Understanding the costs associated with your Labors is essential for achieving accurate pricing and job costing in CoreBridge. To help with this, your system includes a Labor Cost Worksheet, which assists in calculating labor-related expenses and automatically applies the results to the Hourly Cost field. This article will guide you through the process of filling out the worksheet.
Note: The Labor Cost Worksheet is a helpful tool, but CoreBridge is not responsible for your financial and accounting decisions. If you have questions about labor cost calculations, tax implications, or finances, we recommend consulting a qualified accounting or financial professional.
Table of Contents
- Accessing the Labor Cost Worksheet
- Filling Out the Labor Cost Worksheet
- Choosing Individual Detailed Expenses
- Choosing Single Total Value of All Expenses
Accessing the Labor Cost Worksheet
To locate the Labor Cost Worksheet, navigate to Settings / Components / Labor.
1. Select a Labor from the Labor Screen.
Note: The Labor Cost Worksheet can also be accessed when adding a new Labor.
2. Select the Labor Details tab.
3. Click the View/Edit Business-Wide Labor Cost Worksheet link.
Note: This will open a modal allowing you to answer question regarding the Cost of Labor.
Filling Out the Labor Cost Worksheet
The Labor Cost Worksheet is a business-wide tool used to calculate the average hourly cost of Labor across your company. It is not tied to a specific Labor type, but provides a general rate that applies system-wide. This section is intended to help you understand how to complete the worksheet accurately.
Note: If you have specific financial concerns or questions, please consult a qualified accounting or financial professional. The guidance provided here is for instructional purposes only.
There are two main methods for entering information into the worksheet. You can either enter detailed individual expenses for each category, or enter a single total amount that represents all your expenses combined. This article will walk you through both options, step by step.
Choosing Individual Detailed Expenses
1. Open Settings by clicking the bar to expand.
2. Choose Enter each expense individually.
3. Select if you would like to enter in expenses by the month or by the year.
Note: The option to enter expenses monthly or annually is only available if you have selected to enter individual detailed expenses above.
Note: These expenses are not including payroll.
4. Open Monthly Expenses by clicking the bar to expand.
5. Complete as many fields as possible to ensure an accurate picture of your actual monthly expenses, not including payroll.
6. Open Monthly Payroll & Billable Hours by clicking the bar to expand.
7. Click the Green Plus button to add a New Employee Position.
Note: This will bring up a pop-up with more information fields.
8. Fill in the name of the Employee Position or Role.
9. Use the dropdown to select the Employee Type.
Note: This can be Billed, Non-Billable, or Mixed depending on whether that employee's duties involve tasks that can be billed to the customer directly.
10. Enter the amount of the Average Monthly Wage for this position.
11. Enter the number of billable hours that would be worked per day in this position.
Note: The actual work time is usually less than time the employee spends clocked in.
12. Click Add.
Note: Steps 7-12 can be repeated as many times as is necessary to enter in all needed Employee Positions.
a. When the checkmark is selected, you have the option to delete an Employee Type.
b. The dropdown menu gives you the option to delete.
c. Clicking into a specific Employee Type gives you more information and allows you to make any edits necessary.
Note: Any changes made must be saved.
13. Open Business Variables by clicking the bar to expand.
14. Enter in the number of days each week that you are open for business and the number of work days that you are closed for holidays each year.
15. Enter the percentage amount of payroll taxes you are responsible for each year.
16. Open Results by clicking the bar to expand. This is the Labor Cost per hour based on the information entered in the previous steps.
17. Select between Save, if you are not ready to calculate your cost, or Save & Apply to Current Labor if you are ready to have your calculated Labor Cost per hour added to the Hourly Cost field in the Labor Details page.
Choosing Single Total Value of All Expenses
1. Open Settings by clicking the bar to expand.
2. Select Enter a single total value of all expenses.
3. Choose if your total expense number will include Payroll expenses or not.
Note: This option is only shown if you have chosen Enter a single total value of all expenses.
4. Open Total Monthly Expenses by clicking the bar to expand.
5. Enter the amount of expenses per month you expect to incur.
Note: Payroll will be included in the next step.
6. Open Monthly Payroll & Billable Hours by clicking the bar to expand.
7. Click the Green Plus button to add a New Employee Position.
Note: This will bring up a pop-up with more information fields.
8. Fill in the name of the Employee Position or Role.
9. Use the dropdown to select the Employee Type.
Note: This can be Billed, Non-Billable, or Mixed depending on whether that employee's duties involve tasks that can be billed to the customer directly.
10. Enter the amount of the Average Monthly Wage for this position.
11. Enter the number of billable hours that would be worked per day in this position.
Note: The actual work time is usually less than time the employee spends clocked in.
12. Click Add.
Note: Steps 7-12 can be repeated as many times as is necessary to enter in all needed Employee Positions.
a. When the checkmark is selected, you have the option to delete an Employee Type.
b. The dropdown menu gives you the option to delete.
c. Clicking into a specific Employee Type gives you more information and allows you to make any edits necessary.
Note: Any changes made must be saved.
13. Open Business Variables by clicking the bar to expand.
14. Enter in the number of days each week that you are open for business and the number of work days that you are closed for holidays each year.
15. Enter the percentage amount of payroll taxes you are responsible for each year.
16. Open Results by clicking the bar to expand. This is the Labor Cost per hour based on the information entered in the previous steps.
17. Select between Save, if you are not ready to calculate your cost, or Save & Apply to Current Labor if you are ready to have your calculated Labor Cost per hour added to the Hourly Cost field in the Labor Details page.
