About Open

Open is a cloud-based solution that helps startups and small to medium businesses manage virtual accounts, expenses, taxes, payments, invoices and other operations via a unified portal. The platform enables enterprises to manage customer payments, bookkeeping, financial reports and other accounting activities. Open includes a centralized dashboard, which lets organizations gain visibility into cash-in-bank and cash-in-hand, send automatic payment reminders and share estimates, cash memos, invoices and credit notes with vendors/customers. Supervisors can generate payslips, monitor employees’ leaves and attendance, and analyze reports using the payroll management functionality. Additionally, accountants can send invoices to vendors and accept payments via RTGS, NEFT, IMPS and other modes. Open offers payout API, which allows users to automate one-time or bulk payments and track multiple transactions. It is available for free and monthly, quarterly or annual subscriptions. Support is provided via phone, email and other online measures.
Open Software - Open payments
Open Software - Open banking
Open Software - Open expenses
Open Software - Open dashboard view
Open Software - Open payments - thumbnail
Open Software - Open banking - thumbnail
Open Software - Open expenses - thumbnail
Open Software - Open dashboard view - thumbnail

Open pricing

Open has a free version and does not offer a free trial. Open paid version starts at US$7.87/month.

Starting Price:
US$7.87/month
Free Version:
Yes
Free trial:
No

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Open Reviews

Feature rating

Value for Money
4.9
Functionality
4.5
Ease of Use
4.7
Customer Support
4.7
5 reviews of 27 View all reviews
Rahul
  • Industry: Financial Services
  • Company size: 51-200 Employees
  • Used Daily for 1+ year
  • Review Source
Value for Money
5
Features
4
Ease of Use
5
Customer Support
5

4
Reviewed on 08/07/2021

Best software for open banking for startup

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

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

Replied 13/07/2021
Deepak
  • Industry: Education Management
  • Company size: Self Employed
  • Used Weekly for 6-12 months
  • Review Source
Value for Money
5
Features
4
Ease of Use
4
Customer Support
5

4
Reviewed on 29/07/2021

Still a lot to do.

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.
Ashraf
  • Industry: Retail
  • Company size: 2-10 Employees
  • Used Daily for 6-12 months
  • Review Source
Value for Money
5
Features
5
Ease of Use
5
Customer Support
4

5
Reviewed on 12/02/2021

Best way to sort our business account reconciliation

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.
Mallikarjuna
  • Industry: Media Production
  • Company size: 11-50 Employees
  • Used Daily for 2+ years
  • Review Source
Value for Money
5
Features
4
Ease of Use
4
Customer Support
4

5
Reviewed on 24/12/2021

media 360 values "open"'s efforts for making daily banking transactions effortless.

making daily banking transactions effortless.

Pros

1. Easy to use, quick and effortless addition of payee, etc....
2. No waiting or cool down time at the time of first transfer.
3. Minimal transction value.

Cons

1. takes little time to credit the amount to benificiary account, needs a improvement (mainly while we transfer IMPS transfers)
2. RTGS options not available.

Santosh
  • Industry: Financial Services
  • Company size: 2-10 Employees
  • Used Daily for 2+ years
  • Review Source
Value for Money
4
Features
4
Ease of Use
5
Customer Support
4

4
Reviewed on 15/12/2021

Ease of use

All end to end financial support can be availed at open to support your business. Happy to be a customer of open

Pros

All that is needed to operate one's business is available with open

Cons

Subscription plans should be more cheaper

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