Employees and Burden Groups
Let's talk about an important aspect of managing your company's finances. It's crucial to have an accurate list of all your employees to effectively calculate your overhead and burden costs.
To ensure accuracy, it's important to create a comprehensive list that includes both your field employees and office employees or owners. By having this information, you'll be able to calculate factors such as their hourly pay, hourly burden, skill level, jobsite hours, and payroll hours.
Having this list handy will not only help you streamline your financial processes but also provide a clear understanding of your company's expenses. It's an essential tool for making informed decisions and optimizing your resources.
Just a quick reminder about the importance of keeping track of your employees' hours on the jobsite. It's absolutely crucial for us to have accurate data in order to calculate our overhead rate per hour. By adding up the total hours worked by our current field employees, we'll be able to determine the correct overhead rate per hour by dividing it with our total overhead expenses.
Regarding the employee's annual hours that you are responsible for. It's important to keep in mind that these hours encompass more than just the actual time spent on the job site. They also include paid time off for holidays, sick days, and vacations. It's worth noting that these payroll hours play a crucial role in determining the employee's annual burden cost.
This video represents TurboBid's Employees and Burden Groups wizard. Click the Play button and explore the wizard by clicking on the red outlined buttons or symbols.