RazorpayX, the business banking platform of Razorpay, today announced the expansion of its Payroll Platform, earlier catering to Startups, is now launched for Enterprises or large-sized businesses, along with a newly built advanced system for integrations and customizations. Having onboarded around 13,000 organisations from start-ups and SMEs in the last four years; RazorpayX Payroll will now cater to businesses of all sizes from 2 to 20,000+ employees. 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.
Over the last three years, some of India’s 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’s still a long way to go if India’s HR Payroll Software market is to achieve $14.31 Bn growth by end of 2030. While startups and SMEs have leveraged automated HR payroll management softwares to avoid compliance issues, the larger organisations continue to struggle with managing compliance in payroll.
A recent study released by RazorpayX, titled ‘Payroll Maturity Index 2023’ analysed payroll data of 163 enterprises across 12 key industries in August’23 and brought to light everyday compliance issues faced by large organisations. The report found a staggering 42% of large organizations in India struggling with payment and filing compliance issues in their payroll management. Other issues include salary delays faced by 44% and inaccuracies in payroll calculations & processing faced by 40% of the large organizations surveyed. Despite payroll software market’s growth prospects, it is clear that a substantial portion of organizations are still grappling with archaic systems and manual payroll processes.
With an intent to address these challenges faced by large organisations, RazorpayX Payroll platform is designed to make lives easy for HR Heads & CFOs. With open APIs and integrations with 45+ HR tech partners, RazorpayX Payroll integrates seamlessly with all popular Human Resource Management Softwares (HRMS). Popular integrations include SAP, SuccessFactors, Oracle HCM, and more.
Commenting on the solution, Ayush Bansal, VP & General Manager of RazorpayX, said, “Since inception, we have been committed to creating and curating an elevated experience for all payroll needs of businesses and empowering them to thrive by eliminating the challenges of manual processing. Having successfully supercharged the payroll operations for startups and small and medium-sized businesses (SMEs), now expanding our services to Enterprises is a significant milestone for us at RazorpayX Payroll. It is a standing testament to our vision of transforming how Indian businesses manage their payroll and with this revolutionary tech-first extension, we are confident of building scalable and automated solutions for larger enterprises, driving a future of streamlined HR operations.”
RazorpayX Payroll will allow businesses to control user access and restrict permissions with even greater granularity, thereby creating multi-level workflows, meeting needs of startups to mid-size organisations to the largest organizations. Additionally, employee satisfaction is prioritised with user-friendly features such as the option to receive payslips and file for reimbursement via WhatsApp.
Aditya Shankar, Co-founder of Doubtnut said, “From 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 reduce operations costs by a significant margin and save crucial hours that used to be spent on payroll compliance. 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.”
RazorpayX currently serves over 45,000 businesses. The neo-banking platform has seen over 200% growth in its Payouts business. The platform has disbursed payouts with an annualized money movement of over $30 Bn. In a first-of-its-kind move, RazorpayX also recently launched Forex services for startups to transfer the funds they have raised globally to India seamlessly.