Managing finances is no walk in the park for the majority of small business owners. Luckily, there are a number of accounting software tools that can help. The best part? Many of these tools are available for free, which is useful for business owners operating on a shoestring budget.
Free Software for Your Small Business Accounting
Every accounting software for small businesses comes with its own set of features. In the case of many free tools, users can access necessary features to balance books, create financial reports and prepare for the tax season.
Of course, some of the more advanced features related to inventory management and income and expense tracking may not be available in the free version. But that may not be true for all options.
- READ MORE: Best Accounting Software for Small Business
Best Free Accounting Software
With so many free accounting software options available, it may get a bit confusing to pick the right one for your business. Let’s take a look at some of the best accounting software tools available.
1. Wave Accounting
Many businesses rely on Wave to stay on top of their accounting needs. What makes it popular among small business owners is the ease of use. It also comes with options such as unlimited income and expense tracking. In other words, for a small business with limited resources, Wave is a good option to manage its accounting.
One downside of using this tool is it doesn’t let users track accounts payable. It also doesn’t have an advanced mobile app, which can make it less accessible than other free software tools.
Some of its key features include:
- Unlimited number of users
- Exportable accounting reports
- Limited third-party app integrations
2. BrightBook
Many freelancers and independent contractors rely on BrightBook as the accounting solution for their business. There are many features on offer. Some of these include financial reporting, invoicing and assistance with financial statements. There’s a drawback, though. BrightBook doesn’t have mobile support.
Some of its key features include:
- Full range of features is available for free
- Comprehensive visibility into business
- Limited reporting features
3. GnuCash
GnuCash is a free desktop accounting software for small businesses. It can be downloaded on Windows, Mac OS X and Linux. It doesn’t have a great interface, but once installed it can support much of your accounting needs. The software is designed especially for sole entrepreneurs who need help with day-to-day accounting.
Some of its key features include:
- Budget management tools
- Supports internationalized dates and currencies
- No customer support
4. Zoho Books
Designed for businesses making less than $50,000 in annual revenue, Zoho Books is a robust solution that comes with a host of accounting features. On its platform, businesses can find a simple solution to manage invoices and sales orders.
Some of its key features include:
- End-to-end accounting features
- Mobile application
- No payroll management resources
5. TurboCASH
With TurboCASH, businesses can access free open source accounting software. Its TurboCASH 4 plan is completely free. The program lets you set up your accounting system and adjust it according to your needs quickly.
Some of its key features include:
- Cloud-based
- 24/7 customer support
- Ease of managing documentation
6. Akaunting
Akaunting is popular among small business owners and freelancers. Much of its key features are available for free, which explains its strong user base. Some of these useful features include transaction categories, cash flow management and expense tracking. Also, the platform is cloud-based, which lets users access it from anywhere, on any device.
Given its massive reach, Akaunting is available in more than 50 languages. On the flip side, Akaunting doesn’t have strong customer support in place.
Some of its key features include:
- Open-source software
- One-stop-shop with extensive accounting features
7. Fiverr Workspace
Fiverr Workspace is a free accounting software aimed at independent contractors and freelancers. It’s not a complete accounting solution but has a number of basic features to offer. These features are useful for businesses to perform basic tasks such as sending invoices, tracking expenses, managing contacts, and tracking time.
On the downside, the free plan lets businesses bill a single client. To add more clients, businesses need to upgrade to a paid plan.
Some of its key features include:
- Basic reporting
- Project management tools
- Branded invoicing
Free Bookkeeping Software
Accounting and bookkeeping go hand in hand. That’s why, almost all accounting software tools come with a bookkeeping functionality.
Let’s look at some free bookkeeping software solutions for small businesses.
8. Sunrise
Sunrise is one of the best free accounting software for bookkeeping purposes. It is a great tool for businesses that are looking to categorize their expenses. Its completely free plan offers businesses several features and flexibility to manage bookkeeping efficiently.
Some of its key features include:
- Supports unlimited invoices
- Lets users generate profits and losses
- Lacks payment integrations
9. ZipBooks
ZipBooks is another feature-rich accounting and bookkeeping solution. It offers a free plan called ZipBooks Starter that includes features such as basic bookkeeping and balance sheet reporting. It also includes certain quote and invoice-related bases.
Some of its key features include:
- Unlimited invoices
- Supports digital payments via PayPal and Square
- Lets users connect to only one bank account
10. NCH Express Accounts
For businesses with less than five employees, NCH Express Accounts is a simple yet highly efficient bookkeeping solution. A desktop accounting and bookkeeping software solution, NCH Express Accounts allows businesses to prepare tax returns with financial reports, save time with sales tax tracking and document all incoming and outgoing cash flow.
Some of its key features include:
- Ease of use
- Option to chat with representatives
What is the best small business accounting software for free?
While there are many solutions available for free, the best one is Akaunting. It comes with a range of features and has been a top free accounting software for small businesses all over the world.
What is the best free bookkeeping software?
When it comes to bookkeeping, Sunrise is the best option available. It has been designed to make bookkeeping easier for small businesses and its straightforward, self-service plan is ideal for cash-strapped business owners interested in managing their business finances.
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