Frequently Asked Questions
What services does Opfin provide?
We provide automated payroll services for small and medium-sized businesses in India.
I already have a CA or software handling payroll. What makes you different?
Opfin does all of the following automatically -
- Automated bifurcation of CTC into basic, HRA, special allowance, etc.
- Salary transfers and contractor payments to any bank in India.
- Reimbursements request, approval and payment.
- Free and unlimited ad-hoc payments to contractors and vendors.
- All TDS, PF, PT and ESI payments calculated and paid automatically with web access to challans.
- Access to employees for self-service, payslips, Form 16 etc.
- Unlimited documents storage for employees (offer letter, professional degrees, etc).
To sum it up, you give us a list of employees and their CTCs, and pay one payroll bill a month, and everybody gets paid accurately and on-time, and all legal and compliance requirements get taken care of automatically.
How much does Opfin cost?
Our pricing is simple and transparent. Opfin costs ₹100 per employee, per month. All payments to contractors are provided free of cost.
Everything is included for no extra cost. No hidden fees, surprises or corporate trickery.
Do I need to sign a contract?
Nope, no contract. You can sign up online and start using Opfin right away. However, if your organization requires it then we can sign a contract as well.
Do you offer a demo?
We offer something better! A fully functional trial with no commitment to purchase. Just sign up, and you will get access to all the features of Opfin immediately. Heck, you can even run your first payroll absolutely free of cost and we'll treat you just the same as a paying customer. Yes, we are quite confident that you will continue using it.
How do I get started?
You can sign up here. This gives you access to all the features of Opfin and you can run your first payroll absolutely free of cost.
What do I need to do after signing up?
Opfin essentially needs the following data -
- List of employee email addresses.
- Their current annual CTC.
- Their taxable income which has already been paid for the current financial year, and the TDS amount that has been deducted.
Adding employee email addresses is a simple copy-paste into a textbox. We automatically invite your employees to sign-in and fill in their own details like bank account information, PAN etc. You just need to set their CTCs, and (optionally) the above mentioned past payroll data. That's all, Opfin can now run your payroll!
If you have a lot of employees and don't want to do this manually, then you can get in touch and send us a spreadsheet with all these details, and we will set up your company for you. This is provided free of cost.
Ok, so I have signed up and put in my employee data. What next?
As part of your company setup, we will ask you what date of the month you would like to run your payroll on. As that date approaches, we will send you reminder emails to finalize your payroll and transfer us the total amount that is required to settle your payroll.
At any point, you can log into Opfin to check or alter the details of the upcoming payroll. You can add bonuses or deductions for any employee, and Opfin will automatically adjust their pay accordingly. We will also show you pay-slip previews so you know exactly how the salaries are structured. When you're happy, you can finalize the payroll with the click of a button.
On the date of your payroll, Opfin will check if the payroll is finalized and if your account has enough money to run it. If so, execution will begin and all your employees will get their pay directly in their bank accounts. We also send pay-slips by email, and updates on SMS to the employees. Any liabilities like TDS, PF, PT etc will also be paid by us. Bottomline, we'll take care of everything!
How does onboarding work if I already have employees who have been paid this year?
For companies that have already been processing payroll for their employees, onboarding works exactly the same as it would for a new company with new employees. The only exception is that we need details of the past payroll, so our software can correctly calculate the employees' tax liability. You can enter this manually, or send us the data over email.
What is the difference between an employee and a contractor?
An employee is a person with a fixed monthly salary, who will automatically be included in every month's payroll. Opfin optimizes the salary structure to minimize tax, and automatically deducts and files the required TDS (tax deducted at source). Provident fund, professional taxes etc. are applicable only to employees.
A contractor, on the other hand, is not on the permanent rolls of the company and can be paid in an ad-hoc manner through the one-time payment feature of Opfin. TDS is handled automatically for contractors.
Can you handle employee attendance?
Most startups these days do not keep attendance, but if you do, please contact us to see if we support your attendance setup. If you have a biometric setup or something similar that exports a report, our software can use this to automatically adjust salaries. We also offer attendance through our web interface, for which you should again contact support so it can be enabled for your organization.
Opfin also gives you the ability to add bonuses or deductions to any employee's payroll before it is executed. Hence, you always have the option of altering an employee's pay manually, if so required.
How long does it take to run payroll?
You should be able to process your monthly payroll in a few minutes. In fact, if you choose the fully automated mode of Opfin, then your payroll can run with absolutely no input from you!
I need to pay give a cash advance to my employee right away. Can Opfin do that?
Yes, Opfin supports a special type of reimbursement (imprest) which is paid out immediately and settled against an employee's pay when the actual payroll executes. When using this feature please remember that any imprest given to an employee will be deducted from their pay, and hence regular reimbursements should be approved against actual expenses so the employee gets paid correctly.
I don't feel comfortable transferring such a large amount to Opfin every month.
We get it. Trust does not come easy. Which is why we have an impeccable record of never missing a payment, and 100% error-free operation. If it makes you feel better, we can sign a physical contract. If you still feel uncomfortable, we give the option of running Opfin in a payment-less mode. In this, everything works the same but we do not process any payments for you, including TDS, PF etc. We just do all the calculations and generate reports, and it is up to you to make the payments. Pricing for this product is the same as regular Opfin.