Want to know about the best free accounting software Canada has to offer? You have come to the right place. With features like unlimited customers, customers, invoices, estimates, receipts, estimates, payments, payroll, and reports – it takes your accounting software beyond simple bookkeeping and into business management.
It is important to keep your books up to date and maintained in accounting procedures. Keeping your books up to date can help you save money and work efficiently in managing your finances.
Wave
Wave is easy to use and can connect directly with your bank and credit card accounts to import transactions. Users then assign the transactions to the appropriate accounts. Wave will learn from your work and start to make suggestions for where to assign transactions. Many banks only allow transactions within the prior 90 days to be imported automatically, but Wave can import these older transactions in a comma-separated values (CSV) file if one can be downloaded from your bank.
While Wave is the best overall free software, it does lack some functions that are taken for granted in paid software. For instance, you can’t reconcile a bank account if there are any outstanding transactions, such as checks written that haven’t cleared the bank. This means that you’ll need to date checks with the date they clear the bank vs the date written. Be sure to make an adjustment at the end of the year for outstanding checks since checks can be deducted when written.
PROS
- Bank transactions are imported automatically
- Bank reconciliations are automatic
- Vendor bills and customer invoices can be created and tracked easily
- Transactions can be created by scanning receipts with the Wave Receipts mobile app
CONS
- Bank reconciliations don’t work if there are checks written that have not cleared the bank
- No mobile app with full accounting features
- Financial statements can’t compare current period to prior periods
- Cannot track project profitability
Overall Score3.40 OUT OF 5
Wave Pricing
Wave is 100% free and does not offer a paid plan. Wave does charge for accepting online payments and processing payroll. However, even expensive software generally charges extra for these services.
Sage 50 cloud
Sage 50 cloud software is apt for all medium and small-size businesses who need accounting software for managing their business. One can efficiently manage their taxes, invoices, data management, e-commerce, budget, inventories, etc. using this software which is compatible with mobile phones making it an easy option for you to choose for your financial management. Another advantage of using this software is that it can combine desktop features with the cloud enabling you to store data in the cloud simultaneously while performing other tasks.
Intuit QuickBooks Online
QuickBooks is one of the most comprehensive accounting software packages on the market, so it’s no surprise that it ranks #1 on our list. It has numerous features that make it an excellent choice for both small and large business operations.
Developed by Intuit, a leading Canadian software company specializing in financial software, QuickBooks Online is a cloud-based accounting system you can access through a mobile app or web browser.
Small business owners and accounting professionals commonly use this software because of its fluid and efficient accounting features. In addition, you can conveniently access all of its featured accounting tools in one central dashboard.
Quickbooks offers a 30-day free trial and three subscription options. They are as follows:
- EasyStart at $20 per month
- Essentials at $40 per month
- Plus, at $60 per month
Pros:
- QuickBooks is the most comprehensive accounting package available.
- It has a user-friendly interface that’s great for novice users.
- Allows you to track job expenses efficiently.
- Accept payments online (Visa, Mastercard, ApplePay, Discover)
- Best payroll features (Direct deposits, Automated tax filing, Employee portal)
Cons:
- The software is a bit pricey compared to other options on the market.
- The payroll addon is extra $20/mo +$3/employee/mo
- After subscription cancellation, you can access your records only for a year
Sunrise
Sunrise’s approach to small business bookkeeping is unique. Predominantly, Sunrise is an online bookkeeping service, but it makes its accounting software available for free to any small business that wishes to do its own bookkeeping. This is ideal for new companies that want to do their own books for now but can convert to assisted bookkeeping when they become larger.
Sunrise is an outstanding accounting program for a service-based company, except for the lack of bank reconciliations. Reconciling your bank account monthly is a cornerstone of good bookkeeping that assures the transactions in your accounting records agree to the actual transactions processed by your bank. If you conduct all your transactions electronically or with a debit card, then the balance in your accounting records should always match your bank balance, and you can live without a reconciliation. However, if you write checks that take time to clear the bank, I recommend accounting software that provides bank reconciliations.
PROS
- Great mobile app
- Connect to bank and import transactions
- Print financials statements comparing current and prior year
- Create and track vendor bills and customer invoices
CONS
- No bank reconciliation
- Cannot extract information from receipts captured to create transactions
- No tracking of project income and expenses
- Expenses paid cannot be assigned and billed to customers
Sunrise Pricing
The Sunrise Self Service plan is free and includes the accounting program. Customers can upgrade to the monthly bookkeeping plans to receive support from a dedicated bookkeeper. The monthly bookkeeping plans range from $149 to $499 month.
Freshbooks
Fresh book software makes it easy for accounting and in turn makes the financial management and planning process more accessible. It helps the users to subscribe and recur the invoices in a trouble-free way. With the help of fresh books, one can make online payments as well with the help of credit cards, debit cards, and other applications such as Google pay and Paypal as well. Fresh books are simple but are a powerful tool with advanced features that increase the work performance quality. It can be well optimized for your mobile phones, and thus you can have it handy anytime and anywhere. Another feature of this software is the ability to track all your payments and bills which can help you to make a summary of all the current and previous payments that you have made.
Xero
Suppose you’re looking for cloud-based software to aid you in managing your business accounts. In that case, Xero is the accounting software for you. Xero software revolutionizes the daunting process of accounting by designing a super simple and easy tool to use.
Perfect for micro-businesses, the software has a straightforward interface making it easy to set up and navigate. Headquartered in New Zealand, Xero has become a favored accounting software in the UK, US, Australia, and Canada.
Xero quickly gained ground by offering reliability, ease to use, and powerful features at a reasonable price. The company targets small business owners or companies that require critical accounting functions and doesn’t include many advanced features; for example, the payroll feature is minimal. As a result, Xero can be great if you need an accounting package that works well on its own without any extra bells and whistles.
Pros:
- Flexible pricing plans make this software accessible for businesses with smaller budgets.
- Xero has received numerous awards and an “A+” rating from the Better Business Bureau, so you can be sure that it’s reliable and safe to use.
- Its simple interface is handy for both novice and experienced users.
- Designed for users without an accounting background, so it is one of the most user-friendly software.
Cons:
- Xero isn’t the best package if you’re looking for a comprehensive accounting system.
Conclusion:
These online accounting software programs are designed to work with businesses in Canada. The program is tailored for Canadian citizens and incorporates the Income Tax Act, the Excise Tax Act, and the Balanced Budget Act. You can run reports on accounting transactions that summarize your financial information into monthly or quarterly statements.