RazorpayX is a quantum leap into automating internal financial operations, which can help Chartered Accountants, CFOs, and other stakeholders in the company save time and reduce overheads. RazorpayX simplifies a company’s financial operations from top-to-bottom, with a specialized focus on automating non-value manual tasks. With RazorpayX, everything finance-related in your company is set to get 10x smoother.
Here’s how we make your life easy.
Automation, artificial intelligence, and machine learning are rapidly becoming the nerve centers of various sectors and processes. A new store has opened in Dubai where AI-enabled cameras track customer movements, figure out what products they pick, and bill directly via an app on the customer’s smartphone. World over, artificial intelligence, data science, and machine learning is streamlining the business processes to reduce the grunt work and automate steps to reduce redundancy.
It does seem a little unfair then, that the big brains – accountants, Chartered Accountants, CFOs and other finance professionals – such as yourself, spend a large chunk of the day on performing menial tasks like tracking, reporting and transacting, chasing data and paperwork, and struggling with collaboration. Sadly, this is a far cry from the strategic finance and planning that you set out to do.
Why do finance professionals need to upgrade from sloppy, traditional accounting software?
Honestly, what proportion of your working hours are spent on effecting transactions, data entry, reconciliation, reporting and compliance, and financial planning? The chances are that this kind of work takes up a larger part of your day. If you run a company that provides financial services to others, even still, these duties possibly eat up a considerable amount of your team’s time.
If you could take the grunt work – the mundane but necessary tasks that eat into billable hours – and automate it, how much more efficient and profitable would you be? You would also probably have a happier, more motivated, and more cooperative team that displays a higher level of loyalty!
This status quo needed a change.
What if data entry could be simplified?
What if reconciliation could be automated with no human error?
What if a smart software could handle all your data filing and sorting and categorization for you?
What if reports could be generated in just a few clicks?
What if you could be assisted by a second set of “eyes” (one that can process a million data points per second) to develop data insights?
As it turns out, you might actually be able to achieve all of the above cost-effectively and conveniently.
RazorpayX – the next-gen banking platform that aims for 10x convenience
For the longest time, banking and business sectors have reeled under the lack of a coherent platform that organized operations and saved time. For financial professionals, company heads, CFOs, and CAs, fast-tracking financial operations is a priority.
Razorpay understood this problem and developed an end-to-end accounting and banking platform RazorpayX. This new-age, one-of-a-kind platform bridged the gap between affordable integrated banking solutions and financial professionals like you, who have been on a hunt for a product that takes care of all your financial needs.
In addition, RazorpayX is created and spearheaded by a capable team of practicing CFOs, Chartered Accountants, bankers, analysts, and other financial professionals to help figure out what gaps exist in the market to deliver a product that genuinely offers 10 times the convenience.
That is the offer we make – an experience that is 10 times better – measurable, and bringing in quantifiable differences to your business.
Benefits of RazorpayX
Here are some hands-on examples of how RazorpayX can make an actual, noticeable change to the way that accountants, CAs, CFOs, and pretty much all finance professionals operate:
Automate Bookkeeping & Invoice Management
In a traditional setup, the finance team had to export the invoice excel, pay it on their banking platform and then manually reconcile. The entire process was facilitated manually, which was time-consuming and required multiple hands on deck. Vendor payments got delayed with mounting paperwork. Not to mention, with payment delays came an added cost of penalties.
RazorpayX has partnered with Tally, Zoho, and QuickBooks that automate account reconciliation on an accrual basis. Any entry made in the accounting software automatically flows into the RazorpayX dashboard, and when paid, automatically flows back into the accounting software. This eliminates all the manual reconciliation work, making vendor payments a breeze.
We have also simplified invoice management. Users simply need to upload or email the invoices; RazorpayX captures all the essential details and saves them in the right format. Best of all, you even get payment reminders around due dates.
As if it were not enough that taxes eat into a company’s profits, the process of paying them also bears down heavily on the company’s finance and accounting team. Accountants spend hours manually computing GST and TDS. Not only that, you then have to spend some more time settling/paying the company’s taxes on the GSTIN portal every quarter. Moreover, as the GST deadlines for the quarter approaches, the website starts to hang, and accountants often have to repeat the process several times before the payment actually goes through.
RazorpayX simplifies taxation payments for TDS, TCS, GST, and Advance tax. TDS is automatically captured from the invoices, and you can also set up commands such that the system makes payments automatically on pre-decided dates. You never have to miss a tax deadline or pay the penalty, henceforth. And instead of navigating through the Government portals for GST, Advance Tax, you may comfortably pay it via the RazorpayX dashboard. All the Challans generated can be easily accessed via the RazorpayX dashboard. RazorpayX is the one-stop solution for all your tax filing nightmares.
In most organizations (or at least the ones that pay their people on time), the last two days of the month are devoted to employee salary computation and to making payments. The bigger the organization, the bigger the task at hand. Some very large organizations even see different teams receiving payments on different days because the process is stressful for the financial professionals and long-drawn.
RazorpayX Payroll is a product that automates salary payments and even provides employee insurance. What might have taken two days can now be completed in half an hour! You have got to try it to believe it. RazorpayX Payroll makes payroll a breeze because it lets you make complex compliances like TDS, TCS, PT, and ESIC at a single click. It is easier to maintain a handle on everything from a convenient, unified dashboard that houses everything under one roof.
Tracking and tagging payments
Financial professionals are all too familiar with payments made by company bosses who cannot remember – later – what the payment was for. They eventually figure it out with a lot of digging and prodding. Then, there are payments that need to go out within particular time frames or periodic payments to various stakeholders – vendors, utility bills, transportation, cafeteria, etc., apart from reimbursements from employees.
Razorpay X allows payment senders to tag payments while they are being made. This way, a ready referral is always at hand should you need to look it up at any point. There is a custom categorization that also helps with effective budgeting internally and also improves the efficiency of the financial processes.
Collaboration – Dedicated reports section and a CA Portal!
Accountants chase spenders of company capital to track down payments and often have to do so multiple times. Things fall through the cracks. The ends of quarters are living nightmares because of all the loose ends that need to be tied up, and the financial year-end makes a lot of finance professionals consider finding a new career path (We can see you smiling as you read this!).
With RazorpayX, there is no more running from pillar to post, no more memos getting lost or bills being misplaced. Ask for clarity on specific line items via the RazorpayX dashboard that brings you all the information you need on a single platter – a unified platform! With all your accounting software integrated, invoices uploaded, tax challans collected, payments tagged and categorized, you can just download all these reports from a single place!
Apart from this reports section, we have also created a separate CA Portal for the Chartered Accountants where they can have easy access to all these reports. They may even switch between different clients from the same portal.
Financial professionals and business heads spend the little time they can scrape aside, trying to pour over data to spot patterns so as to reduce supply chain overspending, identify the highest payers, achieve cash flow efficiency, and by all of this, activate improved profitability. Or at least, that is what most financial professionals hope to do.
RazorpayX, first of all, frees you up to go through data and develop your own insights. Secondly, the system itself is smart enough to analyze any data that it is fed, to deliver actionable insights. Get detailed insights by using various filters. Also, we are working on a dashboard that would provide you with a real-time view of your working capital!
Over to you
Razorpay X is the tool for accountants, CAs, and CFOs in 2021 because it is built to meet today’s business environment with automation, AI, and intuitiveness as its key pillars. This type of intelligent and analytical support is exactly what finance professionals like you can benefit immensely from in a business environment that has already embraced automation and AI.
Don’t believe us? We take no offense – finance professionals are programmed to ask for proof.
Check out what Ankur Warikoo, a top finance influencer and co-founder of Nearbuy, has to say about our snazzy products – “It’s like I have a team of my own working to create these products suitable for my use cases.” Click here to see the full video.
Due to lagging technology, do not let your productivity, morale, and billable hours suffer. The last thing you want is to be caught napping in front of your competition. Catch up now with RazorpayX!