So, RazorpayX Payroll combats compliance by automating the entire process, depositing the payments to respective departments and filing their returns.įurther, the employees get access to their own account that makes it easy for them to declare investments, view/download payslips, Form 16, apply leaves, request reimbursements, etc.
They either spend a lot of time figuring out the laws/regulations or money in outsourcing payroll compliance to CAs or tax professionals. Accurate tax deductions, proper PF contributions, are no easy task for small business owners. It also automates compliance payments like TDS, PF, ESI and PT along with their periodic filings, salary disbursement, reimbursements, leave management and much more.Ĭompliance is the most significant pain point in payroll execution.
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The software eliminates manual intervention in executing payroll. RazorpayX Payroll always strives to provide best-in-class services to its customers and not settle for anything less. It helps HR, payroll and finance teams to manage payroll with a comprehensive set of features at affordable pricing. The product has been designed to take care of all things payroll, right from onboarding employees to automating compliance payments & their return filings. RazorpayX Payroll is an ideal payroll software for small and medium businesses. India’s best payment solution organisation – Razorpay built RazorpayX Payroll Software to deliver seamless and end-to-end payroll processing experience. They include onboarding, attendance management, and many other functions apart from payroll execution and compliance automation.īut there aren’t many automated payroll software that provides an end-to-end payroll solution and entirely focus on simplifying and executing payroll. Most tools available in the market provide different features and also strive to serve multiple employee management needs at the same time. SMEs should analyse their pain points while executing payroll and consider the best software that will reduce their hassles. There are many payroll solutions available in the market. Dedicated support – Provides dedicated hand-holding for the onboarding phase.No hidden charges – Should be a cloud based software for 24*7 accessibility to all the services without any extra charges.Employee self-serve – Should empower employees to access their payslips & Form 16, declare investments.Provides insurance for employees – Should provide customised group health insurance p olicies for employees at affordable rates.Insights & reports – Should be able to provide accurate insights with reports in all place reports including salary and HR registers, PF/PT/ESI challans, employee documents, etc.Reimbursements – Should be able to handle employee reimbursement processes seamlessly from adding expenses to calculating and settling them.Time & leave management – Should provide real-time attendance tracking along with leave management through biometric devices.
Compliance processing – Should be able to handle compliance payment like TDS, PF, PT and ESI automatically, along with their statutory laws.Automated payroll – Should process and execute salary payments automatically on time.Here are the features that are popular among SMEs. Keeping track of employees’ documents is also tiresomeĬhecklist for choosing the right payroll softwareīefore looking for the best payroll software, you must prepare a checklist of features that you would necessarily want for your business.Changing regulations often lead to compliance issues, increasing number of manual hours.SMEs need to hire skilled people to make sure all payroll calculations are compliant with the latest tax laws.Payroll teams start having hiccups because of multiple spreadsheets and complex formulae.Since these businesses work with fewer employees, it is assumed that it is easy and cost-effective to manage their payroll manually.SMEs usually run on constraint budgets, and hence, an automated payroll system is considered to be very costly.Here are some reasons behind the lack of importance given to setting up a payroll process by SMEs. Why SMEs need to choose the best payroll software in India This article will help you find the right payroll solution for your business. If you are an SME owner, you should automate your payroll with the best payroll software available and save a lot of valuable time.