Payroll Forecasting Excel Model
Originally published: 04/03/2019 09:00
Publication number: ELQ-28637-1
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Payroll Forecasting Excel Model

A simple & efficient Payroll Forecasting Excel Model Template to anticipate hiring decisions.

Description
Payroll Budgeting tool for use in management decisions.

Wondering if you can hire an employee? This tool will help answer this questions by modeling your payroll costs and forecasting them into the future, depending on specific hire and termination dates.

Features:
- Autocalculating Payroll Costs
- Auto-timing of Payroll given hire/termination dates
- Few Inputs
- Easy to use
- Expandable to as many employees as you like
- Specifc hire and termination dates
- Payroll Tax Calcs
- Benefits Calcs
- 3 Years Autopopulated and expandable to more

The #1 question small business entrepreneurs wonder and ask me about is: Can I afford to hire an employee?

Before you can get into answering this question, you need to understand the costs of employing someone. There're payroll tax to consider and there's benefits like health insurance and bonuses to consider. First, the entrepreneur has to understand what the cost is going to be. This tool will help you with that. Then the entrepreneur has to understand how that compares to the existing employees and what the total payroll cost will be.

Then, there's the strategic considerations of whether the employee should be hired and who that person is. Then there's also the funding aspect - can you afford it? The cashflow needs to be analyzed. This tool will help you understand the costs very clearly!

This Best Practice includes
1 Payroll Forecasting Tool

Acquire business license for $15.00

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Further information

Models Payroll Costs

If you have employees
If you plan to hire employees
If you're wondering whether you can afford employees

If you don't have employees or plan to have any

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