There's a lot to consider when you're trying to make your business stand out among competitors. From generating profits to preserving long-term customer relations, a brand needs to ponder many things for a successful business. But maybe the most vital function an organisation must perform is employee care.
A survey in 2022 showed that nearly 59% of employees are unhappy at work. And while many factors play into an employee's satisfaction, receiving timely payments may be one vital factor. Here's where payroll or HR software comes to your rescue.
While there are several of these in India for efficient payroll and employee management, leading corporations have their eyes on two of them: sumHR and Kredily. However, you only need one to get the job done. So, which could be the better choice?
But before we jump into comparing these HR softwares, let's understand why you need one in the first place.
The need for a comprehensive payroll software
While a small business or startup may be able to handle payroll manually, it's practically impossible for a medium or large organisation to perform this without the help of an end to end payroll software. Not to mention the digitisation of nearly all transactions and the many complexities associated with it calls for the need to review all taxations and deductions.
From data collection to compiling tax reports, your HR department spends a majority of its time performing several payroll tasks manually. Now, imagine the time you could save and the benefits you could reap by outsourcing these tasks. With all the gruelling HR and payroll tasks off your hands, you can focus on the core activities of your business.
sumHR and Kredily features at a glance
sumHR VS Kredily: The better choice
For nearly nine years, sumHR has been helping businesses of all sizes streamline HR and payroll processes by automating mundane tasks. By offering state-of-the-art cloud-based software, sumHR helps reduce paperwork, improves employee productivity, and allows your HR department to support organisational goals. Here's a breakdown of key sumHR features and how it offers a better alternative to Kredily.
- A smooth payroll run
Did you know that during the pandemic, 82% of global businesses realised that their payroll processing system was not as efficient as they thought it could be? With the global cloud-based payroll processing software market expected to reach a whopping $10.33 billion by 2023, more and more businesses are looking to adopt advanced payroll softwares.
Softwares like Kredliy and sumHR enable companies to process payroll faster and implement shorter payroll cycles. While both these platforms come with quick and easy payslip generations, sumHR has a few added advantages. With sumHR, you can organise all relevant payroll data like attendance, TDS decisions, and variable payments in one place.
Furthermore, you can save your payroll drafts anytime and run a payroll trial before the actual payment day. You can also:
- Run bulk and individual payrolls efficiently
- Settle claims with automatic approvals
- Set up a payroll tax regime and meet statutory compliance
- Execute accurate tax calculations and get government-compliant reports.
- Keep an eye on all tax and cash flow requirements with a comprehensive dashboard.
- Group payrolls the way you want
- Pre-process payrolls or postpone payslip generations.
- Flexible management at its best
Unlike Kredily and most other HR softwares, sumHR offers a unique feature of a unique HRIS platform that gives you access to all the HR management tools and allows you to switch between all your different companies (if you have any). From education and skills to family relations and medical history, you can access all the data you need to carry out HR tasks quickly through the HRIS. With sumHR:
- Manage and balance HR processes at once
- Create custom employee IDs
- Allow employee self-onboarding in seconds
- Customise HR fields based on your needs
- Regulate workflow through permissions and probations
- Accurate attendance tracking
Give your employees a comprehensive and safe attendance solution, no matter where they are. With sumHR's attendance management software, you can enable work from home or out-duty tracking without breaking a sweat. Let your employees clock in through the web or mobile and sync their attendance in real-time.
- Set overtime compensation policies
- Deduct a paid or unpaid leave automatically.
- Regulate workflow by allowing employees to request changes.
- Maintain detailed logs on a single page.
You can also design flexible shift plans, record off days, and track employee location through GPS, geotagging, and geolocation. Although Kredily offers similar GPS Attendance and geolocation features, they are available as two separate add-ons, making them more pricey. On the other hand, sumHR provides them as an add-on package at a more affordable price.
- Track time-off and leave policies
Give your employees the perfect balance between work and personal time with sumHR because they deserve it. Of course, implementing this is no piece of cake when you need to consider productivity loss, overtime policies, staff requirements, tracking leave credits, and more. But don't worry. SumHR gives your HR team a magic portal to:
- Manage common, medical, and special leaves
- Analyse extensive leave reports
- Design location-specific leaves for your global offices
- Add or remove leaves conveniently
And to make things better, sumHR lets you organise everything leave-related like a bank ledger--with leave credits and debits. This is definitely not something you can find with other HR software like Kredily.
- Added bliss you wouldn't want to miss
Boost employee retention and let them see how much you appreciate their hard work by giving them the best financial and medical aid. By opening a salary account through sumHR, you can gain free access to all sumHR features (for a minimum of 50% of the salary account). But it doesn't stop there. You can also include a stupendous amount of add-on features for your employees like:
- Free zero balance account for a lifetime
- 1% cashback on all debit and UPI transactions
- Personal finance management tools like debt trackers, MF trackers, and more.
- A free health insurance cover from ICICI Lombard with a 2L base plan or a 20L super top-up with a 3L deductible.
- NO charges on forex for spending up to 1 lakh every month
- Convert any rewards you receive into cash or gold instantly
- The option to access wages as they are earned with zero interest with On-Demand Salary.
And the best part? You can ensure your salary account is reinforced through an RBI-approved bank, with ISO and PCI compliant security and insurance.
Now, let's backtrack a bit to the health insurance part. Yes, your employees stand to benefit from all the healthcare they need with a salary account through sumHR. With cashless and COVID-19 hospitalisation expenses coverage for inpatient treatment and 30-day pre and 60-day post-hospitalisation expenses, employees can sit back and leave their care to the experts.
They also don't have to worry about ambulance charges (up to 2500 INR per hospitalisation) and can leverage daycare treatments for 150 days. This enticing health package also comes with two free consultations from medical experts every year.
Implement more efficient payroll and HR systems with the best solutions
With all these features and more, you can perhaps guess who offers the better payroll software. But of course, the decision rests with you. Whether you're limiting services to a basic payroll run from a third party or choosing to outsource your HR strategy, it's vital to bring along a service partner that meets your needs. To get your FREE HRMS click here and use the referral code FREE.
Frequently Asked Questions
1. How do I generate payslips through sumHR?
All you have to do is keep employee attendance, TDS decisions, and variable payments close to you, and the payroll software will dispense out accurate payslips in 5 clicks.
2. Is outsourcing payroll expensive?
It's relative and depends on your budget and service requirements. Usually platforms like sumHR offer many add-ons and customisation features, which influence the cost. But compared to in-house payroll processing, outsourcing is definitely more affordable and accurate. In fact, 35% of HR leaders opt for cloud solutions like sumHR to reduce costs.
3. Does sumHR offer statutory compliance services?
Yes, the sumHR system automatically calculates PF, PT, ESI, and TDS in compliance with the associated laws so you can ease back and focus on your core business.
4. How can sumHR ensure accurate attendance tracking?
SumHR paid add-on, GPS attendance, comes with a unique anti-spoofing feature that detects exactly when an employee is trying to fake an attendance. And being Android and iOS compatible, sumHR can automatically locate employee locations every time they clock in.
5. Is the sumHR software secure?
Yes, absolutely! SumHR has foolproof security measures in place to ensure a controlled payroll system. HR administrators can set access permissions and restrictions to allow only select people to gain entry.