How Do I Make Good Business Decisions With Payroll Data?

Have you heard of the ADP Job Report? It is a monthly, independent measure of payroll data based entirely on real companies. Many of our customers overlook that their own business, no matter how small, has all that same data at their finger tips; Moneywise can assist in analyzing.

Crunching the Numbers

When planning for the year ahead, it is important to look at your current payroll data to answer seemingly tough questions. Year-over-year, how much does it cost to pay one worker an hour? Simply look through your data, find number of hours worked in the previous year, divide by total gross payroll to get an effective hourly rate. With this explanation, planning employment costs will be easier than ever before.

Reporting Live

If you're a non-profit organization with grants to report on, you can utilize the cost of the hours spent on each grant to demonstrate fulfilled grant requirements. Payroll data is a huge factor in leveraging the cost of an hour and what it means for your team. As a for-profit business, it's essential to have the capability to analyze cost centers, departments, or specific job costs to ensure efficiency in operations.

After Hours

Overtime is often an unexpected labor expense. To stay under budget with payroll, make sure to track the data to understand why overtime was needed for that quarter. Quick data entries, as well as frequent look throughs of standout data sets, are an excellent way to utilize your payroll information for making informed business decisions.