as first responders. In the same breath, the planning team should be small enough to encourage close collaboration, yet large enough that it doesn’t put the burden on any one person. The planning...

How to Conduct Exit Interviews

How to Conduct Exit Interviews

Fully Capitalize on This Underutilized HR Practice The Often-Overlooked Exit Interview In the world of human resources, the focus is always on a strong start. From finding that perfect candidate to conducting a spot-on interview, it’s all about the beginning. However, strong HR practices are not just about the first phase or hiring.Inevitably employees quit, which kicks off the process of wrapping things up and conducting an exit interview. For many companies, the employee exit interview is an afterthought.However, the exit interview is a powerful tool to consistently evolve and optimize company performance and culture. The exit interview is a rare opportunity to get honest and raw feedback about an organization’s effectiveness in many...

Top Signs of Employee Burnout

Top Signs of Employee Burnout

Employee burnout is more than just dealing with an overwhelming project or working overtime for a few days in a row. It’s a condition in which an employee feels chronic stress, energy depletion and cynicism at work and it can have a number of negative side effects.In fact, employee burnout is so prevalent in the workplace, the World Health Organization officially added “burnout” to its International Classification of Diseases in 2019. Researchers at Harvard Business School estimate employee burnout costs between $125 billion and $190 billion every year in healthcare costs.A key warning sign of burnout is low engagement, which ultimately means low performance and poor business results. It’s not that those employees don’t care, it’s that...

How to Conduct Employee Evaluations

How to Conduct Employee Evaluations

Consistent employee evaluations help remind employees of their manager’s and the company’s expectations for their overall performance. They also give managers valuable insight to use when they make important decisions such as giving a promotion or raise, as well as negative actions like terminations.In typical evaluations, a manager details the employee’s contributions and weaknesses verbally and in writing. Then the manager and employee discuss any areas of improvement in addition to creating future goals and objectives. A lot of companies also ask the employee to submit a self-evaluation.Evaluations Aren’t One-and-Done Or at least they shouldn’t be. Employee evaluations should be an ongoing part of a manager’s duties. Often, employees...