Excel users have access to a huge range of free forms, templates, and tools to help them maximize the potential of Microsoft's industry-leading spreadsheet application. Better still, nearly all are free, like Free Employee Hourly Cost Calculator and Labor Burden Estimator from Med-e-Forms. It's all set up and ready to fill in with your data.
We opened the workbook in Excel and enabled editing. As with many Excel templates, it's a busy affair, but color-coding, sample entries, and frequent explanations made for easy setup. Step 1 involved entering tax data, while in Step 2 we entered wages, benefits, paid leave, and similar data. The tool lists several sample employees; we merely had to substitute the names and specifics, and the template did the rest, including calculating FICA, Medicare, and other deductions. It's a little like filling out a tax form, and perhaps just as much fun, but then fun isn't the point; efficiency is this tool's objective, and there we can't fault it. We entered our data and renamed and saved our form, and then went back and reopened it to verify everything was as it should be. It was, which was what we expected. Since it's an Excel template, we could do pretty much anything we could do with any other Excel document, aside from editing embedded objects like the linked ads for the developer's PDF-based tools, its main product line.
Small-business owners and managers will appreciate Free Employee Hourly Cost Calculator and Labor Burden Estimator, which can calculate important data in less time than it takes to say its name. Since you probably already use Excel or a compatible program, we recommend giving it a try. Your bottom line will thank you.
From Excel 4 Business:
We all know how much we pay employees by hourly or salary, but that is no indication of what their real hourly cost is. Too often we operate our businesses without understanding the real costs of having employees. This simple and straight forward Labor Burden Calculator will automatically display your true Employee Hourly Cost by allowing you to enter all potential Employee Costs including: Employer Paid Taxes; Workers Compensation Insurance; 401K & Liability, Paid Vacation, Sick, Holiday & Training Hours; Any type of benefit, regardless of the frequency.
A new Scenarios screen allows you to enter employees and Hours for both Reg. and OT to determine the best combination of employees to add to any Job, Shift or Time Frame). Quickly create multiple Scenarios using the convenient Copy Scenario feature so you never have to retype any details. A new User Interface and Dashboard allows you to Enter Employee Types and defaults saving you from retyping the same employee data when adding new Employees.
What's new in this version:
Version 7.0 may include unspecified updates, enhancements, or bug fixes.
This new version is much better than the older ones. I was a bit apprehensive, but after downloading it and trying. I added in all my employees and it works quite well. The Scenarios in which i can test out different employees and hours was a nice edition in this upgrade.
At first it was difficult to figure out where i should put the costs but then i figured it out