With thousands of business-critical tasks to take care of every day, small business owners often forget to include accounting in their to-do lists. Luckily, there are a number of free accounting software packages available online, which enable small businesses to automate their accounts.
Why Use Free Accounting Software Packages?
Okay, so we nurture this belief since long that anything that comes with a “free” tag is of no use. However, I am sure you will change your outlook if you take a close look at all the free accounting software available for business or personal use. All of them have the necessary user-friendly features to complete the basic accounting tasks like invoicing, taxation, billing, expenditure tracking, and so on. This simply means, if you want to become a successful entrepreneur with no money, then these accounting software packages can be your life-saver!
Illustrated below are 7 such free accounting software packages that will help you manage your finances easily and efficiently.
1 — Wave: Why It Is One of The Popular Free Accounting Software Packages
One of the most popular free accounting software packages, Wave, currently has a worldwide user base of over two million. This totally free-to-use finance management software closely resembles the pricey, high-grade suites. No wonder it has now become a top open-source accounting solution for small businesses and freelancers.
The free and simple financial software is tailored to the needs of startups and small teams. Thus it strives to offer a clutter-free environment for streamlined management of payments, expenses, employees, and taxes.
Wave provides its users with an excellent opportunity to collect credit card payments, which works great even at the client’s side as well. Moreover, with a couple of clicks, users can easily trigger professional-looking invoices, while tracking their finances throughout transaction histories.
For an accounting system that is absolutely free, Wave’s organizational capability is also pretty much appreciable. The cutting-edge financial software allows users to access detailed financial reports of their transactions by pulling off data from comprehensive dashboards. What’s more? It is extremely easy to use on all operating systems and devices. Wave comes with developer APIs to help small businesses design their own implementations.
How Does Wave Make Money?
Now if you are wondering how does Wave makes money if they are offering so many a complete accounting package for free? The answer is they charge a small amount to offer customized Payroll services to small business owners from Canada and the United States. Also, they charge a reasonable processing fee for online transactions made through their platform.
2 — ZipBooks: How It Caters to SMEs Perfectly
Specifically developed for individuals and small businesses, ZipBooks is a dynamic invoicing and accounting software that turns raw data into actionable insights. ZipBooks primarily focuses on providing seamless financial management. Yet the system is unparalleled when it comes to delivering high-end solutions. Features like payment integrations, invoice designing, and auto-billing, certainly lessen accounting workloads substantially.
One of the top-rated free accounting software packages, Zipbooks helps enterprises save precious time by coordinating information in color-coded schemes. This helps fosters simpler reconciliations. The accounting software, with a fluid interface, is packaged with several stunning features, the most incredible of them being data intelligence. A rare solution in free-of-cost accounting platforms, Zipbooks’s data intelligence capabilities can provide deep insights into competitor performances and profitable customers.
Is ZipBooks Absolutely Free?
The answer is yes, depending on your needs! They have the Starter Pack which is completely free and hence a great fit for small businesses who operate with one bank account. Then they have Smarter and Sophisticated Packs with advanced features. These packages cost you $15 and $35 per month, respectively.
3 — Odoo: One of The Top Open-Source ERP Software At Par With SAP
The open-source ERP software Odoo incorporates finance, sales, and project management tools on a single platform. Integrated with MRP, e-Commerce, and POS solutions, it provides users with a single-window experience for a variety of operations. Odoo further includes a robust inventory management system, which makes the framework one of the most advanced free accounting software packages on the market today.
Famed for its agile architecture, the Odoo accounting platform features highly customizable functionalities. These can be seamlessly tweaked according to business-specific requirements. Odoo financial management system is loaded with more than one thousand modules. What’s most attractive is that users are free to add more modules while using the software.
Is Odoo Still Available For Free?
Yes, this is still free to use if you download the Odoo community version. However, it lets you access a very limited number of apps, e.g. Sales, CRM, etc. So, you have to gradually move to the paid Enterprise version, the cost of which is $28 a month for a single user, billed annually. Then you need to consider the additional costs of purchasing different applications, the minimum price being $12 per month. Now if you want to integrate it to other platforms like eBay, you need to shell out more money!
The good thing is that Odoo offers a 15-day free trial. So if you are not satisfied with this accounting software, you can cancel it anytime.
4 — QuickBooks: Why It Is One of the Preferred Options For Small Business Accounting
A top-notch finance and accounting software, QuickBooks, is a fully-featured, lightweight system, capable of catering to every accounting need of small and mid-sized enterprises. The application is perfectly suited for any businesses environment. It incorporates superior data organizing capabilities and also enables companies to effortlessly manage a wide array of accounting operations. Key features of QuickBooks online accounting software include –
- 360° protection of accounting data
- Automated reporting
- Quick and efficient navigation
- Leading-edge shipping management
Can You Get QuickBooks For Free?
Well, Quickbooks does offer a lenient free trial period of 30 days. After completion of the trial period, you need to pay a minimum of $2.5 per month, to avail of the Simple Start package. Then they have Essential, Advanced, and Plus packages that let you do more while managing multiple contractors and users.
However, before you decide to purchase Quickbooks, remember it has a steep learning curve. Therefore, you may need time to master the software before you can use it confidently.
5 — Expensify: Why It Is Considered The Business Friendly Package for Expense Management?
Expensify is a fantastic option for startups, low-tier companies, and mid-market users. This fully integrated financial management system, one of the acclaimed free accounting software packages, covers a wide range of transparency maintenance mechanisms. The business-friendly accounting software is ideal for enterprises seeking to improve their financial control. The software specializes in balancing debt-to-income ratios, maintaining transaction summaries, and handling travel expenses across organizational levels.
Additionally, Expensify optimizes expense reporting by automatically integrating with financial transaction organizations, credit card issuers, and a variety of payment modes. The fluid accounting platform makes use of sophisticated GPS technology to record the business trip miles of employees and straight away calculates reimbursements if any.
For convenience, Expensify has also added tools like currency converter and exchange rate calculator, which enable hassle-free cost calculation of international trips. That’s not all! With Expensify, your business can leverage eCommerce, ERP, and CRM integrations to easily consolidate expense management with accounting or sales operations.
Can You Use Expensify For Free?
Yes, you can but with certain limitations. The app is free to use provided you submit a maximum of 25 SmartScans of receipts every month. If you want to enjoy unlimited SmartScans and more facilities then you have to buy the relevant package, the minimum price being $5 per user. This price is applicable to businesses and groups. Here’s a fantastic Expensify app review that tells more about this accounting app.
6 — Express Accounts: How It Manages Bookkeeping For Small Businesses
Offered by NCH Software, Express Accounts, is a product of an Australian Software development company. It is a professional bookkeeping and accounting network for small businesses. As one of the most comprehensive free accounting software packages, Express Accounts allows accountants to do a lot! Use Express Accounts to track transactions, and easily pull reports and balances to determine the financial health of the organization.
The best-in-class accounting platform, perfectly suited for startups, offers the same functionalities to both free and paid users. While teams using the free version can connect up to five members, paid users can share the platform with as many members as they want.
Express Accounts can be downloaded on mobile devices, as well as on desktop environments like Microsoft Windows and the Mac OS. The financial management framework merges accounts receivable and accounts payable. This empowers users to carry out a range of statistical analyses while securing data in different backup locations. The futuristic accounting platform also incorporates inventory integration, which simplifies and streamlines the process of inventory data management.
Is Express Accounts Really Free To Use?
Yes, you can download a free version of this bookkeeping software, provided your business has less than 5 employees. However, this basic version doesn’t support the advanced features that larger businesses need for accounting purposes. So, to add more features, you can opt for Express Accounts Basic or Plus Plans. You can check the pricing structure here.
7 — Invoice Expert: Why It Is Rated One of The User-Friendly Free Accounting Software Packages
Invoice Expert is yet another free-of-charge accounting software that neatly blends billing and invoicing capabilities with inventory management. Among the free accounting software packages available on the market, Invoice Expert is the only financial management program that offers free users to team up with up to 100 customers and products.
Businesses using the free variant, or the Lite Edition, also get the chance to upgrade to the premium Advanced Edition, without any support fees or hidden charges. With Invoice Expert’s Advanced Edition you get access to a wider range of products, personalized invoice designing options. And yes, you also enjoy the opportunity to add unlimited members.
The Invoice Expert accounting system, configured with an avant-garde customer service suite, is focused on meeting the invoicing, customer management, inventory management, and billing needs of multiple industries. The few core business sectors covered are internet-based online businesses, service providers, and retail stores. The free-to-use financial management platform is also renowned for its extensive connectivity and networking options. Thus the program quickly blends with any business ecosystem.
Special Mention – Free Accounting Tools Online
Akaunting– This absolutely free accounting tool is available online. It is exclusively designed to meet the payment and expense tracking needs of small businesses. It boasts of advanced technologies like Bootstrap 4, Laravel, VueJS, API, and RESTful that make the platform easy to use and accessible from any platform of your choice. The admin and client panel support multiple languages. And, yes, they promise Lifetime free updates!
Zoho Books – is a great fit for Indian businesses with a yearly turnover of less than 25 lakhs. The free plan offers a range of services like contact management, GST invoicing and filing, bills and expense tracking, bank transaction monitoring, and a lot more. Here you can check all the available accounting features of Zoho Books..
Nowadays, you can find small business apps for almost every purpose. However, accounting software and apps are crucial of them all, as they are the lifeline of your small business. So, be careful while picking up particular free accounting software or app. Make sure you opt for an option that can be upgraded later as your business starts expanding.
What’s your favorite free accounting software package? Would you like to add any new names to the list?
And yes, we are always open to business query and collaboration. If interested, get in touch with us for further discussion.
Sweta is a veteran content creator, passionate traveler, movie enthusiast, music lover (reasonably good singer!), an informed reader …. and a coffee connoisseur! She has over 10 years experience in developing content for small businesses, internet marketing firms, website development companies and internet entrepreneurs. The experience has helped her develop in-depth knowledge about small business online which she now shares on the OnlismallbiZ platform. In her own words, “I am a dreamer and a doer!”