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Tag: calculate accruals

Business Math: Calculating Time Off By Hours Worked

There are several ways to calculate time off but only one of them is ideal for part-time employees or employees who work variable schedules. The by hours worked accrual rate ensures that employees only earn time off for the number of hours they actually work making it a great solution for anyone who’s not working full time. This by hours worked method satisfies many state and local sick time requirements.

Timesheets.com has a free by-hours-worked calculator if you need to determine how much time off your employee should be accruing.

Continue reading below to understand more about this useful accrual method.

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Business Math: How to Calculate PTO and Vacation Accrual

Calculate pto

Calculating PTO by hand is a not a simple task. There are many rates to choose from and the calculations aren’t always intuitive. For this reason, most small business owners just end up using a yearly accrual rate. This method is easy. You just have to decide how many days employees should get per year and give it to them in a lump sum. However, if you’re a little more math savvy, you can calculate PTO with other accrual rates that may be a better fit for your business. I’ll explain the different rates and the calculations.

Also, Timesheets.com has a free tool for calculating time off that you can try.

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