If you need to develop large reports, use InDesign, never Photoshop. Photoshop is primarily an image editor with some text support. InDesign has pages, margins, bleeds, text flow across pages, page numbering, and an Eyedropper Tool to copy text formatting, for example.
InDesign, Photoshop, Illustrator, and Word all have Paragraph and Character styles. Using them for text formatting is a best practice. Don't use local formatting, especially in large reports.
You can use the character styles panel to save and apply such styles
However, Photoshop really is the wrong tool for such work whereas InDesign is made for it. You can easily link images from Photoshop, graphical elements from Illustrator with format your text to fit with both.
Dave
Edit : Jane answered quicker (and better) than me 🙂