Running a business or starting a new one is becoming increasingly difficult for entrepreneurs, given the growing number of laws and regulations they need to follow. Besides providing exceptional service and ensuring profitability, modern firms must constantly be vigilant about varying government laws and obligations and hire an accounting team to take care of financial operations and employee payrolls. The problem is especially grave for small and medium enterprises as they lack access to technologies that simplify such tasks.
For entrepreneurs in India, managing businesses has become incredibly challenging due to multiple tax regimes, statutory compliances, and documentation needed. There are also several processes such as payroll management, employee tax & insurance, contractor management, database and attendance, payment processing, and workflow management that business owners need to streamline. Entrepreneurs also have to ask for investment declarations, verify them, generate payslips and Form-16, and calculate TDS, PF, etc., on behalf of their staff.
To manage the above responsibilities, Indian SMEs have to either hire a team of professionals or rely on many software tools, both of which require significant investment, brainstorming, and planning. Many small and medium enterprises in India have faced the above dilemma and found no concrete solution to their problems. Thankfully, there is a new breed of operations and financial management solutions that are much more intelligent, compliant, and cost-effective than their predecessors. This review will focus on RazorpayX Payroll – India’s only payroll software that automates tax, salaries and statutory compliance payments. This payroll automation and attendance management software is designed keeping in mind the unique needs of Indian businesses.
Introduction To RazorpayX Payroll
RazorpayX Payroll (formerly Opfin) is a groundbreaking payroll and human resource management solution which can handle financial operations and compliance for clients. This cloud-based software can automate payments to employees, vendors, and contractors and also pay and file for compliances such as PF, TDS, ESI, PT, etc. RazorpayX Payroll automates payroll tasks for companies, including tax filing nuances. It enables users to set up dates for automatic payment of professional taxes like provident fund, labor welfare funds, employees’ state-wise insurance, tax deductions, and much more.
Once you set up an account on RazorpayX Payroll, you are given the option to make payments either manually or automatically. For manual payments, you are given a payment summary before the arrival of the scheduled date. You can review, update and approve the payment, which is further processed and reaches the concerned parties in due time. In the automatic payment mode, RazorpayX Payroll makes all the payment and salary transfers on the date and time set by you.
Apart from payroll and compliance management, RazorpayX Payroll has dedicated modules to calculate leaves and attendance, create custom payroll workflows, and provide notifications and alerts. Moreover, it includes a custom biometric device that captures attendance and calculates salaries accordingly. While managers/employers (admins) can review, modify and approve individual payrolls through the software, employees also get a self-service portal using which they can mark attendance, download salary slips and forms, and upload documents into the system. Moreover, it allows you to access government forms, receipts, and updated payroll reports from anywhere.
Typically, Indian companies have a fixed payroll assigned for every month, including employee salaries (in compliance with labor laws), vendor payments, and compliance expenses (like PF, TDS, etc.). By transferring the requisite amount to RazorpayX Payroll you can completely automate the process of payment. Not only are salaries and payments made on time through automation, but RazorpayX Payroll also connects with government portals to make payments seamlessly. This ensures that even smaller firms lacking specialized personnel (such Chartered Accountants, HR managers, consultants) can also manage their finances on their own, saving both time and money.
Now let’s dive deeper to take a look at RazorpayX Payroll’s features.
Key Features of RazorpayX Payroll
RazorpayX Payroll offers a unique set of features to users which are described below.
1. Automated Payroll
RazorpayX Payroll simplifies payroll and contractor payments by automatically taking into account the tax deductions and compliance measures necessary. The software calculates tax brackets and makes necessary deductions based on the amount and the purpose of the payment. You can create individual employee profiles or bulk upload employee data into the system and assign salaries.
RazorpayX Payroll can also automatically generate UAN numbers for employees and register them for ESI. You can also add contractors and choose to set up a fixed amount paid to them every month. All payments can be automated, and taxes applicable on each payment is deducted and paid to the appropriate government authority through RazorpayX Payroll. The RazorpayX Payroll team also verifies the documents uploaded and gets the exemptions processed for you. All you have to do is run payroll, make adjustments/add incentives and forward the amount to your RazorpayX Payroll account for hassle-free payments.
2. Employee Self-service
The RazorpayX Payroll portal allows your employees to view their attendance history and view all records about their payments and compliance measures necessary. Once their email addresses are entered in the system, employees are guided by an email to complete their profile. Once profiles are created, employees can see their salary slips, deductions, and incentives directly through the portal. Employees can view future payslips and take actions on deductions like getting exemptions or rebates (e.g., 80G) by uploading the appropriate documents as proof.
RazorpayX Payroll ensures that your business always adheres to the latest tax and compliance guidelines laid down by the government. It makes the appropriate changes and deductions automatically so that you don’t have to worry about missing payments or paying fines.
4. Time & Leave Management
RazorpayX Payroll comprises a dedicated module where employees can view their attendance history, leave balances, and unpaid leaves. They can also apply for leaves based on their leave balance. Employers can check the number of leaves taken by each employee. The system automatically provides them the recommended amount to be deducted based on the number of unpaid leaves taken. Employers can then take a call on whether the suggested amount should be deducted from their salary.
If employees need reimbursements, they can also apply for the same using the RazorpayX Payroll portal. Once managers are satisfied with the reason/documents provided and approve payments, the amount is swiftly transferred into the employee’s account. Employees can also apply for imprest or advance payments and submit bills against them later. If there is a difference between the billing amount and the imprest amount provided, the same is deducted from the employee’s next salary.
6. Reports & Insights
RazorpayX Payroll offers several types of reports which come very handy to organizations of all sizes. They include,
- Audit Reports
- Missing Information Report
- Upcoming Contractor Payments
- Tax Deduction
- PF, ESI, PT
Out of the above, the Missing Information Report showcases the employees who are yet to fill up certain data fields in their profile. For such employees, RazorpayX Payroll can send them automated periodic reminders to fill up the details. Another handy report available with RazorpayX Payroll is the Ledger balance report that provides a comprehensive overview of organizational expenses and income. Ledger reports at RazorpayX Payroll can also be integrated and opened with QuickBooks accounting software.
Apart from the above, RazorpayX Payroll offers dedicated templates to help HR personnel customize and hand out different official documents to employees in PDF format. There is also a provision to upload common organizational documents like policies and regulations inside the RazorpayX Payroll portal. Another great thing about the software is that it offers group insurance in association with ICICI Lombard. Employees can fill out insurance forms through the RazorpayX Payroll interface, choose the plan they like, and add members to be insured.
Our Final Verdict
RazorpayX Payroll offers many features that help businesses manage their payroll, attendance, and compliance without the need for involving specialists. RazorpayX Payroll takes full liability for your payments and enables you to adhere to mandatory government guidelines. It is the only software of its kind that ensures smooth compliance while processing payments. Thus, be it your employees, contractors, or government authorities that need to get paid, you can automate all payment transactions using RazorpayX Payroll and breathe easy, saving yourself a great deal of time, energy and hassle.
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