2019: A Year of Success for Sprout
In just a span of 4 years, Sprout has evolved from a humble startup into a company that provides class-leading HR and payroll software for the Philippines. We’ve done so many things this year, and we couldn’t have made it without your support. Here’s a recap of everything we did in 2019 – our hardships, achievements, and new stuff – and what to expect from our award-winning HR and payroll suite in 2020.
Our class-leading HRIS platform, Sprout HR, saw some major feature releases this year. In addition to new features, we’ve also launched its companion mobile app for iOS and Android devices. Here’s what we’ve introduced to Sprout HR in 2019.
Timesheet locking – This feature allows HR teams to lock filed timesheets for payroll processing, which avoids issues such as last-minute attendance application filing and pay inconsistencies.
Compensatory time off (CTO) – Sprout HR introduced a cool new feature called compensatory time off, which effectively converts overtime hours into employee leave credits. This solves a lot of problems for manager-level employees who are manually adding leave credits in the past.
Multiple location geofencing – Geofencing refers to the technology that creates a virtual boundary or “fence” within an area or location where the employee is allowed to clock in or clock out. We’ve introduced the ability to set multiple locations for employees who are frequently on the go, so they can clock in and clock out with ease.
Sprout Payroll continues to be the easiest payroll processing platform in the Philippines. It allows payroll teams to generate digital pay slips, automate government forms, and stay fully compliant to the Philippine labor regulations – all with just a few clicks. New and exciting features have been introduced for Sprout Payroll in 2019, which brought incredible value to this powerful payroll tool.
Pre-annualization – Annualization is among the toughest and most time-consuming payroll tasks, which is why we’ve made it easier with the pre-annualization feature in Sprout Payroll! Perform annualization before the end of the year and get accurate tax computations and results.
Date-specific adjustments – Some companies adjust their employees’ pay based on tenure or events such as birthdays, so we’ve introduced date-specific adjustments in Sprout Payroll to make it easier for payroll teams to process payroll for such employees.
Rest day per employee – This feature allows Sprout Payroll users to assign different rest days per employee, rather than having a single rest day scheme for the entire organization.
Insight is Sprout’s powerful data analytics platform, driven by artificial intelligence to help businesses make more informed decisions. We’ve introduced a refreshed look and feel to various dashboards, such as Absenteeism, Payroll Expense, Overtime, and Attendance Report dashboards, to provide a more intuitive user experience.
Our newest product, Sprout Loans, redefines employee salary loans in the Philippines. Sprout Loans makes getting a cash loan easy and hassle-free in just a few clicks within the Sprout HR employee dashboard. Eligible regular employees can avail up to Php 10,000 that’s credited to their payroll account in minutes and can be paid in their next two pay checks. The application process has been made very easy – there’s no need for paperwork or collateral – plus, we don’t charge any interest so employees get more out of their cash loan.
We’ve also successfully closed our Series A funding worth US$ 6 million! U.S.-based Point27 Ventures and Next Billion Ventures (NBV) led the funding round, with the participation of Kickstart Ventures, Beenext, Wavemaker Partners, Endeavor Catalyst, and Dymon Asia. We’re proud of this achievement, and we thank our investors for putting their trust in us and in the future of our leading HR and payroll software.
ISO 27001:2013 Certification
They say that data is the new gold – it’s also why we want to keep our clients’ data safe and secure at all times. We’re proud of our recent ISO 27001:2013 certification given by TÜV Rheinland. It’s the global standard for information security management systems – having this certification means that we do everything to protect the information of our valued clients.
What comes next for Sprout in 2020?
Expect new features and refinements to our current products, because we want to make HR and payroll tasks easier for you! We’re always ahead of the competition in terms of government compliance – we’re updating Sprout HR and Sprout Payroll to be fully compliant with the new contribution rates for PhilHealth and Pag-IBIG in 2020. We’re also expanding the reach of our benefits platform to help more Filipinos improve their lives within and beyond their workspaces. After all, we’re extremely motivated to make an impact to every Filipino by improving businesses in the country.
Thank you for being part of the Sprout family in 2019! Cheers to an awesome 2020!