Open

4.7 (27)
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Banking and financial operations management platform

About Open

Open is a cloud-based software designed to help startups and small to midsize enterprises manage payments, virtual accounts, cash, invoices, taxes, expenses, and more via a unified portal. The platform includes payroll management functionality, which enables businesses to track employees’ attendance and leaves, create payslips, and analyze reports for reference.

Open allows organizations to generate eBills and good and service tax (GST) compliant invoices, monitor accounts payables and receivables, profit and loss statements, and cash flow reports, and categorize and reconcile transactions using custom attributes. The application allows accounting professionals to send invoices to clients with integrated payment links, track the status of payments, and accept payments via IMPS, NEFT, RTGS, and other modes of payments. Users can also handle bookkeeping, customer payments, and financial reports.

Open’s cash management feature allows administrators to share invoices, credit notes, estimates, and cash memos with customers and vendors, send automated reminder emails for payments, and gain insights into cash-in-hand and cash-in-bank on a centralized dashboard. Businesses can also monitor multiple transactions and automate single or bulk payments via integration with payout APIs.


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Open Software - Open expense management
Open Software - Open payments management
Open Software - Open banking management
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Not sure about Open? Compare with a popular alternative

Open

4.7 (27)
VS.
Highly reviewed

Starting Price

US$7.87
month
US$20.00
month

Pricing Options

Free version
Free trial
Free version
Free trial

Features

14
96

Integrations

No integrations found
30

Ease of Use

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Value for Money

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Customer Service

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Green rating bars show the winning product based on the average rating and number of reviews.

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Reviews

Overall rating

4.7 /5
(27)
Value for Money
4.9/5
Features
4.5/5
Ease of Use
4.7/5
Customer Support
4.7/5

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Showing 5 reviews of 27
Pranav
Pranav
Overall rating
  • Industry: Food & Beverages
  • Company size: 2–10 Employees
  • Used Daily for 1-5 months
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 10.0 /10

Great platform with amazing functionality!

Reviewed on 2021/12/16

The reason behind working with Open was pretty simple. It provided us with a feature to access our...

The reason behind working with Open was pretty simple. It provided us with a feature to access our funds in our bank account in ways other than the conventional methods like Bank Transfer, NEFT, or RTGS.

Pros

Open Money made it extremely easy for us to manage our foreign transactions related to online portals like Shopify, G Suites, etc. The interface is pretty convenient and the ability to create different expense cards based on the expense category really helps in managing and tracking all the marketing expenses.

Cons

The integration process did have some glitches at first but nothing major that cannot be solved with some tweaking. Rest everything was pretty seamless.

Deepak
Overall rating
  • Industry: Education Management
  • Company size: Self Employed
  • Used Weekly for 6-12 months
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 7.0 /10

Still a lot to do.

Reviewed on 2021/07/29

It has eased some of the issues that I faced with banking but has a lot of room to improve.

It has eased some of the issues that I faced with banking but has a lot of room to improve.

Pros

It is a cloud based platform, so there is no worry about losing the data. (The previous app I used, had a sync issue and had to redo six months of accounts again.) I went for it for two reasons:
1. The annual package was attractive with a business credit card and access to a website building platform.
2. It has many automations related to payments so I do not have to reconcile records manually (in most cases).
With a majority of my customers preferring digital payments, multiple modes of payments facilitate timely receipts of payments which are a most for a small business.
The data can be imported to Tally which my CA loves the most. You can even allow access solely for accounting purpose.

Cons

1. They need to design the platform to suit a businessperson's needs (to whom they are trying to sell it).
2. Often on weekends, NEFT mode of payment has issues which get sorted only on Monday mornings. No customer support on weekends. Failed payment reversals take eternity.
3. PAIN to use on a mobile phone. Cannot import contacts. UI on mobile feels like a website adjusting full version to mobile.
4. Customer care often has text book replies.
They are improving but are a still a long way from being user friendly.

Alternatives Considered

Razorpay

Reasons for Choosing Open

For the sole reason of linked virtual bank account and business credit card.

Reasons for Switching to Open

Cost effective and transparent pricing. Real time settlements except for cards.
vibhash
Overall rating
  • Industry: Hospitality
  • Company size: 2–10 Employees
  • Used Daily for 6-12 months
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 4.0 /10

open money feedback

Reviewed on 2021/12/16

Pros

Easy to use , user friendly , Customer support is quick

Cons

Mobile features are good , But needs a more clarity on IF someone wants to transfer directly to acc

Ashraf
Overall rating
  • Industry: Retail
  • Company size: 2–10 Employees
  • Used Daily for 6-12 months
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 10.0 /10

Best way to sort our business account reconciliation

Reviewed on 2021/02/12

Overall a positive experience. My biggest challenge was not having all my accounts in one place....

Overall a positive experience. My biggest challenge was not having all my accounts in one place. With Open I don't have to juggle between multiple softwares and above all, for a startup the best part is I get to experience all features free of cost.

Pros

I love that it's an all in one software. I can create professional invoices for free and my clients can directly pay with a link via card or netbanking or UPI. So the choice of payment is at the users discretion but for me, all my business payments come in one place and the status of the payment gives me clarity without having to keep checking my bank statement at all times. So big bonus for account reconciliation which for small businesses is a headache!

Cons

Unable to categorize virtual cards. I have to keep an offline record of which virtual card is for which purpose, like - marketing, food, etc.

Alternatives Considered

Razorpay, PayU and Zoho Books

Reasons for Switching to Open

These products provide only payment gateway. However, Open is a one stop shop solution. Plus Zoho Books was very expensive for a startup.
Rahul
Overall rating
  • Industry: Financial Services
  • Company size: 51–200 Employees
  • Used Daily for 1+ year
  • Review Source

Overall rating

  • Value for Money
  • Ease of Use
  • Customer Support
  • Likelihood to recommend 10.0 /10

Best software for open banking for startup

Reviewed on 2021/07/08

Open Bank has helped me and my business greatly. Earlier I would have to make transactions from...

Open Bank has helped me and my business greatly. Earlier I would have to make transactions from individual banks’ websites and bother myself with the slow processing time, transaction restrictions, adding beneficiaries at a slow rate, etc.
Open Banking puts all of that in one place and makes the transactions way smoother and more convenient. The UI/UX is great and very appealing.

Pros

It allows me to make bulk payments and review transactions and balances of all the banks I have accounts in, in one single place.
As I manage multiple accounts of my own, Open Banking makes it easy for me to also view their accounts and make transactions from a single page without having to log in and out in ten different places and bother myself with the account details and passwords every time.
It also has an extremely convenient system for filing TDS and GST. Some things now I can save my business hours on.
They also offer expense cards that can be used with virtual accounts that they provide to reduce the risk factor involved with it.
They have connected Tally software with their systems and automated the entries made into the system so I don’t have to enter it every time I make a transaction.
The one thing that tops all of this is the Founder Card that they have provided me with which can be used as both credit and debit card. Wherein I could use the money in my account, but I also get a credit limit for my expenses.

Cons

I need one feature where we can use the same account but with multiple users.

Response from Open Financial Technologies

Thank you, Rahul. This review means a lot to us.

Showing 5 reviews of 27 Read all reviews

Open FAQs

Below are some frequently asked questions for Open.

Open offers the following pricing plans:

  • Starting from: US$7.87/month
  • Pricing model: Free Version, Subscription
  • Free Trial: Not Available

Solo - Free Startup - $7.87 monthly or $21.65 quarterly or $78.72 annually Growth - $11.81 monthly or $32.80 quarterly or $118.08 annually

Open has the following typical customers:

501–1,000

Open supports the following languages:

English

Open supports the following devices:

Android (Mobile), iPhone (Mobile), iPad (Mobile)

We do not have any information about what integrations Open has

Open offers the following support options:

Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support, 24/7 (Live rep)

Related categories

See all software categories found for Open.