{"id":4547,"date":"2020-09-03T19:17:38","date_gmt":"2020-09-03T13:47:38","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=4547"},"modified":"2025-05-05T14:39:58","modified_gmt":"2025-05-05T09:09:58","slug":"indias-only-automated-solution-vendor-payments-tds-payments","status":"publish","type":"post","link":"https:\/\/razorpay.com\/blog\/business-banking\/indias-only-automated-solution-vendor-payments-tds-payments\/","title":{"rendered":"India&#8217;s Only Automated Solution for Vendor Payments &#038; TDS"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">RazorpayX was created with a vision to automate and simplify the various financial processes that businesses deal with. The overwhelming response made it evident that businesses too are tired of manual and archaic processes, <\/span><span style=\"font-weight: 400;\">and the complexity they bring with them.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Last year, we introduced <\/span><a href=\"https:\/\/www.opfin.com\/\" rel=\"nofollow noopener\" target=\"_blank\"><span style=\"font-weight: 400;\">Opfin<\/span><\/a><span style=\"font-weight: 400;\"> to simplify and automate payroll with a one-click payroll solution. In May 2020, we introduced <\/span><a href=\"https:\/\/razorpay.com\/x\/payout-links\/\"><span style=\"font-weight: 400;\">Payout links<\/span><\/a><span style=\"font-weight: 400;\"> to simplify refunds.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Today, we are excited to introduce <\/span><a href=\"https:\/\/razorpay.com\/x\/vendor-payments\/\"><span style=\"font-weight: 400;\">RazorpayX Vendor Payments<\/span><\/a><span style=\"font-weight: 400;\"> &#8211;\u00a0 the easiest way to pay your vendors. The product features end to end automation for adding, tracking and paying <a href=\"https:\/\/razorpay.com\/blog\/what-is-invoice\/\">invoices<\/a>, and taking care of the tax deducted at source (TDS).<\/span><\/p>\r\n<h2><span style=\"font-weight: 400;\">Challenges with vendor payments<\/span><\/h2>\r\n<p><span style=\"font-weight: 400;\">Every business relies on vendors and contractors to avail services like office space and supplies, food, software subscriptions, travel and entertainment, etc. Depending on the size of the business and the number of purchases made, a business relies on manual methods like spreadsheets or stand-alone software to process and pay their invoices.<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Unfortunately, neither of these methods is great for businesses. They feature a number of manual and inefficient steps.<\/span><\/p>\r\n<ul>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Invoices are <\/span><b>manually entered<\/b><span style=\"font-weight: 400;\"> into the tool, while some invoices may be forgotten. Or, incorrect data may be entered<\/span><\/li>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Invoices have to be approved. This process is done over email and is quite tedious<\/span><\/li>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Tracking of invoice due dates is rarely straightforward. It is hard to see historical reports and analysis of spends<\/span><\/li>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Payments are made by manually entering information into a bank portal. Manual <a href=\"https:\/\/razorpay.com\/learn\/what-is-reconciliation\/\">reconciliation<\/a> has to be done to track if the payment was successful<\/span><\/li>\r\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">TDS has to be calculated and paid separately on government portals. Challans have to be saved for tax filing<\/span><\/li>\r\n<\/ul>\r\n<p><span style=\"font-weight: 400;\">This process is extremely time-consuming. And, mistakes can attract penalties, affect vendor relationships, and divert attention from other important tasks.<\/span><\/p>\r\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">[<\/span><b>Suggested reading<\/b><span style=\"font-weight: 400;\">: <\/span><a href=\"https:\/\/razorpay.com\/blog\/vendor-payments-automation-a-guide-for-businesses\/\"><span style=\"font-weight: 400;\">Vendor Payment Automation: A Guide for Businesses<\/span><\/a><span style=\"font-weight: 400;\">]<\/span><\/p>\r\n<h2><span style=\"font-weight: 400;\">How RazorpayX Vendor Payments helps your business<\/span><\/h2>\r\n<p><span style=\"font-weight: 400;\">At RazorpayX, we believe that money movement should be straightforward. Vendor Payments is a\u00a0 modern solution that\u2019s packed with the latest tech and features for businesses to use.\u00a0<\/span><\/p>\r\n<p><span style=\"font-weight: 400;\">Let\u2019s take a closer look at some of the features which we have added to make your vendor payments easier than ever!<\/span><\/p>\r\n<h3><span style=\"font-weight: 400;\">Auto-Capture Invoice Details<\/span><\/h3>\r\n<p><span style=\"font-weight: 400;\">When an invoice is added, our intelligent OCR extracts and populates most of the fields.\u00a0 This saves you the trouble of manually entering data, reducing the possibility of errors.<\/span><\/p>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-3371 size-full\" src=\"https:\/\/razorpay.com\/blog-content\/uploads\/2020\/09\/Invoice-1.gif\" alt=\"vendor payments and tds payments automation - RazorpayX\" width=\"640\" height=\"314\" \/><\/p>\r\n\r\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/vendor-payments\/\" target=\"_blank\" rel=\"noopener noreferrer\">Signup to auto-capture invoice details<\/a><\/div>\r\n<h3><span style=\"font-weight: 400;\">Track and Manage Invoices<\/span><\/h3>\r\n<p><span style=\"font-weight: 400;\">The Vendor Payments dashboard gives you complete visibility of all upcoming invoice payments. You also receive email reminders so you never miss an <a href=\"https:\/\/razorpay.com\/invoices\/\">invoice payment<\/a> again.<\/span><\/p>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-3371 size-full\" src=\"https:\/\/razorpay.com\/blog-content\/uploads\/2020\/09\/track.gif\" alt=\"Vendor payments and tds payments automation - RazorpayX\" width=\"640\" height=\"314\" \/><\/p>\r\n<h3><span style=\"font-weight: 400;\">Pay your Vendors<\/span><\/h3>\r\n<p><span style=\"font-weight: 400;\">Since the Vendor Payments app is built on top of the RazorpayX platform, it\u2019s extremely easy to make payments, no need to re-enter details. Payments can be made using IMPS, UPI, <a href=\"https:\/\/razorpay.com\/learn\/neft\/\">NEFT<\/a>, and<a href=\"https:\/\/razorpay.com\/learn\/rtgs\/\"> RTGS<\/a>. <\/span><span style=\"font-weight: 400;\">Eliminate the time and effort spent on manual reconciliation with the payment status available in real-time on the dashboard.<\/span><\/p>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-3371 size-full\" src=\"https:\/\/razorpay.com\/blog-content\/uploads\/2020\/09\/Pay.gif\" alt=\"Vendor payments and tds payments automation - RazorpayX\" width=\"640\" height=\"314\" \/><\/p>\r\n<h3><span style=\"font-weight: 400;\">Auto-Pay TDS<\/span><\/h3>\r\n<p><span style=\"font-weight: 400;\">TDS is applicable on invoices based on the vendor category. The app automatically deducts and sets aside the applicable TDS. At the end of the month, the amount is automatically paid. The challans will be available on the dashboard.<\/span><\/p>\r\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-3371 size-full\" src=\"https:\/\/razorpay.com\/blog-content\/uploads\/2020\/09\/TDS.gif\" alt=\"Vendor payments and tds payments automation - RazorpayX\" width=\"640\" height=\"314\" \/><\/p>\r\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/x\/?r=blog_cta_business_banking_automated_vendor_payment&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener noreferrer\">Put your TDS payments on autopilot!<\/a><\/div>\r\n<!-- \/wp:post-content -->\r\n<p>&nbsp;<\/p>\r\n<p><b><i>This is just the beginning.\u00a0<\/i><\/b><\/p>\r\n<p><span style=\"font-weight: 400;\">Over the next few months, we are releasing enhancements that make it easier to source and approve invoices.\u00a0 And. you can sync them to your accounting tool to make the entire process all the more seamless.<\/span><\/p>\r\n<h2><span style=\"font-weight: 400;\">What our users say about Vendor Payments<\/span><\/h2>\r\n<p><span style=\"font-weight: 400;\">Prior to the release, RazorpayX Vendor Payments was made available to early users who gave us valuable feedback.\u00a0 This helped make the product even better. Here is what they had to say!<\/span> <img loading=\"lazy\" decoding=\"async\" class=\"wp-image-4556 size-large aligncenter\" src=\"https:\/\/razorpay.com\/blog-content\/uploads\/2020\/09\/testimonial-1024x447.png\" alt=\"vendor payments and tds payments RazorpayX\" width=\"770\" height=\"336\" srcset=\"https:\/\/blog.razorpay.in\/wp-content\/uploads\/2020\/09\/testimonial-1024x447.png 1024w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2020\/09\/testimonial-300x131.png 300w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2020\/09\/testimonial-768x335.png 768w, https:\/\/blog.razorpay.in\/wp-content\/uploads\/2020\/09\/testimonial-1536x671.png 1536w\" sizes=\"auto, (max-width: 770px) 100vw, 770px\" \/> <span style=\"font-weight: 400;\">We are very excited to have you experience the easiest way of making vendor payments! <\/span><span style=\"font-weight: 400;\">Check it out<\/span><span style=\"font-weight: 400;\"> and let us know in the comments below.\u00a0<\/span><\/p>\r\n<!-- wp:paragraph -->\r\n<p>&nbsp;<\/p>\r\n<div style=\"text-align: center;\"><a style=\"border-radius: 3px; background: #528ff0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/x.razorpay.com\/auth\/signup?r=blog_cta_business_banking_automated_vendor_payments&amp;utm_source=blog&amp;utm_medium=cta\" target=\"_blank\" rel=\"noopener noreferrer\">Automate your Vendor Payments now!<\/a><\/div>\r\n<p>&nbsp;<\/p>\r\n<!-- \/wp:paragraph -->","protected":false},"excerpt":{"rendered":"<p>We&#8217;re excited to introduce RazorpayX Vendor Payments. The product automates adding, tracking and paying invoices, as well as TDS payments.<\/p>\n","protected":false},"author":54,"featured_media":4544,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[27],"tags":[],"class_list":{"0":"post-4547","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business-banking"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/4547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/users\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=4547"}],"version-history":[{"count":6,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/4547\/revisions"}],"predecessor-version":[{"id":22404,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/4547\/revisions\/22404"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/4544"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=4547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=4547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=4547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}