Introduction to Payroll Reports

You can’t manage what you don’t measure. That’s why payroll reports are such a crucial part of controlling your labor expenses, overhead costs, and profit margin.

In this article, the management experts at Sling answer your questions and tell you everything you need to know to optimize labor costs, stay on budget, and manage your business better.

What Are Payroll Reports?

Payroll reports are documents (both hard copy and digital) used for calculations regarding:

• Wages paid to employees
• Federal income taxes withheld
• Medicare taxes
• Social Security taxes
• Reported tips
• Additional taxes withheld
• Unemployment taxes

You can also create payroll reports to gain insight on specifics like:

• Hours worked
• Overtime hours
• Attendance
• Pay rate
• Absenteeism
• Time theft

When Should You Produce Payroll Reports?

The timing of your payroll reports depends on your business’s payroll schedule. Here are some common payroll report schedules:

• Weekly: Custom reports every week, typically tied to a weekly payroll schedule.
• Biweekly: Every two weeks; offering a good balance between reporting frequency and workload.
• Semi-Monthly: Twice a month, generally on fixed days (e.g., the 15th and 30th).
• Monthly: Once a month, giving insight on a monthly basis.
• Quarterly: Every three months for IRS and state requirements.
• Annually: At the end of the year for federal, state, and local business taxes.

Types of Payroll Reports

There are various types of payroll reports, including:

• Business-specific
• Local payroll reports
• State payroll reports
• Federal payroll reports

Track Labor Costs and Produce Payroll Reports with Sling

Sling contains powerful tools that let you:

• Set wages by employee or position
• See how much each shift will cost
• Forecast and optimize labor costs while you schedule
• Stay on budget
• Avoid potential overtime
• View labor as a percentage of sales
• Create payroll reports that give you insight into how your business is running

And that’s just the beginning. Sling also offers employee scheduling, time clock, messaging options, newsfeed, and task list features.