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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- Industry: Food & Beverages
- Company size: 2–10 Employees
- Used Daily for 1-5 months
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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 16/12/2021
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.
- Industry: Education Management
- Company size: Self Employed
- Used Weekly for 6-12 months
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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 29/07/2021
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
RazorpayReasons 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.- Industry: Chemicals
- Company size: 51–200 Employees
- Used Weekly for 6-12 months
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 6.0 /10
Open office app
Reviewed on 8/11/2022
My experience in this product very good very useful products
My experience in this product very good very useful products
Pros
In open office app more thing good but it's graphics tools very useful
Cons
More thing in software that's I like graphics tool and other things
- Industry: Retail
- Company size: 2–10 Employees
- Used Daily for 6-12 months
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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 12/02/2021
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.
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.- Industry: Financial Services
- Company size: 51–200 Employees
- Used Daily for 1+ year
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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 8/07/2021
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.
Open FAQs
Below are some frequently asked questions for Open.Q. What type of pricing plans does Open offer?
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
Q. Who are the typical users of Open?
Open has the following typical customers:
501–1,000
Q. What languages does Open support?
Open supports the following languages:
English
Q. Does Open support mobile devices?
Open supports the following devices:
Android (Mobile), iPhone (Mobile), iPad (Mobile)
Q. What other apps does Open integrate with?
We do not have any information about what integrations Open has
Q. What level of support does Open offer?
Open offers the following support options:
Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support, 24/7 (Live rep)
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