What Are Payroll Reports and Why Should You Care?

What Are Payroll Reports and Why Should You Care?

We’ve said it before, and we’ll say it again: having a strong grasp on the intricacies of your business’ finances enables you to make better strategic and informed business decisions. Who doesn’t want that?

Payroll reports are an integral part of that financial picture. Let’s explore some key types of payroll reports, and then discuss the benefits to maintaining organized payroll reports (aka the “why you should care” piece).

Small Business Payroll Reports to Have on Your Radar

Not all payroll reports are equal. Each type of payroll report serves a distinct purpose with its own unique benefits. Here are some payroll reports to have on your radar:

Payroll Register Report

This report gives you a complete overview of information broken down by employee, as well as departmental and company totals. It includes both current and year-to-date information including hours, taxes (both federal and provincial), deductions, benefits, and gross wages. 

Paystubs Report

The paystubs report is your go-to for all information related to employee pay. It includes things like employee taxes, deductions, and net pay.

Year-to-Date Report

As the name implies, this report is your source for an annual recap of each employee’s employment income and taxes.

Workers’ Compensation Report

The workers’ compensation report provides you with a comprehensive list of anyone on your team with a Workers’ Compensation Board rate assigned to them. It also includes all amounts calculated toward Workers’ Compensation Board contributions.

Deposit Summary Report

This report acts as a summary of all of your business’ net pay transactions, broken down by employee per payroll. It provides lists distinguishing all employees paid by direct deposit versus by cheque.

Benefits to Tracking Payroll Reports

So, you have these payroll reports in front of you, but what do you do with them, exactly? We recommend regularly checking your payroll reports and keeping yourself informed on all payroll-related matters, and here’s why:

Gain a Better Understanding of Your Employees

Keeping tabs on your payroll reports means that you’re always up to date with business happenings like employee turnover and even company morale boosters like employee birthdays and workplace anniversaries. These insights will enable you to build a company culture of satisfied employees and facilitate easy ways for you to connect with each of your employees.

You can use your payroll reports to remind you of those important dates and strengthen your employee relationships.

Monitor Your Business’ Performance

By regularly analyzing your payroll reports, you gain a deep understanding of your current employees as well as your former employees. How many hours an employee works in a week, which employees cost the most money, what percentage of your employees are above or below a specific wage, and which employees are clocking the most overtime, for example. You can also use payroll reports to determine your company’s unemployment rate, and gain insights into which employees are receiving benefits like healthcare, dental, or parental leave.

Keeping an eye on your payroll reports can show you where you need to focus more time and effort, which areas can handle less attention, and help you gain a more detailed understanding of your finances as a whole.

Gain Insights to Fuel Growth

If you’re looking to grow your small business – and we hope you are – payroll reports can help. They provide you with actionable insights that can help you to understand your operations on a deeper level and help you to make more strategic business decisions.

Payroll reports give you current information regarding your company’s financial status, which is crucial if you’re in the position to potentially invest in new equipment or pursue a new business endeavor. Regularly monitoring those reports can also help you to recognize trends within the payroll data that can influence your management decisions. These decisions will then enable you to act on opportunities and grow your small business.

Reap the Benefits with None of the Hassle

The very best part about payroll reports is that you can benefit from all that they have to offer without having to put in the time and effort yourself. That’s what we’re here for!

As a business owner, although there’s a lot to gain from payroll data, it may not always be the best use of your time. By outsourcing and allowing a professional service like AIS Solutions to look after your payroll needs, you gain all of the insights without interrupting your busy schedule. It’s a win-win!

If you’re looking to streamline your payroll processes and accelerate your business, contact us at AIS Solutions. We can take care of your payroll needs so that you can continue to do what you do best.

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