Have you watched Silicon Valley? The HBO show where a bunch of coders build a decentralized internet for the world. Web3 promises this concept. For real! And, Zo World (Zostel’s brainchild) is bringing the digital nomad community together to interact & hang out in a completely virtual manner on Web3.
Imagine if you could host your common rooms, have some interesting conversations around different rooms, or even play a game of Mafia together remotely. It is exactly what Zo World enables you to do.
Co-founders Dharamveer and Chetan have also built Zostel, the world’s largest branded backpackers hostel chain and came up with the idea of Zo World.
With Zostel, we’ve built a strong travel community and become the world’s largest chain of Backpacker Hostels. And now, with Zo World, we are bringing the same ethos to Web3.
As Zo World scaled, the company faced one major roadblock–calculating and processing payroll & reimbursements for its employees manually.
Zo World’s challenges
When I joined Zo World in October 2021, payroll processing, reimbursements, tax filings and generation of payslips were being done manually. It was not only time-consuming but also quite cumbersome. I felt, we have to find a better solution and need to automate things.
– Tanmay Srivastava, AVP – Finance at Zo World.
I first heard about RazorpayX Payroll from a practising CA friend. He gave a brief introduction about the product, after which I searched on the web myself. After going through the website, I felt that the product looks quite promising.” – Tanmay continues.
I raised a ticket with RazorpayX Payroll’s team. Somebody promptly reached out & explained every single feature in detail. I was highly impressed. Soon after, the onboarding process was also completed in no time and it was pretty smooth & seamless.
How RazorpayX Payroll helped Zo World
Besides automating our payroll & reimbursements, another major breakthrough arising out of collab with RazorpayX Payroll was TDS (Tax deducted at Source) filings & make required compliance payments within the stipulated timeframe. Previously, we used to manually keep a track of such timelines.
Cut to now–everything is super smooth. Our tax filings (24Q) have been set on auto-pilot mode and taken care of by the product.
There are so many reports and free letter templates like offer letters, appointment letters, etc., to choose from. Right from the onboarding to salary execution, reimbursements to handling employee full and final settlement during exit– everything is simply flawless.
Happy employees, productive employees
The employees of Zo World are delighted as they don’t have to ping Tanmay anymore for salary slips. Instead, they log into their accounts and access them with just a few clicks.
I am very happy and thankful to the team for launching such a wonderful product. It makes my life easier.”
Earlier, when we were making payments directly through banks, they would give us a template and every time we had to make a payment, we had to use that bulky template and fill in details manually, each time. Then we had to upload that onto their website. It was complicated and extremely time-consuming.”
Keeping track of who has joined or exited the company manually was also becoming tough for me. But it has all become effortless after RazorpayX Payroll. All I have to do is mark the employee inactive, and automatically the payroll will not happen.”
Similarly, if a new employee has joined, I just have to create a new profile and put the joining date. His record will be automatically updated during payroll processing.”
The icing on the cake
“Another feature that stands out for me towards the financial-year closure is the validation of investment proof filed by our employees by the RazorpayX Payroll team. It used to be manually done earlier and was too time-consuming.
With this amazing product, employees can download their respective Form 16 themselves.
“Processing reimbursements have become very easy. An employee just has to log in to their accounts, upload supporting documents, and then the manager has to approve. Then it comes to me. If I cannot see the supporting documents or the amount needs to change, I can bypass the approval and change the amount so that the correct amount is reimbursed to the person.”
“Everything about the product is fantastic overall. But for me, validation of investment proofs filed by the employees, automation of TDS payments/filings and processing of reimbursements are the cherries on top of the cake.”
And the best part of using our product for Tanmay is:
I use my newfound free time to spend with my family and learn new skills that would help me grow professionally.”
Don’t take our word for it; try RazorpayX Payroll yourself. We don’t even require your card details.