What is an Employee Tax and Benefit Budget for a Retail Company?
In the realm of financial planning for retail businesses, the Employee Tax and Benefit Budget plays a pivotal role. It stands as a cornerstone within the budgeting framework, frequently utilized by retail chains and store managers to meticulously project staff-related expenses for their financial plans. This specialized budgeting model integrates automated functionalities to calculate various workforce costs, including components such as FICA, FUTA, SUTA, fringe benefits, pension contributions, profit-sharing allocations, and more. This comprehensive computation takes into account both exempt and non-exempt employees, offering a comprehensive overview of personnel expenditures.
Purpose of Employee Tax and Benefit Budget Models
Employee Tax and Benefit Budget Models are indispensable tools for retail enterprises aiming to streamline and enhance the accuracy of staff-related financial calculations. When integrated into the Financial Planning & Analysis (FP&A) processes, these models facilitate greater budget precision and the effortless generation of multiple financial scenarios. Furthermore, they act as a safeguard against potential errors, significantly reducing the chances of inaccuracies within the budgeting framework.
Benefits to Users
Incorporating Employee Tax and Benefit Budget Models into retail operations delivers substantial advantages to business stakeholders. By providing a detailed understanding of staff-related costs, these models empower decision-makers to make more informed choices. Store managers can optimize workforce allocation, identify opportunities for cost savings, and better prepare for seasonal fluctuations in staffing requirements. Additionally, financial planners within the organization can efficiently create and evaluate various budget scenarios, enabling proactive responses to shifting market conditions. Overall, these models enhance efficiency, reduce the time spent on laborious manual calculations, and concurrently foster a culture of financial prudence and agility within the retail enterprise.
Employee Tax and Benefit Budget Model Example
Here is an example of Budget Report for Tax and Benefit Calculations for a Retail company.
You can find hundreds of additional examples here.
Who Uses This Type of Model?
The typical users of this type of model are: HR managers, CFOs, budget managers.
Other Models Often Used in Conjunction with Employee Tax and Benefit Budget Models
Progressive Financial Planning & Analysis (FP&A) Departments sometimes use several different Employee Tax and Benefit Budget Models, along with sales and other operating expense budgets, capex, cash flow plans and other management and control tools.
Where Does the Data for Analysis Originate From?
The Actual (historical transactions) data typically comes from enterprise resource planning (ERP) systems like: Acumatica, Sage Intacct, Microsoft Dynamics 365 (D365) Finance, Microsoft Dynamics 365 Business Central (D365 BC), Microsoft Dynamics AX, Microsoft Dynamics NAV, Microsoft Dynamics GP, Microsoft Dynamics SL, Sage 100, Sage 300, Sage 500, Sage X3, SAP Business One, SAP ByDesign, Netsuite and others.
In analyses where budgets or forecasts are used, the planning data most often originates from in-house Excel spreadsheet models or from professional corporate performance management (CPM/EPM) solutions.
What Tools are Typically used for Reporting, Planning and Dashboards?
Examples of business software used with the data and ERPs mentioned above are:
- Native ERP report writers and query tools
- Spreadsheets (for example Microsoft Excel)
- Corporate Performance Management (CPM) tools (for example Solver)
- Dashboards (for example Microsoft Power BI and Tableau)
Corporate Performance Management (CPM) Cloud Solutions and More Examples
- View 100’s of reporting, consolidations, planning, budgeting, forecasting and dashboard examples here
- Read a Retail white paper and other industry specific information here
- See how reports are designed in a modern report writer using a cloud-connected Excel add-in writer
- Discover how the Solver CPM solution delivers financial and operational reporting
- Discover how the Solver CPM solution delivers planning, budgeting and forecasting
- Watch demo videos of reporting, planning and dashboards
Only Solver delivers a one-day rapid deployment, including free and instant access to $100K of value available on Day 1 in the Solver Marketplace. Solver is committed to helping you with all your advanced planning and reporting needs, so you can Accelerate Better Decisions – starting now. Take a free tour of Solver for any of these ERPs: