We recently made a change to our Budget Template that should make fringe projections more straightforward.
Originally, some of the fringe accounts were projected using productive labor hours and estimated days off instead of amounts. However, upon the request of multiple clients, we decided to make all of the fringe accounts accept a projected amount.
This new version of the fringe tab works similarly for us on the backend, however there are some noticeable changes for the end user:
- The fringe accounts are broken out into two different sections; Fringe Benefits – Time Off and Fringe Benefits Other. On the original budget template, the accounts listed in the Time Off section were automatically calculated based on a percentage of total labor and the time off days. While this ensured that the accounts were budgeted for, it didn’t allow the freedom for users to edit the amounts. Now, the amounts can be adjusted if you do not want them to be a factor of total employee labor (i.e. part-time employees do not receive the benefits), rather than having to back into percentages to force it to work.
- The manual amounts from Tab 3. Fringe should match the total listed at the bottom of the Time Off column in Tab 1. Labor. After entering your company’s totals for each fringe account, the excel file will compare your company’s numbers to the projected percentages from the labor tab to see if everything matches. If they do not, the following error message will appear:
Please be sure to have the Total Time Off amounts from Tab 1 and Tab 3 match so that your labor distribution projections match your fringe dollar projections for your fringe rate.
This most recent version of our budget template (and other documents) can be accessed from:
PROCAS Time & Expense --> Help --> Downloads --> PROCAS Budget Template
Or if you’d like us to send you a copy, feel free to give our support line a call at (410) 730-4011 Ext.2 or shoot us an email at email@example.com.
As many of you are aware, we try to be as open and honest with our clients as possible, so we thought, “Why not provide another means to improve the client experience?” Through our new blog and social media accounts, we aspire to foster a learning environment as well as provide a look into our everyday lives. Our intentions for this network are to provide tips for navigating our system, address common errors using our software, advise on potential roadblocks within the government contracting industry, and last, but not least, build better relationships with our clients and the people that support them.
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- PROCAS Employee since October 2013
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- PROCAS Employee since October 2014
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