Open

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.

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

Reasons for Choosing Open

Reasons for Switching to Open

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

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

Reasons for Switching to Open

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.