{"id":5346,"date":"2020-12-24T14:45:55","date_gmt":"2020-12-24T09:15:55","guid":{"rendered":"https:\/\/razorpay.com\/blog\/?p=5346"},"modified":"2021-02-25T13:57:10","modified_gmt":"2021-02-25T08:27:10","slug":"tech-startup-founders-should-automate-their-payroll-razorpayx","status":"publish","type":"post","link":"https:\/\/razorpay.com\/payroll\/tech-startup-founders-should-automate-their-payroll-razorpayx\/","title":{"rendered":"Why Tech Startup Founders Should Automate Their Payroll"},"content":{"rendered":"<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Payroll is a non-value added process for tech startup founders &#8211; but an important and essential one.<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">According to studies,\u00a0<\/span><\/p>\n<ul data-read-aloud-multi-block=\"true\">\n<li style=\"font-weight: 400;\" aria-level=\"1\" data-speechify-sentence=\"\"><b>40%<\/b><span style=\"font-weight: 400;\"> of tech startup founders say <\/span><b>bookkeeping and taxes are the worst<\/b><span style=\"font-weight: 400;\"> part of owning a business and the <\/span><b>most time-consuming<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Tech startup founders nearly spend <\/span><b>11.67 average hours<\/b><span style=\"font-weight: 400;\"> every month in processing payroll\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">A majority of tech startups in India have incurred <\/span><b>huge costs for payroll compliance <\/b><span style=\"font-weight: 400;\">over the past 5 years<\/span><\/li>\n<\/ul>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">If you are a tech startup founder or a small business owner, you must have experienced issues while processing payroll.\u00a0<\/span><\/p>\n<h2 data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Old-school payroll methods used by founders<\/span><\/h2>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">While there are multiple ways of executing payroll, most of them are costly, time-consuming, and error prone.\u00a0<\/span><\/p>\n<h3 data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Manual payroll processing\u00a0<\/span><\/h3>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">O<\/span><span style=\"font-weight: 400;\">ver <\/span><b>37%<\/b><span style=\"font-weight: 400;\"> of payroll errors occur due to manual data entry.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">As a startup, you may use Excel spreadsheets to make payroll calculations. But, making elaborate calculations manually is tedious, lengthy, and erroneous. And these mistakes can lead to expensive problems.<\/span><\/p>\n<h3 data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Outsourcing<\/span><\/h3>\n<p data-speechify-sentence=\"\"><b>6.1%<\/b><span style=\"font-weight: 400;\"> of manual errors happen because of outsourcing payroll. Consequently, you have very little visibility of your payroll process.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">So, if you are the kind of founder who wants to oversee your operations and execute them on your own, payroll automation is your way to go.<\/span><\/p>\n<h2 data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">RazorpayX Payroll &#8211; <\/span><i><span style=\"font-weight: 400;\">built for founders like you<\/span><\/i><span style=\"font-weight: 400;\">.\u00a0<\/span><\/h2>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\"><a href=\"https:\/\/razorpay.com\/payroll\/\">RazorpayX Payroll<\/a> eliminates manual efforts in executing payroll, with a comprehensive set of features at affordable pricing. It takes care of salary disbursals on time, compliance processing, leave &amp; attendance \u2013\u2013 all in an intuitive dashboard.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Employees can access their documents like payslips, Form 16, etc. at any time and from anywhere.\u00a0<\/span><\/p>\n<h3 data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Employee onboarding\u00a0<\/span><\/h3>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">RazorpayX Payroll eliminates the manual task of <\/span><span style=\"font-weight: 400;\">collecting and maintaining employee ID proof, bank account &amp; PF account details on spreadsheets.\u00a0<\/span><\/p>\n<h3 data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Salary &amp; freelancer payments<\/span><\/h3>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">The software automates payroll calculations, invoice payments, TDS deductions, and disbursals. Like employees, your freelancers also get access to personal dashboards where they can upload invoices easily and get paid on time.\u00a0<\/span><\/p>\n<h3 data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Compliance\u00a0<\/span><\/h3>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">RazorpayX Payroll deals with <a href=\"https:\/\/razorpay.com\/payroll\/payroll-compliance\/\">compliance payments (TDS, PF, ESI, and PT)<\/a> along with their return filings. It provides all challans of compliance payments in a single dashboard. So, you don\u2019t have to worry about managing compliance reports and challans on paper.<\/span><\/p>\n<h3 data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">PF registration for employees<\/span><\/h3>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">The software automatically manages PF register with new employee additions and exits. And, it also takes care of the UAN generation for employees.\u00a0<\/span><\/p>\n<h3 data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Group health insurance\u00a0<\/span><\/h3>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">RazorpayX Payroll offers best-in-class <a href=\"https:\/\/razorpay.com\/group-health-insurance\/\">group health insurance<\/a> with comprehensive coverage. With affordable pricing, it caters to businesses as small as 2 employees.\u00a0<\/span><\/p>\n<h2 data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">The right choice for startup founders<\/span><\/h2>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">We understand that every aspect of running a business is equally important to you, so is processing payroll.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><b>RazorpayX Payroll is the only software in India that unifies payroll, compliance, and employee benefits without complex integrations and steep fee.\u00a0<\/b><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">It\u2019s time to set your payroll on auto-pilot and use your valuable time on accelerating your business growth.<\/span><\/p>\n<div style=\"text-align: center;\" data-speechify-sentence=\"\"><a style=\"border-radius: 3px; background: #528FF0; padding: 15px; font-weight: 600; cursor: pointer; text-decoration: none; color: white;\" href=\"https:\/\/razorpay.com\/payroll\/\" target=\"_blank\" rel=\"noopener noreferrer\">Automate your Payroll Now<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>RazorpayX Payroll is build for tech startup founders. It unifies payroll, compliance, &#038; employee benefits without complex integrations and steep fee.<\/p>\n","protected":false},"author":42,"featured_media":5351,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[66],"tags":[],"class_list":{"0":"post-5346","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-payroll"},"_links":{"self":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/5346","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\/42"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/comments?post=5346"}],"version-history":[{"count":0,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/posts\/5346\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media\/5351"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/media?parent=5346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/categories?post=5346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/blog\/wp-json\/wp\/v2\/tags?post=5346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}