So, you are considering RazorpayX
You’ll be wondering if it's a good choice for you if its feature set compares well to other options on the market and if it is priced affordably enough for what you get.
This article will break all that down for you and more.
Plus, at the end of the article, you’ll find links to alternatives to RazorpayX as well as our top picks for the options in this category.
Or, just go straight to Our top picks for Best Payroll Software.
Without further ado, let’s get started.
RazorpayX is a payroll disbursal and management software that automates payments and filings of compliances like TDS, PF, ESI and PT. RazorpayX ensures you can focus on growing your business by maintaining tax compliance and efficiently organizing your payroll. Moreover, it lets you do transactions from your current account and deposit salaries directly into an employee's bank account.
Here are some exclusive features of RazorpayX:
HR Management: RazorpayX assists your HR department to manage the employee lifecycle from onboarding to exit. You can generate offer letters from predefined templates, process reimbursements seamlessly and access the employee directory. Additionally, RazorpayX ensures your employees can add custom holidays with their manager's approval.
Leave Management System: RazorpayX lets you set leave policies that fit your company culture. Your managers can view the attendance report of employees, plus RazorpayX automatically factors in the employee holidays while calculating salary. Additionally, you can integrate RazorpayX with Slack and handle all approvals on one platform.
One-click Payroll Processing: Managing payroll is no longer a time-consuming process. With RazorpayX, you can eliminate manual efforts and automate the payroll process accurately. It lets you add incentives or bonuses during processing, automates compliance payments and generates insightful payroll reports.
Statutory Compliance: RazorpayX offers the best payroll compliance automation in the market. It deducted TDS returns accurately for employees according to their tax declaration and chosen regime. Moreover, you can control professional tax registration and return filings within one interface.
Group Health Insurance: RazorpayX offers group health insurance for businesses to safeguard employees' interests. It provides automated insurance management upon employee onboarding and exit. RazorpayX has the best claim settlement rate and is one of the few payroll software that offers health insurance.
RazorpayX offers 2 Subscription plans for its payroll management system. You have to pay a base charge of $1.5 per employee.
The "RazorpayX with Current Account" offers 250 free payouts every month, guided account opening, scheduled payouts and priority support.
The "RazorpayX with Virtual Account" does not offer free payouts. It supports vendor payments, approval workflows and API payouts.
RazorpayX Discounts and Coupons
RazorpayX does not offer any discounts or coupons for its payroll and employee management platform.
RazorpayX Free Trial
RazorpayX lets you do upto 250 free payouts with its current account.
RazorpayX, A short how-to guide
Once you login to your RazorpayX account, you'll enter the dashboard section. Here, you can see an overview of payroll and wages. Click on "Payouts" to create a new payroll cycle.
Go to "Employees" to view the attendance reports of your workforce. You can add incentives or deduct paid leaves within this section. Click on "HR" to onboard new joinings or manage exits.
Click on "Reports" to get insights into your existing wage structure, gross profit and reimbursements. Go to "transactions" to view a transaction status or reconcile bank statements.