Alternative to Spreadsheets for Payroll Management

Does this sound like you?

▶ You are responsible for processing payroll▶ You need to release salary slips to employees▶ You handle all employee salary queries▶ You prepare bank transfer statements▶ You prepare various MIS reports

Various options to handle payroll

Manual Spreadsheet Desktop Software

Do it the old fashioned manual way with pen and paper

TEDIOUS.OUTDATED.UN-PRODUCTIVE.

Download an Excel spreadsheet from the Internet and get going

FREE.FAST.COMFORTABLE.

Get a specialized software to automate payroll processing

COSTLY.NEEDS SUPPORT.BUGS.

Image courtesy: vectorportal.com

Why spreadsheets?

▶ Excel is installed on almost all desktops▶ Everyone knows how to use a spreadsheet▶ It gets the job done▶ It's free

A Spreadsheet can be an inappropriate tool for this job

What is wrong with spreadsheets?

▶ Clerical errors/ cut-and-paste errors/ formula errors▶ Fines due to wrong withholdings of statutory deductions like TDS, PF & ESI▶ Payroll fraud▶ Spreadsheets don’t reduce manual effort▶ They multiply each month and lead to confusion▶ Consolidated reporting is messy

Exhibit #1

“The presence of a spreadsheet application in an accounting system can subvert all the controls in all other parts of that system”

[Butler R. 2000]

(Read this interesting article: "STOP THAT SUBVERSIVE SPREADSHEET!")

Exhibit #2

$24-million spreadsheet "clerical error" 

The Risk: Huge financial loss

Story: http://www.theregister.co.uk/content/67/31298.htmlJune 03, 2003 TORONTO (Reuters) - [...] the company's computer spreadsheet contained mismatched bids for the contracts, it said. "It was literally a cut-and-paste error in an Excel spreadsheet that we did not detect when we did our final sorting and ranking bids prior to submission," TransAlta chief executive Steve Snyder said in a conference call. "I am clearly disappointed over this event. The important thing is to learn from it, which we've done."

To know more about the problems & risks of spreadsheets, check out:

http://www.eusprig.org/stories.htm

http://www.eusprig.org/horror-stories.htm

Encyclopedia of spreadsheet risks

If you’re still keen on using spreadsheets

▶ Ensure your spreadsheet is from a reliable source▶ Check for accuracy and statutory compliance▶ Keep your spreadsheets up-to-date▶ Take regular backups▶ Follow spreadsheet best practices

http://www.eusprig.org/best-practice.htm

But, what if we told you that there is an

EASIER, CHEAPER, BETTER way?

The better way

Imagine the ideal situation. Say, you want to process payroll for August.

Click a button. August payroll is ready!

With one click, your salary slips are ready to print!

Bank statement? Here you go

JV for accounts dept? It’s all done.

And more..

▶ 100% accuracy in calculations/ statutory deductions▶ YTD statements ▶ Compare August payroll with July payroll? It’s easy▶ Freeze August payroll so that no one messes with it? Done▶ Track detailed history of all compensation changes for an employee. It’s automatic▶ Automatic backups of all your important data. Month after month

About greytHR

▶ More than 20 years of industry experience in HR and Payroll▶ Over 4000 clients in India, the Middle East, Singapore & Malaysia

(https://www.greythr.com/in/customers/)▶ Managing 700,000 employee records daily

“One of the Best HRIS Tool in terms of features, pricing,

support.”

BALAJI JANYAVULA, Manager – HR

Clove Technologies (P) Ltd.

“I can say greytHR is a tailor-made solution for Payroll,

Leave & HR Management.”

PAVAN, Assistant ManagerSensa Core Medical Instrumentation

Pvt Ltd

“Be it statutory upgrades, reporting necessities, availability of different formats to download, etc. the application provides end-to-end

solutions.”

VENKATESH KRISHNAN, CEO, Greenpay

Customer Testimonial

▶ greytHR automates your HR and Payroll process▶ A better alternative to spreadsheets▶ A wide range of features & benefits

Signup for a trial account

(as easy as opening a mail account)

Login, checkout all the features

(30-day trial without any obligations)

Contact us and get the best suited account for

your business(hosted on AWS)

Step #2

Step #3

Step #1

Summary

For more details, check out

https://www.greythr.com/in/

For any queries, write to us at info@greytip.com Thank you