Open Money Payroll Review 2024: Does it Beat Other HR and Payroll Software?
September 26 2024
Open Money is a connected banking software for B2B businesses. It also comes with a payroll and HRMS platform. However, to explore Open Money’s Payroll module, you should first see how this platform operates.
In their reviews, a few users of Open Money Payroll mention failed payments, the unavailability of the RTGS option, and poor mobile UI.
In this article, we will take you through a detailed Open Money Payroll and HRMS and also explain a few Open Money alternatives you can explore.
Let’s get started.
TL;DR
Open Money is a B2B banking platform offering HR and payroll solutions. It is best suited for SMBs and mid-market businesses looking to automate payroll, spending, leave, and invoice management
The platform offers features like automated payroll calculation, direct salary transfers, tax management, and invoice creation, but many advanced features are available only as add-ons
Open Money's pricing structure is not ideal for startups and SMEs, with payroll features often locked behind higher-tier plans or available as expensive add-ons
User reviews highlight issues such as failed payments, lack of RTGS options, poor mobile UI, and slow customer support
The article suggests considering alternatives like Craze for startups and SMEs seeking more affordable and feature-rich HR and payroll solutions
What is Open Money Payroll?
Open Money is a payroll-focused HR management platform. It best suits banks and finance teams looking to automate payroll, spending, leave, and invoice management.
Comprehensive Overview of Open Money Payroll Features
Here’s a complete breakdown of Open Money features:
Open Money HRMS and Payroll
Open Money’s HR and payroll management software offers the following features:
Automated onboarding and payroll calculation
Direct salary transfers
Generate payslips, Form 16, and salary reports in various formats
Plan and submit income tax declarations online
Access employee profiles including, details about salary, increment, etc.
Auto-generate offer letters and other formal communications using custom templates
Generate MIS reports covering attendance, leave, expenses, loans, etc.
Automate overtime calculations
Automatic e-GST filing
Centralise and store employee documents
Flexible benefits and allowances
Open Money Attendance and Leave Management
Open Money’s attendance and leave management features include:
Syncing of leave and attendance data with payroll for salary calculations
Request and approve leaves on the go
Track leaves on employee profiles
Our Take on Open Money Payroll’s Pricing: Does it Fit a Startup’s Budget?
Let’s assess Open Money’s pricing to see if it’s a cost-effective option for startups and SMEs.
Free: Open Money offers a free plan that does not offer access to payroll and HRMS features. It only includes automated reconciliations, a payment gateway, one-month historical data access, and email support.
This plan does not support compliance, payroll, or HRMS features, and there are no automated payment reminders. Plus, document storage is up to 100 MB, and invoice creation and reconciliation are available as add-ons.
Lite: This plan costs ₹1,499/month. While it includes limited accounting and cashflow management features, it does not support HRMS, payroll, and compliance. However, it supports one GST challan payment and provides 1 GB document storage.
Standard: Open Money’s standard plan costs ₹6,999/month, which includes full compliance features, including e-invoice, GSTR reconciliation, GST challan payments, etc. However, HRMS and payroll features are available as an add-on. There’s no dedicated account manager, and you get 5 GB of document storage.
Premium: This plan costs ₹13,999/month and includes compliance, account and cashflow management. However, payroll features are available as an add-on, and document storage is limited to 10 GB.
Enterprise: Open Money’s enterprise plan offers custom pricing which includes account and payables management, cashflow management insights, compliance, and dedicated customer success manager.
However, HRMS and payroll features (including leave management) are available as an add-on. For invoice creation, sending, and reconciliation you must contact the team, and document storage is available up to 50 GB.
Is Open Money Payroll pricing apt for startups and growing businesses?
Open Money’s pricing is not suited for startups and SMEs. Here’s why:
Open Money is suitable for medium to large organizations looking for spend, invoice, cash flow, and payroll management features in one platform
As startups usually have restricted budgets, going for Open Money’s premium and enterprise plans would be expensive. On top of that, payroll features and certain invoicing are available as add-ons
Even if startups manage to subscribe to the lite or standard plan, the problem remains the same. They’ll have no access to payroll features. Plus, the document storage will be limited and there’ll be feature lock-ins for compliance, invoice management, and even customer support
For startups, SMEs, and scaling businesses, the best payroll software will be the one that offers advanced features at affordable prices. It should also be user-friendly so businesses don’t have to invest much in training their teams.
Startups and SMEs also prefer software that doesn’t have minimum user commitments and feature restrictions. Plus, they also prefer platforms that offer quality support regardless of the pricing plan.
Is there any software that checks off the above requirements?
Yes. This is where Craze wins over Open Money. Craze’s pricing plans are designed to suit the needs of startups, SMEs, and scaling businesses. Here are the details:
Craze’s mandatory HR plan costs ₹40/employee/month. This plan includes employee onboarding and offboarding, reporting, document storage, employee details, and roles and permissions.
In addition to the HR plan, you can choose plans based on your business needs. For instance, Craze’s payroll software costs ₹60/employee/month, and leave management costs ₹40/employee/ month.
User Feedback: Are Open Money Users Happy with this Software?
Open Money positive reviews
Question: What do you like about Open Money?
Ashraf - “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” Source
Rahul - “It allows me to make bulk payments and review transactions and balances of all the banks I have accounts in, in one single place. It also has an extremely convenient system for filing TDS and GST.” Source
Shaalin - “One of the easiest platforms to manage payments - Good customer support - Great user experience.” Source
Open Money negative reviews
Question: What do you dislike about Open Moneyl?
Mallikarjuna - “Takes little time to credit the amount to beneficiary account, needs improvement (mainly while we transfer IMPS transfers) 2. RTGS options not available.” - Source
Deepak - “Failed payment reversals take eternity. PAIN to use on a mobile phone. Cannot import contacts. UI on mobile feels like a website adjusting full version to mobile.” - Source
Santosh - “Subscription plans should be more cheaper.” - Source
Rabindranath - “Android Version and Support Team Is Very Poor.” - Source
Overall verdict of Open Money
HRMS and payroll software
Pros:
Supports bulk payment
Cons:
Slow support team
Leave and attendance software
Pros:
Auto-sync with payroll
Cons:
Complex mobile UI
Related Articles
Final Verdict based on Open Money Payroll Reviews
Based on user reviews, Open Money is a great platform for invoice and spend management. It centralizes invoices and supports bulk payments, allowing you to track your business expenses in one place.
But when it comes to HRMS and payroll, the platform isn’t suitable for startups and SMEs. The first reason is expensive pricing where only the standard, premium, and enterprise pricing supports payroll that too as an add-on. Plus, if startups plan to use its invoice, accounting, and spend management features, the pricing will shoot up.
Additionally, Open Money users aren’t satisfied with its customer support, delayed money transfers, and user experience on their mobile app.
These challenges are sufficient to look for Open Money alternatives and we’ll give you the top 5 in the next section.
5 Open Money Alternatives for Startups in India
Craze
Craze is an all-in-one HRMS, payroll, leave, and attendance management software that’s ideal for startups and SMEs with 5-member to a few hundred-member teams. Craze offers advanced HR, payroll, and tax management features priced on a per-user-per-month basis without feature lock-ins.
The platform is easy to set up and use and you get 24/7 on-demand support at lightning speed. The best part is that Craze offers automated workflows for employee lifecycle management. It auto-calculates taxes and salaries and provides you with detailed reports of payment breakdowns.
Here’s what users love about Craze👇
RazorpayX Payroll
RazorPayX Payroll streamlines payroll operations and is suited for both startups and large enterprises.
Zoho Payroll
Zoho Payroll is an end-to-end payroll solution that works best with other tools of the Zoho suite.
Keka
Keka is one of the most popular HR and payroll software in India. It is best suited for medium to large businesses with higher budgets.
GreytHR
GreytHR is an HRMS and payroll software that automates payroll processing and on-time salary disbursements. It is best suited for medium and large enterprises.
Conclusion
If you want to invest in an Open Money Payroll alternative, we recommend Craze. Not because we are biased but because we have solid reasons to believe this. You would gel perfectly with Craze if:
You are an early-stage startup building people operations in your company
You are frustrated with the existing payroll and HRMS solutions, which are expensive and limit access to critical features for a higher price
You are seeking genuine support from your HRMS service provider and expect them to care about your struggles
Want to see Craze in action?
FAQs
What types & sizes of businesses benefit most from using Open Money?
Open Money best suits medium—to large organisations looking for combined spend, invoice, cash flow, and payroll management features. Due to its pricing structure and feature availability, it's less suitable for startups and SMEs.
Is immediate support available with Open Money?
Open Money’s support team is slow, and the Android mobile app support is poor.
Does Open Money include features for payroll and compliance management?
Yes, Open Money includes payroll and compliance management features. However, these are often available as add-ons in higher-tier or Enterprise plans, which may not be cost-effective for smaller businesses.
Is there a mobile app available for Open Money?
Yes, Open Money has a mobile app. However, user reviews suggest the mobile UI is poor and difficult to use.
