How do I create a field that has a button/label which has a URL. This URL is used to access reports on a site.

The generic format for a Formula Rich text field to make a hyperlink is this

var text URL =   & "url goes here and end with a semi colon";
var text Words=  & " words for the hyperlink go here";

"<a href=" & $URL & ">" & $Words & "</a>"