Now that you know how to run payroll reports, you can analyze your payroll history and employee’s working patterns to run your business better. The process is the same for each report in QuickBooks. Repeat the process to view another report. Once you run your report, you can view, customize, print, email, or download the report into Excel. Once you find the report you wish to view, click the green “ Run” button to view the report. Go to the “ Employees & Payroll” tab and search for the desired report. You’ll then be taken to a screen like the one below, where you will see every report that QuickBooks offers. To run a report, go to Employee>Payroll Center>Reports.
You can use the software to run the following reports:
There are 13 payroll and employee reports total in QuickBooks Pro. Furthermore, you can also use payroll reports to determine if it’s financially feasible to offer raises - and how much - to employees or distribute bonuses. By running payroll reports, you can see exactly how much money is going into your labor costs so that you can make adjustments as needed - such as adding or reducing staff - to best benefit your business. Track Costs: Businesses facing financial hardships need to analyze their costs, including payroll expenses, closely.Some lenders may require you to submit payroll reports for an accurate view of your payroll expenses. Small Business Loans: If you’re seeking a small business loan from a bank or other lender, you have to submit an application along with other documentation to show the health of your business - the profit or loss, your expenses, etc.When it comes time to apply for forgiveness, having payroll records at the ready helps shorten and simplify the process while ensuring that your loan is forgiven.
Loan Forgiveness: If your business received a Paycheck Protection Program (PPP) loan, you know that you can achieve full or partial loan forgiveness by spending funds on eligible payroll expenses.Payroll reports are critical for your quarterly estimated tax payments and your annual business income tax return. This is because you can use the information from these reports for writing off your payroll expenses and your portion of payroll tax payments. Filing Your Taxes: When it’s time to file your taxes, payroll reports can be extremely valuable.You can ensure that you’re compliant with employment tax laws by regularly running and reviewing payroll reports. In some cases, you may even be prosecuted. Noncompliance with tax laws can result in a lien or levy placed against your business. These include Social Security tax, Medicare tax, federal income tax, and (in most states) state income tax. Withholding Compliance: It is your responsibility as an employer to withhold certain taxes from your employees’ paychecks.There are a few different reasons why your business should regularly run payroll reports. How To Run Payroll Reports In QuickBooksīefore we jump into how to run payroll reports in QuickBooks, let’s first understand why payroll reports are important for your business.Credit Card Processing Fees Infographic.BigCommerce VS Shopify Comparison: Which Is Better For Your Business?.Advanced Guide to Growing Your Online Store.Beginner's Guide to Starting an Online Store.The Best Invoicing Software For Small Businesses.Everything You Need To Know About Small Business Payroll.Xero VS Sage VS QuickBooks: Which Is Better?.Using Personal Credit Cards for Business.Dos And Don'ts Of Business Credit Cards.