Free Accounting and Inventory Software If you are wondering what kind of business accounting software to use, take a look at our small business accounting software free reviews. We have a number of different types of programs available to suit the business accounting needs of entrepreneurs. We also have some free inventory software for small businesses too.
You have started a business, but do you know which accounting and inventory software to use? Do not worry. For this question, we have a solution for you. Here I have shared the list of small business accounting software free and best small business accounting software. You just need to choose one of them.
GnuCash
GnuCash is an open-source accounting software intended for small businesses with an on-premise deployment. It’s specialized for the finance and software industries. It’s also available as an app for Android devices.
A preview of GnuCash’s bank reconciliation module.
Noteworthy Advantages
This program offers various differentiators that set it apart from its competitors.
- Customization: Obtain options to customize the display style of the register.
- Financial Statements Import: Import Intuit Quicken QIF files via an assistant. Support open financial exchange (OFX) protocols.
- Data Storage: Stow data in XML format or a SQL repository with SQLite3, MySQL or PostgreSQL.
- Check Printing: Print checks in standard formats on common check stocks and create tailored check layouts via a customization graphical user interface (GUI).
- Mortgage and Loan Repayment Assistant: Have a guided dialogue to initiate loan payments as scheduled transactions.
- Localization: Obtain internationalized dates and currencies and work with more than 50 languages.
Key Features
Bank Reconciliation
The account reconciliation tool allows users to compare transactions recorded into an account with a bank statement.
Reporting
Showcase financial data with bar charts, pie charts and scatterplots with the reporting element. You may also work with pre-built reports including profit and loss statements, balance sheets and portfolio valuations amongst others. You may adjust report formats and contents accordingly.
Additional Accessories
Despite GnuCash only possessing half of the common features, it has supplementary appliances that can meet your business needs. These extra attributes include:
- Double-Entry Accounting: Ensure every transaction debits one account and credits the others with an equal amount so the difference between income and expenses accurately aligns with the sum of assets and liabilities.
- Transaction Scheduling: Formulate recurring transactions and adjust amounts and timelines.
- Cash Flow Management: Account types, when paired with double entry and equity accounts, allow you to develop reports such as profit and loss and more.
- Portfolio Management: Update portfolios instantly, track individual stocks and add supplemental pricing sources at regular intervals.
- Register: Autofill documented transactions, mark transactions as cleared or reconciled and exhibit several accounts on one register.
Limitations
Most ERP solutions have limitations. GnuCash is no exception. These drawbacks include:
- Lacking multi-user functionalities.
- Does not include accounts receivable or billing features.
- Does not offer an app for iOS devices.
Tipalti
Tipalti is a cloud payment automation and management software that helps simplify global mass payments. This makes the software suitable for companies with offices worldwide. Notably, you can accept payment in more than 190 countries, use 120 currency options, and rely on 6 payment methods, including PayPal, wire, local bank transfer, and debit card. Moreover, the software simplifies the daily task of ensuring that your company’s financial data and processes are timely, accurate, and easy to understand.
The software helps businesses avoid late payments, noncompliance, and over-tasking the accounting team. It also has flexible payment reconciliation, AP, and financial reporting features that work with a myriad of payment gateways and ERP systems.
The vendor also offers an appealing test drive of all software features is available to you.
With it, you can minimize, if not eliminate, downstream issues and human error, by letting suppliers input tax data directly in the Supplier Management portal. A Remittance Validation Engine, which monitors over 26,000 national and international standards, guarantees the integrity of supplier data.
Intuit QuickBooks Online
Pricing: Starts at $12.50/month
Intuit Quickbooks might be the first resource that comes to mind when you hear the term, “small business accounting software” — and for good reason. Beyond its first-rate suite of capabilities, the program sets itself apart with elements like receipt capture and 24/7 chat support.
It also features integrations with PayPal, Shopify, and Square. Taken together, those components — among several others — make Quickbooks a crowd-pleasing small business accounting software.
All plans allow you to track income and expenses, send invoices and receive payments, run reports, send estimates, track sales and taxes, and capture and organize receipts. More advanced plans allow you to track inventory, track time, and even run full-service payroll.
Best for Businesses Looking for a Tried-and-True Option
Intuit Quickbooks is one of the most (if not the most) prominent accounting software for small businesses. It’s been around long enough for you to have a solid idea of what you’re getting when you invest in it — an accessible, affordable, time-tested solution that can suit a company of virtually any size. If you’re looking for a safe choice that reconciles reliability with exceptional functionality, consider looking into Intuit Quickbooks.
Pabbly
Pricing: Starts at $9/month
Pabbly Subscription Billing is a recurring and subscription management software for small to medium-sized businesses. This software provides real-time actionable metrics on your monthly payments, revenue, net revenue, active customers, and new subscriptions. It also automates all your business workflows, customer communication, and invoice creation so you can focus on your business growth.
Best for Businesses Looking for a Reliably Fixed Pricing Model
One of Pabbly’s key selling points is its subscription billing model. It’s one of the only software on this list that doesn’t charge any extra fees on the basis of per-transaction and monthly revenue generation. That kind of consistency — paired with it’s first-rate functionality — make Pabbly a solid option.
Zoho Books
Zoho Books assists you with everything from daily transactions to negotiating deals and invoicing.
Like all Zoho tools, you get a simple platform that you can customize to fit your needs. There’s not a huge learning curve, despite the fact you can do a lot.
The small business software ensures tax compliance as well. You’ll easily understand your tax liability. You’ll also be able to prepare for audits in accordance with IRS guidelines.
I like the Zoho Books dashboard because it’s straightforward and easy to use. This is true whether you are on a desktop or your mobile phone.
Navigate through the most common accounting needs like:
- Inventory
- Banking
- Reports
- Receivables
- Payables
Zoho Books integrates with 40+ apps right out of the box. Similar to FreshBooks, the number of apps is a bit low compared to the competition; but the essentials are available.
In addition to the features, pricing for Zoho Books is based on the number of contacts on your account. Contacts are defined as customers and vendors who you can create transactions for in your books.
Here’s a brief overview of the three pricing plans:
Basic — $9 per month
- Up to 50 contacts
- 2 users
- 5 automatic workflows
Standard — $19 per month
- Up to 500 contacts
- 3 users
- 10 automated workflows
Professional — $29 per month
- 500+ contacts
- 10 users
- 10 automated workflows
All plans come with bank reconciliation, expense tracking, customer invoicing, recurring transactions, sales approval, and timesheets.
The Basic plan is good — especially if you’re a smaller business. Other beginner plans that I’ve seen in this guide start as low as five contacts.
Overall, the Standard plan is the best value. In addition to the larger contacts list, it also comes with billing, vendor credits, purchase approvals, reporting tags, budgeting features, and Twilio integration.
It’s easily scalable though. That means if your business grows, the software grows with you.
You can add users to any plan for an additional $2 per month or $20 per year.
Zoho Books has a 14-day free trial available for all plans. They offer month-to-month billing at the prices listed above, or annual contracts with two months free.
Sage 50cloud
For nearly four decades, the Sage brand has been providing enterprise-grade accounting solutions to companies across the globe. Sage 50cloud is an ideal solution for both small and medium-sized businesses.
The software is robust and sophisticated. It’s desktop software with remote access from anywhere.
Sage 50cloud has inventory management, accounts receivable functionality, report generation, and integrated payroll features. It’s great for small businesses that need multi-user access.
The security capabilities allow you to restrict access or limit functions to users in your company based on their clearance level or task description.
Sage has been around for a while, and it shows (not always in the best way). The user interface looks dated compared to other solutions on the market today. It doesn’t have any features for time tracking and lots of links open new windows, which isn’t very user-friendly.
Pricing for Sage 50cloud is a bit higher compared to other options on my list:
- Pro Accounting — $50.58 per month
- Premium Accounting — $78.21 per month
- Quantum Accounting — $197.55 per month
Prices will increase based on the number of users you add. You can also include Microsoft Office 365 for an additional $150 per year.
These price points aren’t as appealing for entrepreneurs, sole proprietors, and startups. I’d only consider Sage 50cloud as a medium-sized business that needs the resources and assistance of a company like Sage.
I’d also recommend an annual contract to save some money on the already high prices.
Wave
Wave is a free accounting solution for entrepreneurs. That’s right—free. There are no set up fees, hidden costs, or monthly charges.
Here’s a list of everything you get for free using Wave:
- Income and expense tracking
- Bank and credit card connections
- Unlimited guest collaborators
- Invoicing in any currency
- Send estimates and turn them into invoices once approved
- Receipt scanning
- Automatic receipt recording
Use the Wave mobile app to manage everything you need on the go. You can even capture receipts when you’re offline, and they’ll upload when you connect.
You can manage multiple businesses with one Wave account, which is perfect for any entrepreneur. Personalize your invoices with customizable and professional templates as well.
The usability, features, and mobile app rival some of the best paid accounting solutions on the market today. The fact that you can use Wave for free is incredible.
You’ll only have to pay if you enable online payments or payroll with Wave.
Online payments are billed per use, at industry-competitive rates. ACH transfers are 1% per transaction with a $1 minimum fee. Credit card processing is 2.9% plus $0.30 per transaction.
Payroll starts at $20 or $30 per month, depending on your state. You’ll also be charged an additional $4 per active employee and $4 per contractor paid.
Overall, Wave is perfect for entrepreneurs looking for a basic accounting solution. It’s pretty limited outside of the standard features. Both the app and payroll integrations aren’t as useful as other solutions on my list.
Conclusion:
You might have a small business, or you’re thinking of having one. Small businesses are a vital part of our economy, and without them there would be no Google, Apple, Facebook or any other big company that you know. Running a business is hard work, but also rewarding. Working on your small business every day will be worth it in the end. You’ll be able to enjoy life more because you get to do what you love: working on your small business.