{"id":4376,"date":"2023-09-21T08:26:56","date_gmt":"2023-09-21T08:26:56","guid":{"rendered":"https:\/\/razorpay.com\/newsroom\/?p=4376"},"modified":"2023-12-18T04:41:54","modified_gmt":"2023-12-18T04:41:54","slug":"razorpayx-payroll-expands-launches-automated-solutions-for-indian-enterprises-set-to-help-save-60-costs-on-payroll-management","status":"publish","type":"post","link":"https:\/\/razorpay.com\/newsroom\/razorpayx-payroll-expands-launches-automated-solutions-for-indian-enterprises-set-to-help-save-60-costs-on-payroll-management\/","title":{"rendered":"RazorpayX Payroll Expands, Launches Automated Solutions For Indian Enterprises; Set to Help Save 60% Costs on Payroll Management"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The newly launched solution includes features like <\/span><b>employees <\/b><b>receiving payslips and filing for reimbursement via WhatsApp<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">RazorpayX Payroll platform aims to also <\/span><b>help enterprises drive 100% accuracy in compliance<\/b><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Offers enterprises with <\/span><b>45+ integrations with leading HR tech giants such as SAP SuccessFactors, Oracle HCM, <\/b><span style=\"font-weight: 400;\">among others<\/span><\/li>\n<\/ul>\n<p><b>INDIA, Bengaluru &#8211; 21st Sep 2023: <\/b><a href=\"https:\/\/razorpay.com\/x\/current-accounts\/?utm_adgroup=&amp;utm_gclid=CjwKCAiA9qKbBhAzEiwAS4yeDeRwOBjgRSO9N-DGw_NkkQcnmvbG0xd4VT1CvvIm4c8DV9uBZ64_ZRoCSFcQAvD_BwE&amp;utm_source=google&amp;utm_medium=cpc&amp;utm_campaign=GoogleSearch_RZPx_Brand_CA_24062021&amp;utm_term=razorpayx&amp;utm_content=text_3&amp;gclid=CjwKCAiA9qKbBhAzEiwAS4yeDeRwOBjgRSO9N-DGw_NkkQcnmvbG0xd4VT1CvvIm4c8DV9uBZ64_ZRoCSFcQAvD_BwE\"><b>RazorpayX<\/b><\/a><b>, <\/b><span style=\"font-weight: 400;\">the business banking platform of Razorpay, today announced the expansion of <\/span><b>its Payroll Platform, earlier catering to Startups, is now launched for Enterprises or large-sized businesses, <\/b><span style=\"font-weight: 400;\">along with a newly built advanced system for integrations and customizations. Having onboarded around 13,000 organisations from <\/span><span style=\"font-weight: 400;\">start-ups and SMEs in the <\/span><span style=\"font-weight: 400;\">last four <\/span><span style=\"font-weight: 400;\">years; <\/span><b>RazorpayX Payroll will now cater to businesses of all sizes from 2 to 20,000+ employees<\/b><span style=\"font-weight: 400;\">. 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Over the last three years, some of India\u2019s 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\u2019s still a long way to go if India\u2019s HR Payroll Software market is to achieve <\/span><a href=\"https:\/\/thelogicalindian.com\/law\/hr-payroll-software-market-to-grow-1431-billion-by-2030-report-38898\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">$14.31 Bn growth by end of 2030<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><b>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.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">A recent study released by RazorpayX, titled <\/span><b>\u2018Payroll Maturity Index 2023\u2019<\/b><span style=\"font-weight: 400;\"> analysed payroll data of 163 enterprises across 12 key industries in August\u201923 and brought to light everyday compliance issues faced by large organisations. The report found <\/span><b>a staggering 42% of large organizations in India struggling with payment and filing compliance issues in their payroll management. <\/b><span style=\"font-weight: 400;\">Other issues include <\/span><b>salary delays faced by 44% and inaccuracies in payroll calculations &amp; processing faced by 40% of the large organizations surveyed.<\/b><span style=\"font-weight: 400;\"> Despite the payroll software market&#8217;s growth prospects, it is clear that a substantial portion of organizations are still <\/span><b>grappling with archaic systems and manual payroll processes.\u00a0<\/b><\/p>\n<p><span style=\"font-weight: 400;\">With an intent to address these challenges faced by large organisations, RazorpayX Payroll platform is designed to make lives easy for HR Heads &amp; CFOs. With open APIs and integrations with 45+ HR tech partners, <\/span><b>RazorpayX Payroll integrates seamlessly with all popular Human Resource Management Softwares (HRMS)<\/b><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">Popular integrations include SAP, SuccessFactors, Oracle HCM, and more.<\/span><\/p>\n<p><b>Commenting on the solution, Ayush Bansal, VP &amp; General Manager of RazorpayX, said,<\/b> <i><span style=\"font-weight: 400;\">&#8220;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&#8217;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.\u201d\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">He added, <\/span><i><span style=\"font-weight: 400;\">\u201cI 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&#8217;re poised to create scalable, automated solutions, ushering in an era of streamlined HR operations.\u201d\u00a0<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">RazorpayX Payroll will allow businesses to <\/span><b>control user access and restrict permissions with even greater granularity, <\/b><span style=\"font-weight: 400;\">thereby creating multi-level workflows, meeting needs of startups to mid-size organisations to the largest organizations. Additionally, <\/span><b>employee satisfaction is prioritised with user-friendly features such as the option to receive payslips and file for reimbursement via WhatsApp.<\/b><\/p>\n<p><b>Aditya Shankar, Co-founder of Doubtnut <\/b><span style=\"font-weight: 400;\">said, <\/span><i><span style=\"font-weight: 400;\">\u201cFrom 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 <\/span><\/i><b><i>reduce operations costs by a significant margin and save crucial hours that used to be spent on payroll compliance. <\/i><\/b><i><span style=\"font-weight: 400;\">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.&#8221;<\/span><\/i><\/p>\n<p><b>RazorpayX currently serves ove<\/b><b>r 45,000 busine<\/b><b>sses<\/b><span style=\"font-weight: 400;\">. The neo-banking platform has seen over<\/span><span style=\"font-weight: 400;\"> 200% growth in its Payouts business. <\/span><b>The platform has disbursed payouts with an annualized money movement of over $30 Bn.<\/b><span style=\"font-weight: 400;\"> In a first-of-its-kind move, RazorpayX also recently launched Forex services for startups <\/span><span style=\"font-weight: 400;\">to transfer the funds they have raised globally to India seamlessly.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The newly launched solution includes features like employees receiving payslips and filing for reimbursement via WhatsApp RazorpayX Payroll platform aims to also help enterprises drive 100% accuracy in compliance Offers enterprises with 45+ integrations with leading HR tech giants such as SAP SuccessFactors, Oracle HCM, among others INDIA, Bengaluru &#8211; 21st Sep 2023: RazorpayX, the<\/p>\n","protected":false},"author":14,"featured_media":4419,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"no","_lmt_disable":"no","footnotes":""},"categories":[28],"tags":[31,106,107],"class_list":{"0":"post-4376","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-technology","8":"tag-razorpayx","9":"tag-razorpayx-enterprises","10":"tag-razorpayx-expands"},"modified_by":"Anu Saraswat","_links":{"self":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/comments?post=4376"}],"version-history":[{"count":1,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4376\/revisions"}],"predecessor-version":[{"id":4377,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/posts\/4376\/revisions\/4377"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media\/4419"}],"wp:attachment":[{"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/media?parent=4376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/categories?post=4376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/razorpay.com\/newsroom\/wp-json\/wp\/v2\/tags?post=4376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}