Free Accounting Software for Small Business
The cost of modern accounting software is usually a setback for new business owners. If you’re a small business owner and are not willing to fork out the ridiculous amounts that easily rival the salary of an employee, you should look at free options. Free accounting software can be just as good as the paid options. This is especially so if you only need basic functionality. Below we look at the top free accounting software for small business.
- GNU Cash
Credit: gnucash.org
This is an accounting software meant for small businesses and individuals. It was originally intended to be an open source alternative to Quicken by Intuit. The software is available for Android, Windows, OS X, FreeBSD, OpenBSD, GNU, and Linux. The software has been around since the late 90s.
GNU Cash handles accounts receivable and payable, credit notes and invoicing, and payroll and employee invoicing. It can handle multiple currencies and is a great option if you’re just starting out.
- Money Manager Ex
Credit: moneymanagerex.org
Just like GNU Cash, Money Manager Ex is also an open source accounting software. It’s easy to use and has features that rival those of its premium counterparts. The best part about Money Manager Ex is that it is a portable app that you can run straight from your USB stick. You’re not required to install it when using it. The software allows you to update your accounts on the move using an Android app. If you are a business owner who is always on the move, this would be an excellent choice.
- TurboCASH
Credit: TurboCASH
This is another free accounting software that was first released in 1985. It is widely used in Australia, Canada, USA, and Europe. With an online community of over 100,000 users, TurboCASH is a great piece of software for sole traders and freelancers. It can handle purchase orders, VAT, and creditors and debtors. You can add multiple users and companies.
- Wave
Credit: waveapps.com
Wave is an online accounting service with a user base of about 2 million people. This makes it one of the most popular free accounting software for small business. You can use it for receipts, invoicing, and accounting. Unfortunately, payroll isn’t included in the free version. The software is ad-supported, so you can expect to see a few ads during use. Overall, it’s a nifty piece of software that’s well designed and practical. It’s a great option for small firms, freelancers, and sole traders. It might not be for you if you run a medium-sized business.
- VT Cash Book
This is a minimalist bookkeeping software that uses Excel for the bulk of the work. It won’t win any awards for looks but is great for recording day to day transactions. Data entry is fast due to the autocomplete feature, and the software is relatively easy to use. You can prepare ledgers, balance sheets, profit and loss accounts, and VAT returns. You can also add several bank accounts and make bank reconciliations. It has a paid-for version called VT Transaction+.
