Payroll reports are critical to any business, especially reports required by government agencies or unions. By scanning payroll data, time card data, HRIS data and also important information from external data sources, it is possible to generate standard and custom reports automatically. Examples of standard reports include federal or state Certified Payroll reports, deductions and contribution reports, labor distribution reports and tax liability reports.
What Types of Reports can be Generated Automatically?
Almost any report involving payroll, time card or rate data can be generated by a computer program, as long as the program can read the right data sets. In some cases, it is possible for reports to be generated on a scheduled basis (no human interaction at all), but usually it is preferable to generate reports on demand by pressing a button or initiating a process.
- Certified Payroll reports are required by government agencies for compliance with Davis-Bacon and related acts (DBRA.) These reports can be generated by any computer program able to read time, rate and payroll data.
- Fringe benefit statements are also required by some agencies, and can be generated by reading payroll and rate data (or in some cases, just payroll data.)
- Deduction and contribution reports can be generated by reading payroll and employee data, but it can also be helpful to read or cross-index data from a benefit system.
- Labor distribution reports can be generated by reading time card data and pay-stub data.
- Tax liability reports can be generated by reading payroll data.
Why are Automatic Reports Preferable to Manual Reports?
While there will always be a need to review reports manually, most automatic reports are easier to generate and tend to be extremely accurate.
A well-designed automated report will pull data from exactly the right sources, apply logic or formatting as needed, and present data in either human readable format (PDF, spreadsheet, data visualization) or machine readable format (XML, CSV, etc.)
Are Automatic Payroll Reports Included with Valet?
Basic payroll reports usually require just one or two data sources, and can be included in the basic edition of Valet. Advanced reports may require connections to additional data sources, which are still available through Valet.
Valet Data Platform
Ensure payroll accuracy and simplify HCM workflows with Valet – connect your HCM system to external data sources to verify rates, streamline employee data and more.
- Connect to external rate tables or applications
- Validate time card or payroll data early in your process before inaccuracies stay in your system
- Develop custom integrations or applications using Valet
- Experience fantastic ongoing support