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From small startups to major corporations, using a time conversion chart is essential for streamlining payroll.
While payroll processing is on the mind of every business owner, time usually isn’t. But ask yourself this: What is one thing that you absolutely must get right? Conversion of your employees’ time clock.
To determine your team's wages, you must convert your employee hours and minutes into decimals. A simple time conversion chart will help you get it right.
We have taken the opportunity to create a conversion chart for you.
Keeping track of employee time is essential to running a productive business. It is critical to request that your team members track their time working on projects and tasks so that you can manage project spend effectively.
When used consistently and correctly, this strategy can help you improve employee productivity and engagement.
Once you have your team members' total working hours, you must convert minutes to decimal hours. Fortunately, we created this time conversion chart for easy reference when you are calculating your employees’ gross pay.
At first glance, decimal time conversions are fairly simple. If you have recorded your employee time in hours and minutes, simply divide any minutes by 60.
For example, let's take Austin as an example.
Austin worked 30 hours and 36 minutes for the week. To account for the extra 36 minutes, you’d simply divide that time by 60:
36/60 = 0.6
Then, add the converted minutes to the hours:
30 + 0.60 = 30.60
In decimal hours, Austin worked a total of 30.60. Let’s say the hourly rate Austin receives is $50.
Austin's weekly pay rate is calculated as follows:
30.60 hours x $50 = $1530
There are many ways you can track time to get a decimal value for your team members, but the process gets complicated with certain increments of time.
For instance, if Austin worked 40 minutes instead of 37, the conversion would be a repeating decimal (0.66 repeating).
Fortunately, many automated systems manage these conversions and set pay rules like decimal point rounding for you. Another thing that can help is a decimal hours conversion chart.
[Get this handy minute conversion chart in PDF] Save it to avoid data entry and calculation errors.
It's easy to convert payroll hours to decimals to figure out your employees’ gross pay. That said, the time it takes to do this manually adds to the cost of processing payroll — even if you are using a decimal conversion chart.
To avoid this time consuming issue, you have three options. Let’s take a look.
Tracking time manually takes time and effort — even if you have the best timesheet template. Timesheets can be lost or misreported due to mountains of paperwork. Manual timekeeping can also make payroll processing endless. Not to mention the problems that can occur due to human error.
Employee time clocks first appeared in the late 1800s. While more effective than pen and paper, time clocks still have some drawbacks.
Like manual timekeeping, time clocks enable time theft. When employees clock in, they might not be on the job. Another issue is buddy punching — a time theft issues where employees' co-workers may be clocking in for them.
It is estimated that almost three out of every four employees have used buddy punches to stretch employee hours.
Automated time tracking apps are the best option because they’re suitable for small businesses, large enterprises, and everywhere in between. Using an automated time tracking tool to measure employee hours saves companies time and money.
Time tracking software creates an online paper trail of employee time that makes record keeping and timesheet corrections easy. Time tracking apps also eliminate admin time by converting decimal hours for you.
Following two payroll issues, 49% of employees will look for new work. This lack of patience is understandable given that 78% of Americans live paycheck to paycheck.
Before you lose your team members, resolve your payroll troubles and decimal time conversion headaches.
Are you tired of dealing with paper time cards or timesheets and time-consuming Excel conversion formulas for payroll?
Payroll processing will be a breeze if you use automated payroll software. Your employee time tracking and payroll requirements can be met in one location. It will be simple for your employees to keep track of their hours. You don't have to worry about time clock translation or timesheet calculators because the data is automatically delivered to payroll.
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