Please tell me how can I prepare Varience reports from April 2006 till Nov 2006 Regards Poustina
From India, Warangal
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From India, Warangal
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I have worked out a sample format for this exercise.
COMPENSATION / BENEFITS ELEMENTS
The following components make up compensation / Benefits elements. You can add/delete as per your company requirements.
BASE SALARIES
SALES INCENTIVES
ANNUAL BONUS
STAFF INCENTIVES
COMPANYWIDE BENEFITS
MEDICAL PLAN
DENTAL PLAN
LONG-TERM DISABILITY PLAN
LIFE INSURANCE PLAN
STOCK OPTION PLAN
EXECUTIVE PERQUISITE PLAN
ACCIDENT/DEATH PAYMENT
PENSION PLAN TUAL
SAMPLE EXERCISE OF VARIANCE REPORT
Draw five columns:
Col 1 = Name of the elements
Col 2 = April to Nov '06 budget for the element
Col 3 = April to Nov '06 actual spent for the year for the element
Col 4 = Variance = Difference between Col 2 and Col 3 in rupees
Col 5 = Variance = Difference in percentage
Col 6 = Comments
Col 7 = Action plan on variance
An exercise:
Col 1 = Name of the elements = Base Salaries
Col 2 = April to Nov '06 budget for the element = 10 million rupees
Col 3 = Actual spent for April to Nov '06 for the element = 11 million rupees
Col 4 = Variance = Difference between Col 2 and Col 3 in dollars = 1 million rupees
Col 5 = Variance = Difference in percentage = +10%
Col 6 = Comments = Overspent on salaries, due to an increase in recruitment
Col 7 = Action plan on variance = Reduce the cost of recruitment
Now for the actual report, you can develop an Excel format and select the elements as per your company policy and complete the columns as required. This is your variance report.
Regards,
LEO LINGHAM
From India, Mumbai
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270COMPENSATION / BENEFITS ELEMENTS
The following components make up compensation / Benefits elements. You can add/delete as per your company requirements.
BASE SALARIES
SALES INCENTIVES
ANNUAL BONUS
STAFF INCENTIVES
COMPANYWIDE BENEFITS
MEDICAL PLAN
DENTAL PLAN
LONG-TERM DISABILITY PLAN
LIFE INSURANCE PLAN
STOCK OPTION PLAN
EXECUTIVE PERQUISITE PLAN
ACCIDENT/DEATH PAYMENT
PENSION PLAN TUAL
SAMPLE EXERCISE OF VARIANCE REPORT
Draw five columns:
Col 1 = Name of the elements
Col 2 = April to Nov '06 budget for the element
Col 3 = April to Nov '06 actual spent for the year for the element
Col 4 = Variance = Difference between Col 2 and Col 3 in rupees
Col 5 = Variance = Difference in percentage
Col 6 = Comments
Col 7 = Action plan on variance
An exercise:
Col 1 = Name of the elements = Base Salaries
Col 2 = April to Nov '06 budget for the element = 10 million rupees
Col 3 = Actual spent for April to Nov '06 for the element = 11 million rupees
Col 4 = Variance = Difference between Col 2 and Col 3 in dollars = 1 million rupees
Col 5 = Variance = Difference in percentage = +10%
Col 6 = Comments = Overspent on salaries, due to an increase in recruitment
Col 7 = Action plan on variance = Reduce the cost of recruitment
Now for the actual report, you can develop an Excel format and select the elements as per your company policy and complete the columns as required. This is your variance report.
Regards,
LEO LINGHAM
From India, Mumbai
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