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Default Simple Format Question

In my Excel Sheet I need to enter a lot of numbers formatted as time. An
example would be:

Cell A-1 is 7:00
Cell B-1 is 7:15

And I have a formula to subtract the value of A-1 from B-1 to give a
difference of 15 minutes.

The problem I am having is when I enter a lot of different values for A-1
and B-1 it is a pain because every time I type it in I need to find the shift
key to get the colon inserted.

Is there a way to just type 700 and have Excel understand that I mean 7:00?
This would make my data entry much faster.

Quin
 
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