Most often, when a person starts a business, they have little idea about the incorporation process, taxation, setting up the financial machinery, and, thence running it. Armed with their financial, taxation, accounting and regulatory expertise, Chartered Accountants swoop in to save the day.
From working all hours during tax season to running the financial operations of enterprises in close collaboration with in-house teams, CAs are the financial backbone for many businesses.
But, there’s a problem.
Serving future-forward clients with age-old solutions is a task and a half. You, our community of accounting champions, clearly deserve better.
So, we delivered.
The RazorpayXperience is a series of events designed for Chartered Accountants. Through these events, we bring you a carefully-curated product suite that helps you deliver a top-notch experience while growing your practice, without adding overheads.
We kicked off the RazorpayXperience on 6th May 2022 in association with ICAI Ahmedabad. We had the pleasure of hosting 85+ CAs on an evening full of all things neobanking, opportunities for growth and collaboration, food, fun, and goodies.
We had our second event in the series in association with ICAI Bangalore on 9th June 2022. We had the pleasure of hosting 100 CAs for supercharged conversation on everything from the banking-accounting disconnect to paving the way to exponential growth.
From learning about your problems and pain points to discussing how you can save up to 8 hours a month on collaborating with clients and automate your bookkeeping end-to-end, the events were nothing short of unmissable.
Feeling left out? We’ve got you covered. Here’s a quick recap of what we did in Ahmedabad and Bangalore.
But, before we dive in, let’s introduce neobanking to those less familiar.
Neobanking: a short primer
Neobanking (‘neo’ meaning new) is new-age banking built to service modern consumers and businesses. Simply put, neobanking bridges the gap between traditional banking and customers’ evolving expectations.
Neobanking typically covers the services that most traditional banks provide, and additionally offers tools and integrations that help make the banking experience smoother and faster.
Pertinent to note here would be the fact that neobanks work on a partner-bank model. This means that a lot of neobanks do not hold banking licences themselves; rather, they are an additional layer over the existing infrastructure of licensed traditional banks.
We’re sure you have heard of neobanking disruptors like Jupiter, Fi, and NiyoX. These are consumer neobanks, meaning they provide neobanking services to retail consumers by opening savings accounts.
On the other hand, RazorpayX is a neobank built for businesses. Supercharging their finances through a feature-loaded current account, RazorpayX offers the basic services of traditional banks, and a whole lot more.
With that settled, let’s dive into the problems of our Chartered Accountant fraternity – and how we’re here to solve them.
The pain points
There’s a lot that goes into handling the finances of a business. From collaborating with the in-house finance team to ensuring all the books are closed accurately, we know you go several miles to get businesses’ finances in order.
And while you excel at your work, we know there is a host of problems that comes your way in the process. Let’s take a look.
Coordinating with the in-house finance team of a business client entails multiple rounds of going back and forth for information. Getting context for payments, fetching invoices and challans, and gaining access to account statements often requires a lot of following up – eating into productive time.
This becomes even more problematic with the added pressure of closing the books accurately and well in time. Having to collaborate with finance teams, therefore, becomes a messy, broken experience.
Tax season troubles
Tax season brings with it problems of coordination and security. The task of making tax and compliance payments on behalf of your clients generally makes its way to your to-do list. And, the logistics involved are mind-boggling.
For starters, most clients are uncomfortable sharing their bank credentials with their CA. The result? You have to follow up repeatedly to have your clients send you funds, so you can make tax payments from your own accounts.
Clients’ teams also often need help navigating government portals – which proves to be another time-consuming affair.
With the constant nudges for information and the OTP relay race, tax season becomes quite the nightmare for everyone involved.
Manual data entry
Nothing says time consuming like data entry. Hours better spent on productive tasks often go into filling field upon field of data manually. Apart from eating into productive time, the exercise is error-prone and involves humongous effort to undo and redo if mistakes are made.
Adding new service lines
Starting out with new lines of service is generally associated with bearing overheads and a ton of extra work.
Take payroll processing, for example. It involves incredibly complex calculations and paying salaries. It also includes calculating and paying compliance dues like Provident Fund (PF) and Employee State Insurance (ESI), as well as paying Tax Deducted at Source (TDS) and Professional Tax (PT) on different government portals.
Besides, payroll doesn’t follow a one-size-fits-all approach – meaning that it needs to be executed differently based on the varied needs of clients. This only speaks to the effort that goes into the process.
The problem is that you spend a lot of time and energy on tasks like these.
The bigger problem, is that doing them for your clients on an ad hoc basis often means they end up unbillable.
How we make a difference
Age-old solutions cannot be used to service future-forward clients. So, we decided to change that.
We created a carefully-curated product suite for the Chartered Accountant community. The goal is simple: to help you, our accounting champions, give your clients a smooth, savvy experience, while growing your practice without adding overheads.
Here’s how we make that happen.
RazorpayX allows you to have self-serve access to your clients’ invoices, challans, and payment reports through an intuitive dashboard.
That’s not all. With smooth approval workflows and customised levels of access, you can now make payments on your client’s behalf – all they need to do is approve them on the go.
The impact? You save 8+ hours per client, every month.
That is one whole workday saved per client on a monthly basis.
Reconciling the books of accounts with payments doesn’t have to be a tedious affair. With RazorpayX, all payments made through the platform automatically get recorded and reconciled with the accounting software that holds the client’s books of accounts. RazorpayX integrates seamlessly with Tally, Quickbooks, and Zoho.
Pricing for profitability
Our CA members have flexibility on how they price their services backed by RazorpayX. Whether it be passing on the benefit to the client or pricing for profitability, the decision is yours.
That was all about what you can do backed by the power of RazorpayX.
But, what if the businesses you serve also came on board?
Here’s a bit on that.
The RazorpayX Chartered Accountant Partner Program
The RazorpayX Chartered Accountant Partner program allows CAs to become our partners in bringing their clients on board so that they can enjoy a seamlessly-integrated, powerful business banking experience.
Our CA partners can easily refer their clients to us through our dashboard. Once the onboarding process is done, as our partner, you not only enjoy a seamless banking and finance experience with your clients, but also get handsome rewards for your firm.
Finances, supercharged. Client experience, enriched.
It’s a win-win.
Don’t miss out
We know that traditional methods of servicing clients have massive potential to bog you down. And, we’re on a mission to change that.
The journey to becoming a Chartered Accountant is hard. Servicing your clients doesn’t have to be.
Don’t miss out. Deliver that top-notch experience to your clients and add a host of new services to your portfolio without overheads, backed by the power of RazorpayX.
Highlights from the RazorpayXperience