Online accounting software is designed to run on the cloud . The programs are more efficient and interactive. This is the reason most entrepreneurs are opting for online accounting software. However, there are also some who are using offline accounting software.
What is the best free accounting software that exists in the world? and what free accounting software will you use for your business? I know that’s one of your biggest question. Because if you can’t be able to enjoy free accounting software, your dream of running a small business will never come true. But do not expect me to give it to you as a gift. You need to do some pushing and share the reading material below to us so you can receive what you want.
Wave Accounting
Wave Accounting checks all the boxes for many powerful features that are well-suited for your small business.
Wave Accounting pros
One of Wave’s most powerful features is that it’s cloud-based, which means real-time access and instant updates from anywhere. Your information is stored and backed up on highly secured servers.
Wave also includes unlimited and customizable income and expense tracking, receipt scanning, invoicing, and a smart dashboard for easy viewing.
Wave offers unlimited bank and credit card account connections, and there’s no charge if you want guests to sign in and collaborate on the financials with you. If you need someone else, like your accountant or another member of your financial team, to log in and check the numbers, relax: there’s no limit to the number of users you can add.
Wave has a robust Help Center for self-service support, and they also provide email support for all invoicing and accounting questions related to their free features.
Wave Accounting cons
While Wave allows you to track accounts receivable (aka any money your customers owe you), it doesn’t allow you to track accounts payable (meaning the money you owe your suppliers or creditors). Wave also does not offer inventory management.
And while all of Wave’s basic features are free, there is a per-transaction credit card processing fee of 2.9% plus .30 for Visa, Mastercard, and Discover and 3.4% plus .30 for American Express.
Wave’s payroll application is available at $20 or $35 a month, depending on which state your business is located in.
Live chat support is only available for paid features. If you’d like to speak to an expert about your bookkeeping questions, you’ll have to purchase it from their Wave Advisors.
ZipBooks
For unlimited customized invoicing—plus easy vendor tracking, over-the-phone customer service, and even a handful of financial reports—ZipBooks is a fantastic free choice.
ZipBooks is relatively new to the accounting software world, but its unlimited invoicing, vendor tracking, and thorough expense recording have already made it a top competitor to industry stalwarts like Wave, Xero, QuickBooks, and FreshBooks. Even ZipBooks’ free Start plan comes without the limits of paid competitors like Xero, which ties you to just five invoices and bills for $9 a month.
On top of its unlimited invoicing, the Starter plan includes all of the following at no cost:
- Multi-currency payment acceptance
- Separate records for 1099 expenses and payments
- Receipt tracking
- Chart of accounts
Most notably, ZipBooks lets you toggle back and forth between cash accounting and accrual accounting—most accounting software providers let you choose only one or the other. Unfortunately, ZipBooks doesn’t have a mobile accounting app. It’s also noticeably lacking in reports: ZipBooks’ free plan generates only a profit and loss statement and balance sheet.
SlickPie
Best for: Small businesses with little experience bookkeeping
SlickPie is an easy-to-use software for those who lack bookkeeping experience. A huge perk of SlickPie is its automation features, which include auto-recurring invoices and a built-in app called MagicBot that allows you to automatically add bills and receipts. You can also manage accounts payable by manually entering bills and marking them paid.
CloudBooks
While CloudBooks’ basic features are free, it doesn’t offer as much as the competition.
CloudBooks pros
CloudBooks is an online accounting software program that allows you to manage your online invoices, expenses, and projects. You can also view financial reports from any mobile device with their free app. Their platform allows for unlimited staff users, which means you can share access to your books as needed.
CloudBooks cons
CloudBooks is generally geared towards freelancers with few clients. Unless you are willing to shell out $10-$20 a month, you are limited to only five unbranded invoices per month. There is also no phone support or Paypal integration for the free version.
NCH Software (Express Accounts)
With 20 easy-to-generate financial statements, Express Accounts is a perfect fit for business owners who want to focus on keeping their books in order.
Express Accounts, owned and operated by NCH software, has a pretty dated website. While multiple users can log on to your account, the software requires an initial desktop download, which makes it a little less flexible than the cloud-based providers on our list. But if you don’t mind the dated look, Express Accounts can simplify your basic bookkeeping in a big way.
For starters, it offers 20 financial reports (much better than ZipBooks’ two) that help you get a clear picture of your fiscal health. Express Accounts also easily tracks accounts payable and accounts receivable. You can even print checks using the software to streamline bill payments.
Express Accounts’ customer service is much less robust than our other top five picks. You can reach out to technical support over email if you have an issue with your download, but that’s the extent of your support. On the other hand, most customers use Express Accounts solely to track their business’s figures—so you shouldn’t need the kind of support you would with more complex accounting or payroll software.
GnuCash
Best for: Sole proprietors and small businesses
GnuCash can be downloaded for Linux, Microsoft Windows, and Mac OS X. It handles multiple languages and currencies. And GnuCash tracks accounts receivable and accounts payable. It also offers some payroll features.
Akaunting
Akaunting is an accounting solution that is completely online and has all the features you need to manage your small business’s financials. Akaunting is open-source, which means it has a large library of add-ons you can use to customize the software to suit your needs.
Akaunting pros
Akaunting’s easy-to-use interface is mobile and tablet-friendly. The cloud-based option allows you to access and update your financial information from any location on your device.
The software allows you to create and schedule recurring invoices, revenues, bills, and payments for continuous jobs. Akaunting also includes detailed financial reports.
A client portal is also available to share transactions and invoices with your clients and accept online payments. You can even set your clients up with a sign-in to access information.
Akaunting allows an unlimited number of bank and cash accounts. You can easily add deposits and make transfers between all accounts. The ability to add non-billable expenses as payments helps to keep the account balances up-to-date.
Akaunting cons
While Akaunting is one of the more customizable accounting options available, you may need to invest in some pricey apps available through Akaunting’s app store to get the most out of the program.
Free support is only available through the community forums, and dedicated support requires an expensive subscription plan. The support ticket system is only for users who purchased an app from their App Store.
Conclusion:
There’s a lot of accounting software for a small business that you can choose from. So, picking the right one for you could be tough. We’ve reviewed the top accounting software applications and listed our picks for the best accounting software free download. Don’t fall into the trap of thinking all accounting software is created equal! There are big differences in the best accounting software.