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Are you looking for some options to choose the best-fit free accounting system for your business? You’ve landed at the right place. In this research, we present you a list of leading online and desktop accounting software so that you can make a wise decision.
If you are a businessman, you already know how significant it is to always be on top of your finance game. Right from cash flow and expenses to receivables and taxes, management of accounts is far from easy. Both for a small-scale business to a mid-size entity.
Thankfully, you now have accounting software to relieve your accounting blues. The software not only helps in recording but also processing and maintaining your business’s accounts with complete accuracy and ease of use. That means you can bid a farewell to those paper journals, ledgers, excel sheets, and large files with data binders!
What’s more? There are plenty of free accounting software in the market with functionalities meeting distinct accounting requirements.
But wait, how will you choose the best from the lot? Simple; by looking at its features.
While every software will have different components, some characteristics are common to great systems, listed below.
Top Features of Free Accounting Software
› Accounting
From online payments and accounts payable to bank reconciliation and general ledger; good accounting software should offer it all. It should support hassle-free integrations with payment gateways, facilitating simpler online payment collection.
At the same time, it should also keep a tab on the amounts payable through bills, expenses, purchase orders, and vendor credits to help you stay updated on the money you owe.
› Banking
An efficient accounting software solution helps you streamline your finance operations through its banking features, especially if you have multiple accounts. It lets you import bank statements, handle and manage payments, match transaction records, obtain automatic feeds, carry out bulk actions, and much more.
› Invoicing
Automated invoice preparation and processing can save a lot of your time. The free bookkeeping software simplifies invoicing for you by offering tools to create and send professional invoices, retainer invoices, automate follow-ups, set recurring invoices, authenticate transactions, and leverage credit notes.
› Inventory Management
Simplifying business operations of goods-based entities, many free accounting software for pc monitor and manage your inventory for you. The system tracks the stocks, notifies you on-time for refills, and keeps accurate records of the same for a flawless process.
› Asset Management
Fixed assets are an integral part of any business. And managing them well involves multiple tasks, such as regular depreciation calculation, resource allocation, and detailed audit history. That’s why eminent accounting software systems, both free and premium, offer an asset management module, making the process more effective, error-free, and simpler.
› Reporting
Financial reports, a crucial aspect of accounting, provides you with the necessary insights and analysis to make more informed business decisions in the future. With accounting software, you get accurate analysis and reports on a variety of business fronts - from sales to expenses to inventory. Some systems also offer report customization, sharing, and automated scheduling.
› Time Tracking
Tracking the time spent on a task or a project, calculating the total hours worked and charging accordingly for the same is both a time-consuming and error-prone process. Therefore, several accounting solutions include a time tracking feature. It makes calculating hours easy while improving the accuracy of the amount charged for the services. All while offering role-based access to data. Some even offer direct conversion of the hours into invoices, saving added time and effort.
Now that we’ve absorbed the features, it’s time to explore the leading free accounting software available out there.
List of Best Free Accounting Software
#1) Wave Accounting
With the Wave Accounting software, you would no longer have a hard time when it comes to bookkeeping or being tax-ready. Considered one of the best free accounting software for small business, Wave is easy to use whether you are a first-time user or an experienced professional.
The system is designed in such a way that you can not only integrate your bank accounts but also sync all your expenses with complete ease. As a result, managing cash flow is no more a headache.
To make things more efficient, Wave comes in with a simple yet comprehensive smart dashboard that streamlines all your accounting activities. What that means is, you can take a quick look at your payments, income, expenses, and invoices whenever you want, easily, since everything is organized in one place. Also, this immaculate organization of information is no less than a bliss during the tax season.
But what about the security of data?
Well, the Wave accounting software possesses the PCI Level-1 certification, along with read-only connections of 256-bit encrypted bank data. So, you can rest assured knowing that your sensitive banking and credit card details are secure while you make the digital shift for your accounting process.
#2) ZipBooks
If you are looking for an uncomplicated way to manage your business accounts, then ZipBooks is your answer. It is an all-inclusive, intuitive bookkeeping software with a design that pleases your eyes. You can move around the system and perform robust functions without getting lost, even when you are using it for the first time.
One of the handy lifetime free accounting software, ZipBooks maintains a flawless record of your business accounts. It takes care of everything - right from your balance sheet and general ledger to the income statement, trial balance, taxes, and reports.
You can track your day-to-day transactions, keep a check on the funds you owe and the money people owe you, apart from determining your business revenues.
The solution offers a hassle-free linking and reconciliation of your business bank accounts (even multiple) in just a few clicks. Moreover, you get synced details of your transactions right on your screen, eliminating the need to maintain paper registers altogether.
The highlight is its ability to categorize recurring data entries automatically through machine learning. That helps you save a lot of your precious time. In addition, you can assign a budget to your projects and track time for automated invoice conversion.
#3) Akaunting
Who said switching to accounting software would bind you to use only your office computer? With Akaunting, you get the freedom of running your business and keeping your books up-to-date, no matter where you are. Think of it as a reliable online free accounting software that offers you accounting tools on-the-go.
For a free, open-source bookkeeping software, Akaunting packs in quite a lot. It helps you stay updated about your cashflow and facilitates category creation for your transactions. It also simplifies the transfers and deposits between your various accounts.
What’s more? You can manage your vendors and customers without any troubles, build immaculate invoices right away, perform bulk actions, setup repetitive tasks, and leverage customized, shareable widgets/dashboards.
The software extends multi-currency and multilingual support, allowing you to manage your accounts and expenses in the language you prefer from its pool of 45 languages.
If you have multiple companies, then Akaunting is a blessing in disguise as you can handle the finances of your different companies from a single panel. There are powerful reporting tools, as well, so that you can get accurate financial reports as and when you need.
With its tablet and mobile-ready interface, Akaunting is ideal for small businesses to stay on top of their accounting needs.
#4) GnuCash
GnuCash is another renowned free financial accounting software, ideal for small business and personal accounting. The freely licensed solution works across operating systems, including Windows, Mac, Linux, and Solaris.
Purposely designed as a simple-to-work-around software, GnuCash still packs in the desired level of scalability and powerful features. Using this software can enable you to manage your bank accounts, income, expenses as well as mutual funds from a single platform.
To make things familiar and more convenient for a layman, its register resembles a checkbook type design. And you can even customize its appearance.
Based on the principles of professional accounting, GnuCash provides you with error-free reports and balanced books at all times. Your transactions get recorded as per the double-entry accounting system. Plus, you can schedule repetitive transactions and set automatic reminders too. In fact, postponing scheduled transactions is also possible with GnuCash.
That’s not all. The solution can present accurate information about your financial position in the form of graphs, such as piecharts and bar charts, and standard, custom reports. There is bank reconciliation, invoicing, tax terms, vendor, and customer tracking as well.
It also supports multiple currencies, budget, and payroll management.
#5) SlickPie
With its modern, intuitive design, SlickPie has earned a reputation as an utterly simple software for expense management. It encapsulates almost everything you need to streamline your small business accounting operations - right from invoicing and automatic data entry to reporting and live feeds.
Armed with MagicBot - its automated tool that converts receipt data into digital entries - saves a lot of your time. Its expense management window helps you take care of your finances in a more controlled manner. And since this is a cloud-based bookkeeping software, you can tackle your business’s accounting operations anytime, irrespective of where you are.
Wondering what kind of features it offers?
To start with, SlickPie enables you to send invoices online in any currency, be it USD or Euros. The system also supports credit card, Stripe, and PayPal processing. Provision for adding multiple firms and users is like icing on the cake.
Additionally, you can track your sales tax, manage bills, reconcile your transactions, set up auto-reminders and recurring invoices, and obtain live feeds from your bank. For better planning and decision-making, it provides accurate financial reports, transaction history, along with tools to create estimates.
The best thing? It works across devices with the bank-level security mechanism.
#6) NCH Express Accounts
With NCH Express Accounts, you can bid farewell to your business accounting woes. Counted among the top free accounting software, NCH Express Accounts is a reliable solution to document, organize, and monitor the cash coming in and going out of your firm. Although the system is useful for businesses of any size, it can be an ideal choice for companies with a team of fewer than five.
The Express Accounts simplifies the tracking of your accounts receivables and sales. You no longer have to make entries of recurring invoices or orders as the system has the functionality to automate those tasks. Furthermore, there are tools to generate invoices and professional quotations.
What about accounts payable? It takes care of it in the same way with transaction tracking, purchases order generation, and check creation and printing.
The bookkeeping software offers seamless analysis and reporting of your financial standing with 20+ types of report generation. The list includes sales reports, P&L statements, and balance sheets; preparing you to be tax-ready.
It supports multiple users and multiple businesses.
What’s more is, the solution is accessible online, as well as on your local network. With its mobile-friendly interface, you can access it from any device.
#7) ProfitBooks
Who said using accounting software would require you to have accounting knowledge? With ProfitBooks, you can take control of your business accounting operations with little or zero accounting background.
This 100% free online accounting software has a clutter-free interface with a centralized dashboard, streamlining all your tasks at one place. You can not only track your expenses and income but also build unlimited, sleek invoices from a plethora of ready templates. And you can also send/receive payments in any currency, thanks to the software’s multi-currency support.
If you have hired a professional accountant, then just a few clicks would allow you to share all the transaction data with them. Reducing all the to-and-fro of information!
What’s striking about ProfitBooks is its functionality of payment gateway integration, such as Cashfree and Instamojo. That makes it even easier and faster for you to receive payments. Also, it comes in with an out-and-out inventory management mechanism, supporting the entire inventory lifecycle - from processes, POs to reports.
If taxes are something that gives you nightmares, then ProfitBooks can come to your rescue. The online bookkeeping solution is tax-compliant and facilitates the accurate generation of over 45 financial reports, including tax reports.
#8) Sunrise
Handling your business books shouldn’t have to be hectic. Turn to Sunrise, and you will know why. It is another prominent, free bookkeeping software for businesses - both small and growing - that simplifies all your major accounting processes. The result? You know where your business stands in terms of its finances, always.
You can start by linking your business bank accounts, along with credit cards, with Sunrise. Doing so would initiate automatic categorization and tracking of both your incomes and expenses.
If your business requires you to prepare estimates/quotations, this software facilitates the easy creation of the same. In fact, it can transform the approved quotes into invoices in just a click.
Other than that, Sunrise allows you to create fully personalized invoices and track their status. You can accept credit card payments, arrange recurring schedules, and process returns/discounts hassle-freely.
To make all of it more effective, the accounting solution offers generation of the income statement, balance sheet, and taxes, among other financial reports. And since the solution deals with your crucial financial information, it keeps the security standards high with regular data backups and data encryption.
What makes it a good choice? You can begin accepting mobile and online payments through SunrisePay.
#9) Bonsai
With Bonsai accounting software, you no longer have to worry about bookkeeping or tax season. A reliable accounting program for small businesses, freelancers and the self-employed, Bonsai is easy to use even for a first-time user.
It simplifies and automates the process of accounting for your business. Connect your bank account and your expenses will automatically be categorized for tax season and maximizing write-offs, saving you both time and money.
Bonsai's smart yet simple dashboard provides you with an overview of your financial status at a glance. In one place, you can see income, reimbursement, expenses, profits summaries in addition to visual charts.
Bonsai has international coverage across the United States, Canada, UK, Australia and more, with 180 currencies supported, allowing you to expand your business globally. It also lets you efficiently collaborate with your team, partners and clients. Thus, facilitating the sharing of information and efficiency in work.
The highlight is that Bonsai comes integrated with many helpful features such as invoicing, proposals, contracts, client CRM, and time & task tracking to support your business growth. It also offers various free templates for proposals, agreements, contracts, invoices, briefs and many more to kick start your projects. Bonsai integrates and automates every step of your business so it runs seamlessly - from proposal to tax season.
#10) Frappe Books
Whether you are a small business owner or a freelancer, your need to remove the complexities out of accounting and invoicing remains the same. And that’s what Frappe Books offers you.
A free, open-source accounting software, Frappe Books has a simple design to navigate around its powerful accounting functions. It includes every vital aspect of business accounting, from ledgers and billing to reporting and payments. That empowers you to steer your business with more efficiency and awareness.
It consists of a clutter-free dashboard to move around various processes. You can create smart, professional invoices from its pool of customizable templates apart from carrying out the ad-hoc journal entries dealing with your bank payments and expenses. Since it supports a variety of currencies, accepting payments from around the globe and converting them into your currency is no more a headache.
Moreover, this free desktop accounting software is a portable solution, which also works offline. That makes it even more popular and convenient to use. And because it’s a desktop app, you get complete control and privacy of your sensitive financial information.
Add to that its support to all the standard financial reports, and you are on your way to making better financial decisions.
#11) Pandle
Keep your books of accounts spot on with Pandle. It is online accounting software for small businesses around the world, combining a simple interface with robust, comprehensive functionality.
To begin with, Pandle’s intuitive design helps you juggle between different accounting tasks without any difficulties. The tasks include all the major accounting processes, be it day-to-day transaction recording, bank reconciliation, invoice management, or reports, all automated to save both your time and efforts.
Furthermore, it makes importing and categorizing your bank transactions super simple, giving you total financial control. It also consists of tools that allow you to create and send well-analyzed quotes and invoices. The highlight is, you can add payment links directly on your client invoices and set automatic reminders for recovering late payments.
What’s interesting is, Pandle lets you tackle your accounts even when you are on the move through its efficient mobile application (both for iOS and Android). The system can also take care of your sales tax calculations and furnish detailed business reports. It supports numerous currencies to streamline your payments.
But is it secure to use? Pandle is armed with data encryption for greater security. There are daily backups too to avoid accidental information loss.
#12) Manager
With Manager, you can say goodbye to your paper-based accounting techniques. An extensive yet free accounting software, Manager is a cross-platform solution and works well on the major operating systems - Mac, Windows, and Linux.
Designed to make accounting a trouble-free operation for everyone, Manager incorporates a range of features. It takes those age-old, manual bookkeeping tasks virtual, including cash flow management, journal entries, general ledger, balance sheet, expenses, and income. It also facilitates more powerful management of your fixed assets, inventory, manufacturing as well as payroll.
That’s not it. Manager equips you with tools for reconciling your bank accounts, adding credit and delivery notes, creating customizable invoices, and drafting quotes and estimates. In addition, you can devise recurring billing to accelerate payments.
The free desktop accounting solution also takes the hassles out of importing your bank statements, leaving significant time on your hands to focus on doing the business. Plus, you don’t require constant internet connectivity to use Manager as it works fine offline.
Making different accounting processes more harmonious, it offers project-based accounting and departmental accounting along with tax support. Its comprehensive, comparative reporting boosts your financial decision-making abilities while its multi-currency support ensures you enjoy seamless payments.
While what we explored above is a list of free accounting software with impeccable features, you can always choose to upgrade to the paid solutions. There are a number of those out there from reputed vendors; a few from our list also offers paid plans. However, before you purchase any online bookkeeping solution, it makes sense to opt for the free trials to ascertain whether the system is right for your business needs.
Accounting software, in both free and paid versions, is made to simplify accounting for you. It not just saves you time but also controls costs, opening up avenues for business growth.
