Manpower/Human resource is the most important resource for any organization and a large amount of money is spent on managing this resource in the form of salaries. Budgeting for expenses is very important for successful operation of any organization and as salaries/ payroll form a large chunk of organization expenses, monitoring and budgeting of it is very important for an organizations success. Provided here are sample payroll budget tracker templates that can be downloaded and used by organizations to attain their ideal payroll budgets at no extra cost.
edcc.edu | This spreadsheet helps in calculating the total salary expense on manpower in a year. It includes columns to mention position of the staff, no staff, weeks worked, hours of week worked, wage/cost, total expense, % required payroll charges, required unenrolled payroll charges, subtotal and grand total.
gadsdenstate.edu | This form is available in .pdf format for download and includes information about how to calculate annual direct payroll cost. It breaks a year i.e. 365 days into total work days or work hours by subtracting weekend days, vacation days, sick leaves, and bank holidays. The format has a table that shows Direct payroll categories like wages, medical allowance, dental insurance, retirement benefits, workers compensation, employment state unemployment charge, employer federal unemployment charge, employer medicare taxes, employer soc sec taxes and another column mentioning annual costs for each direct payroll category and finally a column for calculating total annual direct payroll cost.
assets.system.tamus.edu | This template is available in .pdf format and can be used to finalize changes in the payroll budgets of an individual employee. It includes information such as employee name, social security number, current salary charged, changed budget/charges, effective date of change, explanation/reason for proposed change, approving authority’s name and signature.
While getting a payroll budget does not completely clear all this wastage, it can be a great step towards minimizing them. There are online budget templates that you can use to draft your own payroll plan. Some of these not only offer you suggestions on areas to look at. They also embed with simple commands to help with the calculations.
Payroll budgeting includes predicting budgets for fixed manpower cost, attrition rate, retention cost, re-hiring cost, expansion cost, training cost, retirement cost, employee engagement cost etc. Payroll budget need to be flexible to accommodate unexpected variation due to change in economy. A study reveals that and organization spends close to 15 – 30% of their gross revenue on payroll cost and the percentage is almost 50% for organizations into service business, hence accurate budgeting of payroll cost is an essential element for an organizations to increase its profits and minimize its cost. Payroll budgeting templates provides all required information to create a payroll budget with ease.
As payroll budget is determined as per the industry standards and the expected profit margins of an organization. As annual budget finalized well in advance can save the organization for over spending on manpower. However while planning for a payroll budget; succession planning for employees can’t be sidelined, as boosting the employee morale is an important aspect to retain good resources. Use the templates provided on our website or modify the templates and develop a payroll budget model as per your organizations requirement.
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