A suitable accounting software can do wonders in managing the financials of your organization. It lets you handle your various accounting functions on one single screen, integrates data from various departments and assists your accountants to work in collaboration. Some of the important services offered by these software include accounts handling, general ledger, bank reconciliation, billing & invoicing and tax management.
There are plenty of accounting software available online, some charge you for the services they offer, while some of them are free. However, most of the paid software also offer a trial period. That means, it takes nothing to try some of them in order to decide which one stands suitable for you.
Here, we are going to talk about some free and open source accounting software. A free accounting software is one which will not charge you for some limited type of services, but it might charge you if you’re looking for some advanced features. An open source software, on the other hand, is forever free and it also allows you to add unlimited numbers of users to it.
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Top Free Accounting software
Wave Accounting
A free software that is perfect for small businesses, or for the people who want to handle their accounts themselves. It allows billing & invoicing, receipt scanning and other basic accounting features for free. There’s no catch to it, no terms or conditions attached to it. All these services are free forever.
The software is not meant for businesses with more than 10 employees. Also, the software displays targeted ads, so be prepared for that. When you’re using a free software, most of them display these ads, so that they can afford to provide these services for free. You’re their product, more than a client.
ZipBooks
Another free software for small businesses and freelancers. One of the things that differentiate it from Wave is that it doesn’t display you any type of ads. It offers a number of features including unlimited bookkeeping, unlimited invoicing, unlimited vendors & customers without charging you a penny. It also allows you to accept payment from your customers through credit cards and PayPal.
You can connect & manage just 1 bank account with ZipBooks, so it’s not for those looking to manage transaction with multiple accounts. A great thing about ZipBooks is its client support portal which comes with the free account to help you solve any query. Overall, it is one of the best options available.
SlickPie
This has got to be my favourite. I can say this with the first-hand experience that SlickPie can surely be trusted for managing all your accounting needs. It offers a number of features free of cost. The billing and invoicing limit is set at 100 per month, which has been more than enough for me, and would be enough for any other small business or freelancer.
SlickPie also offers features like time tracking, report tools, bank reconciliation and expense tracking. It also has an active support system. Apart from the upper ceiling on the billing and invoicing limit, there is nothing wrong with this amazing accounting software.
Top Open source Accounting software
GnuCash
GnuCash is an open-source software that works on the double entry accounting system, and is popular amongst small business and individuals. However, it has plenty of features and can be used by all sizes of businesses.
It has an old-school interface, but the phrase ‘don’t judge a book by its cover’ sits perfectly well for this open-source software. The only setback with this software is that it only works on the double entry accounting system, but if you cannot manage that, you’ll have to look somewhere else.
Apache OFBiz
An open source software with features that will help you handle all your accounting functions. Other than the accounting part, you can also use it for your CRM and e-commerce needs. Features like Product & Catalog management, Contracts, Payments & Billing make it a very good option.
One of the best things about this software is that it is scalable, and will grow as your business grows. You can also customise it the way you want to.
TurboCASH
TurboCASH is an open-source software best suited for sole accountants, consultants and small-scale retail businessmen. It offers all the basic accounting and invoicing services for free. These services include Invoicing, Inventory, Debtor credits, Cashbook, Full reports and Repeating entries.
The only thing that goes against TurboCASH is that it is currently available only for Windows. Other than that, it is a great option for those looking for an open-source software.
Which one is the best free accounting software for you?
I have discussed with you three each of the best free and open source software with all its pros and cons. Before making any decision, make sure you know what your requirements are and which of the software would suit your business the most. If you have an accountant, ask for his advice as well.
