This is an Excel plug-in that helps decide total cost of wages for employees for a period of one year.
Salary of any employee usually has items to be paid every salary payment cycle. Depending on the territory the company is working in, there will be several other components that will have to be taken into account. It will also need to take into account many components that need to be paid annually. Thus the annual cost to an employee will have to include such components as superannuation, work cover, leave loading, long service leave, etc. These components as required to be taken care of by Australian companies are what is taken into account. Companies operating from Australia or with branches in that country will be able to assess the costs related to an employee in respect of salary easily. This tool also takes into account costs due to the any particular award such as EBA or MBA as applicable to the particular business.
You would be able to enter anticipated work hours every week, hourly rates, start and end dates of each employee. This tool will help break down the payroll cost over the period of a given year. You can then get a weekly estimate too. You are able to get a clear view of the costs expected depending on the employees deployed in the business. Rest of the business expenses can then be based on some fairly hard data. By comparing with the annual payroll budget, you are then able to get complete financial planning done to keep your organization economically fit.