Zeta’s 3 new digital solutions for employee tax benefits & rewards
Simplifying the process of employee tax benefits and rewards, Zeta has come up with three new digital solutions which will streamline how companies manage medical claims and reimbursements, how employees receive tax-free gifts from their companies, and how companies manage incentives and rewards programme for employees.
Zeta co-founder and CEO Bhavin Turakhia said, “Employee Benefits and Rewards as a space has remained the same for decades. Companies are forced to use age-old practices for the lack of a wholesome and better solution. This space was waiting for a disruption and Zeta is ushering in this revolution by being the first such solution in this space in India.”
Using a single web-based interface, an HR Manager is connected to every employee’s mobile phone. And at a click of button, HR Managers can send grants of meal vouchers, medical reimbursements, gifts etc to all their employees, across cities, instantly. These grants are transferred to an employee’s cloud-based Zeta account in the form of multiple virtual cards - each card representing a specific tax benefit and can be used only to avail that specific benefit. For eg: If an employee receives medical reimbursements grant in a virtual medical card then the money granted here can be used only towards medical purchases.
This ensures that the user has the convenience of accessing all his employee benefits in one place while adhering to the respective company policy.
Employees can access the grants and transact via the Zeta app on their smartphones or via a physical MasterCard-powered - Zeta Super Card - both of which are linked to his Zeta account. Employees can also upload bills as proofs of purchases on the Zeta app itself. These bills are verified and safely stored by Zeta for up to 7 years, freeing the HR Manager of these mundane tasks and any audit issues.
The solution is fully compliant as per laws defined by the Government of India and offers multiple benefits to HR Managers. The solution:
- saves time - an HR Manager can save up to 90% of his operation time by using Zeta
- is paper-free - provides a 100% paperless filing and claims process
- is customisable - a company can define parameters for usage of every benefit separately to match their company and employee needs
- outsources verification - companies can completely outsource cumbersome verification process and bill storage to Zeta
- provides a one-stop solution - HR Managers can easily manage all processes on a single screen
Zeta’s solution can be used by any corporate irrespective of the employee strength or location and an HR Manager can set up Zeta in under 5 minutes.
Ramki Gaddipati, Co-founder and CTO at Zeta adds, “Zeta’s technology is cutting edge. We have built this system to be intuitive and intelligent. Be it security or compliance, Zeta understands the rules of usage and adheres to it. Zeta also brings down the allowance claim process timeline from weeks to just a few minutes. We use machine learning and image processing technologies which helps us achieve a reduction in both, time and cost of processing bill claims. It also improves reliability with every bill an employee uploads.”
Zeta is an emerging player in the space of mobile and digital payments. It is on a mission to make payments cashless, convenient and inclusive.