How to manage staff salary and wage changes

Changes in expenses, including staff salaries and wages are a normal part of running a business. In cashbucket we are continuing to make sure all of these changes can be incorporated into you model so that not only are you forecasting accurately, your finance team also has a play book for how changes are expected to unfold. Here are some examples of how it works.

Example – Salary increase

  • A staff member’s salary is due to increase on the 19th of August from $100,000 to $105,000.
  • Set the end date of the staff member’s salary to end on the 18th of August.
  • Create a new expense item for the same person. Set the start date as 19 August and the amount to $105,000.
  • All forecasts, decisions, reports and metrics will factor in the change in salary at the appropriate date.