Reporting is the process of preparing a Payroll Report employers use to verify the financial data during the payroll period. It displays the tax liabilities, pay rates, employee hours, gross pay, net pay, deductions, OT and more.
Once the payroll run is completed for a particular month, finance and the higher management team may ask for reports such as department-wise employee cost and location-wise employee cost. It is the responsibility of the payroll officer to dig into the data, extract the required information and share the reports.
The employers are also expected to submit some payroll-related reports to the government authorities. Payroll Management cannot happen without efficient reporting.