PAY RATES
Set as many pay rates required and add or modify as required by adding records.
Editing any of these fields will bring up the table below.
Hourly Wage
To set a salary hourly wage, divide the salary by the weeks of the year then into the hours agreed per week to work. This will help define the true cost of a job. Once completed the Staff Pay Rate can then be amended for each Staff Member.
Overhead % is a variable to calculate your profit and loss report.
Disclaimer. The below link is a calculator to help you work out your overhead variables. This calculator is for educational purposes and should be used as a guide only. Please speak with your accountant in understanding your overheads.
Working out your predetermined overheads into your charge out rate can take a bit of work. The link above is designed to help with this calculation. Once established these can be a variable according to Pay Rate. For staff that help out and have more general duties might not attract the full overhead rate. Apprentices might fall into this category as an example.
Calculating % Overhead based on a particular pay rate