alternative to spreadsheets for payroll management
TRANSCRIPT
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Alternative to Spreadsheets for Payroll Management
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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
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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OUTDATED.UN-PRODUCTIVE.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
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Why spreadsheets?
▶ Excel is installed on almost all desktops▶ Everyone knows how to use a spreadsheet▶ It gets the job done▶ It's free
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A Spreadsheet can be an inappropriate tool for this job
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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
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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!")
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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."
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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
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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
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But, what if we told you that there is an
EASIER, CHEAPER, BETTER way?
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The better way
Imagine the ideal situation. Say, you want to process payroll for August.
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Click a button. August payroll is ready!
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With one click, your salary slips are ready to print!
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Bank statement? Here you go
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JV for accounts dept? It’s all done.
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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
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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
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“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
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▶ 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
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For more details, check out
https://www.greythr.com/in/
For any queries, write to us at [email protected] Thank you