Choosing the the right payroll software for Small and Medium Size Businesses in India.
India has more than 65 million MSME's employing over 150 million people. However, Human Resource Management often takes the back seat as the SME focuses on building its product and growing their businesses. Several factors contribute to the reason behind the lack of importance given to setting up an HR process by SME's. The primary reason being the budget constraint. Small Enterprises run on calculated finances, and hence a fully functional automated HR system is considered to be very costly—the second reason being the workforce size. As the SMEs run with small working stuff, the founders find it easy and cost-effective to manage the process out of spreadsheets.
But payroll is a crucial piece in the HR jigsaw and requires paramount accuracy and efficiency. Managing payroll compensations manually is not only taxing but consumes an enormous amount of productive work-hour. Payroll involves several other components like leave, attendance, deductions, expenses, and reimbursement claims. Manually managing the end-to-end payroll process is error-prone, and a small miss may lead to unexpected penalties.
If you are an SME or MSME and looking for the right payroll that fits your business requirement, this article will help you understand how you find the Payroll solution that will deliver what you want.
Before you set out in search of payroll software for small businesses, prepare a well-thought-through list of things that you expect the Software to do for you. Make a checklist of things that you would necessarily consider while choosing the solution.
Here is a list recommendation:
Automated payroll processing: Should run payroll and calculate each employee earning's for the pay period. Ensure real-time accessibility to payroll data.
Accommodate multiple pay rules: Efficient payslip software to calculate pay for regular and overtime workforce. Should support various locations, shift differentials, an order of importance, etc.
Tax filing services: Automated tax computation for employees.
Management financial adjustments: Manage bonuses, reimbursements, loans, etc
Alerts and notifications: Receive notification of any flagged issues in the system.
Direct deposits: Should have direct deposit services that deposit paychecks directly into employee bank accounts.
Track paid time off: Should be well integrated with leave and attendance to keep track of paid time off and allow employers to apply, approve or deny leave requests
New hire reports: Should take care of managing new hires and employee exit record.
Reports and analysis: Should be able to give you accurate insights and visibility with dashboards and reports.
Cloud-based system: Get 24/7 accessibility to all these services with cloud-based Software.
Customer care support: Excellent customer support with no hidden charges.
Hand-holding during installation:Dedicated support for the installation phase.
Here is a list of best Payroll software for SMEs and MSMEs in India.
Keka is one of the popular HR and Payroll software in India. They have a straightforward and intuitive interface that helps users to navigate easily. The Software is comprehensive and offers various features essential for businesses. Apart from the core offerings of Payroll management, leave, and attendance, employee finances, loans, expenses, HRIS, timesheets, reports, and analysis, Keka also offers features to acquire and nurture talents.
Kredily is a cloud-based HR and Payroll software that offers a free forever pricing module to help small businesses take a baby step towards HR automation. The Software has three pricing models- Free Forever with limited features, Professional with comprehensive feature plan, and Enterprise with customization. However, the shift from free module to Professional is a considerable investment jump to Rs.4999/per month up to 100 employees and Rs.40 per additional employee.
SumHR Payroll Software
SumHR payroll software helps businesses manage their payroll, leave, and attendance, along with other essential HR activities effortlessly. Managing salaries to engaging employees, SumHR covers it all. Specially designed for small and medium businesses, they offer "pay as you grow" pricing model, which is reasonable and simple. The Software vouches for the intuitive interface that requires no technical skill to use it.
Zing HR payroll system simplifies the HR challenges with advanced technology solutions. The Software helps in converting piles of files to easily comprehensible digital processes. It has four pricing modules, namely ZingHR Turbo, ZingHR Power, ZingHR Business, and ZingHR Welcome Pack customized based on the feature requirement. The Software focusses on five industry types- Banking and Financial Services Industry, Health Care, IT-ITES, Manufacturing, and Retail.
Market leader for the past 25 years, greytHR is the most preferred payroll and HR software of India. The product was designed to cater specifically to the Indian SMEs and MSMEs. It was conceptualized, keeping the HR challenges of SMEs and affordability in mind. It is one of the most comprehensive sets of features with unbeatable pricing packages that offers an end-to-end solution to all your HR worries. greytHR continually strives to provide what the customer needs and not settle down for anything available. Promptly responding to the current pandemic situation, gretHR has come up with a unique offering to enhance remote working and collaboration for its customers. The set of specialized tools called Intelework Bundle has helped their customers overcome the remote working challenges and see an immediate impact on their business productivity.
Additionally, greytHR provides the best in class customer support and dedicated implementation engineer to handhold the customer for the first two months of implementation.
India's most preferred HRMS software, greytHR serves 9000+ business, generates 10 Lakhs + payslips with a presence in 150 + cities.
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