How to budget weekly pay

The first step for your weekly pay budget is to determine how many employees you are going to include. Depending on the size of your business or company, this might see you including a relatively small or relatively large amount of employees. It is important to include all employees, even independent contractors if you know they will be working the whole week.

• Determine the pay for each employee during a weekly period

The next step is to figure out how much money your organization is going to owe each employee during the weekly pay period. This includes salaries and/or hourly wages. The complexity of this step also depends on the size of your business or company. You might have many employees with different pay structures, so try to keep it well organized.

• Add all of the weekly employee compensation together

For the final step, you need to add all of the weekly employee compensation together to get your final figure for the weekly pay budget. It is a good idea to give each employee, or department its own line in the budget. Using budgeting or office software is also encouraged as this will help you to streamline the process and save templates for the future.