{"id":3667,"date":"2020-10-20T14:19:40","date_gmt":"2020-10-20T08:49:40","guid":{"rendered":"https:\/\/razorpay.com\/learn\/?p=3667"},"modified":"2022-10-03T22:53:01","modified_gmt":"2022-10-03T17:23:01","slug":"best-payroll-software-india-opfin","status":"publish","type":"post","link":"https:\/\/razorpay.com\/payroll\/learn\/best-payroll-software-india-opfin\/","title":{"rendered":"Payroll Software for Small Businesses in India"},"content":{"rendered":"<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">SMEs are the future of the Indian economy. With adequate support and incentives from the government, this industry can help the economy to recover from the COVID-19 damages. They have always been true growth economic drivers, contributing around 40% to the country\u2019s export and 30% to the GDP.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">The SME sector generates approximately 110 million jobs, which is over 40% of India\u2019s workforce. Since businesses focus on building their product and growth, payroll management often takes the back seat.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Payroll execution is one of the most crucial tasks that require eminent accuracy and efficiency. Salary calculations, compliance deductions, reimbursement, etc. consume an enormous amount of productive hours. Also, manual methods for processing payroll are error-prone, and a miss might attract unnecessary penalties.<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">If you are an SME owner, you should automate your payroll with the best payroll software available and save a lot of valuable time. This article will help you find the right payroll solution for your business.\u00a0\u00a0\u00a0<\/span><\/p>\n<h2 data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Why SMEs need to choose the best payroll software in India<\/span><\/h2>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Here are some reasons behind the lack of importance given to setting up a payroll process by SMEs.\u00a0<\/span><\/p>\n<ul data-read-aloud-multi-block=\"true\">\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">SMEs usually run on constraint budgets, and hence, an automated payroll system is considered to be very costly<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Since these businesses work with fewer employees, it is assumed that it is easy and cost-effective to manage their payroll manually\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Payroll teams start having hiccups because of multiple spreadsheets and complex formulae<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">SMEs need to hire skilled people to make sure all payroll calculations are compliant with the latest tax laws<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Changing regulations often lead to compliance issues, increasing number of manual hours<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Keeping track of employees\u2019 documents is also tiresome\u00a0<\/span><\/li>\n<\/ul>\n<h2 data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Checklist for choosing the right payroll software<\/span><\/h2>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Before looking for the best payroll software, you must prepare a checklist of features that you would necessarily want for your business.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Here are the features that are popular among SMEs.\u00a0<\/span><\/p>\n<ul data-read-aloud-multi-block=\"true\">\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\"><strong>Automated payroll<\/strong> &#8211; Should process and execute salary payments automatically on time<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\"><strong>Compliance processing<\/strong> &#8211; Should be able to handle compliance payment like TDS, PF, PT and ESI automatically, along with their statutory laws<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\"><strong>Time &amp; leave management<\/strong> &#8211; Should provide real-time attendance tracking along with leave management through biometric devices<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\"><strong>Reimbursements<\/strong> &#8211; Should be able to handle employee reimbursement processes seamlessly; from adding expenses to calculating and settling them\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\"><strong>Insights &amp; reports<\/strong> &#8211; Should be able to provide accurate insights with reports in all place; reports including salary and HR registers, PF\/PT\/ESI challans, employee documents, etc<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\"><strong>Provides insurance for employees<\/strong> &#8211; Should provide customised group health insurance <\/span><span style=\"font-weight: 400;\">p<\/span><span style=\"font-weight: 400;\">olicies<\/span><span style=\"font-weight: 400;\"> for employees at affordable rates\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\"><strong>Employee self-serve<\/strong> &#8211; Should empower employees to access their payslips &amp; Form 16, declare investments\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\"><strong>No hidden charges<\/strong> &#8211;\u00a0 Should be a cloud based software for 24*7 accessibility to all the services without any extra charges\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\"><strong>Dedicated support<\/strong> &#8211; Provides dedicated hand-holding for the onboarding phase<\/span><\/li>\n<\/ul>\n<h2 data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Payroll software in India for SMEs<\/span><\/h2>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">There are many payroll solutions available in the market. SMEs should analyse their pain points while executing <\/span><span style=\"font-weight: 400;\">payroll<\/span><span style=\"font-weight: 400;\"> and consider the best software that will reduce their hassles.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Most tools available in the market provide different features and also strive to serve multiple employee management needs at the same time. They include onboarding, attendance management, and many other functions apart from payroll execution and compliance automation.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">But there aren\u2019t many automated payroll software that provides an end-to-end payroll solution and entirely focus on simplifying and executing payroll.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">India\u2019s best payment solution organisation &#8211; <\/span><b>Razorpay<\/b><span style=\"font-weight: 400;\"> built <a href=\"https:\/\/razorpay.com\/payroll\/\"><strong>RazorpayX Payroll<\/strong> <strong>Software<\/strong><\/a> to deliver seamless and end-to-end payroll processing experience.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\">[bctt tweet=&#8221;RazorpayX Payroll is an ideal payroll software for small and medium businesses. The product has been designed to take care of all things payroll, right from onboarding employees to automating compliance payments &amp; their return filings.&#8221; username=&#8221;&#8221;]<\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">It helps HR, payroll and finance <\/span><a href=\"https:\/\/razorpay.com\/learn\/payroll-through-the-lens-of-employer-employee-hr-finance\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">teams<\/span><\/a><span style=\"font-weight: 400;\"> to manage payroll with a comprehensive set of features at affordable pricing. RazorpayX Payroll always strives to provide best-in-class services to its customers and not settle for anything less.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">The software eliminates manual intervention in executing payroll. It also automates compliance payments like <\/span><a href=\"https:\/\/razorpay.com\/learn\/tds-returns\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">TDS<\/span><\/a><span style=\"font-weight: 400;\">, PF, ESI and PT along with their periodic filings, salary disbursement, reimbursements, leave management and much more.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-4342\" src=\"https:\/\/razorpay.com\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.32.19-PM.png\" alt=\"Run Payroll\" width=\"2880\" height=\"1641\" srcset=\"https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.32.19-PM.png 2880w, https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.32.19-PM-300x171.png 300w, https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.32.19-PM-768x438.png 768w, https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.32.19-PM-1024x583.png 1024w\" sizes=\"(max-width: 2880px) 100vw, 2880px\" \/>Compliance is the most significant pain point in payroll execution. Accurate tax deductions, proper PF contributions, are no easy task for small business owners. They either spend a lot of time figuring out the laws\/regulations or money in outsourcing payroll compliance to CAs or tax professionals.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">So, RazorpayX Payroll combats compliance by automating the entire process, depositing the payments to respective departments and filing their returns.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-4343\" src=\"https:\/\/razorpay.com\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.32.45-PM.png\" alt=\"TDS Filings\" width=\"2880\" height=\"1645\" srcset=\"https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.32.45-PM.png 2880w, https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.32.45-PM-300x171.png 300w, https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.32.45-PM-768x439.png 768w, https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.32.45-PM-1024x585.png 1024w, https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.32.45-PM-900x515.png 900w\" sizes=\"(max-width: 2880px) 100vw, 2880px\" \/><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Further, the employees get access to their own account that makes it easy for them to <\/span><a href=\"https:\/\/razorpay.com\/learn\/how-to-make-tax-declaration-form12bb\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">declare investments<\/span><\/a><span style=\"font-weight: 400;\">, view\/download payslips, Form 16, apply leaves, request reimbursements, etc.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\"><span style=\"font-size: 19px;\"><img decoding=\"async\" class=\"aligncenter size-full wp-image-4344\" src=\"https:\/\/razorpay.com\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.33.08-PM.png\" alt=\"Payroll Dashboard\" width=\"2880\" height=\"1648\" srcset=\"https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.33.08-PM.png 2880w, https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.33.08-PM-300x172.png 300w, https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.33.08-PM-768x439.png 768w, https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.33.08-PM-1024x586.png 1024w, https:\/\/d6xcmfyh68wv8.cloudfront.net\/learn-content\/uploads\/2020\/10\/Screenshot-2021-03-24-at-1.33.08-PM-900x515.png 900w\" sizes=\"(max-width: 2880px) 100vw, 2880px\" \/>RazorpayX Payroll also provides dedicated customer support to its users without any hidden charges.\u00a0<\/span><\/span><\/p>\n<blockquote data-read-aloud-multi-block=\"true\">\n<p data-speechify-sentence=\"\">\u201cWith RazorpayX Payroll, what took us 3 hours to disburse salaries every month, now takes 10 minutes! I truly appreciate how their team supported us during the transition. They were always a call away. \u201d<\/p>\n<p style=\"text-align: right;\" data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Manoj Thakur<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">HR Manager, Bijak\u00a0<\/span><\/p>\n<\/blockquote>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Additionally, RazorpayX Payroll offers best-in-class group health insurance for employees. It has partnered with a leading insurance company to provide affordable group health insurance policies to small businesses even for employee count of 2.\u00a0<\/span><\/p>\n<p data-speechify-sentence=\"\"><span style=\"font-weight: 400;\">Now it\u2019s your turn to automating your payroll with RazorpayX Payroll and spend your valuable time on accelerating business growth. All it takes is <\/span><b>3 simple steps<\/b><span style=\"font-weight: 400;\">!<\/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\/?r=bestpayroll\">Get 3-months Free<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Payroll software automates all things related to payroll processing and execution. These tasks involve salary automation, compliance payments, leave management, employee database management, etc.<\/p>\n","protected":false},"author":151156469,"featured_media":3677,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3476,3404],"tags":[3482],"class_list":{"0":"post-3667","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-payroll-glossary","8":"category-payroll","9":"tag-payroll-software"},"_links":{"self":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/3667","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/users\/151156469"}],"replies":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/comments?post=3667"}],"version-history":[{"count":15,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/3667\/revisions"}],"predecessor-version":[{"id":6842,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/posts\/3667\/revisions\/6842"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media\/3677"}],"wp:attachment":[{"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/media?parent=3667"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/categories?post=3667"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/learn.razorpay.in\/learn\/wp-json\/wp\/v2\/tags?post=3667"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}