How To Calculate Cost per Hire in Quickbooks Desktop Enterprise | Arithmix

Calculating the cost per hire is an essential metric for any business that wants to optimize its recruitment process. It helps you determine the amount of money you spend on each new employee, which can help you make better decisions about your hiring strategy. While Quickbooks Desktop Enterprise can help you with your accounting needs, you can calculate the cost per hire without using any software. Here's how:

What Is Cost per Hire?

Cost per hire is the total amount of money a company spends on recruiting and hiring a new employee. This includes all the expenses associated with the recruitment process, such as advertising, job fairs, recruiter fees, and travel expenses. It also includes the cost of onboarding, such as training, orientation, and benefits. By calculating the cost per hire, you can determine the effectiveness of your recruitment process and identify areas where you can reduce costs.

When Is It Valuable To Calculate Cost per Hire?

Calculating the cost per hire is valuable for any business that wants to optimize its recruitment process. It can help you identify areas where you're overspending and areas where you can reduce costs. It's especially valuable for businesses that are growing rapidly or have high turnover rates. By calculating the cost per hire, you can determine the ROI of your recruitment process and make data-driven decisions about your hiring strategy.

For example, if you're spending a lot of money on job fairs but not getting many qualified candidates, you may want to focus your efforts on other recruitment channels. Or if you're spending a lot of money on recruiter fees but not getting many hires, you may want to negotiate lower fees or consider hiring an in-house recruiter.

Overall, calculating the cost per hire is a valuable metric for any business that wants to optimize its recruitment process and make data-driven decisions about its hiring strategy.

How Do You Calculate Cost per Hire in Quickbooks Desktop Enterprise

Quickbooks Desktop Enterprise itself isn’t naturally geared towards letting you calculate complex metrics like Cost per Hire. As an alternative, teams typically use products like Arithmix to import data from Quickbooks Desktop Enterprise and build out dashboards.

What is Arithmix?

Arithmix is the next generation spreadsheet - a collaborative, web-based platform for working with numbers that’s powerful yet easy to use. With Arithmix you can import data from systems like Quickbooks Desktop Enterprise, combine it with data from other systems, and create calculations like Cost per Hire.

In Arithmix, data is organized into Tables and referenced by name, not by cell location like a spreadsheet, simplifying calculation creation. Data and calculations can be shared with others and re-used like building blocks, vastly streamlining analysis, model building, and reporting in a highly scalable and easy to maintain platform. Data can be edited, categorized (by dimensions) and freely pivoted. Calculations are automatically copied across a dimension - eliminating copy and paste of formulas.

Arithmix is fully collaborative, giving your entire team access to your numbers and the ability to work together seamlessly.

Calculating Cost per Hire in Arithmix

Calculating metrics like Cost per Hire is simple in Arithmix. Once you've created your free account, you’ll be able to import your Quickbooks Desktop Enterprise data, and use it to create natural language formulas for metrics like Cost per Hire.

Arithmix is designed to give you the power to build any calculations you want on top of your Quickbooks Desktop Enterprise data, while also being easy to use and collaborate on. You can share your dashboards with users inside and outside of your organisation, making it easy to empower your whole team.