Bengaluru ,Karnataka, Bharat, September 21: RazorpayX, the business banking platform of Razorpay, today announced the expansion of its Payroll Platform, earlier catering to Startups, is now launched for Enterprises or large-sized businesses, along with a newly built advanced system for integrations and customizations. Having onboarded around 13,000 organisations from start-ups and SMEs in the last four years; RazorpayX Payroll will now cater to businesses of all sizes from 2 to 20,000+ employees. It is set to help large organisations save over 60% of costs on payroll management, while also enabling them to drive 100% accuracy on compliance.
Over the last three years, some of Bharat’s leading banks, financial institutions, and corporate offices have been quickly adapting to automation in payroll management in order to organise and pay employees on time, however, there’s still a long way to go if Bharat’s HR Payroll Software market is to achieve $14.31 Bn growth by end of 2030 . While startups and SMEs have leveraged automated HR payroll management softwares to avoid compliance issues, larger organisations continue to struggle with managing compliance in payroll.
A recent study released by RazorpayX, titled ‘Payroll Maturity Index 2023’ analysed payroll data of 163 enterprises across 12 key industries in August’23 and brought to light everyday compliance issues faced by large organisations. The report found a staggering 42% of large organizations in Bharat struggling with payment and filing compliance issues in their payroll management. Other issues include salary delays faced by 44% and inaccuracies in payroll calculations & processing faced by 40% of the large organizations surveyed. Despite the payroll software market’s growth prospects, it is clear that a substantial portion of organizations are still grappling with archaic systems and manual payroll processes.
With an intent to address these challenges faced by large organisations, RazorpayX Payroll platform is designed to make lives easy for HR Heads & CFOs. With open APIs and integrations with 45+ HR tech partners, RazorpayX Payroll integrates seamlessly with all popular Human Resource Management Softwares (HRMS). Popular integrations include SAP, SuccessFactors, Oracle HCM, and more.
Commenting on the solution, Ayush Bansal, VP & General Manager of RazorpayX, said, “Navigating the complex payroll landscape can be daunting for businesses. From unfamiliar tax regulations to complex compliance requirements, small and large organisations face significant challenges in managing payroll effectively. At RazorpayX, our mission has always been crystal clear, we’re here to take care of all the payroll needs of businesses so that they can focus on what they do best and not get bogged down by the hassles of manual payroll processing but unlock untapped growth opportunities. After successfully enhancing payroll operations for startups and SMEs, extending our services to Enterprises today marks a significant milestone for us.”
He added, “I believe by embracing innovative solutions like the newly built advanced system for integrations and customisations through our automated payroll platform, enterprises can further boost efficiency and accuracy in handling their payroll. Through this launch, we’re poised to create scalable, automated solutions, ushering in an era of streamlined HR operations.”
RazorpayX Payroll will allow businesses to control user access and restrict permissions with even greater granularity, thereby creating multi-level workflows, meeting needs of startups to mid-size organisations to the largest organizations. Additionally, employee satisfaction is prioritised with user-friendly features such as the option to receive payslips and file for reimbursement via WhatsApp.
Aditya Shankar, Co-founder of Doubtnut said, “From enabling automation for salary payments to ensuring tax compliance, the RazorpayX Payroll suite has not just catered to our payroll needs but enabled us to reduce operations costs by a significant margin and save crucial hours that used to be spent on payroll compliance. With less time required for payroll management now, we can contribute more to our core functions and helps me and our finance team focus on charting more growth. In short, the payroll tool has provided us both, speed and accuracy.”
RazorpayX currently serves over 45,000 businesses. The neo-banking platform has seen over 200% growth in its Payouts business. The platform has disbursed payouts with an annualized money movement of over $30 Bn. In a first-of-its-kind move, RazorpayX also recently launched Forex services for startups to transfer the funds they have raised globally to Bharat seamlessly.
RazorpayX is the leading new-age business finance platform from Fintech giant Razorpay. Built on top of a current account & escrow account (from Bharat’s leading banks), RazorpayX is an industry-first end-to-end payouts solution across vendor payments, payroll, escrow, accounts payable, API Banking, and more. . From facilitating day-to-day payments, accounting & reconciliation, to helping businesses borrow collateral-free loans, automate the payroll process from salary to compliance, and adhere to the latest tax compliance standards, RazorpayX provides businesses and entrepreneurs with a future-forward solution. RazorpayX current account is powered by RBL & ICICI Banks. RazorpayX has over 45,000 businesses on its platform.
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