With an increase in competition and improving technology system, it is quite challenging for the small scale businesses to keep a track of their financial and accounting data. This kind of situation can be troublesome and many business owners and entrepreneurs think and observe if they should hire an expert to take care of this matter at a very low cost. However, with the advancement of technology, a software is introduced which provides best solution for such situations i.e. Open source accounting software or commonly known as Free accounting software which is freely available on the internet. Here we will discuss about Top 10 Open Source Accounting Software for Small Businesses with their Pros and Cons.
In this article, we will be listing top 10 open source accounting software, which are used for small businesses to get a hang of finances & controlling their operations. Let’s get started!
Skrooge
Key Highlights:
- Personal finances manager
- Tailored for Plasma Desktop but compatible with others too
- Cross-platform (Windows, Linux, and macOS)
Skrooge is one of the most useful personal finances manager by KDE. It is originally tailored for the Plasma Desktop but other desktop environments are compatible.
Supports most of the basic features (reporting, budgeting, etc.) and allows you to work on some pretty big data sets.
Apache OFBiz
Key Highlights:
- ERP & CRM
- Developer-friendly
- Powerful Java Web Framework
- Cross-platform (Linux and macOS)
We’ve already mentioned this in our list of best open source CRM software. Apache OFBiz is an impressive open source solution that incorporates an ERP system and a CRM suite for various types of requirements.
It’s completely free – however, you will have to host it yourself (or just hire someone to do it). In addition to all the basic features needed for accounting software, it lets a developer extend/enhance features easily while being a Java-based web framework.
Openmiracle
Key Highlights:
- Plug-ins available
- Completely free
Openmiracle is a quite popular open source and free accounting software. There’s no premium plans to it. So, you can utilize all the power and flexibility for free.
It features all the necessary options needed in an accounting software. From setting the budget to managing the payroll, there’s a lot of things to explore.
Wave
4.4/5.0
1,037 reviews
The main dashboard in Wave Accounting (Source)
Designed with the small-business owner in mind, Wave—which was acquired by H&R Block for around $400 million in July of 2019—prides itself on its simplicity and ease of use. Its intuitive user interface keeps the most important financial data front and center, accessible immediately after signup via any device with a web browser.
The idea here is that keeping things simple relieves much of the stress associated with accounting software. But don’t be deceived by this bare-bones approach; for a free piece of software, Wave is rich in features. This includes informative user dashboards, unlimited income and expense tracking, and customizable invoicing and sales tax processes.
Other features include:
- Fast setup
- Bulk transaction updates
- Exchange rate conversions
- PayPal, Shoeboxed, and Etsy integrations
- Unlimited bank and credit card accounts
- Bill and invoice reminders
While the accounting app really is free, accepting payments (2.9% + 30 cents per credit transaction, or 1% per bank transaction) and running payroll ($20 per month plus $4 per employee) are paid, optional features.
Wave also appears on our Accounting FrontRunners list for 2021.
Akaunting
(No reviews yet)
The Accounts overview in Akaunting open source accounting software (Source)
The curiously named Akaunting had its first stable release in 2018 and has been growing steadily ever since, with 180,000 downloads, 80,000 cloud users, and 10,000 project contributors, according to the Akaunting website. It is available in almost 50 different languages.
Akaunting aims to remove the stigma of open source software being difficult to use, claiming to get users up and running and fully functional in less than five minutes. Users can download the main accounting core, which includes all the standard accounting features small businesses will need, and add optional features as app downloads. Some of these optional apps include contract management, documents management, white label customization, and some integrations are paid.
If you run into trouble, free support comes through extensive online documentation, and community forums and chat rooms. The project is also monetized through a paid, dedicated support service, starting at $99/month if you really need help and don’t mind spending to get it.
Core features include:
- Modern, intuitive, mobile-ready interface
- Free updates for life
- Advanced reporting
- Customer and vendor management
- Recurring billing and invoicing
- Categorization and bulk actions
Dolibarr
This open-source finance and ERP solution has quite a modern interface developed in PHP with cross-platform support. It is a web-based solution, thus, we just need a browser to operate all its features.
Dolibarr- opensource finance and ERP solution
One can use it for accounting purpose such as Bank account management, Address book,
Foundation-members management, Payments management, Multi-currency, Bill and Payments, Invoices, Double-book entry, and Donation management. Besides all this, if you want to use it for enterprise then this not deplore in that area too. It has a wide range of other features such as Sales Management, Purchase Management, Stock Management, Shipping Management, Point of sale, Electronic document management, Project Management, Surveys, and more…
Furthermore, we can install plugins on it to extend features.
Apache OFBiz
Apache OFBiz is another well stable and up to date open source software for accounting and enterprise resource planning (ERP). It comes with tools to automate many business processes of an enterprise.
OFBiz has a wealth of sophisticated functions, such as the option of having partial steps in the event of resource bottlenecks handled by other companies as part of a multi-stage production process.
Apache OFBiz enterprise resource planning
When it comes to databases, OFBiz is very open and cooperates with MySQL, PostgreSQL, Oracle, Sybase, MS SQL Server, and DB2.
It offers tools to full fill accounting related tasks such as agreements, invoicing, vendor management, general ledger. Apart from it, being an ERP solution, it can also use for Asset maintenance, Catalogue and product management, Order processing, Inventory management, automated stock replenishment, etc.
It is also a cross-platform application.
Conclusion
Accounting is one of the vital elements, especially for small businesses. There are no ambiguities. If you fail to keep track of your finances, you might wind up with an empty bank account. But here’s the great thing – if you are not really good at accounting, you can opt for top 10 open source accounting software . These packages are designed to assist people with limited knowledge. They are versatile and they offer excellent tools that simplify bookkeeping tasks. You can use these packages for many different purposes including bookkeeping, inventory control, tax preparation among others.