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It is no longer a strange adage “Time is money”. This perfectly sums up the importance of tracking time and converting it accurately for efficient payroll management in modern businesses.
With the rise of the gig economy and increasing focus on productivity, precision in time tracking is now crucial more than ever for us to know how to Convert employee’s time worked to exact minutes in other to prevent payroll problems in the future. It is also very important to provide accurate payment distribution to ensure your employees aren’t overpaid or even underpaid.
The Significance of Timesheet Conversion in Modern Businesses
Tracking time spent on work activities and converting hours and minutes into a decimal format simplifies payroll calculations expressively. As per Market Research Future, the US economy loses a staggering 50 million hours in productivity every day due to unrecorded work activities.
Without proper timesheet tracking and conversion, quantifying the exact time spent on tasks becomes prone to errors that is why there is no better time to introduce a time card calculator to help your business not end up miscalculating billable hours. Why? Well, this can end up resulting in incorrect client invoices and payroll discrepancies.
To deal with this, making use of timesheet conversion to decimal form can minimize such errors and ensure smooth payroll processing.
Why Timesheet Conversion is Crucial for Hourly Employees
Converting scattered hourly workings into decimal timesheets provides an accurate and consolidated view of billable hours. This enables precise calculation of payable salaries without leakage or inconsistencies.
For instance, employees who are paid on an hourly basis, and calculating accurate payable amounts can be very challenging without proper timesheet conversion. Employees rarely work in perfect hourly blocks of 8 hours or programmed shifts.
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