Payroll Budget
Originally published: 03/08/2021 08:37
Last version published: 02/11/2021 09:33
Publication number: ELQ-11765-2
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Payroll Budget

A professional template to budget payroll expenses

Description
Payroll expenses and employee costs in general form an important and material part of a company’s budget. This template built on the highest professional financial modeling standards will help you calculate future payroll expenses.

The calculations include:

- A transparent and convenient input section. You just need to enter employee salaries or hourly wages, start and end date (where defined), target bonus, annual indexation, overtime wage adjustment etc.
- Separate analysis for hourly and salaried employees
- Calculation of income tax on a graduated schedule
- Recruitment costs
- A summary outlining employee expenses by main categories

The budget is made on a monthly basis but there are separate section grouping the numbers by year.

The template is very flexible and can be adjusted to your requirements quickly:

- You can change the total period covered by the budget (currently three years) and the interval (currently set to one month which can be changed to quarters or other periods).
- You can add as many employees as needed.

The template can be used on a stand-alone basis (to make just a payroll budget) or as part of a larger budgeting package. It can also be incorporated into investment analysis models.

The template is accompanied by a text guide with detailed explanations.

This Best Practice includes
1 Excel file, 1 pdf file

Acquire business license for $20.00

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Further information

Develop a payroll budget or an employee cost section in a financial model

Any business with employed personnel

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