Automating key HR & payroll processes has a considerable impact on the time and cost that are spent on HR operations. This enables SMEs to stick to their core and focus on more productive and impactful work. Greytip Software is one such platform that is primarily focused on serving small businesses by providing tools to ease HR operations for these players.
SMEpost.com caught up with the Co-Founder and CEO of Greytip Software, Girish Rowjee, to get a glimpse of the automated process. Edited excerpts:
Q: Please give us an overview of Greytip Software.
A: Greytip Software is a people management software company serving SME customers. With more than 20 years of industry experience, we deeply understand the HR & payroll domain. Our flagship product, greytHR, automates key areas of HR, payroll management, leave & attendance tracking, etc.
A few things that set us apart is our deep domain knowledge due to customer intimacy and a constant urge to use innovation to serve our customers better. This has really helped us keep up with the market and continue to be relevant to our customers.
Q: Please explain how your HR & payroll process simplifies work.
A: Our platform is all about helping SMEs run their core HR operations with ease, simplicity, and 100% accuracy. It provides tools that enable SMEs to run their HR & payroll functions. The beauty is that everything is automated, be it employee life-cycle management, periodic payroll processing, leave & attendance management, expense claims processing, etc.
Automating key HR & payroll processes has a considerable impact on the time and cost that are spent on HR operations. In a recent survey, we found that we have been able to reduce the time spent on these activities by more than 60%. This enables HR to now focus on more productive and impactful work, such as developing employees or enhancing their performance. Eventually, it translates into a better business for our SME clients.
Q: How does this platform help SMEs manage their HR function?
A: Greytip is primarily focussed on serving small businesses. We not only provide software solutions for HR and payroll departments but also assist in hassle-free and accurate statutory compliance.
In our experience, SMEs do not have access to the latest statutory information and the resources to ensure necessary compliance. At the same time, they can’t cite their lack of size or resources as a reason for non-compliance, and usually the penalties are quite stiff. We enable SMEs to generate all necessary statutory reports related to Income Tax, Provident Fund, Professional Tax, ESI, LWF, etc. The ease of on-time filing of returns allows SMEs to focus on their core business instead of being bogged down by compliance activities.
We have also seen our automation help small businesses cut costs, be agile and enable them to compete better against bigger organizations. We have tackled head-on the main hindrances to IT adoption like affordability, availability of IT manpower and implementation time through our services. Our online help-desk and phone support allow SMEs to breathe easy in case they need to reach out for help.
Q: What are the unique features of your product and how does it work?
A: greytHR takes the tediousness and complexity out of managing core & tactical HR functions on a day-to-day basis. We accomplish this through significant automation and ease-of-use.
Our platform generates as many as 120+ statutory & MIS reports. Coupled with dashboards & HR analytics, these provide powerful insights and reporting for SMEs’ business operations.
We have witnessed that our Employee Self Service capability augments employee motivation & engagement. Its on-demand access leads to better communication, greater transparency, and faster turnaround times in addition to freeing up HR-bandwidth. Our mobile app takes this a step further by enabling anytime, anywhere access to employee data on-the-go.
Q: How much savings can a company of say 80-100 employees manage on a monthly basis using the app, in terms of man-days and money?
Our application automates core HR & Payroll transactional activities, so HR professionals can focus on more productive tasks building the organization. Our ROI calculation shows that automating merely core HR, Payroll, & Leave-related activities for a 90-person company saves approx. Rs. 16,000 on a monthly basis, assuming a Rs. 40,000 monthly salary for the HR professional.
This translates into a staggering 458% ROI for every rupee spent on our app using our most popular payment plan. This calculation has been arrived at after understanding the cumulative time spent on key transactional activities related to core HR, Payroll, & Leave processes, if performed manually.
Q: We understand greytHR has introduced a new IT Savings feature which helps in minimizing taxes. How does it work?
A: Every individual, irrespective of pay grade, wants to minimize taxes. However, most people are not aware of the larger tax-saving potential. The greytHR IT savings feature combines the accuracy of an IT calculator with the convenience of online declaration and submission of proof of investments.
It takes into account the actual taxable income of the individual and lets them devise a good IT savings plan that can lead to lower taxes. Users can create multiple plans, compare them, and finally choose the best one. The chosen plan can then be submitted to the company as their IT declaration with a click of a button.
Q: Many IT startups are sprouting today. What are the benefits of this new feature that SMEs are supposedly going to benefit from?
A: From an individual standpoint, tax planning can be a cumbersome and challenging process. The greytHR app has access to complete employee salary structure data, leading to very accurate tax computation. It takes minimal effort, can be done every month, and also declared to the company often.
From the organization’s perspective, this feature streamlines the IT declaration & proof of investment process with simple workflows and a hassle-free experience.
SMEs value reduction in manual labour through process automation, especially for ancillary functions that can otherwise detract them from their core operations. greytHR helps SMEs stick to their core.
Q: SMEs are gradually becoming quite online savvy. What is your opinion on leveraging the power of digital media on empowering SMEs with the right information that can help them take a big leap?
A: The emergence of internet, growth in bandwidth, and adoption of digital media have had a profound transformative impact on the world, and even more so for SMEs. There is now greater and universal access to information.
SMEs now have access to global best practices to craft their strategy, build their brands, and hone their execution. They can now connect with their customers digitally, thereby flattening the competitive landscape and eroding advantages of entrenched players.
They can use digital media, including social, for brand awareness, storytelling, customer service, community engagement, online reputation management, service delivery, and numerous other strategic objectives.
This means they can now execute faster, course-correct, and meet their business goals with far more certainty than possible earlier.
