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Why start-ups and small businesses must embrace HRIS for productivity

 

Blog Banner 02 06 August 2020 V1

Automation embraces everybody, and it can be micro, small, or medium enterprises. We say so as some of the processes or transactions are similar, irrespective of the company's size. An apt example would be HR and Payroll functions, where regular operations need to run through a prescribed series of processes. That process can be deducting and remitting taxes, record and data management, issuance of employee letters, and processing payroll, accounting, etc. 

Here the number of transactions does not matter. It is more about bringing inefficiency or managing risks and also with a vision that small to medium-sized companies will grow exponentially one day and that they can seamlessly manage these tasks effortlessly.

A well-designed HRIS system will address all the needs that an HR or Payroll personnel will look for.

Advantages of Implementing HRIS Software.

  • The systematic inflow of critical and sensitive data

We are conscious of the fact that HR data is susceptible and confidential. Neither a new joiner should be missed for payouts nor a leaver should continue to be paid. Data should flow to downstream applications such as payroll, attendance & leave modules, security, benefits, accounting, etc. in a timely and accurate manner.

  • Timely and accurate processing of data

Once the relevant data is available to HR or Payroll, their respective processes should begin in earnest without having to go back for approvals or supporting documents or validations. Smart systems will recognize the exact requirements for each transaction for the processor to process the same. 

  • Disbursements and distribution of information or data

Once the finished products are ready (such as appointment letters, bank files, payslip, accounting vouchers, etc.), the system will forward it to the appropriate people at the right time for further action or complete the task. 

  • Online remittance and filing of statutory returns

Statutory compliance is non-negotiable, and we all know it. There are many labor laws and rules that need to be adhered to within specified timelines. The most significant risk-mitigating factor in the entire HR process is a useful HRIS system that will efficiently manage it, including automated remittance and filing of required forms with government and external service providers. Timely enrolment of new joiners in company schemes such as social security, medical, accident, and= gratuity benefits is also critical.

  • Automated accounting and reporting

Another critical responsibility of HR is to ensure accurate accounting of employee-related costs, including travel, payroll, and benefits. The system can be programmed to generate journal vouchers for any expense incurred without any manual interventions. This will eliminate any clerical errors or prevent fraud. 

  • Record management

Employee data is the primary need for any department, audit, or Manager regularly. Record management means ensuring that data is available to the right people at the right time. Retrieval of data quickly where there are a large number of employees is quite cumbersome if it is manually maintained in files or folders. Also, keeping the life-cycle history of each employee while in their careers at a Company is quite a vital value-add tool for HR. Apart from the data retention, destruction, or disposal of data is also required to overburden the system with dormant data.         

HRIS platforms such as GreytHR use superior technology to embrace such complex situations and manage HR & Payroll processes and transactions with ease, irrespective of the organization's size. Call us today for a demo.

Related Blogs:

What are the upcoming trends in HR software?
12 Ways Cloud HR Software has changed the way Human Resources works now
How to Use Technology to Increase your HR Team's Efficiency?

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