Best Open Money Payroll Alternatives for Indian Startups and SMEs
September 17 2024
Open Money is a business payment solution. It is beneficial for small businesses and SMEs to pay their teams, receive payment from different sources, and manage spends.
However, small businesses always search for a connected HRMS platform that processes employee payroll and handles core HR approval workflows, leave management and attendance tracking.
You are at the right place if you are struggling with similar challenges and want to know about the top Open Money payroll alternatives.
This article will discuss the best Open Money Payroll alternatives for your business.
Overview of Open Money
Open Money is an all-in-one solution for business payments. It is ideal for banks and business finance teams to streamline payments by automating billing, reconciliation, and account-to-account payments.
Here are the core Open Money products/services:
HRMS & Payroll: Simplify payroll processes, ensure compliance, and manage leaves in one platform
Accounting: Automate accounting, cash flow management, and tax calculations
GST e-Filing: Automate GST filing and managing invoices, ensuring compliance
SaaS spend management: Automate receipt collection, approvals, and real-time spend tracking
Why Are Users Looking for the Open Money Payroll Competitors and Alternatives?
Supports monthly payments only
"I want to be able to pqy my employees whenever i want. Right Now, it allows me to pay them once a month."- Source
Limited invoice customisation
"More customisation in invoicing, need atm withdrawal for founder cards"- Source
Slow money transfer
"Takes little time to credit the amount to beneficiary account, needs a improvement (mainly while we transfer IMPS transfers)"
"RTGS options not available"- Source
Best Open Money Payroll Alternatives for SMEs
Here’s a sneak peek into the best Open Money Payroll alternatives before jumping into a detailed feature breakdown:
Pocket HRMS Alternatives
Craze
RazorpayX Payroll
Zoho Payroll
Keka
GreytHR
Kredily
FactoHR
ZingHR
Quikchex
Zimyo
Ideal for
Startups, SMEs, and fast-growing companies looking for advanced end-to-end payroll and HR system
Medium to large enterprises with payroll automation needs
SMEs looking for basic and cost-effective payroll software
Medium and large enterprises looking for payroll automation with no budget constraints
SMEs with basic payroll needs
Small to medium businesses looking for tax accounting and payroll automation
Medium and large enterprises looking for basic, user-friendly payroll software
SMBs and large enterprises looking for payroll and workforce management software
Medium to large enterprises with payroll compliance and IT automation needs
SMEs looking for payroll automation and expense management
Craze – Integrated and compliant HR and payroll software for startups with advanced payroll needs
Craze is an end-to-end HR and payroll software for Indian startups. Craze’s offerings include compliance support, fast onboarding, one-click payments, responsive support, and an all-in-one admin dashboard.
Craze’s HR software streamlines HR operations with workflow automation. It manages the complete employee lifecycle—from onboarding to offboarding—reducing manual admin work by 50%.
Craze’s payroll software automates salary and tax calculations. Craze’s payroll dashboard lets you request leaves and reimbursements, download Form 16 and payslips, and track declarations. You can also generate payroll reports and set custom salary structures for business needs.
Craze’s attendance and leave management systems allow you to set customised leave policies. It offers a user-friendly dashboard to track leave balances and approvals. You can also create and download timesheets automatically to log work hours.
Key features
Self-serve dashboards to download payslips, tax forms, track leaves, mark attendance, etc.
Auto-sync leave and attendance with the payroll system
Auto-generate tax forms, including Form 16 and 12BB
Automated timesheet creation
Automatic salary and tax calculations, including deductions, bonuses, etc.
Generate salary registers and EPF, ESIC, and TDS summaries
Flexible Benefit Plan for tax-free allowances
Automated emails on salary and reimbursements
Permission settings and admin access controls
Automated workflows to set contractor invoice approvals, reimbursements, etc.
Mobile browser view to request leaves mark attendance, etc., on the go
Pricing
Core (Mandatory): ₹40/month/person
Payroll: ₹60/month/person
Leave management: ₹40/month/person
Time & attendance management: ₹40/month/person
Equipment: ₹40/month/person
Try custom pricing for custom requirements and higher headcounts.
RazorpayX Payroll – Good software for businesses looking to automate payroll
RazorpayX Payroll automates payroll processing and compliance. It customises earnings and deductions to ensure accurate and timely payouts.
Key features
Automate compliance payments like TDS, ESI, PT & PF
Generate payroll reports, including salary registers
Automated leave management system
Pricing
Subscriptions start at ₹2499
🔖Need a more affordable option? Check out these top RazorPayX Payroll alternatives.
Zoho Payroll – Good software for Indian SMEs with basic payroll needs
Zoho Payroll is an integrated payroll software that automates payroll calculation. It streamlines payroll processing while ensuring statutory compliance and on-time payouts.
Key features
Create custom pay slabs for different job roles
Generate Form 16 for IT returns
Incorporate statutory components like PF, ESI, PT, etc. based on Indian laws
Pricing
Free: ₹0 for up to 10 employees with no custom salary components
Standard: ₹50 per employee/month with at least 25 employees. No advanced salary components, pay run and salary revision approvals, off-cycle pay runs, etc.
Professional: ₹75 per employee/month with access to all features
🔖Need a more affordable option? Check out these top Zoho Payroll alternatives.
Keka – Good software for enterprises with high budgets looking for payroll automation
Keka is one of the top Open Money Payroll competitors that simplifies payroll processing. It ensures compliance with Indian labour and tax laws and makes it easy for HRs to plan compensation structures without prior payroll knowledge.
Key features
Configure rules based on salary components
Preview payroll before finalising
Share payslips via emails, mobile app, or SMS
Pricing
Foundation: ₹9,999/month for up to 100 employees and ₹90/month for each extra employee. No access to employee self-service, advanced reports, employee onboarding, and more
Strength: ₹12,999/month for up to 100 employees and ₹120/month for each extra employee. No access to custom reports, workflow automation, performance reviews, etc.
Growth: ₹15,999/month for up to 100 employees and ₹150/month for each extra employee. The helpdesk is available as an add-on for all plans
GreytHR – Good software for companies with basic payroll needs
GreytHR is an end-to-end payroll and HR software that enables you to control the full payroll cycle. It streamlines payroll processing, from compliance to payouts and FnF settlements.
Key features
Customisable salary structures
PF calculations with ECR generation
Automatic policy enforcement
Pricing
Starter: ₹0/month for 25 employees with limited payroll features
Essential: ₹3495/month for 50 employees and ₹30/month/employee for extra employees. No attendance management and limited process automation
Growth: ₹5495/month for 50 employees and ₹60/month for each extra employee. Performance management and expense claims are available as add-ons
Enterprise: ₹7495/month for 50 employees and ₹100/month/employee for extra employees. Performance management, and GeoMark are available as add-ons
🔖If you’re struggling with GreytHR, here are the best GreytHR alternatives.
Kredily – Good software for enterprises with tax management needs
Kredily is one of the top Open Money Payroll alternatives that automates tax management. It streamlines payroll, ensures compliance, and manages taxes with automated reports and payslip generation.
Key features
Customise salary structures as per business needs
Predefined salary components
Payslip generator for generating detailed employee payslips
Pricing
Free forever: ₹0 /Month with basic payroll features
Professional: ₹1499/Month for up to 25 employees and ₹60/extra employee with no income tax computation
Enterprise: Custom pricing based on chosen features
FactoHR – Wizard-driven payroll software
FactoHR is a cloud-based HCM platform that automates HR tasks and payroll. It is wizard-driven software that streamlines and centralises payroll processes.
Key features
Mobile app and ESS portal to view taxes, pay, leave, etc.
Create multiple payroll groups based on pay cycle, calendar, and location
More than 15 payslip formats to choose from
Pricing
Undisclosed
ZingHR – A zero-touch payroll and smart workforce management software
ZingHR is workforce management and payroll software that streamlines HR functions. It helps process payouts faster, considering attendance, work hours, and compliance.
Key features
Visual payroll snapshot showing payday, month, status, etc.
MIS output to access salary registers, PF reports, and more
Real-time dashboards to capture attendance
Pricing
Undisclosed
QuikChex – Good software for enterprises with payroll compliance needs
QuikChex is HR payroll software for managing Indian company payrolls. It streamlines HR and payroll operations and ensures statutory compliance.
Key features
Custom salary templates
Automatic EMI calculation for loans
Auto-generate payslips and Form 16
Pricing
Self-service: ₹6,000 per month with no access to IT management and payroll compliance
Full service: ₹8,000 per month with access to all features
Zimyo – Good software to automate expense management and payouts
Zimyo is an HRMS and payroll software that ensures compliant payroll processing and tax filing. It streamlines expense management within payroll, helping you manage multiple expenses.
Key features
Set expense approval workflow
Centralised data management
Configure compliance and salary structures
Pricing
Basic: $3 per user/month with at least 25 users. No access to analytics and custom reports, two-factor authentication, onboarding, etc.
Standard: $4 per user/month with at least 25 users. No access to expense, petty cash, benefits management, manpower budgeting, etc.
Enterprise: $6 per user/month with at least 25 users. Recruitment features and timesheets are available as add-ons
Related Articles
Features to Look Out for in Open Money Payroll Alternatives
Conclusion
Choosing the best HRMS platform depends on your personal use cases and preferences. We might sound slightly biased, but our vote is for Craze as a startup-friendly Open Money alternative.
You are a perfect fit for Craze if:
You are building people operations from scratch and looking for an all-in-one admin dashboard to manage HR, IT, Finance and Equipment in the same place
You are frustrated with all the feature lock-ins and looking for an HRMS solution that’s affordable and provides access to all advanced features
You want to work with an empathetic and genuine customer support team that’s always ready to help
Sounds interesting?
See what Craze is capable of.
