One thing is certain: fast-growing companies can no longer rely on manual calculations for payroll processing. Studies show that the occurrence of risks is higher in such cases, with the annual average loss being INR 67,000 per SME depending on legacy systems. Therefore, today there is an urgent need for SMEs to find and invest in modern solutions that not only automate their payroll processes, but also lead to greater efficiency and productivity of the workforce. Given that 45% of these companies spend too much time gathering inputs, often lengthening business hours, all of that effort can now be redirected to more strategic tasks when the right payroll solutions are implemented.
However, investing in a digital solution is often a tricky task. Not only must it meet budgetary requirements, but it must also adapt to the unique needs of SMBs, which differ greatly from larger companies. Furthermore, the end goal of adopting such digital solutions is to drive product innovation and business growth, which is why one needs to be strategic when deciding what to implement. To empower organizations to more successfully advance their payroll automation and transformation journey, here are six questions every leader must ask:
Does it automate all core billing processes?
This is the fundamental and interim function of any payroll solution, and includes tasks such as vacation and attendance tracking, employee benefit reporting, automatically generated payslips and bank statements, and most importantly, the flexibility to customize the software to fit your company policies. With RazorpayX Payroll, all of this is done in one dashboard. Designed for startups and growing businesses, this software not only automates payroll functions and reduces errors, but also reshapes the larger employee lifecycle.
Payroll automation is a crucial element in designing automated workflows for your employees. From HR professionals to anyone working at all levels of the workforce, you no longer have to deal with a lengthy, time-consuming process. Instead, they simply need to access a single platform and stay up to date on their finances with a few clicks.
Does the software stay up-to-date as compliance regulations change?
Having software that not only handles tax filing but also compliance calculations is a must. For employees in India who must make smart financial decisions in the face of a dual tax regime, RazorpayX Payroll’s model empowers your workforce by showing their projected taxes for the year based on their income and regime so they can make an informed decision while maintaining their Taxes can keep track of tax liabilities and savings.
Plus, it’s a system that tracks changing compliance regulations, ensuring your refunds are not only timely, but error-free. It takes full control and accountability for compliance concerns by automating payments like TDS, PF, ESI, and PT and their regular returns.
Is it built around the employee self-service model?
Implementing a user-friendly interface that opens up efficient channels of coordination is crucial for employee autonomy. The reason payroll solutions need to focus on the employee self-service model has a lot to do with improving employee productivity. This is exactly what RazorpayX Payroll achieves through its model. Employees can easily update and upload their relevant documents and request time off, insurance and reimbursements.
Another interesting thing about the RazorpayX Payroll platform is the insurance claims feature. Employee autonomy is also relevant in this aspect, as it not only allows employees easy and quick access to cashless claims in emergencies, but also provides 24×7 support. When a workforce is spread across the country, this function becomes critical to ensure the “livability” of their entire employee existence. As we all know, a smoother, more efficient employee lifecycle is directly linked to greater productivity and growth.
Does it integrate with existing platforms and does it include core HR functionality?
The long-term success of payroll solutions is guaranteed if they can be taken over by the digital infrastructure already implemented in the company. However, the desired results of payroll automation are only achieved when it is aligned and integrated with other HR functions. With an efficient dashboard that manages and tracks absences and also allows employees to easily access payslips and other relevant documents, RazorpayX Payroll is the optimal solution for SMBs.
The recent partnership with Freshteam has also ensured that hiring and onboarding are seamlessly integrated with the payroll and HR dashboard. Their intuitive software is designed to keep track of these HR functions with just three clicks, resulting in a significant reduction in administration. In addition, new and current employee data is efficiently synchronized on these two platforms.
Is it easy to adopt and accessible to your employees?
RazorpayX Payroll prides itself on implementing and onboarding employees on its platform in less than 10 minutes and prioritizes user adoption. For any HR tech solution to thrive in a new work environment, acceptance gaps must be closed early so its benefits can reach all employees. The Slack integration feature is also a unique bonus for a workforce that’s sometimes hybrid, making it easier to communicate, request time off, access employee data, and file for insurance claims and reimbursements.
For an employee base that will be growing and diversifying in the coming months, having software that they can quickly adopt and access will also reduce the administrative burden on employees. The end result would be that they would have more flexibility and energy to pursue more strategic, business-oriented endeavors.
Does it add value to your business in the long term?
In order to create value for the company, the digital solutions must be kept in mind and this data must be used to make necessary changes and improvements. As HR professionals advocate the importance of building a data-driven organization, guided by data-driven decisions, SMBs cannot be left behind. Payroll is a crucial element of employee-centric strategies and RazorpayX Payroll recognizes this in its platform.
It gives insights into the entire payroll process by generating multiple reports detailing various things such as:
- Salary register: information on past and upcoming payslips;
- Master CTC Report: Employee CTC resolution;
- Personnel register: former and current employees and contractors;
- Variance Report: View and compare payroll, compliance, headcount trends, and more.
This data is a critical resource for short- and long-term workforce planning. However, the greatest added value lies in how it makes life easier for employees in fast-growing companies.
As SMEs are at a critical stage in their growth and development, their main priority is to run business functions efficiently and effectively while allowing room for product innovation to keep up with the changing trends and demands in the market. In order to achieve this, it is fundamental to create the right work environment for your employees by promoting their productivity and growth. Investing in the right HR tech solution and in this case payroll solutions will be vital to this endeavor.
By reducing the administrative burden on your employees, ensuring their financial well-being, and expanding their access to compensation and benefits (in this case, group health insurance), RazorpayX Payroll isn’t just a driver of payroll transformation. Instead, it is a driver of the overall employee experience in SMBs, enabling and empowering your employees to unleash their potential. Building a sustainable workforce that is ready to seize opportunities for accelerated growth is urgent, but the question remains: how do we do it? RazorpayX Payroll shows you how to do it, especially for SMEs.