We have been fighting the pandemic for the past one and a half years now. It has had a severe impact on all facets of our lives, the economy being the most severe of all.MSMEs were the most impacted by it. Due to the hardships of the pandemic, it became extremely difficult to manage them all.
Credit requests by micro, small and medium enterprises (MSMEs) increased to almost pre-pandemic levels in June 2021, recovering after a drop in loan inquiries in April and May due to the second wave of Covid-19 infections, according to the Small Industries Development Bank of India (Sidbi)-TransUnion CIBIL report.
The reading on the index of credit inquiries fell from 139 in March to 67 in April before rising up to 75 again in May. It moved up to a soaring 95 in June. Lockdowns in cities in June to rein in the spread of the contagion led to a bounce-back in credit demand by MSME.
The recent additional relief measures, especially in health care, and travel and tourism, are expected to improve credit offtake in the MSME sector as well. The flattening of the curve has played a major factor in this case. But with the third wave knocking on our doors, it will be even more important to utilize this time and credit wisely in order to uplift and sustain the growth of your enterprise.
SalaryBook mobile application is helping Indian MSMEs plan their finance in a much organized manner. SalaryBook’s extensive employee management system offers a modern digital solution to all the day-to-day employee-related issues faced by MSME owners.SalaryBook offers a digital solution for employee management services. SalaryBook offers smart attendance management in one click. SalaryBook also helps owners in managing the expenses of their businesses with the use of SalaryBook’s exclusive payroll management interface. On top of these, SalaryBook is also providing employment or job opportunities to many on the job portal. Integration and utilization of SalaryBook in your business can help you bolster your business and give it a much-needed bloom in these tough times. With that, you can make the best usage of the credits as well and hence grow your business or enterprise.
The COVID 19 pandemic has wreaked havoc on businesses across industries. While large organizations have all the resources to adapt to emerging technologies and internet tools to tackle some of the hardships due to the pandemic, Micro, Small and Medium Enterprises (MSMEs) find it difficult to keep up. Easy access to finance and its proper management has always been a trivial task for such MSMEs, especially in India. These micro and smaller firms are typically more financially fragile and have very small cash buffers than their larger counterparts, making them less resilient to any crisis. Data from 119 developing countries shows that MSMEs perceive access to finance and its appropriate management as the most significant obstacle, which hinders their growth.
In India, MSMEs account for about 99% of all the enterprises, comprising 63 million MSMEs across various industries and diverse geographic locations. Our economy is heavily dependent on the success and growth of MSMEs. Proper Financing and its management is one of the sure-shot ways to do so.
MSMEs, particularly micro and small businesses, face a significant funding gap, as they generally have a difficult time obtaining credit from formal financial institutions. This is largely due to information asymmetry, lack of previous credit history, and formal documentation, etc, which results in the unwillingness of lenders to provide financing to them. Even if they get financing, it typically takes time in approval and requires hard collateral like movable property and other rigorous documentation.
The pandemic has forced the MSMEs to digitize and adopt the digital way of life or what has been dubbed as “the new normal”. In the online economy, digitization, digitalization and digital transformation have offered a promising potential to unlock the bottlenecks faced by MSMEs and bolster their growth. Historically, MSMEs have significantly low adoption of technology such as the usage of online channels for employee management HR software, payroll management systems, digital accounting, payment transactions through multiple online channels or even for business communication. The reason being the inability in handling the complexities of such professional software.
With this in mind, SalaryBook has come up with a complete digital solution that is very easy to handle and use. In fact easier than using WhatsApp, FaceBook or YouTube. SalaryBook’s mobile app provides a complete digital solution to all your employee management related issues. SalaryBook’s smart attendance management system (GPS enabled) is one of its most striking features. Daily reports in simple pdf format help the owners have full control over their enterprise. Payroll Management has also been made absolutely easy with SalaryBook.
Micro, Small, and Medium Enterprises(MSMEs) are the backbone of India’s economy. The more they thrive, the better India’s economic condition becomes. But their growth is hindered by the gap created due to the lack of proper digitalization in an era where we spend almost one-third of a day in our lives in front of a computer or mobile screen.
SalaryBook is a mobile application created with the intention to help various MSMEs or SMBs across India to join the digital bandwagon and keep up with the changing times. SalaryBook provides a simple digital solution to the challenges faced in employee management.
Several challenges come up in this process of “Digitalization”. Let us go through them one by one and see how SalaryBook can help solve them.
Small Business Owner is not a tech pro and often finds difficulties in using a new/complex interface: SMB owners are not tech-savvy. Although they spend a sufficient amount of time using social media platforms such as Facebook, Instagram or WhatsApp or surfing through YouTube videos yet dealing with the complexities of Payroll Management Software is not feasible for them. Although, if the User Interface(UI) is simple enough, they easily adopt a solution. SalaryBook’s users are easily able to figure out the uses of different sections of the apps very well. The reason being the simple and effective UX. SalaryBook is almost as easy to use as WhatsApp which makes it stand out among its competitors.
It is very difficult to build financial products for SMB/MSME owners and their employees: Most of these small businesses operate 7 days a week. They hardly get time to go to the banks to avail financial services. For regular deposits, they usually send their staff to the bank. Also, due to the tiresome paperwork involved in availing of a business loan, it becomes very difficult for them to apply for it. SalaryBook solves this problem not only for the owners but also for their employees. SalaryBook’s Smart Attendance Management System, Payroll Management System, and customized daily reports assist the owners in having full control over their enterprise whereas the employees get the benefits of its ever-expanding and exclusive job portal to connect with employers in their respective domains.
They refrain from paying for a SaaS: Since these businesses operate mostly at micro to small levels, it is not feasible for them to pay for a SaaS. Their net revenue does not allow them to adopt any such digital solution. This issue is also addressed by SalaryBook. SalaryBook is a free mobile application and can be easily used by anyone, anywhere, and anytime.
Digitally empowering the Small to Medium Business(SMB) owners can help India’s economy boost and leapfrog many of the developed economies in the chart of GDP. SalaryBook is assisting the MSMEs/SMBs across India this way. Play your part in India’s development as a whole and help SalaryBook reach as many needful MSME/SMB owners or their employees as possible.
According to the government data, the unemployment rate in India is slowly recovering back to the pre-Covid level. In February 2021, India’s unemployment rate was 6.9 percent, down from 7.8 percent in February 2020, indicating that the unemployment rate in the country had returned to pre-Covid levels. But this rate is still very high, in fact, the highest in 45 years. Hence, we ought to look for ways to bring it down and improve the job scenario in our nation. One such way is the progress of the MSME sector.
SalaryBook could be the first step in the digital education of the MSMEs who have been struggling until now to use any form of a digital tool.
Amid all this chaos, the MSME sector has been able to stand its ground. As per the National Sample Survey (NSS) 73rd round, the MSME sector has been creating 11.10 crore jobs(360.41 lakh in Manufacturing, 0.07 lakh in Non-captive Electricity Generation and Transmission, 387.18 lakh in Trade, and 362.82 lakh in Other Services) in the rural and the urban areas across the country. Micro, Small & Medium Enterprises (MSMEs) have been contributing significantly to the expansion of entrepreneurial endeavors through business innovations. The MSMEs are widening their domain across sectors of the economy, producing a diverse range of products and services to meet the demands of domestic as well as global markets. As per the data available with Central Statistics Office (CSO), M/o Statistics & Programme Implementation, MSMEs contribute to approximately 30 percent of our GDP.
Hence all the aforementioned statistics and data suggest that the proper nourishment and growth of the MSME sector can elevate the employment rate in our country. That way we can come at par with the developed countries of the world as well.
But the question now is how do we help the MSME sector thrive and grow?
Ministry Of MSME, Government Of India has been bringing out schemes for the betterment of all the stakeholders of the MSME sector. But the major hindrance in the development of MSMEs is the lack of digitization. Digitally empowering small business owners is a must for their growth in this era of Information & Technology. The solution to this is to take one step at a time and teach them how to leverage data to improve their business.
There has been a lack of any promising Human Resource Management platform. Small business owners and vendors struggle a lot with keeping the records of their employees. It takes a lot of time and effort for them to maintain all their employee-related records using pen and paper. Most of the HRM solutions available today are suitable for tech-savvy people, but what they require is a product that is as simple to use as WhatsApp. The affordability of such softwares makes it even more difficult for them to adapt to these digital solutions.
SalaryBook promises to provide a solution to these MSMEs using their easy-to-use mobile application. By using SalaryBook, a business owner can easily manage Staff Salary And Attendance. Salary Book offers a very easy-to-use and simple mobile app for payroll and employee management. SalaryBook replaces your traditional ledger account book. SalaryBook could be the first step in the digital education of the MSMEs who have been struggling until now to use any form of the digital tool.
Getting started with a business is not easy in today’s world. There are several challenges regarding it. Starting a business requires money and innovative ideas and adaptability to the changes in the market scenario, which will help the business flourish. Several small business owners start a business and run it for a few days. But when it comes to Managing Finances they find it difficult as accounting becomes a daunting task. Staff Management is one more facet of a business that is directly related to its development and growth. Many a business go downhill due to the mismanagement of staff and resources. Therefore, if proper care and attention are given to the aforementioned two key aspects of a growing business then success is surely inevitable.
SalaryBook is a very efficient business management mobile application. By using SalaryBook you can easily manage staff salary and attendance. SalaryBook app offers a very easy to use and simple mobile solution for payroll and employee management. SalaryBook is very user friendly. People from all scales of business fields, be it small, medium or large can integrate SalaryBook into their businesses and reap the benefits of its hassle-free system.
Mentioned below are the details of all SalaryBook features, how to enable them, and what are the benefits that it offers to businesses:
STAFF PAYROLL MANAGEMENT:
You can maintain a proper balance sheet of all the employees of your organization. The only thing you need to do is make your employee download the SalaryBook app from Google Playstore and add him/her to your organization/ business on the SalaryBook app. This is one of the SalaryBook features that will help keep track of the employees along with their details. Automatically the account book gets updated with debit and credit details.
You can categorise your staff on the basis of their shifts and salary cycles- and thus untangle the complex process of accounting and make it simpler.
EARLY SALARY, ALLOWANCES & OVERTIME :
Appraisal and Rewards improve employee engagement and create a better work environment. With SalaryBook’s Early Salary feature you can reward or help your staff when needed. You can also set a Credit Limit for different employees according to your will.
You can also categorise the different types of payments you make for your employees, such as:
— Payment for Overtime Work
— Bonus Payment
— Deductions and Fines
SMART ATTENDANCE MANAGEMENT SYSTEM:
SalaryBook provides you with your personal in-app attendance register for your business. SalaryBook’s smart attendance management system is very user friendly.
You can set alarm alerts for attendance and thus notify all your staff in one go. You can notify your staff when they are absent via SalaryBook’ in-app SMS alerts. You can also download Employee Reports with all their details in it in the ever compatible Pdf format.
You can also use SalaryBook’s exclusive GPS enabled auto attendance feature. SalaryBook also provides a daily SMS report feature.
With respect to the employer’s perspective, you can hire new employees via SalaryBook’s premium jobs portal which connects various job seekers with job hirers all over the world and bridges the gap between the two.
You can also post multiple jobs under specific portfolios according to your organization’s needs.
With regards to the job seeker/employee’s perspective, You create a CV cum Visiting Card and connect with various employers on SalaryBook’s Jobs Portal.
In today’s world, most successful businesses follow a proper management system. To rise up the ranks, we need an efficient man-management program to supervise the employees and channelize their energy properly.
SalaryBook provides you with an opportunity to have proper control over the most important facet of this management system i.e. the monetary operations like salary and attendance.
Studies have found out that timely payments of salaries can increase an employee’s efficiency up to 95%.
Especially in our country, where there is a surplus of small to medium scale businesses the advent of SalaryBook proves to be no less than a boon for both employers and employees.
Small and medium scale industries include local restaurants, grocery stores, garages, etc. that serve a hyper-local target audience usually fall under the blanket of a small-to-medium-size enterprise as they generate less revenue and operate with less than a certain level of workforce and assets.
These enterprises can maximize their profits with meticulous and proper planning of wages with the use of SalaryBook.
On Friday, the government reinstated retail and wholesale trade under the category of Micro, Small and Medium Enterprises(MSMEs) after 4 years, making such entities eligible for priority sector funding and special liquidity scheme from banks. According to MSME Minister Nitin Gadkari, this would benefit 2.5 crore enterprises across the nation.
This is a move in the right direction to uplift the MSME sector. It would help the retail and wholesale market to avail all the special benefit schemes provided by the government under the MSME Ministry and would thus lead to the much-needed categorized formalization of this sector.
Retailers and wholesalers have also been the backbone of our market economy. Ever since the onset of the pandemic, it took a hit just like any other anthropogenic activity. But Friday’s path-breaking decision, which came as a boon for the owners of such enterprises, will ensure the revival of the stagnant retail and wholesale market.
Moreover, SalaryBook is one such mobile application that has been helping MSMEs(including the retailers and wholesale traders)ever since the beginning of the pandemic. SalaryBook offers a digital solution for employee management services. SalaryBook offers smart attendance management in one click. SalaryBook also helps owners in managing the expenses of their businesses with the use of SalaryBook’s exclusive payroll management interface. On top of these, SalaryBook is also providing employment or job opportunities to many on the job portal.
The past week the world celebrated the Micro-, Small and Medium-sized Enterprises Day on June 27th. The UN General Assembly in its 74th Plenary held on the 6th April 2017 declared 27th June as Micro, Small and Medium-sized Enterprises Day, recognizing the importance of Micro, Small and Medium-sized Enterprises in achieving sustainable development goals and in promoting innovation, creativity and sustainable work for all. Micro-, small and medium-sized enterprises are vital in achievingSustainable Development Goals. They are an important element in the implementation of SDG 8 (decent work and economic growth) and SDG 9 (industry, innovation and infrastructure).
The COVID-19 crisis has taught us that the pandemic and containment measures do not impact everyone in the same way. Among the private sector, Micro-, Small and Medium-sized Enterprises (MSMEs) suffered the most. As governments all around the world vaccinate their populations, the world continues to deal with several other challenges that include the ongoing effects of climate change, biodiversity loss, disruption of the supply chain management and pollution. If unabated, all these crises are expected to have severe negative implications on economic ecosystems. Formal and informal MSMEs make up over 90% of all firms and account, on average, for 70% of total employment and 50% of GDP. As such, they are key actors in achieving a green recovery.
In these extraordinary circumstances, all of us are required to do our bit to help in the recovery of the economy specifically and thereby the whole ecosystem. SalaryBook is doing its part by helping various MSMEs and SMBs all over India by connecting and integrating their businesses fluently with the help of their remarkable mobile application — SalaryBook: Staff Attendance, Pagar & Work Manager .
Maintaining attendance records, managing payroll and salary distribution, early salary, overtime, and bonus records, among others, can be a cumbersome process if done manually in registers or excel sheets. For corporations and startups, with ample technology at their disposal, these processes are made very efficient. However, with the lack of digitalisation and the unavailability of employment and payroll data among Micro, Small and Medium Enterprises, it is difficult to avail of essential financial products such as loans and insurance in a systematic manner. To overcome these problems SalaryBook provides you with an extremely easy to use digital solution, i.e. SalaryBook mobile application. SalaryBook brings the defective process of maintaining attendance records, calculating salaries, managing yieldings, and processing salary payouts onto a single mobile app. The SalaryBook application helps business owners connect with a plethora of workers around India via SalaryBook’s Jobs Portal. SalaryBook allows the owners to have a classified dashboard for their business- and thus boost the growth of their enterprise in a short time.
a micro-enterprise is where the investment in Plant and Machinery or Equipment does not exceed one crore rupees and turnover does not exceed five crore rupees;
a small enterprise, where the investment in Plant and Machinery or Equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees;
a medium enterprise, where the investment in Plant and Machinery or Equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.
In today’s pandemic stricken world, technology is the only field that is unmoved by its impacts or to say least impacted by it. Technology is very diverse in its forms. One of its branches is Information Technology (IT), which acts as a boon for MSMEs. IT has a great impact on all aspects of life and it is transforming the global economy in terms of ways of doing business. IT has a huge impact on most industries and usage of these technologies is reforming the rules of business, leading to the structural transformation of enterprises and businesses. The use of correct technology for businesses can lead enterprises to touch sky-high successes. The potential benefits of Information Technology to Micro, Small and Medium Enterprises (MSMEs) are variedly known. It can enhance MSMEs’ efficiency, reduce costs and expand market reach, at the domestic and international levels. The talk of the current generation has been the adoption of cutting edge technologies like Artificial Intelligence (AI), Machine Learning (ML), data-enabled systems, internet-based businesses, etc. in the global business ecosystem whose roots lie in the proper nourishment and growth of the MSMEs.
SalaryBook provides you with a highly flexible solution to automate all your day-to-day business activities. SalaryBook allows you to manage different wage types, early salary requests, loans & allowances in the most subtle way.
SalaryBook also provides you with its GPS enabled smart attendance management system. With it, you can schedule and track multiple shifts of your employees and categorise half-days, leaves and overtime very easily.
SalaryBook also provides you reports with actionable insights on each employee’s performance, attendance and salary records in the easy to read pdf format.
Moreover, SalaryBook is very user-friendly and gives you all kinds of the desired outputs in the easiest of ways. With the help of SalaryBook, you can take accurate attendance, punch-in and out time without spending a lot of money on the biometric system. SalaryBook substitutes the conventional and expensive biometric system for manpower management which is always a challenge in a simply unique way. Location-based attendance and live location tracking are one of the best features of the app.
This is the millennium of technological marvels. While technology is supposed to make your life easier, sometimes, it makes our lives a wee bit more complicated. The world is divided into two groups- those who understand technological aspects and those who don’t.
SalaryBook provides the MSMEs with a platform that is very easy to use and integrate into one’s business. People who are technologically challenged, the workers, labourers and staff often find the technological interfaces in their workspace a bit tricky to deal with. But SalaryBook is an exception. SalaryBook’s user-friendly and interactive dashboard makes your workspace experience very smooth and easy. The Attendance Management System, an integral feature of SalaryBook is very simple to use. Workforce belonging to all sections of the society can easily use and handle it.
It helps the owners of MSMEs to have a better connection with their employees which thereby helps in the growth of your business. SalaryBook helps you to get on the technological bandwagon and flee faster.
SalaryBook’s simplicity makes it stand out amongst its competitors. Hence your staff won’t find SalaryBook typical in any way and can focus on their work in a much better way.
In the state-of-the-art aggressive commercial climate, commercial enterprise proprietors are searching for improvements in quality while reducing costs. Meanwhile, a robust economy has resulted in a more demanding job market. So at the same time as small agencies want to get greater from their personnel, their personnel are seeking out greater out of them. Employee reward and recognition programs are methods of motivating employees to develop better work habits and key behaviours to uplift a small business.
Employee recognition is the timely, informal or formal acknowledgement of a person’s behaviour, effort, or business result that supports the organization’s(to which the person is associated)goals and values, and exceeds his superior’s normal expectations.
Here are a few facts regarding employee recognition and rewards:
1.Companies with happy employees outperform their competition by 20%.
2. Close work friendships boost employee satisfaction by 50%.
So what are you waiting for? Make your working space more fun and reward your employees on their performances with SalaryBook’s Early Salary Feature. SalaryBook helps you in bringing the best out of your employees and thereby enhances your relationship with them. The healthy work culture which develops as a result of it helps your business grow exponentially.