Proper book keeping helps you to track the progress of your business, measure performance, and take informed decisions. It is a fundamental tool of strategic planning and most importantly, it helps you meet the requirement of the law. As a matter of fact any entrepreneur who wants to avoid business failure must keep proper accounting records. Fortunately there are free accounting software packages that help you keep proper records without much hassle.
In the following paragraphs, I highlight 20 free accounting tools you can start using right away to manage your business finances. Lack of financial statements will no longer be a deal breaker.
Some of the software are available online so all you need do is visit the vendor website, create an account and you are good to go. Others will require you download them onto your desktop and just click the buttons to install. You need not invest in servers and they are so simple that you need not be an accountant to use them.
Here we go: 20 free accounting tools you can start using right now in your business.
The developers of this software pride LedgerLite as the world’s simplest accounting software that is easier, faster, better, more reliable than other accounting software including Quickbooks, Xero, MYOB, etc. What more it is free. Ledgerlite uses standard double entry book keeping. Some of its features include cashbook, general ledger, and inventory, chart of accounts, final accounts, and online help. Upgrade to ledgerPlus for additional features if you so desire.
This is one of the most popular free accounting software available with over 2 million users globally. It is cloud based so you can get started in minutes by just creating an account on their secured website. Wave provides you with a complete double entry book keeping tool and features that allow you connect your bank accounts, sync your expenses and balance your books for management reporting and tax purposes. Wave is designed for small businesses and non-accountants in mind.
This is a complete accounting software that allows you take control of your book keeping function. Zip Books gives you full double entry book keeping, unlimited invoicing and allows you process credit card transactions. You can connect and manage one bank account. The Zip Books free license is absolutely suitable for a small business. However, you get the best intelligence with the premium version.
An all in one online accounting tool for small businesses, Slickpie enables you to integrate payment gateway, live bank feeds, complete double entry records, invoicing, automated receipts, multicurrency, billing, financial reports and many more. Start with a free starter pack and migrate to the premium package as your business grows.
This is free accounting software developed with small businesses in mind. It allows you track your transactions from source documents to your general ledger, including cash management, bank reconciliation and inventory management up to final accounts. Manager is available in desktop, cloud and server editions. While the desktop and online editions are absolutely free, the server edition comes with a onetime fee of US$299.
This cloud based accounting tool is simple, fast and intuitive and can be used by persons with little or no accounting background. Some of its features include automatic bank feeds and fully trackable invoicing. However support is available only to UK based businesses.
Arguably world’s most loved free online accounting tool used all over the world. It offers a perfect, secured, stress-free, unlimited book keeping solutions for small businesses, freelancers, professional service providers, contractors and many more. With Brightbook, book keeping is easy and less time consuming. Simply create and account for free and start using the tool.
Pandle is a free cloud based accounting solution that provides you with everything you need to manage the money side of your business. From bank reconciliation, expense tracking, invoicing to payroll and tax computations, Pandle has become just the accounting tool for small businesses across the UK. It allows unlimited user permissions; multicurrency and report capabilities that enable you analyze your business health on the go.
Log-in from anywhere to track your business, know where your money is coming from and where it is going, issue invoices, control you bank and credit card transactions and see performance of your business in simple but comprehensive reports. Customize your brand with Accounter, manage inventory, payment and receipts, this cloud based, free accounting tool, makes record keeping as simple as a b c.
GNUCash is a free desktop accounting solution compatible with Windows, Mac, Linux and Solaris. It is a personal accounting tool suitable for small businesses designed to help you keep your records based on double entry principles and produce periodic reports and financial statements to measure performance.
The free version of Express Accounts is available for small businesses employing less than 5 people. Larger businesses with more elaborate accounting needs will have to migrate to the premium edition. This tool provides double entry book keeping solutions and helps keeps account receivable, account payable, inventory and financial reporting. The free version does not expire but does not have some features available on the paid edition. Express Accounts It is easy to download and work on Mac and Windows.
This desktop software can run on most Operating Systems and it is easy to download and use without fuse. Banana accounting is a professional accounting software designed for small and medium businesses operating in different industries including not for profit organizations. The free version is available for use without any time limit but transactions you can process using the free version is limited to 70. To use the full capability, migrate to the paid edition.
TurboCash.7 is a free accounting software that has been available and serving small and medium sized businesses since 1985. You set up as your need dictates but it generally supports inventory, general ledger, cash book and your complete double entry book keeping. Download for free and use as you like. However, you pay your consultant for support since turbocash is open source software with no central call centre.
VT Cash Book is a free accounting software that provides adequate book keeping solution to small and medium businesses in any industry. The free edition concentrates in processing cash transactions, more or less your cash book and can be used by organizations of any size. It supports multiple bank accounts, bank reconciliation, VAT returns, Profit and Loss, Balance Sheet and general ledger. For a full double entry accounting, get the paid edition. A desktop accounting tool, VT Cash Book, is robust, yet friendly and can be used in a network environment.
This completely free web-based tool provides you with a complete double entry accounting system. You may not require additional tool to keep and manage your financial records with Adminsoft as it comes loaded with many capabilities such as account receivables, account payable, general ledger, inventory control, purchase order processing, invoicing as well as payroll. Adminsoft Accounts is multi-user, global, multi-currency, suitable for by different business types. It runs on windows, mac and linux. The tool is browser based but you do not need to have internet connection to use it.
An open source app that comes fully loaded with double entry accounting capabilities, xTuple Books have modules to suit different business or industry type. So whether you are a trading, manufacturing, distributive or service enterprise, there is a Post Books module that is designed to help you handle your book keeping and accounting tasks. xTuple Post Books is a bit heavy and may require the services of a professional to install. Again, the free license comes without specialized support but the strong online community can be a great source of help when the need arises.
Front Accounting is a popular web based ERP tool that is simple but powerful. It incorporates sales ledger, purchases ledger, general ledger, inventory, fixed asset and journal entry.
This is free accounting software, is also an open source ERP and CRM tool available in about 45 languages with capabilities for keeping full double entry accounting system. Ledger SMB is a complete tool for order processing, invoicing, account receivables, account payable, general ledger, inventory management, fixed asset accounting and many more. To enjoy support, download the most recent version of Ledger SMB
This is a free and open source accounting and ERP business application flexible enough to be used in different types of industries. The accounting capabilities enable you to maintain general ledger, account receivable, account payable, fixed asset, inventory, manufacturing and eCommerce.
This free accounting software comes with the entire standard accounting features that enable you track records of transactions from source documents to the final accounts. The free license (standard edition 4.0) features include inventory management, general ledger and reporting tool. Unlock advanced features with the premium license.
Now you have it.
Wait! What happens to the security of your data? You would ask. The free accounting software or tools reviewed here encrypt your data using a secure HTTP connection, the same technology used by banks to encrypt data on their website, so you need not worry.
Have you ever used any free accounting software or know anyone who has? Share the experience with us.